Jones Lang LaSalle: technology CEO Mihir Shah to leave
The agreement sets out conditional severance and incentive payments, equity treatment, and reimbursement of the employer’s share of COBRA premiums for up to 12 months.
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Form Type
8-K
Rhea-AI Filing Summary
Jones Lang LaSalle Incorporated (JLL) announced that Mihir Shah, CEO of Jones Lang LaSalle Technologies and a member of the company’s Global Executive Board, will leave effective April 1, 2027. His separation agreement provides for continued base salary through that date and a 2026 Annual Incentive Plan bonus payable in March 2027.
Subject to execution and non-revocation of the agreement, Shah is eligible for a $675,000 severance payment equal to 54 weeks of base salary, a $590,000 gross prorated incentive payment for the termination year, and an additional $2,360,000 payment equal to one times his target annual incentive. The applicable award agreements and severance plan govern outstanding equity; the plan currently provides for pro-rated vesting based on service, with unvested awards forfeited on the Separation Date. Shah may elect continued COBRA coverage, and JLL will reimburse the employer’s share of premiums for up to 12 months. Certain payments and benefits also require execution and non-revocation of a general release. The agreement includes a 12-month post-separation non-solicitation covenant and confidentiality obligations.
Insights
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8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Severance period: 54 weeks
Severance payment: $675,000
Prorated Annual Incentive Plan payment: $590,000 gross
+4 more
7 metrics
Severance period
54 weeks
Severance payment under the separation agreement
Severance payment
$675,000
Equal to 54 weeks of current base salary
Prorated Annual Incentive Plan payment
$590,000 gross
For service in the year of termination
Additional target annual incentive payment
$2,360,000
Equal to one times target annual incentive
Separation date
April 1, 2027
Effective date of Shah’s departure
2026 Annual Incentive Plan bonus payment
Payable in March 2027
Bonus payment timing stated in the agreement
COBRA premium reimbursement period
Up to 12 months
Employer’s share of premiums, or until Shah secures new employment with health benefits, whichever occurs first
Key Terms
Annual Incentive Plan, restricted stock units, performance share units, COBRA, +1 more
5 terms
Annual Incentive Plan financial
"payment under the Company’s Annual Incentive Plan"
restricted stock units financial
"including restricted stock units and performance share units"
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.
COBRA regulatory
"continued coverage under COBRA"
COBRA is a U.S. federal law that lets employees and their dependents temporarily keep employer-sponsored health insurance after job loss, reduction in hours, or other qualifying events by paying the premiums themselves. Investors should care because offering COBRA can affect a company’s cash flow, administrative costs and legal disclosures when workforce changes occur—similar to a former club member paying to keep their membership active after leaving the club.
non-solicitation covenant regulatory
"twelve-month post-separation non-solicitation covenant"
A non-solicitation covenant is a contract clause that stops one party from actively recruiting or doing business with the other party’s employees, customers or suppliers for a set time. Think of it as a temporary “do not lure” rule that protects relationships and team members after a deal or employment change. For investors, it reduces the risk that key staff or clients will be poached, helping protect revenue, integration plans and the value of the investment.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What payments is Mihir Shah eligible to receive under his JLL separation agreement?
Mihir Shah is eligible, subject to execution and non-revocation of the agreement, for a $675,000 severance payment, a $590,000 gross prorated termination-year incentive, and $2,360,000 equal to one times his target annual incentive.
AI-generated analysis. How Rhea-AI works. Not financial advice.
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 28, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer | ||||||||||||
| of incorporation or organization) | Identification No.) | |||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||||||||
| Registrant's telephone number, including area code: | ||||||||||||||||||||||||||
Former name or former address, if changed since last report: Not Applicable | ||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On September 30, 2026, Jones Lang LaSalle Incorporated (the “Company”) announced that Mihir Shah, who currently serves as Chief Executive Officer of Jones Lang LaSalle Technologies and as a member of the Company’s Global Executive Board, will leave the Company effective April 1, 2027 (the “Separation Date”).
(e) In connection with Mr. Shah’s departure, the Company and Mr. Shah have entered into a Separation Agreement and General Release, dated September 28, 2026 (the “Separation Agreement”), which provides that in addition to continuation of his current annualized base salary through the Separation Date and payment of a 2026 Annual Incentive Plan bonus payment payable in March 2027, subject to Mr. Shah’s execution and non-revocation of the Separation Agreement, Mr. Shah will be eligible to receive each of the following, less applicable withholding:
• a severance payment equal to 54 weeks of his current base salary, or $675,000;
• a pro-rated payment under the Company’s Annual Incentive Plan for his service in the year of termination, in the gross amount of $590,000; and
• an additional payment equal to one times his target annual incentive, or $2,360,000.
Mr. Shah’s outstanding equity awards under the Company’s Stock Award and Incentive Plan, including restricted stock units and performance share units granted under the Global Executive Board Long Term Incentive Compensation Plan, will be treated in accordance with the terms of the applicable award agreements and the Company’s severance plan in effect as of the effective date of the Separation Agreement, which currently provides for pro-rated vesting of outstanding awards based on Mr. Shah’s service, with the unvested portion of each award forfeited as of the Separation Date. Mr. Shah’s participation in the Company’s group health and welfare benefit plans will end as of the Separation Date, subject to his right to elect continued coverage under COBRA, and the Company will reimburse the employer’s share of up to 12 months of COBRA premiums, or until Mr. Shah secures new employment with health benefits, whichever occurs first. His rights, if any, under the Company’s 401(k) Retirement and Savings Plan and U.S. Deferred Compensation Plan will continue to be governed by the terms of those plans.
Mr. Shah’s receipt of certain of the payments and benefits described above is conditioned on his execution and non-revocation of a general release of claims in favor of the Company. The Separation Agreement also contains customary restrictive covenants, including a twelve-month post-separation non-solicitation covenant and confidentiality obligations.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 30, 2026 | |||||||||||
| Jones Lang LaSalle Incorporated | |||||||||||
| By: /s/ Alan K. Tse | |||||||||||
| Name: Alan K. Tse | |||||||||||
| Title: Global Chief Legal Officer | |||||||||||