MACKAY MICHELLE 4

What Happened
Michelle Mackay, CEO of Cushman & Wakefield Ltd. (CWK), had 37,992 restricted stock units (RSUs) convert into common shares on Feb 23, 2026. Of those shares, 21,003 were disposed (withheld/sold) to cover tax obligations at $12.93 per share for a total value of $271,569. The conversion/issuance itself was recorded at $0.00 per share (no cash paid by the insider).

Key Details

• Transaction date: 2026-02-23; Form 4 filed 2026-02-24 (timely).
• Conversion: 37,992 RSUs converted into 37,992 common shares (code M, $0.00).
• Tax withholding/disposition: 21,003 shares withheld/disposed at $12.93 each = $271,569 (code F).
• Net shares retained from this vesting: 37,992 − 21,003 = 16,989 shares retained. Total shares owned after the filing are not reported on this Form 4.
• Footnotes: F1 notes conversion of previously awarded RSUs into shares under the 2018 Omnibus Plan; F2 notes the RSUs were granted 02/23/2023 and vest in three equal annual installments (this is a scheduled vesting event).

Context
This was a routine RSU vesting and tax-withholding transaction (cashless/stock withholding) rather than an open-market sale. Such withholding to satisfy tax liabilities is common and does not necessarily indicate a change in insider sentiment. The filing appears timely (next-day filing).