Ronald L. Zimmerly Jr. - Apr 28, 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: Apr 28, 2023
Transactions value $: $17,186
Form type: 4
Date filed: 5/1/2023, 09:44 AM
Previous filing: Mar 17, 2023
Next filing: Jul 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBCN	Common Stock	Purchase	$17.2K	+630	+45.78%	$27.28	2.01K	Apr 28, 2023	held in IRA
holding	MBCN	Common Stock						31.7K	Apr 28, 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						3.72K	Apr 28, 2023	Common Stock	3.72K	$27.40	Direct	F1
holding	MBCN	Conditional Stock Award						11.4K	Apr 28, 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.