Courtney M. Erminio - 01 Mar 2022 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: SVP/Risk Officer
Signature: Courtney M. Erminio by James R. Heslop, II Power of Attorney
Issuer symbol: MBCN
Transactions as of: 01 Mar 2022
Net transactions value: +$14,572
Form type: 4
Filing time: 03 Mar 2022, 15:31:34 UTC
Previous filing: 25 Feb 2022
Next filing: 01 Mar 2023
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	$19,497	+764	+52%	$25.52	2,222	01 Mar 2022	Direct	F1, F2
transaction	MBCN	Common Stock	Tax liability	$4,925	-193	-8.7%	$25.52	2,029	01 Mar 2022	Direct	F2
holding	MBCN	Common Stock						151	01 Mar 2022	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						1,713	01 Mar 2022	Common Stock	1,713	$24.80	Direct	F4
holding	MBCN	Conditional Stock Award						834	01 Mar 2022	Common Stock	834	$22.50	Direct	F5
holding	MBCN	Conditional Stock Award						698	01 Mar 2022	Common Stock	698	$26.09	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 March 1, 2019, which vested on the third anniversary of their grant date based upon the Company's total shareholder return.
F2	Includes shares acquired under 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, 2022.
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 25, 2021.
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 February 26, 2020.