MACKAY MICHELLE 4

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.