Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On December 31, 2021, Cushman & Wakefield plc (the "Company") and Cushman &
Wakefield Global, Inc. entered into a side letter agreement (the "Side Letter")
with Brett White, the Executive Chairman of the Company's Board of Directors
(the "Board"), in connection with Mr. White's previously announced resignation
as Chief Executive Officer of the Company. Pursuant to the terms of the Side
Letter, Mr. White's resignation is confirmed as a Qualifying Resignation as
defined under Mr. White's Amended and Restated Employment Agreement (the
"Employment Agreement"), dated as of August 27, 2020, which Qualifying
Resignation accelerates and vests certain of Mr. White's equity awards in
accordance with the terms of the Employment Agreement. Following the Qualifying
Resignation, the Company has no obligation to provide any additional salary or
bonus to Mr. White, except that he remains eligible to receive his Annual Bonus
(as defined in the Employment Agreement) for the 2021 calendar year. The Side
Letter also extends the restrictive covenants in the Employment Agreement to
apply to Mr. White through June 30, 2025; however, Mr. White is permitted to
participate in certain non-competitive activities outside of the Company.
This summary of the Side Letter does not purport to be complete and is qualified
in its entirety by the text of the Side Letter, a copy of which is filed as
Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed as part of this report:
Exhibit # Description
10.1 Side Letter, dated December 31, 2021, by and among Cushman &
Wakefield Global, Inc., Cushman & Wakefield plc and Brett White
104 Cover Page Interactive Data file (formatted as Inline XBRL)
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