Michael L. Allen - Mar 1, 2022 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: EVP - Chief Banking Officer
Signature: Michael L. Allen by James R. Heslop, II Power of Attorney
Stock symbol: MBCN
Transactions as of: Mar 1, 2022
Transactions value $: $36,749
Form type: 4
Date filed: 3/3/2022, 02:08 PM
Previous filing: Feb 25, 2022
Next filing: Mar 1, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBCN	Common Stock	Award	$53.7K	+2.11K	+210.5%	$25.52	3.11K	Mar 1, 2022	Direct	F1
transaction	MBCN	Common Stock	Tax liability	-$17K	-665	-21.42%	$25.52	2.44K	Mar 1, 2022	Direct

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						2.12K	Mar 1, 2022	Common Stock	2.12K	$24.80	Direct	F2
holding	MBCN	Conditional Stock Award						2.28K	Mar 1, 2022	Common Stock	2.28K	$22.50	Direct	F3
holding	MBCN	Conditional Stock Award						1.92K	Mar 1, 2022	Common Stock	1.92K	$26.09	Direct	F4

* 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 March 1, 2019, which vested on the third anniversary of their grant date based upon the Company's total shareholder return.
F2	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, 2022.
F3	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.
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 26, 2020.