# EDGAR Filing Document

**Accession Number:** 0001628369
**File Stem:** 0001193125-25-301228
**Filing Date:** 2025-11
**Character Count:** 369246
**Document Hash:** 9d4b7c87001ae3d010a818b1e04ead40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301228.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301228

**CONFORMED SUBMISSION TYPE**: 8-K12B

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251127

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cushman & Wakefield plc
- **CENTRAL INDEX KEY:** 0001628369
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 981193584
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38611
- **FILM NUMBER:** 251532409

**BUSINESS ADDRESS:**
- **STREET 1:** 125 OLD BROAD STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2N 1AR
- **BUSINESS PHONE:** 44 20 3296 3000

**MAIL ADDRESS:**
- **STREET 1:** 125 OLD BROAD STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2N 1AR

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cushman & Wakefield Ltd
- **DATE OF NAME CHANGE:** 20180726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cushman & Wakefield Ltd.
- **DATE OF NAME CHANGE:** 20180726

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cushman & Wakefield plc
- **DATE OF NAME CHANGE:** 20180719

?xml version='1.0' encoding='ASCII'? 8-K12B

### 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): November 27, 2025

## CUSHMAN & WAKEFIELD Ltd.

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-38611** | **98-1896559** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

#### Canon's Court, 22 Victoria Street

#### Hamilton HM 12, Bermuda

#### (Address of Principal Executive Offices) (Zip code)

#### +1 441 298 3300

#### (Registrant's telephone number, including area code)

#### N/A

#### (Former Name or Former Address, if Changed Since Last Report)
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 Exchange Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange**<br>**on which registered** |
| Common shares, $0.10 par value | CWK | New York Stock Exchange |

---

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. ☐

------

#### Background Information
*Consummation of the Redomiciliation* 

As part of the previously announced plan (the "Redomiciliation") to move its domicile from England and Wales to Bermuda through the introduction of a new holding company that will become the holding company of Cushman & Wakefield plc ("Old Cushman & Wakefield"), on November 26, 2025, Cushman & Wakefield Ltd. ("New Cushman & Wakefield"), a Bermuda exempted company limited by shares, and Old Cushman & Wakefield received approval from the High Court of Justice of England and Wales (the "Court") of a statutory scheme of arrangement under English law (the "Scheme"), which was previously approved by Old Cushman & Wakefield's shareholders. In order to effect the Redomiciliation, as set out below, holders of ordinary shares of US$0.10 nominal value each in Old Cushman & Wakefield (collectively, the "Old Cushman & Wakefield Shares") received common shares, par value US$0.10 per share, in New Cushman & Wakefield (collectively, the "New Cushman & Wakefield Shares") in exchange for their Old Cushman & Wakefield Shares on a one-for-one basis, with each holder of Old Cushman & Wakefield Shares receiving the equivalent number of New Cushman & Wakefield Shares (and Old Cushman & Wakefield becoming a wholly-owned subsidiary of New Cushman & Wakefield).

On November 27, 2025 (the "Effective Date"), Old Cushman & Wakefield delivered a copy of the order of the Court approving the Scheme to the Registrar of Companies in England and Wales and the Scheme became effective and binding on all Old Cushman & Wakefield shareholders as of the record time of the Scheme (5:00 p.m. Eastern Time on November 26, 2025 (the "Scheme Record Time")), and Old Cushman & Wakefield became a subsidiary of New Cushman & Wakefield, thereby consummating the Redomiciliation. The bye-laws of New Cushman & Wakefield (the "New Cushman & Wakefield Bye-laws"), in substantially the form attached to the Definitive Proxy Statement of Old Cushman & Wakefield filed with the U.S. Securities and Exchange Commission (the "SEC") on September 4, 2025 in connection with the Redomiciliation (the "Redomiciliation Proxy"), have been adopted as of the Effective Date, and Old Cushman & Wakefield's Articles of Association were amended to account for the transactions contemplated by the Scheme.

