Ronald Len Zimmerly Jr. - 01 Dec 2024 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: Chief Executive Officer, Director
Signature: /s/ Ronald L. Zimmerly, Jr. by Julie E. Shaw Power of Attorney
Issuer symbol: MBCN
Transactions as of: 01 Dec 2024
Net transactions value: +$82,902
Form type: 4
Filing time: 03 Dec 2024, 14:50:41 UTC
Previous filing: 19 Sep 2024
Next filing: 02 Jan 2025
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	$117,352	+3,788	+12%	$30.98	35,077	01 Dec 2024	Direct	F1, F2
transaction	MBCN	Common Stock	Tax liability	$34,450	-1,112	-3.2%	$30.98	33,965	01 Dec 2024	Direct	F2

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						6,708	01 Dec 2024	Common Stock	6,708		Direct	F3, F4
holding	MBCN	Conditional Stock Award						3,722	01 Dec 2024	Common Stock	3,722	$27.40	Direct	F5
holding	MBCN	Conditional Stock Award						3,788	01 Dec 2024	Common Stock	3,788	$28.60	Direct	F6

* 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 second anniversary of the grant date.
F2	Includes shares acquired under MBCN Dividend Reinvestment Plan
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 recipient. The details of the vesting conditions may be found in a Form 8K filing dated September 4, 2024.
F4	Each restricted stock unit represents the right to receive, at settlement, one share of common stock.
F5	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 8K filing dated March 17, 2023.
F6	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.