MACKAY MICHELLE 4
4 · Cushman & Wakefield Ltd. · Filed Jul 6, 2026
Research Summary
AI-generated summary of this filing
Cushman & Wakefield CEO Michelle Mackay Exercises RSUs, Withholds Shares
What Happened
Michelle Mackay, CEO of Cushman & Wakefield (CWK), had restricted stock units (RSUs) convert into common shares on July 1, 2026. A total of 158,243 shares were issued on vesting/conversion (no cash paid). To satisfy tax withholding, 87,509 shares were surrendered (reported as dispositions) at $13.84 per share, representing roughly $1,211,125 in value.
Key Details
- Transaction date: July 1, 2026; Form 4 filed July 6, 2026 (filed late relative to the 2-business-day rule).
- Conversion (M): 158,243 shares issued on vesting/conversion of RSUs (no cash paid).
- Tax withholding (F): 13,803 shares and 73,706 shares withheld/disposed at $13.84 each (values: ~$191,034 and ~$1,020,091 respectively; total ≈ $1,211,125).
- Footnotes: Conversions were RSU-to-common-share vesting under the Fourth A&R Omnibus Plan; some awards were performance-based for the 2023–2025 period and RSUs were originally granted July 1, 2023 with multi-year vesting.
- Shares owned after the transactions: Not specified in the provided filing excerpt.
Context
This was an RSU vesting and tax-withholding event (a routine, non-open-market transaction). The insider did not purchase shares; instead shares were issued on vesting and a portion was withheld/surrendered to cover tax obligations — common practice and not necessarily a signal of buying or selling intent.
Insider Transaction Report
- Exercise/Conversion
Common Shares
[F1]2026-07-01+24,960→ 440,064 total - Tax Payment
Common Shares
2026-07-01$13.84/sh−13,803$191,034→ 426,261 total - Exercise/Conversion
Common Shares
[F2]2026-07-01+133,283→ 559,544 total - Tax Payment
Common Shares
2026-07-01$13.84/sh−73,706$1,020,091→ 485,838 total - Exercise/Conversion
Restricted Stock Units
[F1][F3]2026-07-01−24,960→ 0 total→ Common Shares (24,960 underlying)
Footnotes (3)
- [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]Represents vesting of common shares earned in respect of performance-based restricted stock units based on the achievement by the Issuer of certain performance targets for the 2023 to 2025 performance period pursuant to the Fourth A&R Omnibus Plan.
- [F3]RSUs were granted on July 1, 2023 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.