Boyd Tiffanie L. 4

What Happened
Tiffanie L. Boyd, EVP and Chief People Officer of McDonald's Corporation, had equity awards vest on Feb 13, 2026. The filing shows conversions/exercises of restricted stock units (RSUs) and performance-based RSUs (PRSUs) that resulted in a total of 24,411 shares acquired (no cash exercise price). To satisfy tax withholding obligations, 398.89 shares and 303.84 shares were disposed (sold) at $327.58 per share for proceeds totaling $130,668 and $99,532, respectively — $230,200 in aggregate.

Key Details

• Transaction date: February 13, 2026; Form 4 filed Feb 17, 2026 (timely).
• Acquired (conversion/award): 24,411 shares (1,221 + 89 + 967 + 70 + 22,064 as reported) at $0 exercise price (these are conversions/award settlements of derivatives).
• Disposed for tax withholding (code F): 398.89 shares and 303.84 shares sold at $327.58 each; total proceeds $230,200.
• Footnotes of the filing: RSUs granted Feb 13, 2023 vested on the third anniversary (F1); each RSU/PRSU equals one share (F2, F5); dividend equivalents were settled in connection with vested units (F3, F6); PRSUs vested at 82.2% of the original award (F4).
• Shares owned after the transactions: not specified in the provided filing details.

Context

• These transactions reflect vesting/settlement of share-based awards (derivative conversions) rather than an open‑market purchase or a voluntary sale for investment purposes.
• The disposals were tax-withholding sales (common routine practice) — Boyd did not appear to sell additional shares beyond what was required to cover taxes.
• Codes: M = exercise/conversion of derivative (vest/convert RSU/PRSU), F = payment of exercise price or tax liability (withholding), A = grant/award.

This filing is informational about award vesting and routine tax withholding; it does not necessarily indicate a bullish or bearish view by the insider.