FELMAN MICHELLE 4

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.