The Old Cushman & Wakefield Shares were previously listed on the New York Stock Exchange (the "NYSE"). On November 26, 2025, Old Cushman & Wakefield received notice from the NYSE that, in connection with the Old Cushman & Wakefield Shares being cancelled and the holders thereof receiving New Cushman & Wakefield Shares pursuant to the Scheme, the NYSE would remove the Old Cushman & Wakefield Shares from listing on the NYSE at the close of trading on November 26, 2025. The listing of the New Cushman & Wakefield Shares on the NYSE will become effective on and as of November 28, 2025, and the New Cushman & Wakefield Shares will begin trading on the NYSE as of market open on November 28, 2025 under the symbol "CWK", the same symbol under which the Old Cushman & Wakefield Shares traded prior to the Effective Date.

---

| | |
|:---|:---|
| **Item 3.01** | **Notice of Delisting.** |

---

The information set forth in the "Background Information—Consummation of the Redomiciliation" section of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

---

| | |
|:---|:---|
| **Item 3.02** | **Unregistered Sales of Equity Securities.** |

---

The information set forth in the "Background Information—Consummation of the Redomiciliation" section of this Current Report on Form 8-K is incorporated by reference herein.

In connection with the Redomiciliation, New Cushman & Wakefield issued approximately 231,672,532 New Cushman & Wakefield Shares to holders of Old Cushman & Wakefield Shares immediately prior to the Scheme Record Time. The terms and conditions of the issuance were sanctioned by the Court after a hearing upon the fairness thereof at which all shareholders of Old Cushman & Wakefield had a right to appear and of which adequate notice had been given. The issuance was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 3(a)(10) thereof.

------

---

| | |
|:---|:---|
| **Item 3.03** | **Material Modification to Rights of Security Holders.** |

---

The information set forth in Item 5.03 is incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

*Directors and Officers of New Cushman & Wakefield* 

In connection with the Redomiciliation and with effect from and after the Effective Date, the executive officers of Old Cushman & Wakefield, who are listed below, became the executive officers of New Cushman & Wakefield with the same titles as such executive officers held with Old Cushman & Wakefield.

---

| | |
|:---|:---|
|  | **Position** |
| Michelle MacKay | Chief Executive Officer |
| Andrew McDonald | Global President and Chief Operating Officer |
| Laurida Sayed | Senior Vice President, Chief Accounting Officer and Global Corporate Controller |
| Neil Johnston | Executive Vice President, Chief Financial Officer |
| Noelle Perkins | Executive Vice President, Chief Legal Officer and Secretary |
| Nathaniel Robinson | Executive Vice President, Chief Investment and Strategy Officer |

---

Biographical and other information (including compensation arrangements) concerning the executive officers of New Cushman & Wakefield is included in the definitive proxy statement of Old Cushman & Wakefield filed with the SEC on April 4, 2025 (the "AGM Proxy") and is incorporated herein by reference.

There are no arrangements or understandings with any person pursuant to which the directors and the executive officers were appointed. There are no family relationships amongst any of the directors or any of the executive officers of New Cushman & Wakefield.

Also in connection with the Redomiciliation and with effect from and after the Effective Date, the directors of Old Cushman & Wakefield, who are listed below, became the directors of New Cushman & Wakefield, and the board of directors of New Cushman & Wakefield (the "New Cushman & Wakefield Board") replicated the committees of the board of directors for Old Cushman & Wakefield as listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Board of Directors** | **Audit Committee** | **Compensation<br>Committee** | **Nominating and Corporate<br>Governance Committee** |
| Susan Daimler | ✓ |  |  |  |
| Michelle Felman | ✓ |  | Chair | ✓ |
| Michelle MacKay | ✓ |  |  |  |
| Jodie W. McLean | ✓ |  | ✓ | Chair |
| Jennifer McPeek | ✓ | ✓ |  |  |
| Stephen Plavin\* | ✓ |  |  |  |
| Angela Sun | ✓ |  | ✓ | ✓ |
| Rajesh Vennam | ✓ | ✓ |  |  |
| Timothy Wennes | ✓ |  |  |  |
| Billie Williamson | ✓ | Chair |  |  |

