Description of Restricted Stock Units Granted to Andrew J. McKenna by McDonald's Corporation
McDonald's Corporation granted Andrew J. McKenna, its non-executive Chairman, 14,388 restricted stock units (RSUs) on June 9, 2009, as recognition for his responsibilities. Each RSU entitles him to receive either one share of McDonald's common stock or its cash equivalent upon settlement. The RSUs will be settled either one year after the grant date or upon Mr. McKenna's retirement, whichever is later. Immediate settlement occurs if he dies or becomes disabled. Previous similar RSU grants from 2005 to 2008 are also referenced.
Exhibit (10)(q)
DESCRIPTION OF RESTRICTED STOCK UNITS GRANTED TO ANDREW J. MCKENNA
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”), a Special Committee of the Board awarded Andrew J. McKenna a grant of 14,388 restricted stock units (“RSUs”) on June 9, 2009, pursuant to authority delegated by the Board. 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: 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(q) to Forms 10-Q filed with the Securities and Exchange Commission on August 6, 2008 and August 6, 2007, respectively, and on Forms 8-K filed with the Securities and Exchange Commission on May 31, 2006 and May 16, 2005, respectively.
