Cushman & Wakefield director exercises 17,013 RSUs

Cushman & Wakefield Ltd. director Michelle Felman reported equity compensation activity involving restricted stock units (RSUs).

Rhea-AI Filing Summary

Cushman & Wakefield Ltd. director Michelle Felman reported equity compensation activity involving restricted stock units (RSUs). On May 15, 2026, she exercised previously awarded RSUs, converting 17,013 RSUs into the same number of common shares without paying any cash consideration.

On May 14, 2026, she received a new grant of 14,041 RSUs that will vest and settle on May 14, 2027, subject to continued board service. Following these transactions, she holds 17,013 common shares directly, 27,844 common shares indirectly through family trusts over which she has investment control, and 14,041 RSUs outstanding.

Insider Trade Summary

17,013 shares exercised/converted

Exercise 4 txns

Insider FELMAN MICHELLE

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	17,013	$0.00	$0.00
Exercise	Common Shares	17,013	$0.00	$0.00
Grant/Award	Restricted Stock Units	14,041	$0.00	$0.00
holding	Common Shares	--	--	--

Holdings After Transaction: Restricted Stock Units — 14,041 contracts (Direct); Common Shares — 17,013 shares (Direct); Common Shares — 27,844 shares (Indirect, By Family Trusts)

Footnotes (5)

1. 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.
2. 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.
3. 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.
4. 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.
5. F5. RSUs were granted on May 15, 2025 and vested and settled on May 15, 2026.

Key Figures

RSUs exercised: 17,013 units New RSU grant: 14,041 units Direct common shares: 17,013 shares +3 more

6 metrics

RSUs exercised 17,013 units Converted into 17,013 common shares on May 15, 2026

New RSU grant 14,041 units Granted May 14, 2026; vesting May 14, 2027

Direct common shares 17,013 shares Direct holdings after RSU conversion

Indirect common shares 27,844 shares Held by family trusts with Felman’s investment control

Exercise price $0.00 per share RSUs converted without payment of consideration

Exercise shares summary 17,013 shares Total derivative exercises reported in transaction summary

Key Terms

Restricted Stock Units, Omnibus Share and Cash Incentive Plan, non-employee director share and cash incentive plan, investment control

4 terms

Restricted Stock Units financial

"RSUs granted under the Cushman & Wakefield Ltd. 2026 Omnibus Share and Cash Incentive Plan convert into an equal number of common shares"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Omnibus Share and Cash Incentive Plan financial

"RSUs granted under the Cushman & Wakefield Ltd. 2026 Omnibus Share and Cash Incentive Plan convert into an equal number of common shares"

non-employee director share and cash incentive plan financial

"pursuant to the Third Amended & Restated 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan"

investment control financial

"The Reporting Person has investment control over the shares held in these trusts"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cushman & Wakefield (CWK) director Michelle Felman report in this Form 4?

Michelle Felman reported equity compensation activity, including exercising 17,013 restricted stock units into common shares and receiving a new grant of 14,041 RSUs. These transactions reflect compensation awards rather than open-market stock purchases or sales.

How many Cushman & Wakefield (CWK) shares did Michelle Felman acquire through RSU conversion?

Felman acquired 17,013 common shares by converting an equal number of previously granted restricted stock units. The conversion occurred without any cash payment, consistent with the company’s non-employee director share and cash incentive plan terms described in the footnotes.

What new restricted stock units did Michelle Felman receive from Cushman & Wakefield (CWK)?

Felman received a new grant of 14,041 restricted stock units on May 14, 2026. According to the disclosure, these RSUs vest and settle on May 14, 2027, provided she continues her board service through that vesting date, subject to limited exceptions.

When did Michelle Felman’s earlier Cushman & Wakefield (CWK) RSUs vest and settle?

The earlier RSUs were granted on May 15, 2025 and vested and settled on May 15, 2026. Upon vesting, 17,013 restricted stock units converted into 17,013 common shares of Cushman & Wakefield Ltd. without any cash consideration required from Felman.

What are Michelle Felman’s direct and indirect Cushman & Wakefield (CWK) share holdings after these transactions?

After these transactions, Felman holds 17,013 common shares directly and 27,844 common shares indirectly through family trusts. The filing states she has investment control over the shares held in these trusts for the benefit of certain immediate family members.

How many unvested restricted stock units does Michelle Felman hold in Cushman & Wakefield (CWK)?

Felman holds 14,041 restricted stock units following the reported transactions. These RSUs were granted on May 14, 2026 and are scheduled to vest and settle on May 14, 2027, assuming she continues to serve on the board through that date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 05:40 PM EDT Learn about SEC filing dates

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^*

FELMAN MICHELLE

(Last) (First) (Middle)

225 WEST WACKER DRIVE

(Street)

CHICAGO ILLINOIS 60606

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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

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

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

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	05/15/2026		M		17,013	A	(1)	17,013	D
Common Shares								27,844	I	By Family Trusts(2)

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
Restricted Stock Units	(3)	05/14/2026		A		14,041		(4)	(4)	Common Shares	14,041	$0	14,041	D
Restricted Stock Units	(1)	05/15/2026		M			17,013	(5)	(5)	Common Shares	17,013	$0	0	D

Explanation of Responses:

1. 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.

2. 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.

3. 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.

4. 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.

5. RSUs were granted on May 15, 2025 and vested and settled on May 15, 2026.

Remarks:

	/s/ Noelle J. Perkins, attorney-in-fact	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)