[Form 4] McDonald's Corporation Insider Trading Activity

Rhea-AI Filing Summary

McDonald's executive Tiffanie L. Boyd reported vesting and settlement of equity awards and a concurrent share disposition. The filing shows 2,893 restricted stock units vested and were recorded as acquisitions at $0, together with settlement of 207 dividend equivalent rights also recorded as acquisitions at $0. The report also shows a disposition of 1,374 common shares at a reported price of $304.36 per share. The explanatory note states the RSUs were granted on 08/11/2022 and vested in one installment on the third anniversary, and that each RSU and each dividend equivalent right represents the economic equivalent of one share. All transactions are reported as direct beneficial ownership changes.

Positive

• 2,893 restricted stock units vested, increasing the reporting person’s direct holdings via settlement at $0 cost as recorded
• 207 dividend equivalent rights settled, each described as the economic equivalent of one share, also recorded as acquisitions at $0

Negative

• Disposition of 1,374 common shares reported at a price of $304.36 per share, reducing direct beneficial ownership
• Post-transaction beneficial ownership lines show a lower figure on the disposal line (7,289.86), reflecting the net reduction after settlement and disposition

Insights

Corporate Governance Expert

TL;DR: Routine equity vesting with tax/settlement activity; no new grants or unusual transfers.

The Form 4 discloses the scheduled vesting of previously awarded restricted stock units and settlement of associated dividend equivalent rights, increasing direct share holdings by 3,100 units before accounting for a reported disposition of 1,374 shares. The filing notes the award grant date and vesting schedule explicitly and records the acquisitions at $0, consistent with RSU settlement. The reported disposition at $304.36 per share reduces the filer’s direct holdings. These are customary compensation-related transactions rather than governance changes.

Securities Analyst

TL;DR: Insider vesting and a partial sale occurred; the transactions are material to personal holdings but not company-level capital structure.

The detail shows 2,893 RSUs vested and 207 dividend equivalent rights settled into shares, and a simultaneous reported disposal of 1,374 shares at $304.36 each. The filing lists post-transaction beneficial ownership figures on the relevant lines. These entries reflect compensation vesting and settlement mechanics; they alter the reporting person’s direct share count but do not indicate new equity issuance by the company or changes to outstanding share count in the filing itself.

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

OMB APPROVAL

OMB Number:			3235-0287
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Boyd Tiffanie L.

(Last) (First) (Middle)

MCDONALD'S CORPORATION

110 NORTH CARPENTER STREET

(Street)

CHICAGO IL 60607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MCDONALDS CORP [ MCD ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP - Chief People Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		M		2,893(1)	A	$0(2)	8,456.86	D
Common Stock	08/11/2025		M		207(3)	A	$0	8,663.86	D
Common Stock	08/11/2025		F		1,374	D	$304.36	7,289.86	D

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 Unit	(2)	08/11/2025		M			2,893(1)	08/11/2025	08/11/2025	Common Stock	2,893(1)	$0	0	D
Dividend Equivalent Rights	(3)	08/11/2025		M			207(3)	08/11/2025	08/11/2025	Common Stock	207(3)	$0	0	D

Explanation of Responses:

1. On August 11, 2022, Ms. Boyd was granted 2,893 restricted stock units ("RSUs"), vesting in one installment on the third anniversary of the grant date.

2. Each RSU represents a right to acquire one share of McDonald's Corporation common stock.

3. 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.

	/s/ Jeffrey J. Pochowicz, Attorney-in-fact	08/13/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did McDonald's insider Tiffanie L. Boyd report on Form 4 for MCD?

The Form 4 reports 2,893 RSUs vested, 207 dividend equivalent rights settled, and a disposition of 1,374 shares at a reported price of $304.36 per share.

When were the RSUs originally granted to Tiffanie L. Boyd?

The explanatory note states the RSUs were granted on 08/11/2022 and vested in one installment on the third anniversary of the grant date.

How were the vested RSUs and dividend equivalents recorded on the Form 4?

Both the vested RSUs (2,893) and dividend equivalent rights (207) are recorded as acquisitions at a reported price of $0 and are shown as direct beneficial ownership.

What price is reported for the disposed shares?

The filing reports a disposal of 1,374 shares at a price of $304.36 per share.

Do these transactions indicate a new grant or change in compensation policy?

The Form 4 reflects the vesting and settlement of a previously granted award and settlement of dividend equivalents; it does not show a new grant or a change in company compensation policy in this filing.