<SEC-DOCUMENT>0001377739-20-000007.txt : 20200423
<SEC-HEADER>0001377739-20-000007.hdr.sgml : 20200423
<ACCEPTANCE-DATETIME>20200423133449
ACCESSION NUMBER:		0001377739-20-000007
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200423
DATE AS OF CHANGE:		20200423
EFFECTIVENESS DATE:		20200423

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCDONALDS CORP
		CENTRAL INDEX KEY:			0000063908
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				362361282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05231
		FILM NUMBER:		20810340

	BUSINESS ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607
		BUSINESS PHONE:		630 623 3000

	MAIL ADDRESS:	
		STREET 1:		110 NORTH CARPENTER STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60607

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CtW Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>mcdltr.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>mcdltr.htm - sixteen</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

&nbsp; <A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader1"></a><DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> McDonald&#8217;s Corporation</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> CtW Investment Group</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="times new roman"> 1900 K Street, N.W., Washington, D.C.&nbsp;&nbsp; 20036</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#1a1a1a face="times new roman">______________________________________________________________________________<FONT style="FONT-SIZE: 12pt" face="Times New Roman">_______________________________________________________________________________________</FONT></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>
<IMG src="x20042310203200.jpg" width=133 height=51>&nbsp;</P></DIV>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>April 23, 2020</FONT></P>

<P style="MARGIN: 0in 0in 8pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Please vote AGAINST the following proposals at McDonald&#8217;s Corporation (NYSE: MCD) on May 21, 2020: &#8220;Say-On-Pay&#8221; (2), the re-election of Board Chair Hernandez, Jr. (1e), and the re-election of Compensation Committee Chair Lenny (1g). </FONT></B></P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Dear McDonald&#8217;s shareholder:</FONT></P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>We urge you to join us in opposing the &#8220;Say-On-Pay&#8221; proposal and the proposals to re-elect Chairman of the Board Enrique Hernandez, Jr. and Compensation Committee Chair Richard Lenny at the upcoming McDonald&#8217;s Annual Meeting. It&#8217;s time to hold the board accountable for its poor decision-making related to former CEO Steve Easterbrook&#8217;s severance, which granted him a potential windfall upon his termination.</FONT></P>

<P style="MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The company terminated former CEO Easterbrook&#8217;s employment in November 2019 after the board determined that Easterbrook violated the company&#8217;s non-fraternization policy by engaging in a consensual relationship with an employee.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>1</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; We commend the board&#8217;s decision to hold its executives accountable to the same policies as rank-and-file employees in this instance. However, we object to the Compensation Committee&#8217;s use of discretion to award him a potentially massive windfall. Specifically, the board used its discretion to allow a large portion of Easterbrook&#8217;s outstanding options to vest years after his departure, where he will not have influence over the company&#8217;s stock price.&nbsp; We also note that he would not have received this equity treatment had his departure been classified as a termination &#8220;for cause&#8221; or a voluntary resignation. </FONT></P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>For investors, the following are of immediate concern:</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Easterbrook will retain a significant amount of outstanding equity awards in connection with his termination </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>potentially worth over $44 million</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif> in addition to over </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>$675,000 in cash severance,&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>according to estimates by Equilar; these awards would have been forfeited entirely had Easterbrook&#8217;s departure been deemed a voluntary termination or a termination &#8220;for cause.&#8221;</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Easterbrook&#8217;s equity vesting has not been handled consistently &#8211; while his time and performance-based restricted stock has been treated reasonably by being prorated up to his termination date, the Committee allowed his unvested options to</FONT><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif> vest three years past his termination date</FONT></I></B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>.&nbsp; While we acknowledge that Easterbrook has agreed to enhanced restrictive covenants favorable to the company, we believe the Compensation Committee&#8217;s use of discretion in this case was unwarranted, overly generous, and runs counter to the purpose of &#8220;long term incentive&#8221; compensation.</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; LINE-HEIGHT: 107%" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>As the highest level of leadership at the company, Easterbrook set a poor &#8220;tone at the top&#8221; at McDonald&#8217;s, and the board should have recognized the potential reputational impact of its decision in determining Easterbrook&#8217;s generous severance terms. Given the magnitude of the award, the board&#8217;s actions do not incentivize adherence to the Standards of Business Conduct.</FONT></P>

<P style="MARGIN: 0in 0in 0in 0.5in"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>The CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win, a federation of unions representing nearly 5.5 million members, to enhance long term shareholder value </FONT>


<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>through active ownership. These funds have over $250 billion in assets under management and are substantial McDonald&#8217;s shareholders. We previously engaged with McDonald&#8217;s in a letter dated November 26, 2019, urging the Board to reform certain compensation practices in light of Mr. Easterbrook&#8217;s significant severance.</FONT></P>

<a name="_bclFooter1"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>
<IMG src="x20042310203201.jpg" width=277 height=55>&nbsp;</P></DIV>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn1><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>1</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>McDonald&#8217;s Corporation. McDonald's Corporation Announces Leadership Transition. (2019, November 3). Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://news.mcdonalds.com/news-releases/news-release-details/mcdonalds-corporation-announces-leadership-transition</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp; </FONT></P><FONT lang=EN-US></FONT></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_2"></A>

<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">




<P style="MARGIN: 0in 0in 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Previously awarded options will continue to vest despite Easterbrook&#8217;s departure. </FONT></I></B></P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>One of the main purposes of granting equity that vests over multiple years to senior executives (as opposed to vesting all at once) is to incentivize their continued employment with the company through the vesting period; in other words, to continue to </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>retain</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif> that executive for multiple years. Easterbrook&#8217;s severance agreement with the company completely undermines this retentive aspect. </FONT></P>

<P style="MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>According to the agreement,</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>2</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Easterbrook will walk away with a 26 weeks of cash severance pay, which at his former salary of $1.35 million equates to $675,000, on top of over $14 million in prorated performance-based equity and, the most egregious part of the severance, over $28 million in unvested options.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>3</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; These options vest equally over four years, and again, were intended to act as a retentive tool to keep Easterbrook at the company through 2022 (in the case of the options granted in 2018). Under Easterbrook&#8217;s severance agreement, the options will continue to vest </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>even though he is no longer with the company</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>. This means that Easterbrook can reap the benefits of any stock price appreciation at McDonald&#8217;s without directly contributing to its success three years after his departure. Easterbrook&#8217;s performance-based restricted stock, on the other hand, is prorated to his termination date&#8212;a much more appropriate treatment. It is unclear why the board did not apply this same treatment to his outstanding options.</FONT></P>

<P style="MARGIN: 0in 0in 2pt"><FONT face=Calibri></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>The board could have done more in this case in light of McDonald&#8217;s ongoing struggle to address widespread concerns over sexual harassment in its restaurants: his outstanding retention options could have been forfeited entirely or at the very least prorated to his termination date, rather than been allowed to vest. &nbsp;The decision to continue the former CEO&#8217;s option vesting implies a lack of commitment to the company&#8217;s stated policies and ethical commitments. </FONT></P>

<P style="MARGIN: 0in 0in 8pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Investors should take a stand against excessive severance payouts to executives who violate company codes of conduct.</FONT></I></B></P>

<P style="MARGIN: 0in 0in 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Trade associations and the legal community have taken note of generous termination packages and are issuing guidance to boards to consider broadening the definition of &#8220;for cause&#8221; terminations in employment agreement negotiations with its executives. Specifically, the American Society of Association Executives states that carefully crafted &#8220;for cause&#8221; definitions are &#8220;critical&#8221; and that, in addition to very narrow language that covers willful failure to perform job duties and illegal or gross misconduct, boards should also consider including terms that &#8220;underscore behaviors the association values,&#8221; for example </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&#8220; &#8230; Executives should be held to the same employment policies as other staff, so a material violation of those policies should give rise to termination for cause.&#8221;</FONT></B><SUP><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>4</FONT></B></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The article goes on to recommend that boards should consider preserving the right to terminate executives without severance in circumstances of scandal </FONT></P>

