Marathon Bancorp EVP exercises stock options

Marathon Bancorp, Inc. executive Nora Spatz reported option exercises that increased her equity stake in the company.

Rhea-AI Filing Summary

Marathon Bancorp, Inc. executive Nora Spatz reported option exercises that increased her equity stake in the company. As EVP and CAO, she exercised stock options for 2,399 shares of Common Stock at $8.13 per share and 1,921 shares at $6.48 per share on March 18, 2026.

Following these exercises, her direct Common Stock holdings rose to 19,979 shares. She also has additional indirect holdings, including 35,701 shares held through a 401(k) plan and 1,598 shares held by a trust. Footnotes note that her stock options and restricted stock vest at a rate of 20% per year beginning on June 28, 2023 and May 16, 2024, respectively.

Insider Trade Summary

4,320 shares exercised/converted

Exercise 9 txns

Insider Spatz Nora

Role EVP and CAO

Type	Security	Shares	Price	Value
Exercise	Stock Options	2,399	$0.00	$0.00
Exercise	Stock Options	1,921	$0.00	$0.00
Exercise	Common Stock	2,399	$8.13	$20K
Exercise	Common Stock	1,921	$6.48	$12K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Options — 6,483 contracts (Direct); Common Stock — 19,979 shares (Direct); Common Stock — 35,701 shares (Indirect, By 401(k)); Common Stock — 1,598 shares (Indirect, By Trust); Common Stock — 1,149 shares (Indirect, As custodian); Common Stock — 1,209 shares (Indirect, By ESOP); Common Stock — 1,372 shares (Indirect, By Spouse)

Footnotes (4)

1. F1. Includes shares of restricted stock which vest at a rate of 20% per year commencing on June 28, 2023.
2. F2. Includes shares of restricted stock which vest at a rate of 20% per year commencing on May 16, 2024.
3. F3. Stock options vest at a rate of 20% per year commencing on June 28, 2023.
4. F4. Stock options vest at a rate of 20% per year commencing on May 16, 2024.

FAQ

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What did Nora Spatz report in her Form 4 for Marathon Bancorp (MBBC)?

Nora Spatz, EVP and CAO of Marathon Bancorp, reported exercising stock options into Common Stock. She converted options for 2,399 shares at $8.13 and 1,921 shares at $6.48, increasing her direct ownership to 19,979 Common Stock shares after the transactions.

How many stock options did Nora Spatz exercise in the latest MBBC filing?

She exercised options covering 2,399 shares of Common Stock at $8.13 per share and 1,921 shares at $6.48 per share. These exercises are coded as derivative conversions (code M) and reflect compensation-related activity rather than open-market purchases or sales.

What is Nora Spatz’s direct share ownership in Marathon Bancorp after these transactions?

After the reported exercises, Nora Spatz directly owns 19,979 shares of Marathon Bancorp Common Stock. This figure reflects her position following the conversion of stock options into shares on March 18, 2026, as disclosed in the Form 4 transaction details.

Does Nora Spatz hold indirect Marathon Bancorp (MBBC) shares through benefit plans or trusts?

Yes. In addition to her direct holdings, she has indirect Marathon Bancorp Common Stock interests, including 35,701 shares held through a 401(k) plan and 1,598 shares held by a trust. Additional indirect holdings are reported as custodian, ESOP, and spouse accounts.

Were any Marathon Bancorp shares sold in this Form 4 by Nora Spatz?

No sales are reported in this Form 4. The filing shows derivative exercises coded M, where stock options were converted into Common Stock, increasing her share ownership. There are no open-market sale codes or tax-withholding dispositions disclosed in the transaction summary.

How do Nora Spatz’s stock options and restricted stock vest at Marathon Bancorp?

Footnotes state her stock options vest at 20% per year starting June 28, 2023 and May 16, 2024, depending on the grant. Related footnotes also note restricted stock that vests at 20% per year from the same dates, aligning equity awards with multi-year service.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 05:27 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spatz Nora

(Last) (First) (Middle)

500 SCOTT STREET

(Street)

WAUSAU WISCONSIN 54403

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Marathon Bancorp, Inc. /MD/ [ MBBC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CAO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/18/2026		M		2,399	A	$8.13	18,058(1)(2)	D
Common Stock	03/18/2026		M		1,921	A	$6.48	19,979(1)(2)	D
Common Stock								35,701	I	By 401(k)
Common Stock								1,598	I	By Trust
Common Stock								1,149	I	As custodian
Common Stock								1,209	I	By ESOP
Common Stock								1,372	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$8.13	03/18/2026		M			2,399	06/28/2023	06/28/2032	Common Stock	2,399(3)	$0	3,600(3)	D
Stock Options	$6.48	03/18/2026		M			1,921	05/16/2024	05/16/2033	Common Stock	1,921(4)	$0	2,883(4)	D

Explanation of Responses:

1. Includes shares of restricted stock which vest at a rate of 20% per year commencing on June 28, 2023.

2. Includes shares of restricted stock which vest at a rate of 20% per year commencing on May 16, 2024.

3. Stock options vest at a rate of 20% per year commencing on June 28, 2023.

4. Stock options vest at a rate of 20% per year commencing on May 16, 2024.

	/s/ Benjamin Azoff, pursuant to power of attorney	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)