MIDDLEFIELD BANC CORP — Director's Dealing 2023

May 1, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MIDDLEFIELD BANC CORP (MBCN)
CIK: 0000836147
Period of Report: 2023-04-28

Reporting Person: Zimmerly Ronald Len Jr. (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-04-28	Common Stock	P	630	$27.28	Acquired	2006	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	31669	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Conditional Stock Award	$27.40	2026-03-10	Common Stock (3722)	3722	Direct
Conditional Stock Award	$28.60	2025-12-01	Common Stock (11364)	11364	Direct

Footnotes

F1: 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 8-K filing dated March 17, 2023.

F2: 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.