Every Form 4 that Middlefield Banc Corp. (MBCN) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A Form 4 covers the transactions officers, directors and large holders report, so if you follow MBCN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MBCN filings page.
Middlefield Banc Corp director reports merger-related share disposition
Director Carolyn J. Turk reported disposing of 32,560 shares of Middlefield Banc Corp common stock in a transaction coded as a disposition to the issuer. This occurred on March 2, 2026, when Middlefield merged with and into Farmers National Banc Corp.
Under the merger agreement dated October 22, 2025, each Middlefield share outstanding immediately before the effective time of the merger was converted into the right to receive 2.6 shares of Farmers common stock, so Turk’s disposition reflects conversion of her Middlefield holdings into Farmers shares, rather than an open-market sale.
Middlefield Banc Corp director William J. Skidmore reported two issuer dispositions of common stock tied to the company’s merger into Farmers National Banc Corp. On March 2, 2026, he disposed of 20,742.0410 and 2,013.3590 Middlefield shares, reducing his direct holdings to zero.
According to the merger agreement, each Middlefield share outstanding immediately before the effective time was converted into the right to receive 2.6 shares of Farmers common stock, reflecting a stock-for-stock transaction rather than an open‑market sale.
Middlefield Banc Corp director Michael C. Voinovich reported disposing of his Middlefield common stock in connection with the company’s merger into Farmers National Banc Corp. The Form 4 shows multiple transactions on March 2, 2026, all coded as a disposition to the issuer at $0.00 per share.
Across direct holdings and several retirement and trust accounts, the transactions cover an aggregate of 26,416.106 shares of Middlefield common stock, leaving zero shares reported following the transactions. According to the merger agreement footnote, each Middlefield share outstanding immediately before the effective time was converted into the right to receive 2.6 shares of Farmers common stock.
Middlefield Banc Corp director Thomas W. Bevan reported the disposition of his Middlefield common shares in connection with the company’s merger into Farmers National Banc Corp. On March 2, 2026, two issuer dispositions were recorded for 26,558 and 26,530 shares of Middlefield common stock at a stated price of $0.00 per share.
According to the merger agreement, each share of Middlefield common stock issued and outstanding immediately before the effective time was converted into the right to receive 2.6 shares of Farmers common stock, except for certain shares held by Middlefield or Farmers.
MIDDLEFIELD BANC CORP director Kevin A. DiGeronimo reported a non-cash disposition of 5,071 shares of common stock on March 2, 2026. The shares were disposed of in connection with the merger in which Middlefield Banc Corp merged with Farmers National Banc Corp under an Agreement and Plan of Merger dated October 22, 2025.
At the merger’s effective time, each outstanding share of Middlefield common stock was converted into the right to receive 2.6 shares of Farmers common stock. Following this transaction, DiGeronimo reported owning 0 shares of Middlefield common stock directly.
Middlefield Banc Corp director Kenneth E. Jones reported dispositions of his Middlefield common stock tied to the company’s merger into Farmers National Banc Corp. On the March 2, 2026 closing date, 17,725.480 directly held shares and 2,153.668 shares held by his spouse were surrendered to Middlefield.
Under the merger agreement, each share of Middlefield common stock outstanding immediately before the effective time was converted into the right to receive 2.6 shares of Farmers common stock, rather than being sold on the open market.
Middlefield Banc Corp director James J. McCaskey reported disposing of his Middlefield common stock to the issuer in connection with its merger into Farmers National Banc Corp. On March 2, 2026, three issuer dispositions totaling 12,007.104 shares of common stock were reported at a price of $0.00 per share.
Following these transactions, the report shows zero Middlefield shares owned directly or indirectly. A footnote explains that, at the merger’s effective time, each share of Middlefield common stock was converted into the right to receive 2.6 shares of Farmers common stock, and includes stock held through his spouse’s retirement account.
Middlefield Banc Corp director reports share disposition tied to merger. Director Jennifer L. Moeller disposed of two blocks of Middlefield common stock, totaling 2,482.4481 and 2,213.7633 shares, in transactions coded as dispositions to the issuer. These occurred on March 2, 2026, when Middlefield merged with Farmers National Banc Corp under an Agreement and Plan of Merger dated October 22, 2025. Each share of Middlefield common stock outstanding immediately before the merger’s effective time was converted into the right to receive 2.6 shares of Farmers common stock.
Middlefield Banc Corp Chief Executive Officer Ronald Len Zimmerly Jr. reported the disposition of Middlefield common stock to the issuer in connection with the company’s merger into Farmers National Banc Corp. on March 2, 2026. The filing shows an issuer disposition of 8,786 shares of common stock held indirectly in an IRA and 84,689.283 shares held directly, both at a stated price of $0.00 per share under an Agreement and Plan of Merger dated October 22, 2025.
Middlefield Banc Corp EVP/CFO Michael Ranttila reported dispositions of Middlefield common stock tied to the company’s merger into Farmers National Banc Corp. Under an Agreement and Plan of Merger dated October 22, 2025, Middlefield merged with and into Farmers on March 2, 2026.
On that merger date, Ranttila reported issuer dispositions of 32,867.1 directly held common shares, plus 300 shares held in an IRA and 50 shares held as custodian for his grandson, all at a reported price of $0.00 per share.
Middlefield Banc Corp executive Erminio Courtney M, EVP/Chief Risk Officer, reported a full disposition of his common stock in connection with a merger. On March 2, 2026, he disposed of a total of 20,082.516 common shares to the issuer at a stated price of $0.0000 per share, in two blocks of 150.525 and 19,931.991 shares. A footnote explains these shares, including those held jointly with his spouse, were disposed of pursuant to an Agreement and Plan of Merger under which Middlefield Banc Corp merged with and into Farmers National Banc Corp on March 2, 2026.
Middlefield Banc Corp executive Michael L. Cheravitch reported a disposition of all his directly held common shares as part of a completed merger. On March 2, 2026, he disposed of 15,691 shares of Middlefield Banc Corp common stock in a transaction coded as a disposition to the issuer, leaving him with zero directly owned shares.
According to the footnote, this disposition occurred under an Agreement and Plan of Merger dated October 22, 2025 between Middlefield Banc Corp and Farmers National Banc Corp, when Middlefield merged with and into Farmers on March 2, 2026.
Middlefield Banc Corp executive Rebecca A. Noblit, EVP and Chief Credit Officer, disposed of 21,427 shares of common stock in a transaction classified as a disposition to the issuer at a stated price of $0.00 per share. This occurred on March 2, 2026, leaving her with no directly owned shares reported after the transaction.
According to the footnote, the shares were disposed of under an Agreement and Plan of Merger dated October 22, 2025 between Middlefield Banc Corp and Farmers National Banc Corp, when Middlefield merged with and into Farmers on March 2, 2026.
MIDDLEFIELD BANC CORP executive Thomas M. Wilson reported dispositions of company stock tied to the completion of a merger. On March 2, 2026, he disposed of 12,498 shares of common stock held indirectly in an IRA and 22,790 shares held directly, both recorded as dispositions to the issuer. A footnote explains these shares were disposed of pursuant to an Agreement and Plan of Merger dated October 22, 2025, under which Middlefield Banc Corp. merged with and into Farmers National Banc Corp. on March 2, 2026.
Middlefield Banc Corp EVP/CHRO Sarah A. Winters reported the disposition of 14,463 shares of Middlefield common stock on March 2, 2026. The shares were transferred back to the issuer at $0.00 per share, pursuant to an Agreement and Plan of Merger dated October 22, 2025, when Middlefield merged with and into Farmers National Banc Corp. Following this transaction, Winters held 0 shares of Middlefield common stock.
Middlefield Banc Corp director James J. McCaskey reported an acquisition of common stock through equity compensation. On February 23, 2026, he received a grant or award of 405 shares of common stock at $35.18 per share, tied to accelerated vesting of restricted stock units granted on June 27, 2025.
After this transaction, his directly held common stock totaled 5,928.79 shares, which includes shares acquired under the MBCN Dividend Reinvestment Plan and shares held jointly with his spouse. He also reported 4,706.314 shares in a direct holding line and 1,372 shares held indirectly in his spouse’s retirement account.
The vesting followed the Compensation Committee’s approval of full vesting of all outstanding plan share awards, including these RSUs, on February 23, 2026, as further described in a related Form 8-K.
