Ronald L. Zimmerly Jr. - Dec 1, 2022 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: President, Director
Signature: Ronald L. Zimmerly, Jr. by Julie E. Shaw Power of Attorney
Stock symbol: MBCN
Transactions as of: Dec 1, 2022
Transactions value $: $325,010
Form type: 4
Date filed: 2/23/2023, 03:40 PM
Next filing: Jan 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	MBCN	Common Stock						31.7K	Dec 1, 2022	Direct
holding	MBCN	Common Stock						1.38K	Dec 1, 2022	held in IRA

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
transaction	MBCN	Conditional Stock Award	Award	$325K	+11.4K		$28.60	11.4K	Dec 1, 2022	Common Stock	11.4K	$28.60	Direct	F1

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

Explanation of Responses:

Id	Content
F1	The award represents a grant of restricted stock which vests ratably over a three-year period provided that Mr. Zimmerly remains continuously employed by Middlefield as of each vesting date. Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient.