Document:

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                                                                  Exhibit  10(a)
                             McDONALD'S CORPORATION
                             DIRECTORS' STOCK PLAN

                                   Section 1

                                  Introduction
                                  ------------

     1.1  The Plan.  McDonald's Corporation (the "Company") first established
the McDonald's Directors' Deferred Compensation Plan (the "Plan") for the
members of its Board of Directors who are not officers or employees of the
Company ("Outside Director" or "Outside Directors") on July 1, 1984.  Effective
January 19, 1995, in order to reflect the Plan's focus on creating an identity
of interest between the Company's Outside Directors and its shareholders, the
Plan was renamed the "Directors' Stock Plan."  The Plan was later amended and
restated effective September 19, 1996 and July 15, 1997, and is hereby amended
and restated effective May 17, 2001 to provide for participation in the Plan by
Senior Directors ("Senior Director" or "Senior Directors").

     1.2  Purpose.  The purposes of the Plan are:  to advance the Company's
interests by attracting and retaining well-qualified Outside Directors and
Senior Directors; to provide such individuals with incentives to put forth
maximum efforts for the long term success of the Company's business; and to
provide a vehicle to increase the identity of interest between Outside
Directors, Senior Directors and shareholders.

                                   Section 2

                                    Benefits
                                    --------

     2.1  Elected Deferred Benefits.  Each Outside Director and Senior Director
may elect in accordance with Section 3.1 to defer all or any part of the fees to
be received by such Outside Director or Senior Director for service on the Board
of Directors of the Company (including the annual retainer and Board and
committee meeting fees) ("Elected Deferred Benefits").

     2.2  Deferred Fee Account.  Elected Deferred Benefits shall be credited to
an account ("Deferred Fee Account") of each Outside Director and Senior Director
on a quarterly basis at such a time and in such a manner as is reasonably
determined by the Controller of the Company. Each Outside Director's and Senior
Director's Deferred Fee Account may be further divided into amounts deferred
pursuant to a particular year's deferral election.  Amounts credited to the
Deferred Fee Account(s) of each Outside Director and Senior Director shall be
credited with income, gains and losses in the amounts and at the times such as
would have occurred if amounts credited to an Outside Director's and Senior
Director's Deferred Fee Account(s) were invested in shares (including fractional
shares) of common stock of McDonald's Corporation ("McDonald's Stock") as of the
dates such amounts (including income, gains and losses) were credited to the
Outside Director's and Senior Director's Deferred Fee Account(s).

     2.3  Stock Equivalent Benefit.  In addition to the benefits described in
Sections 2.1 and  2.2, each Outside Director and Senior Director shall receive a
stock equivalent benefit which shall be determined in the manner described in
this Section 2.3  ("Stock Equivalent Benefit").  On January 19, 1995,  an amount
equal to $17,500 multiplied by the number of an Outside Director's full years of
service (up to a maximum of ten years) shall be accrued for such Outside
Director's Stock Equivalent Benefit.  After January 19, 1995, for each Outside
Director and Senior Director, an amount equal to $17,500 shall be accrued for
such Outside Director's and Senior Director's Stock Equivalent Benefit at the
end of each full year of service (up to a maximum of ten years).  In no event
shall an Outside Director or Senior Director receive a Stock Equivalent Benefit
pursuant to this Section 2.3 which exceeds $175,000 ($17,500 multiplied by 10
years of service).  In measuring full years of service, Board service shall
commence as of the first Board meeting or committee meeting for which the
Outside Director or Senior Director received compensation and end with the last
Board meeting or committee meeting for which the Outside Director or Senior
Director received compensation.  Amounts accrued for an Outside Director's or
Senior Director's Stock Equivalent Benefit shall be adjusted periodically (but
no less than once each year), at such time or times and in such manner as is
reasonably determined by the Controller of the Company and as of the date of a
distribution, in order to treat each such accrual as though it had been invested
in shares of McDonald's Stock by reflecting income, gains and losses in the
amounts and at the times as such would have occurred if an amount equal to such
accrual were invested in shares (including fractional shares) of McDonald's
Stock on the date such accrual was made.
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                                   Section 3

                         Deferrals; Deferral Elections
                         -----------------------------

     3.1  Deferral Elections.  A person who becomes an Outside Director or
Senior Director in a year may elect by a written notice delivered to McDonald's
Corporation within 60 days after becoming an Outside Director or Senior Director
to receive Elected Deferred Benefits as provided in Section 2.1 with respect to
fees earned in the portion of such year following the delivery of such notice to
McDonald's Corporation.  Each other Outside Director or Senior Director may
elect by filing a written election with McDonald's Corporation before the
beginning of a calendar year to receive Elected Deferred Benefits as provided in
Section 2.1 for such calendar year.  Any election made pursuant to this Section
3.1 shall be irrevocable.

