Zillges Nicholas W 4

What Happened

• Nicholas W. Zillges, President, CEO and Director of Marathon Bancorp (MBBC), exercised stock options on 2026-06-03 to acquire 1,500 shares at $6.48 per share, paying $9,720 in total. On the same date, 1,500 shares were reported disposed at $0.00 — consistent with shares being surrendered to satisfy tax withholding or similar obligations related to the exercise.
• This transaction is recorded as derivative exercise (transaction code M). The net effect for new shares held after withholding is not specified in the provided excerpt.

Key Details

• Transaction date: 2026-06-03; Filing date: 2026-06-05 (appears timely — filed two days after the transaction).
• Acquired: 1,500 shares at $6.48 each (total cost $9,720).
• Disposed: 1,500 shares at $0.00 (derivative disposition, likely tax withholding/surrender).
• Shares owned after transaction: not stated in the provided filing excerpt.
• Relevant footnotes:
  • F1: Includes restricted stock vesting 20% per year beginning June 28, 2023.
  • F3/F4: Stock options vest 20% per year (commencing May 16, 2024 and June 28, 2023, respectively).
  • F2: Indicates some transactions reflected are not required to be reported under Section 16.
• Transaction code meanings: M = option exercise; F (if used) = tax withholding/forfeiture — here the $0.00 disposition is consistent with withholding.

Context

• Exercising options is effectively a purchase of shares at the option strike price. The simultaneous surrender of an equal number of shares at $0.00 is a common mechanism to cover taxes or exercise costs and does not equal an open-market sale.
• The dollar amount here is modest ($9.7k), so while it shows the CEO exercised vested options, it’s not a large-scale buy potentially indicating major insider conviction.