MCDONALD ANDREW R. 4

What Happened Andrew R. McDonald, Global President & Chief Operating Officer of Cushman & Wakefield (CWK), had 34,878 restricted stock units (RSUs) convert into common shares on 2026-02-23. To satisfy tax withholding, 17,937 of those shares were disposed (sold) at $12.93 per share, generating proceeds/withholding of $231,925. The conversion of RSUs into shares was recorded at $0 consideration per share.

Key Details

• Transaction date: February 23, 2026; Form 4 filed February 24, 2026 (next-business-day filing).
• Conversion: 34,878 RSUs converted into 34,878 common shares (code M) at $0.00.
• Tax withholding/sale: 17,937 shares disposed (code F) at $12.93 each for $231,925.
• Additional derivative entry: 34,878 shares reported as derivative conversion/disposed (reported as part of the RSU conversion mechanics).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 confirms conversion of previously awarded RSUs into common shares without payment. F2 notes those RSUs were granted on Feb 23, 2023 and vest in three equal annual installments (so this reflects a scheduled vesting/settlement).

Context This activity reflects a routine RSU vesting and sell-to-cover for tax obligations rather than an open-market investment decision. The conversion increased the insider’s share holdings (gross), while the share disposition served to pay taxes—common executive compensation mechanics and not necessarily a signal of sentiment.