Form 4: Marathon Bancorp EVP & CAO Nora Spatz Reports Routine Share Disposition and Extensive Holdings

Marathon Bancorp's Executive Vice President and Chief Administrative Officer, Nora Spatz, reported a disposition of 451 common shares for tax purposes, while maintaining significant direct and indirect equity and option holdings.

Summary

• Nora Spatz, Executive Vice President and Chief Administrative Officer of Marathon Bancorp, Inc. (MBBC), reported a transaction on June 28, 2025.
• The transaction involved the disposition of 451 shares of common stock at a price of $9.99 per share, marked with transaction code 'F', indicating shares withheld for tax purposes upon vesting.
• Following this transaction, Nora Spatz directly holds 15,659 shares of common stock, which includes restricted stock vesting at 20% per year commencing June 28, 2023, and May 16, 2024.
• Indirect holdings include 31,270 shares via a 401(k) plan, 1,598 shares held by a Trust, 1,149 shares held as custodian, 1,209 shares held by an ESOP, and 1,372 shares held by a spouse.
• Derivative holdings include 5,999 stock options with an exercise price of $8.1294, granted on June 28, 2023, and expiring on June 28, 2032, vesting at a rate of 20% per year commencing June 28, 2023.
• Additionally, 4,804 stock options are held with an exercise price of $6.4831, granted on May 16, 2024, and expiring on May 16, 2033, vesting at a rate of 20% per year commencing May 16, 2024.

Sentiment

Score: 6

Explanation: The filing indicates a routine, non-discretionary transaction (shares withheld for tax) and highlights significant ongoing insider ownership, which is generally a neutral to slightly positive signal for investor confidence.

Positives

• The reporting person maintains substantial direct and indirect equity ownership, indicating strong alignment with shareholder interests.
• Significant unexercised stock options and restricted stock holdings suggest a long-term commitment to the company's performance and future growth.

Negatives

• The disposition of 451 shares, while routine for tax purposes, represents a minor reduction in direct holdings.

Future Outlook

The vesting schedules for restricted stock and stock options extend into future years, with portions vesting annually commencing in 2023 and 2024, indicating a structured long-term compensation plan for the executive.

Industry Context

This filing is a routine disclosure of an insider transaction, common across all publicly traded companies, reflecting standard executive compensation and tax withholding practices within the financial services industry.

Stakeholder Impact

• Shareholders: The filing provides transparency regarding executive shareholdings and compensation, which can influence investor confidence. The maintenance of substantial holdings suggests alignment of executive interests with shareholders.

Next Steps

• Continued vesting of restricted stock at 20% per year commencing June 28, 2023.
• Continued vesting of restricted stock at 20% per year commencing May 16, 2024.
• Continued vesting of 5,999 stock options at 20% per year commencing June 28, 2023.
• Continued vesting of 4,804 stock options at 20% per year commencing May 16, 2024.

Key Dates

Keywords

Marathon Bancorp, MBBC, SEC Form 4, Insider Transaction, Stock Options, Restricted Stock, Executive Compensation, Nora Spatz, Share Disposition, Beneficial Ownership