---

*\** *Non-Executive Chairman* 

------

Until the election of directors at the annual general meeting in 2028, directors of New Cushman & Wakefield will be divided into three classes of directors, designated as "Class I", "Class II" and "Class III", respectively. Michelle Felman, Jennifer McPeek and Susan Daimler were each designated to be a Class I director, Jodie Watt McLean, Billie Williamson and Timothy Wennes were each designated to be a Class II director, and Michelle MacKay, Stephen Plavin, Angela Sun and Rajesh Vennam were each designated to be a Class III director. The term of appointment for: (1) the Class I directors expires at the close of the Company's annual general meeting in 2028, (2) the Class II directors expires at the close of the Company's annual general meeting in 2026, and (3) the Class III directors expires at the close of the Company's annual general meeting in 2027. Directors who stand for election at the 2026 Annual General Meeting (Class II directors) will be eligible to be elected to serve a one-year term; directors who stand for election at the 2027 Annual General Meeting (Class II and Class III directors) will be eligible to serve a one-year term; directors who stand for election at the 2028 Annual General Meeting and at each Annual General Meeting thereafter (all directors) will be eligible to serve for one-year terms. Following the annual general meeting in 2028, the director classes shall cease to exist.

The directors of each class will hold office until their respective successors are elected and qualified or until their respective death, resignation, retirement, disqualification or removal. Biographical and other information concerning each of these individuals (including compensation information) other than Stephen Plavin, Timothy Wennes and Susan Daimler is included in the AGM Proxy and is incorporated herein by reference. Biographical and other information concerning Stephen Plavin, Timothy Wennes and Susan Daimler is included in Old Cushman & Wakefield's Current Report on Form 8-K filed with the SEC on June 23, 2025 and is incorporated herein by reference.

In connection with the Redomiciliation, New Cushman & Wakefield will enter into indemnification agreements with its directors, under which New Cushman & Wakefield will indemnify them, to the fullest extent permitted by applicable law, against all losses suffered or incurred by them in the event that they are a party to or involved in any claim arising in connection with their appointment as director of New Cushman & Wakefield or its affiliate undertakings or another corporation at the request of New Cushman & Wakefield. A copy of the form of indemnification agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing summary of such indemnification agreements is qualified in its entirety by reference to the full text thereof set forth in Exhibit 10.1.

