Courtney M. Erminio - 23 Feb 2025 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role: EVP/Chief Risk Officer
Signature: /s/ Courtney M. Erminio by Julie E. Shaw Power of Attorney
Issuer symbol: MBCN
Transactions as of: 23 Feb 2025
Net transactions value: +$22,555
Form type: 4
Filing time: 03 Mar 2025, 14:49:39 UTC
Previous filing: 23 Jan 2025
Next filing: 07 Aug 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	$33,980	+1,383	+48%	$24.57	4,291	23 Feb 2025	Direct	F1, F2
transaction	MBCN	Common Stock	Tax liability	$11,425	-465	-11%	$24.57	3,826	23 Feb 2025	Direct	F2
holding	MBCN	Common Stock						151	23 Feb 2025	Direct	F2, F3

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						1,628	23 Feb 2025	Common Stock	1,628	$27.40	Direct	F5
holding	MBCN	Conditional Stock Award						2,561	23 Feb 2025	Common Stock	2,561		Direct	F4, F6
holding	MBCN	Conditional Stock Award						2,828	23 Feb 2025	Common Stock	2,828		Direct	F4, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Acquisition represents the vesting of performance shares awarded to the reporting person on February 23, 2022, which vested on the third anniversary of their grant date based upon the Company's total shareholder return.
F2	Includes shares acquired under MBCN Dividend Reinvestment Plan
F3	Includes shares held jointly with spouse.
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 Mrs. Erminio 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.
F7	The award represents a grant of restricted stock which vests ratably over a three-year period provided that Mrs. Erminio 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 8-K dated January 17, 2025.