Middlefield Banc Corp director Kenneth E. Jones reported an equity award of common stock. On February 23, 2026, he acquired 405 shares of Middlefield Banc Corp common stock as a grant or award, valued at $35.18 per share, bringing his directly held total to 17,725.48 shares.
The filing also reports 2,153.668 shares held indirectly through his spouse. A footnote explains that the award reflects accelerated vesting of restricted stock units originally granted on June 27, 2025, after the Compensation Committee approved full vesting of all outstanding plan share awards on February 23, 2026.
Middlefield Banc Corp director Kevin A. DiGeronimo acquired 405 shares of common stock through a grant/award on February 23, 2026 at $35.18 per share, increasing his direct holdings to 5,071 shares.
The footnote explains this reflects accelerated vesting of restricted stock units granted on June 27, 2025, after the Compensation Committee approved full vesting of all outstanding plan share awards, including these RSUs.
Bevan Thomas W reported acquisition or exercise transactions in this Form 4 filing.
Middlefield Banc Corp director Thomas W. Bevan reported an equity award of 405 shares of Common Stock at $35.18 per share on February 23, 2026. The filing shows his direct holdings increased to 26,558 shares, which include shares held jointly with his spouse.
According to the footnotes, these shares reflect accelerated vesting of restricted stock units originally granted on June 27, 2025, after the company’s Compensation Committee approved full vesting of all outstanding plan share awards on February 23, 2026.
Middlefield Banc Corp director Michael C. Voinovich reported an equity award in company stock. On February 23, 2026, he acquired 405 shares of Middlefield Banc Corp common stock at $35.18 per share through a grant or similar award, bringing his directly held shares to 3,527.425.
According to the footnotes, these shares represent accelerated vesting of restricted stock units that were originally granted on June 27, 2025, after the Compensation Committee approved full vesting of all outstanding plan share awards on February 23, 2026. He also reports additional indirect holdings in various IRA and trust accounts.
Middlefield Banc Corp director William J. Skidmore reported an equity award of 405 shares of common stock, labeled as a grant or award acquisition, at a reference price of $35.18 per share.
According to the footnotes, these shares reflect accelerated vesting of restricted stock units originally granted on June 27, 2025, after Middlefield’s compensation committee approved full vesting of all outstanding plan share awards, including these RSUs, on February 23, 2026.
Middlefield Banc Corp director Carolyn J. Turk reported an equity award rather than an open-market trade. She acquired 405 shares of common stock on February 23, 2026 through accelerated vesting of restricted stock units at a reference price of $35.18 per share. Following this grant, her directly held stake increased to 32,560 common shares. The footnote explains that Middlefield’s Compensation Committee approved full vesting of all outstanding plan share awards, including these RSUs, on the same date, as further detailed in a related Form 8-K.
Middlefield Banc Corp executive Sarah A. Winters reported equity compensation changes. On February 23, 2026, she acquired several blocks of common stock through accelerated vesting of RSUs and PSUs, including 7,954 shares at $35.18 per share, while 3,994 shares were disposed of to cover tax withholding.
Middlefield Banc Corp director Jennifer L. Moeller reported an equity award rather than an open-market trade. She acquired 405 shares of common stock on February 23, 2026 at a reported price of $35.18 per share through accelerated vesting of restricted stock units granted on June 27, 2025.
The Compensation Committee approved full vesting of all outstanding plan share awards, including these RSUs. Following the award, Moeller directly held a total of 2,482.4481 shares of Middlefield Banc common stock, which the filing notes includes shares acquired under the MBCN Dividend Reinvestment Plan.
Middlefield Banc Corp executive Rebecca A. Noblit reported equity award activity involving company common stock. On February 23, 2026, she acquired four blocks of shares (1,708, 1,934, 7,203 and 8,154) through accelerated vesting of restricted and performance share awards approved by the Compensation Committee.
Award vesting increased her direct holdings, while 5,420 shares were disposed of the same day to cover tax obligations through share withholding rather than an open-market sale. Footnotes explain that the vesting acceleration applied to outstanding RSUs and PSUs granted in 2024 and 2025 under existing incentive plans.
Middlefield Banc Corp executive Thomas M. Wilson reported equity award vesting and related share withholding. On February 23, 2026, he acquired 18,252 shares of common stock through grants and accelerated vesting of restricted and performance share units at a reference price of $35.18 per share.
