McDONALDS CORPORATION (NYSE: MCD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
In connection with Doug Goare’s retirement, the Compensation Committee (the “Committee”) of the Board of Directors of the Company waived the notice and service requirements applicable to the restricted stock units (“RSUs”) and stock options awarded to Mr. Goare in 2018. This waiver will permit Mr. Goare to continue to vest in these awards, subject to original vesting schedules and, for RSUs, applicable performance conditions. The Committee’s action did not result in the provision of any additional benefits or the acceleration of any awards. In addition, the Committee approved a cash payment in the amount of $183,000 for Mr. Goare. In exchange for the waiver and cash payment, the non-compete period following Mr. Goare’s retirement from the Company will be extended to twenty-four months from eighteen-months.
The Committee determined that the above-described compensation actions support the Company’s strategic objectives by facilitating the Company’s January 1, 2019 transition to new financial reporting segments while honoring Mr. Goare’s initial desire to retire in March 2019.