[Form 4] Cushman & Wakefield Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Cushman & Wakefield Ltd. Chief Executive Officer Michelle Mackay reported equity award activity in common shares. On February 25, 2026, she acquired 202,877 common shares at $0.00 per share through the exercise or conversion of a derivative security tied to performance-based restricted stock units for the 2023 to 2025 performance period. On the same date, she disposed of 112,191 common shares at $13.76 per share to cover exercise price or tax liabilities. Following these transactions, she directly owned 369,716 common shares.

Insider Trade Summary

Net Buyer: 90,686 shares

Net Buy 2 txns

Insider MACKAY MICHELLE

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Common Shares	202,877	$0.00	$0.00
Exercise Price or Tax Liability	Common Shares	112,191	$13.76	$1.54M

Holdings After Transaction: Common Shares — 369,716 shares (Direct)

Footnotes (1)

1. F1. 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/27/2026 - 04:52 PM Learn about SEC filing dates

FAQ

What insider transactions did CWK CEO Michelle Mackay report?

Michelle Mackay reported an exercise of derivative securities into 202,877 Cushman & Wakefield common shares and a tax-withholding disposition of 112,191 shares. Both transactions occurred on February 25, 2026, and relate to a performance-based equity award for the 2023 to 2025 performance period.

How many Cushman & Wakefield (CWK) shares does the CEO own after this Form 4?

After the reported transactions, Michelle Mackay directly owns 369,716 Cushman & Wakefield common shares. This reflects the vesting and exercise of 202,877 performance-based restricted stock units and the related 112,191-share disposition to satisfy exercise price or tax obligations on February 25, 2026.

What was the purpose of Michelle Mackay’s 112,191-share disposition in CWK stock?

The 112,191-share disposition was reported as a payment of exercise price or tax liability by delivering securities. This tax-withholding disposition accompanied the vesting and exercise of performance-based restricted stock units that converted into 202,877 Cushman & Wakefield common shares on February 25, 2026.

At what prices were Michelle Mackay’s CWK share transactions recorded?

The derivative exercise into 202,877 Cushman & Wakefield common shares was recorded at $0.00 per share, reflecting an award vesting. The 112,191-share tax-withholding disposition related to that vesting was recorded at a transaction price of $13.76 per share on February 25, 2026.

What equity plan governs Michelle Mackay’s CWK performance-based shares?

The vested common shares were earned under the Fourth Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan. They represent performance-based restricted stock units tied to Cushman & Wakefield’s achievement of certain performance targets for the 2023 to 2025 performance period.

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^*

MACKAY MICHELLE

(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)

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

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		202,877(1)	A	$0	481,907	D
Common Shares	02/25/2026		F		112,191	D	$13.76	369,716	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:

	/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.