     3.2  Payment Dates.  Subject to the provisions of Sections 3.4 and 3.5,
amounts deferred pursuant to elections filed after July 15, 1997 will be
deferred to the "Payment Date" specified by the Outside Director or Senior
Director at the time of election and payments will commence promptly following
the Payment Date in accordance with Section 4.1.  The Payment Date specified
must be no earlier than the March 31st of the calendar year following the year
in which the deferred amounts would otherwise have been paid and must be either:

          (a)  March 31, June 30 or September 30 of a specified year in the
               future (the "Specific Year Payment Date") or

          (b)  upon Retirement from the Board of Directors or end of term as a
               Senior Director.

"Retirement" means the later of the date upon which an Outside Director ceases
to be a member of the Board of Directors or a Senior Director.

                                       2
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     3.3  Retirement Prior to Payment.  If an Outside Director retires and has
one or more Specific Year Payment Dates that would occur after Retirement, all
amounts deferred to those Specific Year Payment Date(s) shall automatically be
accelerated and payment will commence promptly after Retirement from the Board
of Directors and in accordance with the provisions of Section 4.1.

     3.4  Death Prior to Payment.  Notwithstanding anything herein to the
contrary, in the event of the Outside Director's or Senior Director's death
prior to the payment of his or her entire Deferred Fee Account(s), the Payment
Date will automatically be the March 31st of the year following the death of the
Outside Director or Senior Director.  Payments will commence promptly following
such Payment Date in accordance with the provisions of Section 4.1.  If an
Outside Director or Senior Director dies and has one or more Specific Year
Payment Dates that would occur after death, all amounts deferred to those
Specific Year Payment Date(s) shall automatically be accelerated and payment
will commence promptly after the March 31st of the year following the death of
the Outside Director or Senior Director and in accordance with the provisions of
Section 4.1.

     3.5  Previous Deferrals.  Notwithstanding the provisions of Section 3.2,
amounts deferred pursuant to elections filed prior to July 15, 1997 shall be
deferred until Retirement in accordance with the terms of the Plan in effect as
of the date of such deferral election.

     3.6  Stock Equivalent Benefits.  Stock Equivalent Benefits shall be
deferred until Retirement or end of term, even though an Outside Director or
Senior Director has elected a Specific Year Payment Date for the remainder of
his or her deferral.  However, in the event of the Outside Director's or Senior
Director's death prior to the payment of his or her Stock Equivalent Benefits,
payments will commence promptly following the Payment Date (as determined in
accordance with the provisions of Section 3.4) and shall be paid in accordance
with the provisions of Section 4.1.

                                   Section 4

                              Payment of Benefits
                              -------------------

     4.1  Time and Method of Payment.  Payments to an Outside Director or Senior
Director, or the Outside Director's or Senior Director's beneficiary if the
Outside Director or Senior Director is deceased, shall automatically be paid in
a lump sum promptly following the Payment Date, unless the Outside Director or
Senior Director or the Outside Director's or Senior Director's beneficiary files
a written installment distribution election on or before December 31 of the
calendar year preceding the Payment Date.  An installment distribution election
shall apply to all payments for that Payment Date and shall specify the period
of years (up to a maximum of 15 years) over which payments are to be made.
Installment payments shall be made annually in substantially equal installments
over the installment period specified and shall commence promptly after the
Payment Date.  Each installment payment shall be computed by dividing the
balance of the Deferred Fee Account(s) that is to be paid in installments by the
number of payments remaining in the installment period.  Once an installment
election is filed for a Payment Date, it cannot be revoked.

     4.2  Form of Payment.  All payments shall be made in cash.  However, an
Outside Director or Senior Director may elect to receive payment in the form of
shares of McDonald's Stock by filing a written request with McDonald's 30 days
prior to payment. Amounts deferred pursuant to elections made prior to August
15, 1996, however, will be paid in cash.

                                       3
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     4.3  Beneficiaries.  An Outside Director or Senior Director shall have the
right to name a beneficiary or beneficiaries who shall receive the benefits
hereunder in the event of the Outside Director's or Senior Director's death
prior to the payment of his or her entire Deferred Fee Account(s).  If the
Outside Director or Senior Director fails to designate beneficiaries or if all
such beneficiaries predecease the Outside Director or Senior Director, benefits
shall be paid to the Outside Director's or Senior Director's surviving spouse,
and if none, then to the Outside Director's or Senior Director's estate.  To be
effective, any beneficiary designation shall be filed in writing with
McDonald's.  An Outside Director or Senior Director may revoke an existing
beneficiary designation by filing another written beneficiary designation with
McDonald's.  The latest beneficiary designation received by McDonald's shall be
controlling.

     4.4  Funding.  Benefits payable under the Plan to any person shall be paid
directly by the Company.  The Company shall not be required to fund or otherwise
segregate assets to be used for payment of benefits under the Plan.  While the
Company may cause investments in shares of McDonald's Stock to be made through
open market purchases in amounts equal or unequal to amounts payable hereunder,
the Company shall not be under any obligation to make such investments and any
such investment shall remain subject to the claims of its general creditors and
the amounts payable to any Outside Directors or Senior Directors under the Plan
shall not be affected by any such investment.  Notwithstanding the foregoing,
the Company, in its discretion, may maintain one or more trusts to hold assets
to be used for payment of benefits under the Plan; provided that the assets of
such trust shall be subject to the creditors of the Company in the event that
the Company becomes insolvent or is subject to bankruptcy or insolvency
proceedings.  Any payments by such a trust of benefits provided hereunder shall
be considered payment by the Company and shall discharge the Company of any
further liability for the payments made by such trust.

