MACKAY MICHELLE 4
4 · Cushman & Wakefield Ltd. · Filed Mar 2, 2026
Research Summary
AI-generated summary of this filing
Cushman & Wakefield CEO Michelle Mackay Receives RSUs, Withholds Shares
What Happened
Michelle Mackay, CEO of Cushman & Wakefield Ltd. (CWK), was granted 370,036 restricted stock units (RSUs) on Feb 26, 2026. On Feb 27, 2026, 101,540 RSUs converted/vested into common shares (recorded as derivative exercise/conversion). To cover tax withholding, 56,152 shares were surrendered/withheld at $13.41 per share, totaling $752,998. The RSU conversion is reported as occurring without cash payment under the company’s Omnibus Plan.
Key Details
- Filing date: 2026-03-02; transaction dates: 2026-02-26 (grant) and 2026-02-27 (conversion/withholding). Filing appears timely.
- Grant: 370,036 RSUs (no cash paid) — vest in three substantially equal annual installments from the Feb 26, 2026 grant date (subject to continued employment).
- Conversion/exercise: 101,540 shares reported as converted/vested on Feb 27, 2026.
- Tax withholding: 56,152 shares withheld/disposed at $13.41 per share = $752,998 (reported as payment of tax liability).
- Shares owned after the transaction: not specified in the provided excerpt.
- Footnotes: RSUs convert into common shares under the Fourth A&R Omnibus Plan; some RSUs referenced were from a prior 2/27/2025 grant with similar three-year vesting.
Context
This was primarily a compensation event (new RSU grant and RSU vest/settlement) rather than an open-market purchase or voluntary sale. The disposal of shares was for tax withholding — a routine, administrative transaction that does not necessarily indicate the insider’s view on the stock. For retail investors, grants and vesting show management compensation and retention incentives; the routine tax-withholding sale is common when RSUs convert to shares.
Insider Transaction Report
- Exercise/Conversion
Common Shares
[F1]2026-02-27+101,540→ 471,256 total - Tax Payment
Common Shares
2026-02-27$13.41/sh−56,152$752,998→ 415,104 total - Award
Restricted Stock Units
[F2][F3]2026-02-26+370,036→ 370,036 total→ Common Shares (370,036 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F4]2026-02-27−101,540→ 203,082 total→ Common Shares (101,540 underlying)
Footnotes (4)
- [F1]Conversion of previously awarded restricted stock units ("RSUs") into an equal number of common shares, without the payment of any consideration, pursuant to the Fourth Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan (the "Fourth A&R Omnibus Plan").
- [F2]RSUs granted under the Fourth A&R Omnibus Plan convert into an equal number of common shares of Cushman & Wakefield Ltd.
- [F3]On February 26, 2026, the reporting person was granted 370,036 RSUs which will vest and settle in three (3) substantially equal installments on each of the first three (3) anniversaries of the grant date, subject, with certain limited exceptions, to the reporting person's continuing employment through each such vesting date.
- [F4]RSUs were granted on February 27, 2025 and vest in three (3) substantially equal installments on each of the first three (3) anniversaries of the grant date, subject, with certain limited exceptions, to the reporting person's continuing employment through each such vesting date.