COWAN JOSEPH A 4

What Happened

• Joseph A. Cowan, a director of IF Bancorp, disposed of 27,800 shares on 2026-03-12. The Form 4 reports a "Disposition to the issuer" (code D) related to the merger; each share was converted into the right to receive $26.40 in cash, implying total consideration of $733,920. This was a merger-related surrender of shares to the issuer, not an open-market sale.

Key Details

• Transaction date: 2026-03-12; filing date: 2026-03-13 (timely filing).
• Reported consideration: $26.40 per share (per merger agreement); total ≈ $733,920.
• Shares disposed: 27,800 via disposition to issuer (code D).
• Shares owned after the transaction: not reported in the provided filing details.
• Footnote: Transaction stems from the Agreement and Plan of Merger (Oct 29, 2025) between IF Bancorp and ServBanc Holdco, Inc.; each issued share was converted into $26.40 cash.

Context

• This transaction reflects merger consideration paid by the issuer (conversion of shares to cash) rather than a market sale by the insider; such dispositions are routine in completed or effective mergers and do not necessarily indicate the insider's view of the company’s future.