Form 8K March 22 2007
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
________________________
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): March 22, 2007
________________________
McDONALD'S
CORPORATION
(Exact
Name of Registrant as Specified in Its Charter)
|
Delaware
|
1-5231
|
36-2361282
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
____________________________
One
McDonald's Plaza
Oak
Brook, Illinois
(Address
of Principal Executive Offices)
60523
(Zip
Code)
_______________________________
(630)
623-3000
(Registrant's
Telephone Number, Including Area Code)
_______________________________
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General
Instruction A.2. below):
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective
April 1, 2007, Peter J. Bensen, Corporate Vice President - Assistant Corporate
Controller of McDonald’s Corporation (“McDonald’s”), will succeed David M.
Pojman as Corporate Senior Vice President - Corporate Controller of McDonald’s.
Mr. Bensen, 44, has served as Corporate Vice President - Assistant Controller
of
McDonald’s since February 2002. He has been with McDonald’s for 11 years.
Mr.
Pojman has decided to retire in early 2008. Pending his retirement, he will
continue to serve as Corporate Senior Vice President of McDonald's with
responsibility for internal audit.
As
a
result of Mr. Bensen’s promotion, he will become eligible to participate
in McDonald’s Cash Performance Unit Plan, or “CPUP,” for the performance
period from January 1, 2007 to December 31, 2009, on a pro rated basis from
April 1, 2007. The prorated target award for Mr. Bensen is $252,175. The CPUP
operates on a three-year cycle with a cumulative payout at the end of the cycle.
The final payout is determined based on the entire performance period. Mr.
Bensen will not receive any payout under the CPUP until after the end of the
performance period on December 31, 2009.
The
performance measures that will be used to calculate CPUP payouts for the
2007-2009 performance cycle are:
| · |
Consolidated
three-year compounded annual “Brand McDonald’s operating income growth”
(weighted 75%), which reflects growth in income from all company-operated
and franchised restaurants, excluding those not operated under McDonald’s
brand name; and
|
| · |
Average
return on total assets, or “ROTA,” (weighted
25%).
|
To calculate the final payout, the amount based on the above performance
measures will be adjusted by a multiplier based on McDonalds’s cumulative
total shareholder return versus the S&P 500 Index for the performance
period, which may result in final payouts being increased or decreased by up
to
15%.
The
maximum final payout that Mr. Bensen can earn under the CPUP is 230% of the
prorated target award.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
|
|
| |
McDONALD'S
CORPORATION |
|
|
(Registrant)
|
| Date: March
23, 2007 |
By: |
/s/
Denise A. Horne |
| |
Denise
A. Horne |
| |
Corporate
Vice
President -
Associate General Counsel and
Assistant
Secretary
|
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