Options exercise and sale by McDonald's (NYSE: MCD) USA president

Rhea-AI Filing Summary

McDonald’s Corporation executive Joseph M. Erlinger reported an option exercise and related share sale. As President, McDonald's USA, he exercised options to acquire 2,626 shares of common stock at an exercise price of $157.79 per share, then sold 2,626 shares in an open-market transaction at $307.00 per share on the same date.

Following these transactions, he directly held about 8,399.89 shares of McDonald’s common stock. The options exercised were part of a grant originally awarded on February 19, 2018 that became exercisable in 25% increments on each of the first four anniversaries of the grant.

Insider Trade Summary 10b5-1

Net Seller: 2,626 shares ($806,182)

Net Sell 3 txns

Insider Erlinger Joseph M.

Role President, McDonald's USA

Sold 2,626 shs ($806K)

Type	Security	Shares	Price	Value
Exercise	Options (Right to Buy)	2,626	$0.00	--
Exercise	Common Stock	2,626	$157.79	$414K
Sale	Common Stock	2,626	$307.00	$806K

Holdings After Transaction: Options (Right to Buy) — 21,009 shares (Direct); Common Stock — 11,025.89 shares (Direct)

Footnotes (1)

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Key Figures

Options exercised: 2,626 shares Option exercise price: $157.79 per share Shares sold: 2,626 shares +3 more

6 metrics

Options exercised 2,626 shares Options (Right to Buy) exercised on 2026-04-10

Option exercise price $157.79 per share Exercise price for 2,626 options on common stock

Shares sold 2,626 shares Open-market sale of common stock on 2026-04-10

Sale price $307.00 per share Price received per share in open-market sale

Shares held after sale 8,399.89 shares Direct common stock holdings after transactions

Option expiration 2028-02-19 Original option grant expiration date

Key Terms

Options (Right to Buy), derivative security, open-market sale, exercise price

4 terms

Options (Right to Buy) financial

"security_title": "Options (Right to Buy)""

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

exercise price financial

"conversion_or_exercise_price": "157.7900""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

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^*

Erlinger Joseph M.

(Last) (First) (Middle)

MCDONALD'S CORPORATION

110 NORTH CARPENTER STREET

(Street)

CHICAGO ILLINOIS 60607

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	President, McDonald's USA

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/10/2026		M		2,626	A	$157.79	11,025.89	D
Common Stock	04/10/2026		S		2,626	D	$307	8,399.89	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
Options (Right to Buy)	$157.79	04/10/2026		M			2,626	(1)	02/19/2028	Common Stock	2,626	$0	21,009	D

Explanation of Responses:

1. Options were granted on February 19, 2018 and became exercisable in 25% increments on the first, second, third and fourth anniversary of the grant.

	/s/ Jeffrey J. Pochowicz, Attorney-in-fact	04/12/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did McDonald's (MCD) report for Joseph M. Erlinger?

McDonald’s reported that Joseph M. Erlinger exercised stock options for 2,626 shares and sold 2,626 common shares in an open-market transaction. Both actions occurred on the same date and were reported as direct holdings under his position as President, McDonald’s USA.

How many McDonald's (MCD) shares did Joseph Erlinger sell and at what price?

Joseph Erlinger sold 2,626 shares of McDonald’s common stock at $307.00 per share in an open-market transaction. This sale followed his exercise of options for the same number of shares, converting derivative rights into common stock before the disposition.

At what exercise price did Joseph Erlinger exercise McDonald's (MCD) stock options?

He exercised McDonald’s stock options covering 2,626 shares at an exercise price of $157.79 per share. These options were part of a grant dated February 19, 2018 that vested in 25% increments on each of the first four anniversaries of the grant.

How many McDonald's (MCD) shares does Joseph Erlinger hold after this Form 4?

After the reported transactions, Joseph Erlinger directly held approximately 8,399.89 shares of McDonald’s common stock. This figure reflects his position following the option exercise and the same-day sale of 2,626 shares in the open market.

What type of transaction code appears in Joseph Erlinger’s McDonald's (MCD) Form 4?

The Form 4 shows an M code for the option exercise, indicating exercise or conversion of a derivative security, and an S code for the open-market sale of common stock. These codes distinguish acquiring shares via options from selling shares in the market.

When were Joseph Erlinger’s McDonald's (MCD) options originally granted and how did they vest?

His options were granted on February 19, 2018 and became exercisable in 25% increments on the first, second, third, and fourth anniversaries of the grant date. This vesting schedule is disclosed in the Form 4 footnote describing the option award terms.