Horn Andrew S 4

What Happened

• Andrew S. Horn, Chief Financial Officer of CBRE Group, was granted 1,867 shares (award code A) as part of his 2026 annual equity award on Feb 25, 2026. The grant was recorded at $0.00 per share (standard for restricted stock/RSU awards).
• Concurrently, 113 of those shares were disposed of (code F) to satisfy tax withholding obligations at $147.24 per share, for a withholding value of $16,638. This withholding is a routine tax-payment transaction, not an open-market sale.

Key Details

• Transaction date: February 25, 2026; Form filed: February 27, 2026 (timely).
• Award: 1,867 shares granted (code A) at $0.00.
• Tax withholding: 113 shares disposed (code F) at $147.24 each = $16,638 withheld.
• Net shares from this award after withholding: 1,754 unvested shares (1,867 − 113). The filing does not state Horn’s total CBRE shares owned after the transactions.
• Footnote: These award shares vest 25% per year on each February 25 in 2027, 2028, 2029 and 2030, subject to forfeiture or acceleration per the award agreement (see footnote F1).

Context

• This filing records an equity award and a routine tax-withholding disposition; the withholding is a standard administrative action and not an indicator of selling for investment reasons.
• The award is subject to multi-year vesting, so the economic interest vests over time rather than being an immediate open-market purchase.