*Incentive Plans* 

In connection with the Redomiciliation, on the Effective Date, Old Cushman & Wakefield entered into a Compensation Plan Agreement with New Cushman & Wakefield (the "Compensation Plan Agreement"), pursuant to which New Cushman & Wakefield assumed (including sponsorship of) the Old Cushman & Wakefield 2018 Omnibus Non-Employee Directors Share and Cash Incentive Plan and the Old Cushman & Wakefield 2018 Omnibus Management Share and Cash Incentive Plan (together, the "Old C&W Equity Compensation Plans"), and all obligations of Old Cushman & Wakefield pursuant to each stock option to purchase an Old Cushman & Wakefield Share (an "Old C&W Option") and each right to acquire or vest in an Old Cushman & Wakefield Share (an "Old C&W Stock Unit" and each of an Old C&W Option and an Old C&W Stock Unit, an "Old C&W Equity Award") that was outstanding immediately prior to the Scheme Record Time and (i) issued under the Old C&W Equity Compensation Plans and underlying grant agreements (each such grant agreement, an "Old C&W Equity Award Grant Agreement" and such grant agreements together with the Old C&W Equity Compensation Plans, the "Old C&W Equity Compensation Plans and Agreements") or (ii) granted by Old Cushman & Wakefield outside of the Old C&W Equity Compensation Plans and Agreements pursuant to Section 303A.08 of the NYSE Listed Company Manual. Each such Old C&W Equity Award was converted into (A) with respect to each Old C&W Stock Unit, a right to acquire or vest in a New Cushman & Wakefield Share or (B) with respect to an Old C&W Option, an option to purchase a New Cushman & Wakefield Share at an exercise price per share equal to the exercise price per Old Cushman & Wakefield Share subject to such Old C&W Option immediately prior to the Scheme Record Time. Further, pursuant to the Compensation Plan Agreement, New Cushman & Wakefield assumed (including sponsorship of) the Old Cushman & Wakefield Executive Deferred Compensation Plan (the "Deferred Compensation Plan") and all obligations of Old Cushman & Wakefield thereunder, including any outstanding and valid deferral elections made pursuant to the Deferred Compensation Plan and any obligations in respect of any Deferred Stock Account (as such term is defined therein). On November 26, 2025, the Old C&W Equity Awards, the Old C&W Equity Compensation Plans and Agreements, the Deferred Compensation Plan and any provision of any other compensatory plan, agreement or arrangement providing for the grant or issuance of Old Cushman & Wakefield Shares was automatically deemed to be amended (and, in the case of the Old C&W Equity Compensation Plans and Deferred Compensation Plan, formally amended), to the extent necessary or appropriate, to provide that references to Old Cushman & Wakefield in such awards, documents and provisions will be read to refer to New Cushman & Wakefield and references to Old Cushman & Wakefield Shares in such awards, documents and provisions will be read to refer to New Cushman & Wakefield Shares.

------

Pursuant to the Compensation Plan Agreement, on the Effective Date, Cushman & Wakefield Global, Inc. ("Cushman & Wakefield Global"), a wholly-owned subsidiary of New Cushman & Wakefield entered into amended and restated offer letters, attached as Exhibits 10.6 and 10.7 hereto, with each of Michelle MacKay and Andrew McDonald, pursuant to which Cushman & Wakefield Global assumed any and all obligations to the individual signatories under the offer letters between such officers and Old Cushman & Wakefield from and after the Effective Date in accordance with the terms of the offer letters as if (i) Cushman & Wakefield Global, and not Old Cushman & Wakefield, was the signatory thereto and (ii) all references to Old Cushman & Wakefield therein were replaced with references to Cushman & Wakefield Global. All other material terms and conditions of the offer letters remain the same and as described in further detail in the AGM Proxy.

The foregoing descriptions of the Compensation Plan Agreement and amended and restated offer letters do not purport to be complete and are qualified in their entirety by reference to the full text of the Compensation Plan Agreement and such offer letters, which are filed as Exhibits 10.2 and 10.6 - 10.7, respectively, and each of which is incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 5.03** | **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.** |

---

In connection with the Redomiciliation, New Cushman & Wakefield filed a Memorandum of Association with the Registrar of Companies in Bermuda pursuant to the Companies Act 1981 of Bermuda, as amended, a copy of which is attached hereto as Exhibit 3.1 and incorporated herein by reference, and on the Effective Date, adopted the New Cushman & Wakefield Bye-Laws, a copy of which is attached hereto as Exhibit 3.2 and incorporated herein by reference. The summary of the material terms of the New Cushman & Wakefield Bye-Laws set forth under "Description of the Share Capital of New Cushman & Wakefield" in Item 8.01 of this Current Report on Form 8-K is incorporated by reference herein. Such summary does not purport to be complete and is qualified in its entirety by reference to the full text of the New Cushman & Wakefield Bye-laws, a copy of which is attached hereto as Exhibit 3.2 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosures.** |

---

On November 28, 2025, New Cushman & Wakefield will issue a press release (the "Press Release") noting the completion of the Scheme and the Redomiciliation. The Press Release is furnished hereto as Exhibit 99.1.

