Ronald L. Zimmerly Jr. - Mar 10, 2023 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: Mar 10, 2023
Transactions value $: $101,983
Form type: 4
Date filed: 3/17/2023, 10:00 AM
Previous filing: Jan 3, 2023
Next filing: May 1, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	MBCN	Common Stock						31.7K	Mar 10, 2023	Direct
holding	MBCN	Common Stock						1.38K	Mar 10, 2023	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	$102K	+3.72K		$27.40	3.72K	Mar 10, 2023	Common Stock	3.72K	$27.40	Direct	F1
holding	MBCN	Conditional Stock Award						11.4K	Mar 10, 2023	Common Stock	11.4K	$28.60	Direct	F2

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

Explanation of Responses:

Id	Content
F1	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 March 17, 2023.
F2	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.