                                   Section 5

                               General Provisions
                               ------------------

     5.1  Plan Administration.  The Plan shall be administered by the Committee
responsible for administration of the Company's Profit Sharing Program.  The
Committee shall have, to the extent appropriate, the same power, rights, duties
and obligations with respect to the Plan as it has with respect to the Profit
Sharing Program.  In addition, the Committee may take such other actions as are
necessary so that transactions pursuant to this Stock Plan do not result in
liability under Section 16(b) of the Securities Exchange Act of 1934.

     5.2  Retention Rights.  Establishment of the Plan shall not be construed to
give an Outside Director or Senior Director the right to be retained on the
Board of Directors or to any benefits not specifically provided by the Plan.

     5.3  Interests Not Transferable.  Except as to withholding of any tax
required under the laws of the United States or any state or locality and except
with respect to designation of a beneficiary to receive benefits in the event of
the death of an Outside Director or Senior Director, no benefit payable at any
time under the Plan shall be subject in any manner to alienation, sale,
transfer, assignment, pledge, attachment, or other legal process, or encumbrance
of any kind.  Any attempt by an Outside Director or Senior Director to alienate,
sell, transfer, assign, pledge or otherwise encumber any such benefits whether
current or thereafter payable, shall be void. No benefit shall, in any manner,
be liable for or subject to the debts or liabilities of any person entitled to
such benefits. If any person shall attempt to, or shall alienate, sell,
transfer, assign, pledge or otherwise encumber his or her benefits under the
Plan, or if by any reason of his or her bankruptcy or other event happening at
any time, such benefits would devolve upon any other person or would not be
enjoyed by the person entitled thereto under the Plan, then the Company in its
discretion, may terminate the interest in any such benefits of the person
entitled thereto under the Plan and hold or apply them to or for the benefit of
such person entitled thereto under the Plan or his or her spouse, children or
other dependents, or any of them, in such manner as the Company may deem proper.

                                       4
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     5.4  Amendment and Termination.  Subject to the provisions of Section 5.1,
the Board intends the Plan to be permanent, but reserves the right at any time
to modify, amend or terminate the Plan, provided, however, that benefits
credited as provided herein shall constitute an irrevocable obligation of the
Company.

     5.5  Controlling Law.  The law of Illinois, except its law with respect to
choice of law, shall be controlling in all manners relating to the Plan.

     5.6  Number.  Words in the plural shall include the singular and the
singular shall include the plural.

     5.7  Value of McDonald's Stock.  The market value of McDonald's Stock for
purposes hereof on any day shall be the closing price of McDonald's Stock on the
New York Stock Exchange Composite Tape on such day (or, if quotations for
McDonald's Stock are not reported on the New York Stock Exchange Composite Tape
on that day, the closing price of McDonald's Stock on the New York Stock
Exchange Composite Tape on the first day preceding such day on which such
quotations are so reported).

     Executed with effect as of the 17th day of May, 2001.

                              McDONALD'S CORPORATION

                              By: /s/ Gloria Santona
                                  ------------------
                                  Gloria Santona
                                  Senior Vice President, General
                                  Counsel and Secretary

                                       5<PAGE>

                                                                   Exhibit 10(i)

(McDonald's Corporation Letterhead)
                                March 20, 2001

Mr. Gordon C. Gray
Rio Algom Limited
120 Adelaide Street West
Suite 2600
Toronto, Ontario M 5H 1W5
Canada

Dear Gordon:

     This letter will acknowledge your agreement to retire as a member of the
Board of Directors pursuant to the retirement policy for Directors, and to serve
as a Senior Director of McDonald's Corporation, effective immediately following
the Company's 2001 Annual Meeting of Shareholders, scheduled to be held on May
17, 2001.

     As you know, your service as a Senior Director shall be at the pleasure of
the Board on the following terms and conditions:

     .  Senior Directors may attend Board meetings and meetings of Committees
        upon which they served at the time of their retirement as Directors, but
        shall not have the right to vote at any such meeting.

     .  Senior Directors shall be designated annually for a one-year term, but
        may not serve more than two such one-year terms.

     .  Senior Directors shall be compensated in the same manner as Directors,
        except that Senior Directors shall not be compensated for attending
        Committee meetings.

 .  Senior Directors shall be expressly indemnified by resolution of the Board of
   Directors under the provisions of the Company's By-Laws.

 .  On behalf of the Board of Directors, we thank you for your willingness to
   continue to share your advise and counsel with the Board and McDonald's
   management.

                                       Sincerely,

                                       /s/ Donald G. Lubin
                                       Donald G. Lubin
                                       Chairman, Nominating and Corporate
                                       Governance Committee

                                       /s/ Jack M. Greenberg
                                       Jack M. Greenberg
                                       Chairman and Chief Executive Officer
Accepted as of March 21, 2001

/s/ Gordon C Gray
Gordon C. Gray

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