THOMAS G. CALDWELL - 24 May 2021 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: President/Chief Executive Offi, Director
Signature: Thomas G. Caldwell by James R. Heslop, II Power of Attorney
Issuer symbol: MBCN
Transactions as of: 24 May 2021
Net transactions value: +$14,060
Form type: 4
Filing time: 03 Jun 2021, 11:32:53 UTC
Next filing: 01 Jul 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBCN	Common Stock	Award	$20,684	+868	+5%	$23.83	18,166	24 May 2021	Direct	F1
transaction	MBCN	Common Stock	Tax liability	$6,625	-278	-1.5%	$23.83	17,888	24 May 2021	Direct
holding	MBCN	Common Stock						526	24 May 2021	Custodian for Children	F2
holding	MBCN	Common Stock						33,528	24 May 2021	Direct	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	MBCN	Conditional Stock Award						5,291	24 May 2021	Common Stock	5,291	$22.50	Direct	F4
holding	MBCN	Conditional Stock Award						4,387	24 May 2021	Common Stock	4,387	$26.09	Direct	F5
holding	MBCN	Conditional Stock Award						5,396	24 May 2021	Common Stock	5,396	$21.22	Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Acquisition represents the vesting of performance shares granted to the reporting person on May 22, 2018, which vested on the third anniversary of their grant date based upon the Company's total shareholder return.
F2	Includes shares acquired under the MBCN Dividend Reinvestment Plan.
F3	Includes shares held jointly with spouse.
F4	Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient. Vesting is subject to a time-based or service condition and a performance-based condition. The details of the vesting conditions may be found in a Form 8-K filing dated February 25, 2021.
F5	Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient. Vesting is subject to a time-based or service condition and a performance-based condition. The details of the vesting conditions may be found in a Form 8-K filing dated February 26, 2020.
F6	Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient. Vesting is subject to a time-based or service condition and a performance-based condition. The details of the vesting conditions may be found in a Form 8-K filing dated March 5, 2019.