Michael L. Allen - 10 Mar 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
Issuer symbol: MBCN
Transactions as of: 10 Mar 2023
Net transactions value: +$54,362
Form type: 4
Filing time: 17 Mar 2023, 10:03:58 UTC
Previous filing: 01 Mar 2023
Next filing: 02 Jan 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	MBCN	Common Stock						3,033	10 Mar 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
transaction	MBCN	Conditional Stock Award	Award	$54,362	+1,984		$27.40	1,984	10 Mar 2023	Common Stock	1,984	$27.40	Direct	F1
holding	MBCN	Conditional Stock Award						2,116	10 Mar 2023	Common Stock	2,116	$24.80	Direct	F2
holding	MBCN	Conditional Stock Award						2,276	10 Mar 2023	Common Stock	2,276	$22.50	Direct	F3

* 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	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.