Form 4: Marathon Bancorp SVP and CCO Terry Cornish Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Terry Cornish, SVP and CCO of Marathon Bancorp, reports transactions involving common stock and stock options, including the disposal of shares to cover tax obligations related to vesting restricted stock.
Summary
- Terry Cornish, SVP and CCO of Marathon Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- On May 16, 2024, Cornish disposed of 19 shares of common stock at $8.85 to cover tax obligations.
- On June 28, 2024, Cornish disposed of 125 shares of common stock at $8.99 to cover tax obligations.
- Following these transactions, Cornish directly owns 2,410 shares of common stock.
- Cornish also indirectly owns 16,985 shares through a 401(k) and 792 shares through an ESOP.
- Cornish holds stock options for 3,500 shares exercisable at $8.90, vesting from May 16, 2024, and stock options for 3,277 shares exercisable at $11.16, vesting from June 28, 2023.
- Some directly held shares are restricted stock vesting at a rate of 20% per year commencing on June 28, 2023, and May 16, 2024.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing, so the sentiment is neither positive nor negative.
Industry Context
Form 4 filings are standard practice for corporate insiders to report transactions in their company's securities, ensuring transparency and compliance with SEC regulations.
Comparison to Industry Standards
- Form 4 filings are a standard regulatory requirement for publicly traded companies, ensuring transparency in insider trading activities.
- Similar filings are common across the financial industry, with executives at companies like JP Morgan Chase, Bank of America, and Wells Fargo routinely disclosing their transactions in company stock.
- The vesting schedules for restricted stock and stock options (20% per year) are fairly typical in executive compensation packages within the banking sector.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions.
- The transactions are related to tax obligations from vesting restricted stock, which is a normal part of executive compensation.
Key Dates
| Date | Description |
|---|---|
| 06/28/2023 | Commencement date for vesting of stock options at a rate of 20% per year for 3,277 shares. |
| 05/16/2024 | Date of transaction where 19 shares of common stock were disposed of at $8.85. |
| 05/16/2024 | Commencement date for vesting of restricted stock and stock options at a rate of 20% per year for 3,500 shares. |
| 06/28/2024 | Date of transaction where 125 shares of common stock were disposed of at $8.99. |
| 07/02/2024 | Date of signature for the Form 4 filing. |
| 05/16/2033 | Expiration date for stock options for 3,500 shares. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.