Ralls-Morrison Desiree 4

What Happened

• Desiree Ralls-Morrison, Executive Vice President and Chief Legal Officer of McDonald's Corp (MCD), was credited with 1,518.69 shares of phantom stock on 2026-02-20. The reported per-share value was $329.23, for a total reported value of $499,998. The award is a derivative (phantom stock), not an open-market stock purchase.

Key Details

• Transaction date and price: 2026-02-20, 1,518.69 phantom shares at $329.23 each (total $499,998).
• Transaction type: Derivative award (phantom stock), reported as a discretionary transaction (I).
• Shares owned after transaction: Not reported in this Form 4.
• Footnotes: F1 — each phantom share represents a right to receive the cash value of one share of common stock; F2 — phantom shares are payable in cash following the reporting person's separation from service.
• Filing timing: The Form 4 was filed on 2026-02-26 (six days after the transaction). That appears later than the typical two-business-day Form 4 deadline for reporting Section 16 transactions; late filings can lead to SEC scrutiny or the need to explain the delay.

Context

• Phantom stock is a cash-settled derivative tied to the company's share price; it does not transfer actual shares immediately and is typically part of executive compensation. This type of award is compensation-related rather than an outright market purchase, so it signals compensation allocation rather than a direct vote of confidence via buying shares.