Ralph Burchianti - 01 Feb 2022 Form 4 Insider Report for CB Financial Services, Inc. (CBFV)

Role: SEVP & Chief Credit Officer, Director
Signature: /s/ Daniel Lutz, pursuant to Power of Attorney
Issuer symbol: CBFV
Transactions as of: 01 Feb 2022
Net transactions value: +$166,875
Form type: 4
Filing time: 01 Feb 2022, 15:11:01 UTC
Next filing: 17 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CBFV	Common Stock	Options Exercise	$166,875	+7,500	+12%	$22.25	71,708	01 Feb 2022	Direct	F1, F2, F3
holding	CBFV	Common Stock						2,200	01 Feb 2022	By Investment Club	F5

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
transaction	CBFV	Stock Options	Options Exercise	$0	-7,500	-75%	$0.000000	2,500	01 Feb 2022	Common Stock	7,500	$22.25	Direct
holding	CBFV	Stock Options						3,280	01 Feb 2022	Common Stock	3,280	$30.75	Direct	F4
holding	CBFV	Stock Options						2,810	01 Feb 2022	Common Stock	2,810	$26.45	Direct

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

Explanation of Responses:

Id	Content
F1	Shares of restricted stock vest at a rate of 20% per year commencing on December 14, 2021.
F2	Includes shares of restricted stock which vest at a rate of 20% per year commencing on December 14, 2020.
F3	Includes shares of restricted stock which vest at a rate of 20% per year commencing on December 14, 2019.
F4	Stock options vest at a rate of 20% per year commencing on December 15, 2018.
F5	The investment club owns a total of 2,200 shares of the issuer's common stock. Mr. Burchianti has a 16.6% interest in the investment club and disclaims beneficial ownership with respect to 1,834 shares.