MACKAY MICHELLE 4

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.