Ronald L. Zimmerly Jr. - Dec 1, 2023 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role
Director
Signature
/s/ Ronald L. Zimmerly, Jr. by Julie E. Shaw Power of Attorney
Stock symbol
MBCN
Transactions as of
Dec 1, 2023
Transactions value $
$78,514
Form type
4
Date filed
1/8/2024, 05:08 PM
Previous filing
Jul 3, 2023
Next filing
Jan 2, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MBCN Common Stock Award $111K +3.79K +11.76% $29.34 36K Dec 1, 2023 Direct F1
transaction MBCN Common Stock Tax liability -$32.6K -1.11K -3.09% $29.34 34.9K Dec 1, 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 Dec 1, 2023 Common Stock 3.72K $27.40 Direct F2
holding MBCN Conditional Stock Award 7.58K Dec 1, 2023 Common Stock 7.58K $28.60 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The acquisition represents the vesting of restricted stock granted to the reporting person on December 1, 2022. The shares vested on the first anniversary of the grant date.
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 8kK filing dated March 17, 2023.
F3 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 recipent.