On the same date, 5,098 shares were disposed of to cover tax obligations tied to these awards, leaving him with 22,790 directly held shares afterward. He also reports 12,498 shares held indirectly in an IRA account, reflecting an additional ownership stake.
Middlefield Banc Corp EVP and Chief Risk Officer Courtney M. Erminio reported multiple equity award transactions in company common stock. On February 23, 2026, he acquired several blocks of common shares through accelerated vesting of restricted stock units and performance share units at a reference price of $35.18 per share, following Compensation Committee approval to fully vest outstanding plan share awards. In a related move, 4,714 shares were disposed of to cover tax obligations associated with these awards. After these transactions, he directly held 19,931.991 common shares.
MIDDLEFIELD BANC CORP Chief Executive Officer Ronald Len Zimmerly Jr. reported several equity award events in common stock. On February 23, 2026, he acquired a total of 58,626 shares through grants and accelerated vesting of restricted stock units and performance share units at a reference price of $35.18 per share, following actions by the Middlefield Compensation Committee to fully vest outstanding plan share awards. In a related tax-withholding disposition, 24,671 shares were delivered to satisfy tax obligations, coded as a non-open-market transaction. After these changes, he directly owned 84,689.283 common shares, with an additional 8,786 shares held indirectly in an IRA.
MIDDLEFIELD BANC CORP EVP/CFO Michael Ranttila reported equity compensation activity in company common stock. On February 23, 2026, he acquired 3,013 shares, 2,955 shares, and 12,467 shares at $35.18 per share through grants classified as accelerated vesting of restricted stock units (RSUs) and performance stock units (PSUs) approved by the Middlefield Compensation Committee.
To cover tax obligations, 5,087 shares were disposed of through share withholding, leaving 32,867.1 shares held directly afterward. He also reports indirect ownership of 50 shares as custodian for a grandson and 300 shares held in an IRA.
MIDDLEFIELD BANC CORP executive Michael L. Cheravitch reported equity compensation changes involving the company’s common stock. On February 23, 2026, he recorded several acquisitions of shares at $35.18 per share, reflecting accelerated vesting of restricted stock units and performance share units approved by the Compensation Committee.
The filing also shows a disposition of 3,668 shares at $35.18 per share coded as a tax-withholding transaction, meaning shares were surrendered to cover tax liabilities rather than sold in the open market. After these transactions, his directly held balance reported in one line was 15,691 common shares.
Middlefield Banc Corp Chief Executive Officer and director Ronald L. Zimmerly Jr. reported equity compensation activity on January 14, 2026. He acquired 2,288 shares of common stock at $34.50 per share through the vesting of restricted stock granted on January 14, 2025, which vested on its first anniversary. On the same date, 758 shares were disposed of at $34.50 under code F, reflecting shares withheld to cover obligations associated with the vesting, leaving 50,734.283 common shares owned directly, plus 8,786 shares held indirectly in an IRA.
Zimmerly also reported derivative holdings in the form of conditional stock awards for 4,520 shares expiring on August 30, 2027 and 4,576 shares expiring on January 14, 2028. These restricted stock awards vest ratably over three years, require continued employment with Middlefield for each vesting date, and do not provide voting rights, dividends, or other shareholder rights until they vest. Each restricted stock unit represents the right to receive one share of common stock at settlement.
Middlefield Banc Corp EVP/CHRO Sarah A. Winters reported equity transactions in company common stock. On January 14, 2026, she acquired 942 shares of common stock at $34.5 per share through the vesting of restricted stock granted on January 14, 2025. On the same date, 324 shares were disposed of at $34.5 per share, reflecting shares withheld to cover obligations associated with the vesting, leaving her with 4,910 directly held shares of common stock.
The filing also notes two outstanding conditional stock awards covering 1,708 and 1,886 shares of common stock. These restricted stock awards vest ratably over three years, provided Mrs. Winters remains continuously employed by Middlefield as of each vesting date, and they carry no voting, dividend, or other shareholder rights until they vest. Each restricted stock unit represents the right to receive one share of common stock at settlement.
