Ralph Burchianti - Feb 1, 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
Stock symbol: CBFV
Transactions as of: Feb 1, 2022
Transactions value $: $166,875
Form type: 4
Date filed: 2/1/2022, 03:11 PM
Next filing: Feb 17, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CBFV	Common Stock	Options Exercise	$167K	+7.5K	+11.68%	$22.25	71.7K	Feb 1, 2022	Direct	F1, F2, F3
holding	CBFV	Common Stock						2.2K	Feb 1, 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	-7.5K	-75%	$0.00	2.5K	Feb 1, 2022	Common Stock	7.5K	$22.25	Direct
holding	CBFV	Stock Options						3.28K	Feb 1, 2022	Common Stock	3.28K	$30.75	Direct	F4
holding	CBFV	Stock Options						2.81K	Feb 1, 2022	Common Stock	2.81K	$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.