MIDDLEFIELD BANC CORP — Director's Dealing 2024

Jan 8, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MIDDLEFIELD BANC CORP (MBCN)
CIK: 0000836147
Period of Report: 2023-12-01

Reporting Person: Zimmerly Ronald Len Jr. (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-12-01	Common Stock	A	3788	$29.34	Acquired	35988	Direct
2023-12-01	Common Stock	F	1112	$29.34	Disposed	34876	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Conditional Stock Award	$27.4000	2026-03-10	Common Stock (3722)	3722	Direct
Conditional Stock Award	$28.6000	2025-12-01	Common Stock (7576)	7576	Direct

Footnotes

F1: The acquisition represents the vesting of restricted stock granted to the reporting person on December 1, 2022. The shares vested on the first anniversary of the grant date.

F2: 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 8kK filing dated March 17, 2023.

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 recipent.