Benjamin Mackovak Form 4 UNITED SECURITY BANCSHARES / BENJAMIN MACKOVAK ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MACKOVAK BENJAMIN

(Last) (First) (Middle)

2126 INYO STREET

(Street)

FRESNO CA 93721

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED SECURITY BANCSHARES [ UBFO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/28/2023		M		1,500(1)	A	(1)	5,748	D
Common Stock	03/01/2023		M		497(5)	A	(5)	6,245	D
COMMON STOCK	03/01/2023		J		0	A	(9)	932,491(9)	I(9)	By: Strategic Value Investors LP(9)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	02/28/2023		A		1,500(2)		02/28/2023	02/28/2023	Common Stock	1,500	(2)	16,500	D
Restricted Stock Units	$7.7(4)	02/28/2023		M			1,500(3)	02/28/2023	02/28/2023	Common Stock	1,500	(2)	15,000	D
Restricted Stock Units	$0	03/01/2023		A		497(6)		03/01/2023	03/01/2023	Common Stock	497	(6)	15,497	D
Restricted Stock Units	$7.67(8)	03/01/2023		M			467(7)	03/01/2023	03/01/2023	Common Stock	497	(6)	15,000	D

Explanation of Responses:

1. Represents common stock issued pursuant to the vesting and settlement of 100% of the restricted stock units that were granted on February 28, 2023 as a discretionary incentive award.

2. Represents a grant of discretionary restricted stock units awarded on February 28, 2023, in consideration for service as a member of the Company's Board of Directors. 100% of the restricted stock units were vested on the grant date.

3. Represents the complete vesting of all restricted stock units granted on February 28, 2023.

4. Represents common stock closing price on February 28, 2023..

5. Represents common stock issued pursuant to the vesting and settlement of 100% of the restricted stock units that were granted on March 1, 2023.

6. Represents a grant of restricted stock units on March 1, 2023, in consideration for service as a member of the Company's Board of Directors. 100% of the restricted stock units were vested on the grant date.

7. Represents the complete vesting of all restricted stock units granted on March 1, 2023.

8. Represents common stock closing price on March 1, 2023.

9. Shares owned directly by Strategic Value Investors LP. Mr. Mackovak, solely by virtue of his position as a managing member of Strategic Value Bank Partners LLC, which serves as the general partner of Strategic Value Investors LP, may be deemed to beneficially own the shares owned directly by Strategic Value Investors LP for purposes of Section 16. Mr. Mackovak expressly disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. For disclosure purposes only.

	/s/ Benjamin Mackovak	03/02/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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