<P style="MARGIN: 0in 0in 2pt">&nbsp;</P>

<a name="_bclFooter2"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted</FONT></B></P></DIV>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn2><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>2</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> McDonald&#8217;s Corporation. Separation Agreement and General Release. (2019, October 31). Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.sec.gov/Archives/edgar/data/63908/000089882219000080/mcdsepagmt.htm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn3><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>3</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Based on severance calculations by executive compensation firm Equilar using a Dec 31, 2019 stock price of $197.61</FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn4><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>4</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Judish, J. E. (2019, March 4). Defining Termination for Cause in Executive Employment Agreements. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.asaecenter.org/resources/articles/an_plus/2019/march/defining-termination-for-cause-in-executive-employment-agreements</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_3"></A>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN-BOTTOM: 2pt; LINE-HEIGHT: 107%">
<FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>that would cause reputational harm to the organization. &nbsp;We wholeheartedly agree with the American Society&#8217;s perspective on the issue of narrow &#8220;for cause&#8221; definitions in executive employment agreements and endorse their recommendations to broaden it to hold executives more accountable for their actions. Additionally, McDonald&#8217;s could modify its clawback policy to empower the board to apply it in cases where an executive&#8217;s actions violate the company&#8217;s Standards of Business Conduct, or when those actions damage the company&#8217;s reputation.</FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>There are also examples when other boards took action that McDonald&#8217;s could have used as guidance. In 2016, Priceline CEO Darren Huston was fired following an investigation by that company&#8217;s board into a personal relationship he had with an employee who was not under his direct supervision. In a separation letter dated April 27, 2016,</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>5</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Hutson agreed to </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>forgo any cash severance payment</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>and retained only a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>prorated</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>portion of stock options earned during his tenure</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>. Similarly, in 2012, CEO-elect Christopher Kubasik of Lockheed Martin was asked to resign after an internal investigation revealed an improper relationship with a female employee. Though he received a sizable $3.5 million cash severance, his unvested options, RSUs, or uncompleted performance-based equity awards were</FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>forfeited</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>entirely</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>6</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Given these examples, and the Committee&#8217;s inappropriate treatment of Easterbrook&#8217;s options, which effectively created a windfall for him, we urge shareholders to vote against the re-election of the chairs of the board and the compensation committee and hold them accountable for their poor decision-making related to Easterbrook&#8217;s severance. </FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>A poor &#8220;tone at the top&#8221; cultivated a workplace culture that is permissive of unethical behavior.</FONT></I></B></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Easterbrook and his executive team set a poor &#8220;tone at the top&#8221; that tacitly condoned inappropriate workplace behavior&#8212;which is particularly concerning in light of McDonald&#8217;s ongoing struggle to address widespread concerns over sexual harassment in its restaurants. A recent </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Wall Street Journal</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>article</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>7</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>uncovered that the tone at McDonald&#8217;s Chicago headquarters was one of partying and excessive drinking, including a corporate cash bar that hosted Thursday happy hours for employees, where both overt and covert flirting occurred that made some female employees uncomfortable. Easterbrook as well as David Fairhurst, the company&#8217;s former Chief People Officer, attended these parties periodically. &nbsp;Despite the fact that upper levels of the company were aware of Easterbrook&#8217;s behavior, it was not until a formal complaint had been filed that the matter ultimately got investigated, leading to Easterbrook&#8217;s termination as well as Fairhurst&#8217;s abrupt resignation the very next day.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>8</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>McDonald&#8217;s is reportedly the subject of 50 pending sexual harassment complaints, both in court and with the Equal Employment Opportunity Commission,</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>9</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>and there was a protest in May 2019 of workers across </FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted</FONT></B></P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn5><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>5</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> The Priceline Group Inc. 8-K. (2016, April 27). Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.sec.gov/Archives/edgar/data/1075531/000107553116000093/a8-kapril2016.htm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn6><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>6</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Lockheed Martin Corporation. Form 8-K. (2012, November 9). Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.sec.gov/Archives/edgar/data/936468/000119312512463676/d436152d8k.htm</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn7><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>7</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Haddon, H., &amp; Vranica, S. (2020, January 5). McDonald's Looks Beyond Party Culture. <I>The Wall Street Journal</I>. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.wsj.com/articles/mcdonalds-looks-beyond-party-culture-11578243600</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn8><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>8</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Lucas, A., &amp; Rogers, K. (2019, November 4). McDonald's chief people officer is leaving the company in the wake of its CEO's departure. <I>Consumer News and Business Channel</I>. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.cnbc.com/2019/11/04/mcdonalds-chief-people-officer-is-leaving-the-company-in-the-wake-of-its-ceos-departure.html</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn9><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>9</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Selyukh, A. (2019, November 12). McDonald's Is Sued Over 'Systemic Sexual Harassment' Of Female Workers. <I>National Public Radio</I>. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.npr.org/2019/11/12/778530312/mcdonalds-is-sued-over-systemic-sexual-harassment-of-female-workers</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> </FONT></P><FONT lang=EN-US></FONT></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_4"></A>