The information contained in Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

*Successor Issuer* 

Prior to the Redomiciliation, the Old Cushman & Wakefield Shares were registered pursuant to Section 12(b) of the Exchange Act and listed on the NYSE under the symbol "CWK". On November 28, 2025, the NYSE is expected to file with the SEC a Form 25 to remove the Old Cushman & Wakefield Shares from listing on the NYSE. After the Form 25 becomes effective, Old Cushman & Wakefield will file a Form 15 with the SEC to terminate the registration, and suspended the reporting obligations, of Old Cushman & Wakefield with respect to the Old Cushman & Wakefield Shares under Sections 13 and 15(d) of the Exchange Act.

Pursuant to Rule 12g-3(a) promulgated under the Exchange Act, New Cushman & Wakefield is the successor issuer to Old Cushman & Wakefield and the New Cushman & Wakefield Shares are deemed to be registered under Section 12(b) of the Exchange Act. The New Cushman & Wakefield Shares were approved for listing on the NYSE and will begin trading on November 28, 2025 under the symbol "CWK", the same symbol under which the Old Cushman & Wakefield Shares previously traded. New Cushman & Wakefield hereby reports this succession in accordance with Rule 12g-3(f) promulgated under the Exchange Act.

------

*Description of the Share Capital of New Cushman & Wakefield* 

The description of New Cushman & Wakefield's securities registered pursuant to Section 12 of the Exchange Act provided in Exhibit 4.1, which is incorporated by reference herein, modifies and supersedes any prior description of Old Cushman & Wakefield's capital stock in any registration statement or report filed with the SEC and will be available for incorporation by reference into certain of New Cushman & Wakefield's filings with the SEC pursuant to the Securities Act, the Exchange Act, and the rules and forms promulgated thereunder.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit** <br>**No.** | **Description** |
| 3.1 | [Memorandum of Association of Cushman & Wakefield Ltd.](d52850dex31.htm) |
| 3.2 | [Bye-Laws of Cushman & Wakefield Ltd., adopted on November 27, 2025](d52850dex32.htm) |
| 4.1 | [Description of the Share Capital of Cushman & Wakefield Ltd.](d52850dex41.htm) |
| 10.1 | [Form of Indemnification Agreement](d52850dex101.htm) |
| 10.2 | [Compensation Plan Agreement](d52850dex102.htm) |
| 10.3 | [A&R Omnibus Management Plan](d52850dex103.htm) |
| 10.4 | [A&R Omnibus Non-Employee Director Plan](d52850dex104.htm) |
| 10.5 | [A&R Deferred Compensation Plan](d52850dex105.htm) |
| 10.6 | [A&R Offer Letter (Michelle MacKay)](d52850dex106.htm) |
| 10.7 | [A&R Offer Letter (Andrew McDonald)](d52850dex107.htm) |
| 99.1\* | [Press Release, dated November 28, 2025](d52850dex991.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

\* Exhibit is furnished herewith and not deemed to be filed.

------

#### 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: November 28, 2025

---

| | |
|:---|:---|
| **CUSHMAN & WAKEFIELD LTD.** | **CUSHMAN & WAKEFIELD LTD.** |
| By: | /s/ Noelle J. Perkins |
| Name: | Noelle J. Perkins |
| Title: | Executive Vice President, Chief Legal Officer & Secretary |

---

## Exhibit 3.1

**Exhibit 3.1** 

---

| | |
|:---|:---|
| Memorandum of Association | Memorandum of Association |
| The Companies Act 1981 | The Companies Act 1981 |
| Section 7(1) and (2) | Section 7(1) and (2) |
| **Cushman & Wakefield Ltd. (202504560)** | **Cushman & Wakefield Ltd. (202504560)** |
| **Filing Date** | 05-Mar-2025 12:14:13 |
| **General details** |  |
| **Type of company** | Exempted |
| **Company Name** | Cushman & Wakefield Ltd. |
| **Entity type** | Company Limited By Shares |
| **Objects and provisions** | **Objects and provisions** |
| **The objects for which the Company is formed and incorporated are unrestricted only** | Yes |
| **Provisions regarding the powers of the Company** | The following are provisions regarding the powers of the Company:—(i) has the powers of a natural person; (ii) subject to the provisions of Section 42 of the Companies Act 1981, has the power to issue preference shares which at the option of the holders thereof are to be liable to be redeemed; (iii) has the power to purchase its own shares in accordance with the provisions of Section 42A of the Companies Act 1981; and (iv) has the power to acquire its own shares to be held as treasury shares in accordance with the provisions of Section 42B of the Companies Act 1981. |

