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MCDONALDS CORP·4

Feb 17, 7:46 PM ET

Erlinger Joseph M. 4

Research Summary

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Updated

McDonald's President Joseph Erlinger Receives RSUs, Exercises Options

What Happened

  • Joseph M. Erlinger, President of McDonald's USA, had multiple derivative and award transactions reported on Feb 13, 2026. The filing shows the acquisition (vesting/grant) of 32,093 shares via awards (RSUs/dividend equivalents) and the exercise/conversion of derivatives for 5,577 and 403 shares (reported as $0 acquisition price). To satisfy tax withholding obligations, 2,312.23 shares were surrendered/disposed at $327.58 per share for a total of $757,440.
  • These transactions are largely award/settlement events (not open-market purchases). The reported $0 per-share amounts for the grants and exercises reflect stock-settled awards or conversions rather than cash purchases.

Key Details

  • Transaction date: February 13, 2026; Form 4 filed February 17, 2026 (appears timely).
  • Reported share movements:
    • Grant/Award (A): 32,093 shares acquired (stock awards/RSUs) @ $0.00.
    • Exercise/Conversion (M): 5,577 shares and 403 shares acquired @ $0.00.
    • Tax withholding (F): 2,312.23 shares disposed at $327.58 each = $757,440.
  • Shares owned after transaction: Not specified in the provided filing details.
  • Notable footnotes:
    • F1: Performance-based RSUs vested at 82.2% of the original grant for the 1/1/2023–12/31/2025 performance period.
    • F2: Each performance-based RSU equals one common share.
    • F3: Settlement included dividend equivalent rights (each equivalent equals one share).
    • F4: Options vest in 25% increments across four anniversaries.
  • Transaction codes explained: M = option/derivative exercise/conversion; A = grant/award; F = shares used to satisfy tax liabilities/withholding.

Context

  • This filing reflects standard equity compensation activity (vesting of RSUs/dividend equivalents and conversion/exercise of derivatives) and a tax-withholding share disposition — commonly a routine administrative step rather than an opportunistic market sale or purchase.
  • The $757K figure represents the value of shares surrendered to cover tax obligations; the vested/awarded shares were reported at $0 because they were granted/settled as compensation, not purchased in the open market.