Form 4: Marathon Bancorp EVP & CAO Increases Stake

Marathon Bancorp's EVP and CAO, Nora Spatz, reported acquiring additional common stock through her 401(k) plan in early December 2025.

Summary

• Nora Spatz, Executive Vice President and Chief Administrative Officer of Marathon Bancorp, Inc. (MBBC), reported transactions involving the acquisition of common stock.
• On December 1, 2025, Spatz acquired 3,166 shares of common stock at a price of $11.2668 per share through her 401(k) plan.
• On December 2, 2025, she acquired an additional 1,220 shares at $11.11 per share and 45 shares at $11.3 per share, both through her 401(k) plan.
• Following these transactions, her total beneficial ownership of common stock indirectly through her 401(k) increased to 35,701 shares.
• The filing also details existing holdings, including 15,659 direct shares (which include restricted stock with vesting schedules), 1,598 shares held indirectly by trust, 1,149 shares indirectly as custodian, 1,209 shares indirectly by ESOP, and 1,372 shares indirectly by spouse.
• Derivative holdings include 5,999 stock options with an exercise price of $8.1294, vesting 20% annually commencing June 28, 2023, and expiring on June 28, 2032.
• Additionally, 4,804 stock options with an exercise price of $6.4831 are held, vesting 20% annually commencing May 16, 2024, and expiring on May 16, 2033.

Sentiment

Score: 6

Explanation: The sentiment is mildly positive due to an executive increasing their stake, which can be interpreted as a sign of confidence. However, it is a routine disclosure and not indicative of major news or a significant shift in company fundamentals.

Positives

• An executive increasing their stake in the company through a 401(k) can signal confidence in the company's future performance and alignment with shareholder interests.
• The acquisition prices for the common stock ($11.11 to $11.30) are above the exercise prices of some existing stock options ($8.1294 and $6.4831), indicating potential value in the current stock price relative to option grants.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing details an individual executive's investment activity in their own company, which is a common and routine disclosure across all industries. It does not provide broader insights into industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: May view the executive's increased ownership as a positive signal of management's belief in the company's value and future prospects.

Next Steps

• Continued vesting of restricted stock and stock options for Nora Spatz according to their respective schedules.

Key Dates

Recommendation

This Form 4 filing reports routine insider acquisitions through a 401(k) plan and existing holdings. While executive purchases can signal confidence, these transactions are not substantial enough to warrant a change in investment recommendation based solely on this filing. The information provided does not introduce new fundamental data to alter the company's investment thesis, thus a 'hold' recommendation remains appropriate.

Keywords

Marathon Bancorp, MBBC, Nora Spatz, Insider Trading, Form 4, Stock Acquisition, 401(k), Executive Ownership, Common Stock, Stock Options, Restricted Stock