---

------

---

| | |
|:---|:---|
| **Subscribers** |  |
| **Subscriber 1** |  |
| **Entity Name** | Appleby Global Corporate Services (Bermuda) Ltd |
| **Registration Number** | 54126 |
| **Has Bermudian status** | Yes |
| **Number of shares** | 1 |
| **Shareholdings** |  |
| **Currency** | USD - United States Dollar |
| **Authorised share capital** | 0.10 |
| **Declarations** |  |
| **The liability of the members of the Company is limited to the amount (if any) for the time being unpaid on the shares respectively held by them.** | Yes |
| **The subscribers listed in this application respectively agreed to take such number of shares of the Company as may be allotted to them respectively by the provisional directors of the Company, not exceeding the number of shares for which they have respectively subscribed, and to satisfy such calls as may be made by the directors, provisional directors or promoters of the Company in respect of the shares allotted to them respectively.** | Yes |

---

------

---

| | |
|:---|:---|
| **Submitted By** | APPLEBY GLOBAL CORPORATE SERVICES (BERMUDA) LTD AMANDA SWAN |
|  | BERMUDA, CANON'S COURT, 22 VICTORIA ST., HAMILTON, PEMBROKE, HM 12 |

---

## Exhibit 3.2

**Exhibit 3.2** 

**BYE-LAWS** 

**OF** 

**CUSHMAN & WAKEFIELD LTD.** 

(Adopted by a Resolution with effect from 27 November 2025)

------

**CONTENTS** 

---

| | |
|:---|:---|
| **Bye-Law** | **Page** |
|  Interpretation | 2 |
|  General Meetings | 5 |
|  Notice of General Meetings | 5 |
|  Proceedings at General Meetings | 6 |
|  Physical, Combined and Virtual General Meetings | 7 |
|  Voting | 8 |
|  Depositary | 9 |
|  Proxies and Corporate Representatives | 10 |
|  Member Proposals | 12 |
|  Written Resolutions of Members | 16 |
|  Appointment and Removal of Directors | 16 |
|  Register of Directors and Officers | 18 |
|  Resignation and Disqualification of Directors | 18 |
|  Directors' Fees and Expenses | 19 |
|  Directors' Interests | 19 |
|  Powers and Duties of the Board | 20 |
|  Delegation of the Board's Powers | 21 |
|  Proceedings of the Board | 21 |
|  Officers | 23 |
|  Lead Independent Director | 23 |
|  Secretary and Resident Representative | 23 |
|  Issue of Shares | 23 |
|  Purchase of Shares | 24 |
|  Variation of Share Rights | 25 |
|  Shareholder Rights Plan | 25 |
|  Uncertificated Shares and Share Certificates | 26 |
|  Non-Recognition of Trusts | 27 |
|  Register of Members | 27 |
|  Transfer of Shares | 27 |
|  Transmission of Shares | 28 |
|  Increase of Capital | 29 |
|  Alteration of Capital | 29 |
|  Reduction of Capital | 30 |
|  Dividends and Other Payments | 30 |
|  Reserves | 31 |

---

------

---

| | |
|:---|:---|
|  Capitalisation of Profits | 31 |
|  Record Date | 32 |
|  Accounting Records | 32 |
|  Service of Notices and Documents | 32 |
|  Indemnity | 34 |
|  Continuation | 35 |
|  Amalgamation, Merger and/or Consolidation | 35 |
|  Winding-Up | 35 |
|  Changes to Constitutional Documents | 35 |
|  Forum/Governing Law | 36 |
|  Other Depositary Interests | 36 |

