Equity awards vest for Cushman & Wakefield (CWK) executive amid tax share delivery

Rhea-AI Filing Summary

Cushman & Wakefield Ltd. executive Andrew R. McDonald reported equity compensation activity involving the company’s common shares. On February 25, 2026, he acquired 186,249 common shares at $0.00 per share through the exercise or conversion of a derivative security, reflecting the vesting of performance-based restricted stock units earned for the 2023–2025 performance period under the company’s incentive plan. On the same date, he disposed of 94,764 common shares at $13.76 per share in a tax-withholding transaction to satisfy exercise price or tax liabilities by delivering shares. After these transactions, McDonald directly held 423,884 common shares of Cushman & Wakefield Ltd.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider MCDONALD ANDREW R.

Role See Remarks

Type	Security	Shares	Price	Value
Exercise	Common Shares	186,249	$0.00	--
Tax Withholding	Common Shares	94,764	$13.76	$1.30M

Holdings After Transaction: Common Shares — 518,648 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MCDONALD ANDREW R.

(Last) (First) (Middle)

225 WEST WACKER DRIVE

SUITE 3000

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cushman & Wakefield Ltd. [ CWK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	02/25/2026		M		186,249(1)	A	$0	518,648	D
Common Shares	02/25/2026		F		94,764	D	$13.76	423,884	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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 Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan.

Remarks:

Global President & Chief Operating Officer

	/s/ Noelle Perkins, attorney-in-fact	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Andrew R. McDonald report at CWK?

Andrew R. McDonald reported one acquisition and one disposition of Cushman & Wakefield common shares. He received vested shares from performance-based restricted stock units and delivered shares to cover exercise price or tax obligations in a non-open-market transaction.

How many Cushman & Wakefield (CWK) shares did Andrew R. McDonald acquire?

Andrew R. McDonald acquired 186,249 common shares of Cushman & Wakefield Ltd. These shares came from the vesting of performance-based restricted stock units tied to the issuer’s 2023–2025 performance period incentive plan.

How many Cushman & Wakefield (CWK) shares did Andrew R. McDonald dispose of for taxes?

He disposed of 94,764 common shares at $13.76 per share. This was a tax-withholding disposition, where shares were delivered to satisfy the exercise price or related tax liabilities rather than an open-market sale.

What is Andrew R. McDonald’s CWK share ownership after these transactions?

After the reported transactions, Andrew R. McDonald directly owned 423,884 common shares of Cushman & Wakefield Ltd. This figure reflects both the vested shares he received and the shares delivered to satisfy tax or exercise obligations.

What plan governed the vested shares reported by Andrew R. McDonald at CWK?

The vested shares were earned under the issuer’s Fourth Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan. They reflect performance-based restricted stock units tied to Cushman & Wakefield’s performance from 2023 to 2025.

Was Andrew R. McDonald’s CWK share disposal an open-market sale?

No, the disposal was coded as F, meaning shares were delivered to pay the exercise price or tax liability. This tax-withholding disposition differs from an open-market sale and is typically associated with equity award vesting.