Donald L. Stacy - 25 Feb 2023 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: Treasurer/CFO
Signature: Donald L. Stacy by James R. Heslop, II Power of Attorney
Issuer symbol: MBCN
Transactions as of: 25 Feb 2023
Net transactions value: +$17,342
Form type: 4
Filing time: 01 Mar 2023, 09:25:14 UTC
Previous filing: 05 Dec 2022
Next filing: 01 May 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	$31,262	+1,078	+9.5%	$29.00	12,454	25 Feb 2023	Direct	F1, F2
transaction	MBCN	Common Stock	Tax liability	$13,920	-480	-3.9%	$29.00	11,974	25 Feb 2023	Direct	F2
holding	MBCN	Common Stock						4,036	25 Feb 2023	held in IRA
holding	MBCN	Common Stock						43	25 Feb 2023	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						2,419	25 Feb 2023	Common Stock	2,419	$24.80	Direct	F4
holding	MBCN	Conditional Stock Award						2,467	25 Feb 2023	Common Stock	2,467	$22.50	Direct	F5

* 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 February 25, 2020, 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	held jointly with son
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.