FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Kempczinski Christopher J 2. Issuer Name and Ticker or Trading Symbol MCDONALDS CORP [ MCD ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
President and CEO
(Last)         (First)         (Middle)
MCDONALD'S CORPORATION, 110 NORTH CARPENTER STREET
3. Date of Earliest Transaction (MM/DD/YYYY)
2/19/2021
(Street)
CHICAGO, IL 60607
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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  2/19/2021    M    9507  A $0 (1) 18741  D   
Common Stock  2/19/2021    X    743  A $0 (2) 19484  D   
Common Stock  2/19/2021    F    3833  D $212.24  15651  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: 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   (1) 2/19/2021    M        9507    (3)  (3) Common Stock  9507  $0  0  D   
Dividend Equivalent Rights   (2) 2/19/2021    X        743    (2)  (2) Common Stock  743   (2) 0  D   
Phantom Stock   (4)                  (5)  (5) Common Stock  29.91 (6)   29.91 (6) I  Non-Qualified Benefit Plan 

Explanation of Responses:
(1)  Each restricted stock unit ("RSU") represents a right to acquire one share of McDonald's Corporation common stock.
(2)  Settlement of dividend equivalent rights in connection with vested RSUs. Each dividend equivalent right is the economic equivalent of one share of McDonald's Corporation common stock.
(3)  On February 19, 2018, Mr. Kempczinski was granted 9,507 RSUs, vesting on the third anniversary of the grant date.
(4)  Each share of phantom stock represents a right to receive the cash value of one share of McDonald's Corporation common stock.
(5)  Shares of phantom stock are payable in cash following the reporting person's separation from service with McDonald's Corporation.
(6)  Includes shares acquired through dividend reinvestment.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Kempczinski Christopher J
MCDONALD'S CORPORATION
110 NORTH CARPENTER STREET
CHICAGO, IL 60607
X
President and CEO

Signatures
/s/ Jennifer Card, Attorney-in-fact 2/23/2021
**Signature of Reporting Person Date