---

------

**BYE-LAWS** 

**OF** 

**CUSHMAN & WAKEFIELD LTD.** 

(Adopted by a Resolution with effect from 27 November 2025)

**INTERPRETATION** 

1. In these Bye-Laws, the following terms shall have the following
meanings unless the context otherwise requires:

**Appointed Number**: has the meaning given to that term in Bye-Law 31;

**Appointed Proxy**: has the meaning given to that term in Bye-Law 31;

**Auditor**: the auditors for the time being of the Company;

**Board**: the Directors of the Company appointed or elected pursuant to these Bye-Laws and acting by resolution as provided for in the Companies Acts and in these Bye-Laws or the Directors present at a meeting of Directors at which there is a quorum;

**Board Number**: has the meaning given to that term in Bye-Law 60;

**Common Share(s):** means a common Share of par value of US$0.10 per Share;

**Companies Act**: the Companies Act 1981 of Bermuda, as may be amended or replaced from time to time;

**Companies Acts**: the Companies Act and all other corporate and tax statutes in effect from time to time in Bermuda that govern Bermuda companies;

**Company**: the above named company;

**Depositary**: any depositary, clearing agency, custodian, nominee or similar entity appointed under arrangements entered into by the Company or otherwise approved by the Board that holds or is interested directly or indirectly, including through a nominee, in, shares or rights or interests in respect thereof, and which issues certificates, instruments, securities or other documents of title, or maintains accounts, evidencing or recording the entitlement of the holders thereof, or account holders, to or to receive such shares, rights or interests (which, for the avoidance of doubt, includes The Depositary Trust Company (DTC));

**Depositary Interest**: any certificate, instrument, security, depositary receipt or other document of title issued or created, or interest recorded in an account maintained, by a Depositary to evidence or record the entitlement of the holder, or account holder, or to receive shares or rights or interests in respect thereof;

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**Depositary Interest Holder**: the holder of a Depositary Interest;

**Depositary Shares**: has the meaning given to that term in Bye-Law 30;

**Director Resolution**: a proposed resolution of the Company for the appointment of a person as a Director;

**Directors**: any person duly elected or appointed as a director of the Company and any person occupying the position of director of the Company by whatever name called;

**Exchange Act**: the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time;

**Electronic Record**: has the same meaning as in the Electronic Transactions Act 1999;

**Independent Director**: a director that satisfies both (i) the requirements to qualify as an "independent director" under the stock exchange rules of the stock exchange on which the Shares are then-currently listed and (ii) the independence criteria set forth in Rule 10A-3 under the Exchange Act;

**Indemnified Person**: any Director, Officer, Resident Representative, member of a committee duly constituted under these Bye-Laws and any liquidator, manager or trustee for the time being acting in relation to the affairs of the Company (including anyone previously acting in such capacity), and his or her heirs, executors and administrators, personal representatives or successors or assigns;

**Lead Independent Director**: has the meaning given to that term in Bye-Law 91;

**Memorandum of Association**: the memorandum of association of the Company, as amended or restated from time to time;

**Member**: has the same meaning as in the Companies Act;

**Member Associated Person**: any person acting in concert with, or having a material relationship with, the Member or Members making the request;

**Officer**: a person appointed by the Board pursuant to these Bye-Laws but shall not include the Auditor;

**Proxy Register**: has the meaning given to that term in Bye-Law 31;

**Record Date**: has the meaning given to that term in Bye-Law 34;

**Register**: the register of Members to be kept in accordance with the Companies Act and maintained by the Company in Bermuda;

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**Registered Office**: the registered office for the time being of the Company in Bermuda;

**Resident Representative**: (if any) the individual or the company appointed to perform the duties of resident representative set out in the Companies Acts and includes any assistant or deputy Resident Representative appointed by the Board to perform any of the duties of the Resident Representative;

