Ronald Len Zimmerly Jr. - 01 Dec 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
Issuer symbol
MBCN
Transactions as of
01 Dec 2023
Net transactions value
+$78,514
Form type
4
Filing time
08 Jan 2024, 17:08:42 UTC
Previous filing
03 Jul 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
transaction MBCN Common Stock Award $111,140 +3,788 +12% $29.34 35,988 01 Dec 2023 Direct F1
transaction MBCN Common Stock Tax liability $32,626 -1,112 -3.1% $29.34 34,876 01 Dec 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 3,722 01 Dec 2023 Common Stock 3,722 $27.40 Direct F2
holding MBCN Conditional Stock Award 7,576 01 Dec 2023 Common Stock 7,576 $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.