secwatch.observer — SEC 8-K summary
======================================

Issuer:     MIDDLEFIELD BANC CORP (—)
CIK:        0000836147
Form:       8-K
Filed at:   2023-11-14T23:59:59+00:00
Accession:  0001193125-23-276674
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Middlefield Banc appoints Ronald Zimmerly as CEO; James Heslop to retire Jan 1
------------------------------------------------------------------------------

- Ronald L. Zimmerly, Jr. appointed CEO of Middlefield Banc Corp. and its bank subsidiary, effective Jan 1, 2024; he also continues as President.
- James R. Heslop, II retires as CEO and leaves board on Dec 31, 2023; receives 10,957 accelerated restricted shares, $199,100 lump sum, and $56,250 deferred comp credit.
- Board reduces size from 13 to 12 upon Heslop's resignation.
- Zimmerly's change-in-control severance multiplier increases from 2x to 2.5x due to his new role.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/836147/000119312523276674/0001193125-23-276674-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/836147/000119312523276674/d361813d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-276674

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer