FELMAN MICHELLE 4

4 · Cushman & Wakefield Ltd. · Filed May 18, 2026

AI-generated summary of this filing

Updated May 18, 2026

Cushman & Wakefield (CWK) Director Michelle Felman Converts and Receives RSUs

What Happened

Michelle Felman, a director of Cushman & Wakefield Ltd. (CWK), had 17,013 previously awarded RSUs vest and convert into common shares on May 15, 2026; those shares were reported as transferred (disposed) with no cash changing hands. She was also granted 14,041 new RSUs on May 14, 2026 (no cash paid).
All conversions/grants were non‑cash: the converted/settled shares and the new RSUs have a reported price/value of $0.

Key Details

Transaction dates: RSU grant on 2026-05-14 (14,041 RSUs); RSU vest/settlement/conversion on 2026-05-15 (17,013 RSUs → common shares).
Prices/values: Reported as $0 — RSUs converted/issued without payment under company plans.
Shares owned after transaction: Not specified in the provided filing.
Footnotes of note:
- F5: The 17,013 RSUs were granted on 5/15/2025 and vested/settled on 5/15/2026.
- F1/F3/F4: RSUs convert into equal common shares without payment; the 14,041 RSUs granted 5/14/2026 vest on 5/14/2027, subject to continued board service.
- F2: The converted shares are held in trusts for the benefit of family members; Felman retains investment control over those trust shares.
Filing/timeliness: Form 4 filed 2026-05-18 covering activity on 5/14–5/15/2026; appears to be a routine insider reporting of awards and settlements.

Context

These transactions reflect RSU grant and settlement mechanics (derivative conversion), not open‑market buying or selling for cash. The May 15 conversion was a settlement of vested RSUs and a transfer to family trusts rather than a cash sale; the May 14 grant is a time‑vesting award that generally vests one year later.

Form 4

Period: 2026-05-14

Director

Transactions

Exercise/Conversion
Common Shares
[F1]
2026-05-15+17,013→ 17,013 total
Award
Restricted Stock Units
[F3][F4]
2026-05-14+14,041→ 14,041 total
→ Common Shares (14,041 underlying)
Exercise/Conversion
Restricted Stock Units
[F1][F5]
2026-05-15−17,013→ 0 total
→ Common Shares (17,013 underlying)

Holdings

Footnotes (5)

[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 Third Amended & Restated 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan.
[F2]These shares are held in trusts for the sole benefit of certain members of the Reporting Person's immediate family. The Reporting Person has investment control over the shares held in these trusts.
[F3]RSUs granted under the Cushman & Wakefield Ltd. 2026 Omnibus Share and Cash Incentive Plan convert into an equal number of common shares of Cushman & Wakefield Ltd. without the payment of any consideration.
[F4]RSUs were granted on May 14, 2026 and vest and settle on May 14, 2027 subject, with certain limited exceptions, to the reporting person's continuing board service through such vesting date.
[F5]RSUs were granted on May 15, 2025 and vested and settled on May 15, 2026.

Signature

/s/ Noelle J. Perkins, attorney-in-fact|2026-05-18

1 file