Michael Ranttila - Dec 5, 2022 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: Bank Chief Financial Officer
Signature: Michael C. Ranttila by James R. Heslop, II Power of Attorney
Stock symbol: MBCN
Transactions as of: Dec 5, 2022
Transactions value $: $35,435
Form type: 4
Date filed: 12/5/2022, 08:06 AM
Previous filing: Dec 5, 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	$35.4K	+1.24K	+84.74%	$28.60	2.7K	Dec 5, 2022	Direct	F1, F2
holding	MBCN	Common Stock						2	Dec 5, 2022	as Custodian for Grandson

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						2.02K	Dec 5, 2022	Common Stock	2.02K	$24.80	Direct	F3
holding	MBCN	Conditional Stock Award						1.77K	Dec 5, 2022	Common Stock	1.77K	$22.50	Direct	F4
holding	MBCN	Conditional Stock Award						891	Dec 5, 2022	Common Stock	891	$26.09	Direct	F5

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

Explanation of Responses:

Id	Content
F1	Shares were acquired under a discretionary incentive award for the successful acquisition of Liberty Bancshares, Inc. Vesting was immediate.
F2	Includes shares acquired under the MBCN Dividend Reinvestment Plan.
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, 2022.
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.