Form 4: Cushman & Wakefield Executive Chairman Brett White Reports Share Transactions
SEC Form 4 Filing
Executive Chairman Brett White reports the conversion of restricted stock units into ordinary shares and the subsequent withholding of shares to cover tax obligations.
Summary
- On February 23 and 24, 2024, Brett White, Executive Chairman of Cushman & Wakefield plc, reported transactions involving ordinary shares.
- These transactions included the conversion of restricted stock units (RSUs) into ordinary shares, with 124,564 shares converted on February 23 and 74,239 shares converted on February 24.
- Simultaneously, shares were withheld to satisfy tax obligations, with 66,116 shares withheld on February 23 at a price of $9.82 and 39,087 shares withheld on February 24 at the same price.
- Following these transactions, White directly owns 1,472,491 ordinary shares.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing share transactions, with no inherent positive or negative sentiment. It's a neutral disclosure of facts.
Industry Context
This filing is a routine disclosure of share transactions by a company executive, which is common in publicly traded companies. It provides transparency to investors regarding insider activity.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, similar to the arrangement described in this filing.
- The vesting schedules and tax withholding practices are standard procedures for publicly traded companies like Cushman & Wakefield.
- Comparable companies such as CBRE Group and JLL also have executives who receive and trade company stock as part of their compensation.
Stakeholder Impact
- Shareholders are informed about the executive's share transactions, providing transparency into insider activity.
- The transactions have a minor impact on the total number of outstanding shares.
Key Dates
| Date | Description |
|---|---|
| 2022/02/24 | RSUs were granted on February 24, 2022 and vest in three equal installments on each of the first three anniversaries of the grant date. |
| 2023/02/23 | RSUs were granted on February 23, 2023 and vest in three equal installments on each of the first three anniversaries of the grant date. |
| 2023/12/14 | Limited Power of Attorney executed. |
| 2024/02/23 | Conversion of 124,564 RSUs into ordinary shares and withholding of 66,116 shares for tax obligations. |
| 2024/02/24 | Conversion of 74,239 RSUs into ordinary shares and withholding of 39,087 shares for tax obligations. |
| 2024/02/27 | Date of signature by attorney-in-fact on the Form 4. |
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