Middlefield Banc Corp executive Thomas M. Wilson, EVP-Chief Strategy Officer, reported equity award activity and updated holdings. On January 14, 2026, he acquired 895 shares of common stock at $34.50 per share through the vesting of restricted stock originally granted on January 14, 2025. On the same date, 307 shares at $34.50 per share were disposed of under code F, typically used for shares withheld to cover taxes on vesting.
After these transactions, Wilson directly owned 9,636 shares of common stock and indirectly owned 12,498 shares held in an IRA. He also held two conditional stock awards covering 1,708 and 1,790 shares of common stock, which vest ratably over three years if he remains continuously employed, and do not carry voting, dividend, or other shareholder rights until vested.
Middlefield Banc Corp EVP/CFO Michael Ranttila reported equity award activity in company stock. On January 14, 2026, he acquired 1,477 shares of common stock at $34.50 per share through the vesting of previously granted restricted stock, bringing his directly held position to 19,957.1 shares before related share withholding. On the same date, 438 shares at $34.50 per share were disposed of under code F, typically used for tax withholding, leaving 19,519.1 shares of common stock held directly.
He also indirectly holds 50 shares as custodian for his grandson and 300 shares in an IRA. In addition, he holds two outstanding restricted stock awards covering 3,014 shares and 2,956 shares of common stock, which vest ratably over three years if he remains continuously employed. These awards do not provide voting rights, dividends, or other shareholder rights until they vest.
Middlefield Banc Corp EVP and Chief Credit Officer Rebecca A. Noblit reported routine equity transactions in company stock. On January 14, 2026, she acquired 966 shares of common stock at $34.50 per share (transaction code A), reflecting the vesting of restricted stock granted on January 14, 2025. On the same date, she disposed of 327 shares at $34.50 per share (transaction code F), leaving her with 7,848 common shares held directly.
She also holds derivative awards labeled as conditional stock awards. One award covers 1,708 shares of common stock exercisable until September 6, 2027, and another covers 1,934 shares exercisable until January 14, 2028. Footnotes explain these restricted stock awards vest ratably over three years if she remains continuously employed, confer no voting or dividend rights until vesting, and each unit represents the right to receive one share of common stock at settlement.
Middlefield Banc Corp EVP and Chief Risk Officer Courtney M. Erminio reported equity award activity in company stock. On January 14, 2026, she acquired 942 shares of common stock at $34.5 per share, reflecting the vesting of restricted stock granted on January 14, 2025. On the same date, 317 shares at $34.5 per share were disposed of in a transaction coded "F," representing shares withheld to cover obligations associated with the vesting.
After these transactions, Erminio beneficially owns 8,098.991 shares of common stock directly, including shares acquired under the MBCN Dividend Reinvestment Plan and shares held jointly with her spouse. She also holds two conditional restricted stock awards covering 1,708 shares and 1,886 shares of common stock, each vesting ratably over three years, contingent on her continued employment and providing no voting or dividend rights until vested.
Middlefield Banc Corp EVP-Chief Banking Officer Michael L. Cheravitch reported routine equity compensation activity. On January 14, 2026, he acquired 876 shares of common stock at $34.50 per share through the vesting of restricted stock granted on January 14, 2025. On the same date, 301 shares at $34.50 per share were withheld (coded "F") to cover taxes, leaving him with 6,500 common shares held directly.
He also holds two outstanding conditional stock awards. One covers 1,708 shares of common stock scheduled to vest by September 6, 2027, and another covers 1,754 shares scheduled to vest by January 14, 2028. These restricted stock awards vest ratably over three years, and until vesting they carry no voting, dividend, or other shareholder rights.
Middlefield Banc Corp. insider equity awards and holdings update
Ronald L. Zimmerly, Jr., who serves as both a director and Chief Executive Officer of Middlefield Banc Corp. (MBCN), reported several equity-related transactions dated 12/17/2025. In Table I, he acquired 4,653 shares of common stock at $37 per share in one transaction and 10,161 shares of common stock at $37 per share in another, both labeled as acquisitions linked to amended award agreements. He also had 4,126 shares disposed of at $37 per share in a transaction coded "F," typically associated with tax withholding. Following these transactions, he beneficially owned 53,330.283 shares of common stock directly and 8,786 shares indirectly held in an IRA. In Table II, he held derivative positions in conditional stock awards covering 4,520 shares of common stock expiring 08/30/2027 and 6,864 shares expiring 01/14/2028, both directly owned.
