Michael L. Allen - Feb 25, 2023 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: Feb 25, 2023
Transactions value $: $17,197
Form type: 4
Date filed: 3/1/2023, 09:45 AM
Previous filing: Mar 3, 2022
Next filing: Mar 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBCN	Common Stock	Award	$28.8K	+994	+40.74%	$29.00	3.43K	Feb 25, 2023	Direct	F1
transaction	MBCN	Common Stock	Tax liability	-$11.6K	-401	-11.68%	$29.00	3.03K	Feb 25, 2023	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	Feb 25, 2023	Common Stock	2.12K	$24.80	Direct	F2
holding	MBCN	Conditional Stock Award						2.28K	Feb 25, 2023	Common Stock	2.28K	$22.50	Direct	F3

* 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	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.