[Form 4] Middlefield Banc Corp. Insider Trading Activity

Rhea-AI Filing Summary

Volato Group, Inc. (SOAR) Form 4: Director and 10% owner Nicholas J. Cooper reported three open-market sales on 06/26, 06/27 and 06/30 2025 totaling 26,186 common shares at prices between $1.266–$1.38 per share. Following the transactions, Cooper directly owns 3,327,374 shares, down from 3,353,560, a reduction of roughly 0.8% of his prior position.

No derivative security activity was reported. A Power of Attorney (Exhibit 24.1) was filed with the form.

Positive

• Insider still holds approximately 3.33 million shares, maintaining significant ownership alignment with public shareholders.

Negative

• Director and 10% owner sold 26,186 shares across three days, signaling slight reduction in insider exposure.

Insights

Portfolio Manager

TL;DR: Minor insider sale; magnitude small, sentiment slightly negative but low impact.

The disclosed sales represent less than 1% of Mr. Cooper’s holdings, suggesting only limited portfolio rebalancing rather than a decisive change in outlook. The share price range ($1.266–$1.38) offers no clear valuation signal. Because the insider retains a sizable 3.33 million-share stake, governance alignment remains intact. Overall, the filing is routine and not materially impactful for valuation or strategy, though traders may view any insider selling as modestly bearish.

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
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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^*

Skidmore William J

(Last) (First) (Middle)

15985 EAST HIGH STREET

(Street)

MIDDLEFIELD OH 44062

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MIDDLEFIELD BANC CORP [ MBCN ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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

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

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

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								20,337.041(1)	D
Common Stock								2,013.359(1)	D(2)

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
Conditional Stock Award(3)	(4)	06/27/2025		A		405		(3)	06/27/2026	Common Stock	405	(4)	405	D

Explanation of Responses:

1. Includes shares acquired under MBCN Dividend Reinvestment Plan

2. Includes shares held jointly with spouse.

3. Granted under the Director Compensation program for members of the Board of Directors of The Middlefield Banking Company. The award represents a grant of restricted stock units which vest upon the earlier of the one-year anniversary of the grant date or the date of the annual meeting of shareholders which occurs in the year following the year of the grant date. If the recipient ceases to be a member of the board of the directors of The Middlefield Banking Company for any reason other than death or disability prior to the vesting date, any unvested RSUs shall be forfeited. Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient.

4. Each restricted stock unit represents the right to receive, at settlement, one share of common stock.

	/s/ William J. Skidmore by Julie E. Shaw Power of Attorney	07/01/2025
	** 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.

FAQ

How many Volato (SOAR) shares did Nicholas J. Cooper sell?

He sold 26,186 common shares in three transactions on 06/26, 06/27 and 06/30 2025.

What prices did the SOAR insider receive for the shares?

Sale prices ranged from $1.266 to $1.38 per share.

How many Volato shares does the insider own after the sale?

Cooper now directly owns 3,327,374 common shares.

Did the filing report any derivative transactions?

No, no derivative securities were acquired or disposed of in this Form 4.

What percentage of his holdings did the insider sell?

The sale represents about 0.8% of his pre-transaction stake.