Were the Cushman & Wakefield (CWK) transactions open-market sales or tax-related disposals?

No. Both transactions are coded as “G” bona fide gifts with a $0.0000 price. They represent gratuitous transfers rather than open‑market sales or tax‑withholding disposals, so they do not indicate selling pressure or liquidity sales into the market.

Cushman & Wakefield director gifts 34,026 shares

Cushman & Wakefield Ltd. director Michelle Felman reported bona fide gifts of a total of 34,026 Common Shares on June 1, 2026.

Filing Impact

(Neutral)

Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Cushman & Wakefield Ltd. director Michelle Felman reported bona fide gifts of a total of 34,026 Common Shares on June 1, 2026. The transactions reflect gift transfers rather than any open-market buying or selling.

One 17,013-share gift involved shares previously held directly, leaving her with no direct holdings. Another 17,013-share gift involved shares associated with family trusts. Following these transactions, she reports 44,857 Common Shares held indirectly through family trusts, over which she has investment control, for the sole benefit of certain immediate family members.

Insider Trade Summary

34,026 shares gifted

Gift 2 txns

Insider FELMAN MICHELLE

Role Director

Type	Security	Shares	Price	Value
Gift	Common Shares	17,013	$0.00	$0.00
Gift	Common Shares	17,013	$0.00	$0.00

Holdings After Transaction: Common Shares — 0 shares (Direct); Common Shares — 44,857 shares (Indirect, By Family Trusts)

Footnotes (2)

F1. Represents shares gifted by the Reporting Person to an irrevocable trust for the sole benefit of a member of the Reporting Person's immediate family.
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.

Key Figures

Total shares gifted: 34,026 shares Gift from indirect holdings: 17,013 shares Gift from direct holdings: 17,013 shares +2 more

5 metrics

Total shares gifted 34,026 shares Bona fide gifts of Common Shares on June 1, 2026

Gift from indirect holdings 17,013 shares Common Shares associated with family trusts gifted

Gift from direct holdings 17,013 shares Directly held Common Shares gifted, reducing direct holdings to zero

Indirect holdings after gifts 44,857 shares Common Shares held indirectly through family trusts following transactions

Direct holdings after gifts 0 shares Directly owned Common Shares after June 1, 2026 gifts

Key Terms

bona fide gift, indirect ownership, irrevocable trust, family trusts

4 terms

bona fide gift financial

"Both transactions are coded as “G” with the description “Bona fide gift”."

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

indirect ownership financial

"One transaction is reported as indirect with nature of ownership “By Family Trusts”."

irrevocable trust financial

"Shares gifted by the Reporting Person to an irrevocable trust for a family member."

An irrevocable trust is a legal arrangement where an owner transfers assets into a separate entity managed by a trustee and gives up the power to modify or reclaim those assets. For investors it matters because putting stock or other holdings into such a trust can change who controls and benefits from the assets, affect taxes and creditor protection, and influence how easy it is to sell or value those holdings—like placing valuables in a locked safe overseen by someone else.

family trusts financial

"These shares are held in trusts for the sole benefit of certain family members."

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 bona fide gifts of 34,026 Cushman & Wakefield Common Shares. The filing shows these were non-market, no‑price gift transfers, not open‑market purchases or sales, and therefore do not reflect trading decisions based on the company’s stock price.

How many Cushman & Wakefield (CWK) shares did Michelle Felman gift?

She gifted a total of 34,026 Common Shares, split into two 17,013‑share transactions. One involved shares held directly and the other involved shares associated with family trusts, with each disposition reported at a transaction price of $0.0000 per share.

How did these gifts affect Michelle Felman’s direct and indirect CWK holdings?

After gifting 17,013 directly held shares, her direct ownership fell to 0 Common Shares. She continues to report 44,857 Common Shares held indirectly through family trusts, providing ongoing exposure to Cushman & Wakefield equity via those trust arrangements.

Who benefits from the CWK shares gifted by Michelle Felman according to the Form 4 footnotes?

One gift went to an irrevocable trust for the sole benefit of a member of her immediate family. Other shares are held in trusts for certain immediate family members, where she retains investment control, but the economic benefit belongs to those family beneficiaries.

Does Michelle Felman retain control over any CWK shares held in family trusts?

Yes. Footnotes state she has investment control over shares held in certain family trusts. Although the trusts benefit members of her immediate family, her investment control means she influences how those 44,857 indirectly held Common Shares are managed on behalf of beneficiaries.

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

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Accepted by SEC EDGAR 06/02/2026 - 04:30 PM EDT

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)
06/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	06/01/2026		G		17,013⁽¹⁾	D	$0	0	D
Common Shares	06/01/2026		G		17,013⁽¹⁾	A	$0	44,857	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares gifted by the Reporting Person to an irrevocable trust for the sole benefit of a member of the Reporting Person's immediate family.

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.

Remarks:

	/s/ Noelle J. Perkins, attorney-in-fact	06/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR