Michael L. Cheravitch - Jan 14, 2025 Form 4 Insider Report for MIDDLEFIELD BANC CORP (MBCN)

Role
EVP-Chief Banking Officer
Signature
/s/ Michael L. Cheravitch by Julie E. Shaw Power of Attorney
Stock symbol
MBCN
Transactions as of
Jan 14, 2025
Transactions value $
$0
Form type
4
Date filed
1/23/2025, 09:54 AM
Previous filing
Sep 10, 2024
SEC
View on sec.gov

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 MBCN Conditional Stock Award Award +2.63K 2.63K Jan 14, 2025 Common Stock 2.63K Direct F1, F2
holding MBCN Conditional Stock Award 2.56K Jan 14, 2025 Common Stock 2.56K Direct F2, F3
holding MBCN Conditional Stock Award 2.3K Jan 14, 2025 Common Stock 2.3K $30.00 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The award represents a grant of restricted stock which vests ratably over a three-year period provided that Mr. Cheravitch 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 vesting details may be found on a Form 8-K filed January 17, 2025.
F2 Each restricted stock unit represents the right to receive, at settlement, one share of common stock.
F3 The award represents a grant of restricted stock which vests ratably over a three-year period provided that Mr. Cheravitch 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.
F4 The award represents a grant of restricted stock which vests on December 31, 2025, if the executive's service continues through that date. Until the award vests, the award confers no right to vote, no right to dividends, and no other shareholder rights to the recipient.