Description of Restricted Stock Unit Grant to Andrew J. McKenna by McDonald's Corporation
McDonald's Corporation awarded Andrew J. McKenna, its non-executive Chairman, a grant of 10,434 restricted stock units (RSUs) on June 14, 2011. Each RSU entitles Mr. McKenna to receive either one share of McDonald's common stock or cash equal to its value, at the company's discretion, upon settlement. The RSUs will be settled after one year from the grant date or upon Mr. McKenna's retirement, whichever is later, and immediately if he dies or becomes disabled. Previous similar RSU grants to Mr. McKenna are also referenced.
Exhibit (10)(o)
In recognition of his responsibilities as non-executive Chairman and upon the recommendation of the Governance Committee of the Board of Directors (“Board”) of McDonald’s Corporation (the “Company”), the Compensation Committee of the Board awarded Andrew J. McKenna a grant of 10,434 restricted stock units (“RSUs”) on June 14, 2011. Each RSU represents the right to receive, on the settlement date, one share of the Company’s common stock or, at the Company’s discretion, cash equal to the fair market value thereof. The RSUs will be settled on the later of (i) one year from the date of grant or (ii) Mr. McKenna’s retirement from the Board. The RSUs will immediately be settled upon Mr. McKenna’s death or if his service on the Board terminates because he becomes disabled.
Mr. McKenna also received previous grants of RSUs, on the same terms as described herein, as follows: 12,453 RSUs in 2010, 14,388 RSUs in 2009, 14,222 RSUs in 2008, 17,000 RSUs in 2007, 15,000 RSUs in 2006 and 10,000 RSUs in 2005. The prior grants are disclosed in Exhibit 10(p) to Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on August 5, 2010; Exhibit 10(q) to Forms 10-Q filed with the SEC on August 6, 2009, August 6, 2008 and August 6, 2007, respectively, and on Forms 8-K filed with the SEC on May 31, 2006 and May 16, 2005, respectively.
