Marathon Bancorp (MBBC) EVP Nora Spatz Exercises Options

What Happened Nora Spatz, Executive Vice President and Chief Accounting Officer of Marathon Bancorp (MBBC), exercised stock options on September 18, 2026. She acquired 1,201 shares at an exercise price of $8.13 (cost ≈ $9,764) and 962 shares at $6.48 (cost ≈ $6,234), for a total of 2,163 shares at a combined cash outlay of roughly $15,998. The filing also records corresponding derivative dispositions at $0, which reflect the cancellation/conversion of the exercised options rather than a sale of underlying shares. No sale of the acquired shares is reported in this filing.

Key Details

• Transaction date: 2026-09-18
• Shares acquired: 1,201 @ $8.13 (≈ $9,764) and 962 @ $6.48 (≈ $6,234); total 2,163 shares, total cost ≈ $15,998
• Derivative disposition: matching entries at $0 reflecting option cancellation upon exercise
• Shares owned after transaction: not specified in the provided filing
• Filing timeliness: report date equals transaction date (filed 2026-09-18), so appears timely
• Footnotes: F1–F3 note restricted stock vesting at 20% per year (various start dates); F4–F6 note stock option vesting at 20% per year (various start dates)

Context

• Code "M" denotes an option exercise/conversion. This appears to be a cash exercise (Spatz paid the exercise prices) rather than a cashless sale; there is no evidence in this filing that the acquired shares were immediately sold.
• Exercises like this are common for employees to convert vested options into stock and do not by themselves indicate a change in sentiment. The filing includes vesting schedules for restricted stock and options, indicating ongoing compensation vesting over multiple years.