Banner Jonathan 4

What Happened Jonathan Banner, EVP and Chief Impact Officer at McDonald's (MCD), exercised stock options and sold shares on February 23, 2026. He exercised 4,600 options at a strike price of $266.20 (cost basis $1,224,520) and immediately sold those 4,600 shares at $333.24 for $1,532,904. Separately, he sold 1,600.66 shares in an open-market sale at $333.42 for $533,692. Total gross proceeds from the sales shown on the Form 4 are about $2,066,596. The filing also records a derivative disposition of 4,600 shares at $0.00 (per the Form 4 reporting format).

Key Details

• Transaction date: 2026-02-23; Form 4 filed 2026-02-25 (filed within the typical 2-business-day window).
• Sales: 4,600 shares at $333.24 = $1,532,904; 1,600.66 shares at $333.42 = $533,692.
• Exercise: 4,600 option shares exercised at $266.20 = $1,224,520 (reported as Code M).
• Reported derivative disposition: 4,600 shares @ $0.00 (reporting artifact tied to the exercise).
• Shares owned after transaction: not specified in this Form 4.
• Footnote: Options were granted Feb 13, 2023 and vest in 25% increments on each anniversary (F1).

Context

• The sequence (exercise followed by same-day sale) is consistent with a cashless or exercise-to-cover transaction: the insider exercises vested options and sells shares immediately, often to cover the exercise cost and taxes. The Form 4 shows both the option exercise (code M) and open-market sales (code S).
• Sales are commonly routine and do not necessarily indicate a change in view of the company; purchases generally carry more informational weight for bullish signals.
• No evidence in this filing of a 10b5-1 plan, gift, or tax-withholding sale; the record is limited to the exercise and market sales reported.