Middlefield Banc Corp executive Thomas M. Wilson reported new stock activity. On 12/17/2025, he acquired 1,651 shares of common stock at $37 per share, with 480 shares disposed of at the same price in a transaction coded as tax withholding, leaving 9,048 shares held directly and 12,498 shares held in an IRA.
Wilson also reported derivative holdings from restricted stock awards covering 1,708 shares expiring on 09/06/2027 and 2,685 shares expiring on 01/14/2028. One award was amended to accelerate restricted stock grants originally awarded on March 10, 2023. The restricted stock grants vest over three years, contingent on continued employment, and do not provide voting or dividend rights until vesting.
Middlefield Banc Corp executive Sarah A. Winters, EVP and Chief Human Resources Officer, reported equity transactions in company stock. On 12/17/2025, she acquired 5,204 shares of common stock at $37 per share, then disposed of 1,517 shares at the same price, leaving her with 4,292 shares of common stock held directly.
The filing also lists derivative equity awards. Winters holds a conditional stock award tied to 1,708 shares of common stock with an expiration date of 09/06/2027, and another tied to 2,828 shares expiring on 01/14/2028. An earlier performance share unit award granted on August 6, 2024 was amended, resulting in acceleration of performance share unit grants, with vesting tied to a payment date within sixty days after December 31, 2026. Additional restricted stock awards vest ratably over three years, contingent on her continued employment and without voting or dividend rights until vesting.
Middlefield Banc Corp executive Michael Ranttila, EVP/CFO, reported multiple stock transactions in company shares. On December 17, 2025, he acquired 3,558 shares of common stock at $37 per share and a further 12,713 shares at the same price, then disposed of 3,962 shares at $37. Following these transactions, he directly held 18,480.1 common shares, with additional indirect holdings of 50 shares as custodian for a grandson and 300 shares in an IRA. The filing notes amendments to conditional stock and performance share unit award agreements that accelerate certain restricted stock and performance share unit grants, with further details referenced in separate Form 8-K filings. It also describes restricted stock awards that vest ratably over three years, during which they confer no voting rights, dividends, or other shareholder rights.
Middlefield Banc Corp executive Rebecca A. Noblit, EVP-Chief Credit Officer, acquired 676 shares of common stock at $37 on December 17, 2025, increasing her direct holdings to 7,402 shares before tax withholding. On the same date, 193 shares were disposed of at $37, reflecting shares withheld for taxes, leaving her with 7,209 shares held directly. She also holds derivative awards in the form of restricted stock, including 1,708 shares scheduled to vest by September 6, 2027 and 2,900 shares scheduled to vest by January 14, 2028, each representing the right to receive one share of common stock upon settlement, subject to continued employment and other vesting conditions.
Middlefield Banc Corp executive Michael L. Cheravitch, EVP-Chief Banking Officer, reported equity transactions in company stock. On December 17, 2025, he acquired 5,204 shares of common stock at $37 per share and had 1,514 shares withheld or disposed of at the same price, leaving him with 4,295 directly owned shares of common stock.
He also holds several conditional stock awards that can convert into common shares if service and vesting conditions are met, including awards tied to 2,300, 1,708, and 2,630 shares with vesting schedules extending to late 2025 and into 2028. Some awards relate to performance share units and restricted stock that require continued employment and do not carry voting or dividend rights until vested.
Middlefield Banc Corp executive Courtney M. Erminio, EVP/Chief Risk Officer, reported multiple equity transactions and awards in company stock. On 12/17/2025, she acquired 2,035 shares of common stock at $37 per share in one transaction and 2,204 shares at $37 per share in a second transaction, and disposed of 1,202 shares at $37 with transaction code “F.” After these trades, she directly owned 7,473.991 common shares and 150.525 shares were held jointly with her spouse.
The filing also shows derivative holdings through conditional stock awards. One award relates to 1,708 shares of common stock with an expiration date of 09/06/2027, and another relates to 2,828 shares with an expiration date of 01/14/2028, both held directly. Explanatory notes state that certain conditional stock and performance share unit award agreements were amended to accelerate restricted stock and performance share unit grants, and that these grants generally vest ratably over three years if Mrs. Erminio remains continuously employed. Each restricted stock unit represents the right to receive one share of common stock at settlement.