Ronald Len Zimmerly Jr. - 10 Mar 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
Issuer symbol: MBCN
Transactions as of: 10 Mar 2023
Net transactions value: +$101,983
Form type: 4
Filing time: 17 Mar 2023, 10:00:03 UTC
Previous filing: 03 Jan 2023
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
holding	MBCN	Common Stock						31,669	10 Mar 2023	Direct
holding	MBCN	Common Stock						1,376	10 Mar 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	$101,983	+3,722		$27.40	3,722	10 Mar 2023	Common Stock	3,722	$27.40	Direct	F1
holding	MBCN	Conditional Stock Award						11,364	10 Mar 2023	Common Stock	11,364	$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.