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN-BOTTOM: 2pt">
<FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>the U.S. against, among other things, the company's handling of alleged sexual harassment.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>10</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; Two McDonald&#8217;s workers recently filed a $500 million class action lawsuit against the company, claiming that there is a systemic sexual harassment problem at company-owned stores in Florida.</FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>11</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; This follows a $5 million lawsuit filed in 2019 on behalf of employees at a restaurant in Mason, MI where an employee alleged that <FONT style="FONT-SIZE: 11pt" face=Calibri>she was&nbsp;</FONT>frequently harassed by a restaurant manager from 2017 through 2019.</FONT><FONT lang=EN-US style="FONT-SIZE: 11pt; VERTICAL-ALIGN: super" face=Calibri,sans-serif></FONT><SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>12&nbsp; </FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The magnitude of the sexual misconduct allegations demonstrates that the board has yet to convince investors that its oversight of human capital management practices is effective.</FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>All these problems occurred on Easterbrook&#8217;s watch, and his legacy is a company struggling to address the problems he left behind.&nbsp; Add to that the fact that he failed to honor the company&#8217;s employee code of conduct, and it is difficult to see how the board saw fit to reward him with millions of dollars in severance pay.</FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Conclusion</FONT></I></B></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>As shareholders, we must send the board a clear message at this year&#8217;s shareholder meeting on May 21, 2020 that we find the board&#8217;s use of discretion to generously compensate former CEO Easterbrook after violating company policy intolerable. Although Easterbrook was terminated, the board could have gone further. Given the culture of inappropriate behavior, Easterbrook&#8217;s clear violation of McDonald&#8217;s own policy, the insufficient response to workplace harassment in its restaurants, and the litany of EEOC and civil cases filed against the company, a forfeiture of his outstanding equity (or at least proration) would have been a more appropriate decision. The board&#8217;s light handed approach demonstrates a failure to disincentivize violations of its code of conduct. </FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Therefore, we urge you to vote AGAINST the Management Say-On-Pay proposal as well as vote AGAINST the Chairman of the Board Enrique Hernandez, Jr. as well as Compensation Committee Chair Richard Lenny (Proposals 1e and 1g).</FONT></P>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Please contact my colleague Michael Varner, Director, Executive Compensation at michael.varner@ctwinvestmentgroup.com with any questions.</FONT></P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 8pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 107%" face=Calibri,sans-serif>Sincerely, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt">
<IMG id=Picture3 src="x20042310203300.jpg" width=142 height=42>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Dieter Waizenegger</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif>Executive Director</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal" face=Calibri,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter4"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted</FONT></B></P></DIV>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn10><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super; LINE-HEIGHT: 107%" face=calibri,sans-serif>10</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif> Ibid.</FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn11><FONT lang=EN-US></FONT>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>11 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Durbin, D.-A. (2020, April 13). Workers sue McDonald's over harassment at Florida stores. <I>The Seattle Times</I>. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://www.seattletimes.com/business/workers-sue-mcdonalds-over-harassment-at-florida-stores/</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp; The case is pending.</FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn12><FONT lang=EN-US></FONT>

<P style="MARGIN-BOTTOM: 2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super" face=calibri,sans-serif>12 </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>Gajanan, M. (2019, November 12). McDonald's Workers File Sexual Harassment Lawsuit. <I>Time Magazine</I>. Retrieved from </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=blue face=Calibri,sans-serif>https://time.com/5725058/mcdonalds-sexual-harassment-lawsuit/</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif>&nbsp; The case is pending.</FONT></P><FONT lang=EN-US></FONT></DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>x20042310203200.jpg
<TEXT>
begin 644 x20042310203200.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  S (4# 2(  A$! Q$!_\0
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M,UT&C6AM-,C1EVR-\[CGJ?\ ZV!^%"6HR_1115"&LB/MWHK;3N&1G!]:8UO
MZE7AC93'Y1!4$%/[OT]J**+=0'/#%(Z.\:,R<J64$K]*0P0DR$Q(?-&),J/G
M'3!]:** &"SM5QBVA&&##"#@CH?J*>MO"I0K#&/+SLPH^7/7'IFBB@ 2WAC"
M!(8U$>=@50-N>N/2G1QI$@2-%1!T51@"BB@!B6T$:!$@C50VX*$  /K]:?Y:
M>9YFQ?,QMW8YQZ9]*** ,G5;.U$EK(+:$/+=()&"#+CG@^M:ZJJ*%4!5 P !
3P!112 6BBBF 4444 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x20042310203201.jpg
<TEXT>
begin 644 x20042310203201.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  W 14# 2(  A$! Q$!_\0
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"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>x20042310203300.jpg
<TEXT>
begin 644 x20042310203300.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  J (X# 2(  A$! Q$!_\0
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M^\_Y^Y_^_AH [FBN&^WWG_/W/_W\-'V^\_Y^Y_\ OX: .YHKAOM]Y_S]S_\
M?PT?;[S_ )^Y_P#OX: .YHKAOM]Y_P _<_\ W\-'V^\_Y^Y_^_AH [FL3Q4H
MDT>. \K->6T;#U!F3(K!^WWG_/W/_P!_#5+4KRZ>&W#W,S8N8B,N3@AA@U=/
MXT#V/1JYR^T*ZMY8I=(9!$+A)GM9&PJD-\S1G^'()RO0Y['KD_;[S_G[G_[^
M&C[?>?\ /W/_ -_#2C)Q>@/4[FL'Q;_R"HO^NX_]!:L3[?>?\_<__?PUG:S>
17,EF@>XF8>8#AG)[&I __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
