Form 8K 22 March 2006
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, 2006
________________________
McDONALD'S
CORPORATION
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware
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1-5231
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36-2361282
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(State
or Other Jurisdiction
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(Commission
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(IRS
Employer
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of
Incorporation)
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File
Number)
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Identification
No.)
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____________________________
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
1.01. Entry into a Material Definitive Agreement.
On
March
22, 2006, the Compensation Committee of the Board of Directors of McDonald's
Corporation (the “Company”) approved the McDonald's Corporation Severance
Plan (the “Plan”), effective April 1, 2006. The Plan is intended to provide
severance benefits to those employees on the United States payroll who are
subject to United States taxation. The Plan does not apply, however, to
executives covered by the Company’s Executive Retention Plan or, in the case of
a change of control of McDonald’s, officers who are covered by a
change-of-control agreement with the Company.
The
Plan
provides for payment of severance benefits to employees who are terminated
as a
result of a “Covered Termination,” which includes, for example, a reduction in
work force and, for officers and employees below the level of senior vice
president, a change of control (as defined in the Company’s 2001 Omnibus Stock
Ownership Plan).
Employees
who are entitled to receive benefits under the Plan (“Qualified Employee”) shall
be entitled to receive the following benefits for a period of time determined
by
the employee’s length of Company service and job classification: (i) continued
salary at the same rate as in effect immediately prior to termination; and
(ii)
continued medical and dental benefits at the same cost as the employee paid
for
such benefits prior to termination. In addition, upon a Covered Termination,
a
Qualified Employee may receive a lump sum payment equal to a pro-rata portion
of
his or her bonus under the Company’s Target Incentive Plan and may be eligible
for certain other benefits. At the Company’s discretion, a Qualifying Employee
also may be entitled to certain payments under the Company’s Cash Performance
Unit Plan.
A
copy of
the Plan will be filed as an exhibit to the Company’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2006.
Item
5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
(b) Anne-Marie
Slaughter resigned from the Board of Directors of McDonald’s Corporation
effective March 31, 2006. Dr. Slaughter served as a member of the Board since
2004.
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.
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McDONALD'S
CORPORATION
(Registrant)
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Date:
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March
28, 2006
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By:
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/s/
Gloria Santona |
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Gloria
Santona
Corporate
Executive Vice President,
General
Counsel and Secretary
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