**Resolution**: a resolution of a general meeting passed by a majority of the votes cast by Members entitled to vote, present in person or by proxy at the meeting, or a written resolution adopted by a majority of the votes cast by the Members in accordance with the Companies Acts;

**Rights Plan**: has the meaning given to that term in Bye-Law 101;

**Secretary**: the secretary for the time being of the Company and any person appointed to perform any of the duties of the secretary;

**Securities Act**: has the meaning given to that term in Bye-Law 153;

**Share**: a share in the capital of the Company and shall include stock, treasury shares and a fraction of a share/stock, and preference shares, unless the specifically stated otherwise;

**these Bye-Laws**: the bye-laws of the Company in their present form;

**US$**: the lawful currency of the United States of America.

1.1 For the purposes of these Bye-Laws, a corporation which is a Member
shall be deemed to be present in person at a general meeting if, in accordance with the Companies Acts, its authorised representative(s) is/are present.

1.2 Words importing the singular number include the plural number and vice versa.

1.3 Words importing the masculine gender include the feminine gender.

1.4 Words importing persons include any company or association or body of persons whether corporate or
unincorporate and natural persons.

1.5 Any reference to writing includes all modes of representing or reproducing words in a visible form, including
in the form of an Electronic Record.

1.6 Unless the context otherwise requires, words and expressions defined in the Companies Acts bear the same
meanings in these Bye-Laws.

1.7 Headings are used for convenience only and shall not affect the construction of these Bye-Laws.

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**GENERAL MEETINGS** 

2. Save and to the extent that the Company elects to dispense with the holding of one or more of its annual
general meetings in the manner permitted by the Companies Acts, the Board shall convene and the Company shall hold general meetings as annual general meetings in accordance with the requirements of the Companies Acts at such times and places as the
Board shall appoint. The Board may, whenever it thinks fit, and shall, when required by the Companies Acts, convene general meetings other than annual general meetings which shall be called special general meetings.

**NOTICE OF GENERAL MEETINGS** 

3. Subject to Bye-Laws 138 to 141 inclusive, at least ten (10) clear
days' but no more than sixty (60) clear days' notice in writing (exclusive of the day on which the notice is served or deemed to be served, and of the day for which the notice is given) shall be given for each annual general meeting
and each special general meeting, respectively. Every notice shall specify the place, day and hour of the meeting and, in the case of special general meetings, the general nature of the business to be considered, and shall be given in the manner
provided in these Bye-Laws or in such other manner (if any) as may be prescribed by the Company, to such persons as are entitled to receive such notices from the Company.

4. Notwithstanding that a general meeting of the Company is called by shorter notice than that specified in this Bye-Law, it shall be deemed to have been duly called if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting, called as an annual general meeting by all the Members entitled to attend and
vote thereat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other general meeting, by a majority in number of the Members having the right to attend and
vote at the meeting, being a majority together holding not less than ninety-five percent (95%) in nominal value of the Shares giving that right.

5. The accidental omission to give notice of a meeting to, or (in cases where instruments of proxy are sent out
with the notice) the accidental omission to send such instrument of proxy to, or the non-receipt of a notice of a meeting by, any person entitled to receive notice shall not invalidate the proceedings at any
meeting.

6. The Board may cancel or postpone a meeting of the Members after it has been convened and notice of such
cancellation or postponement shall be served in accordance with these Bye-Laws upon all Members entitled to notice of the meeting so cancelled or postponed setting out, where the meeting is postponed to a
specific date, notice of the new meeting in accordance with this Bye-Law. In addition to the notice provisions provided for elsewhere in these Bye-Laws, notice of the
time and place of the moved and/or postponed meeting shall (if practical) be placed on the Company's investor relations page at <u>www.cushmanwakefield.com/investorrelations</u>.

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**PROCEEDINGS AT GENERAL MEETINGS** 

7. In accordance with the Companies Acts, a general meeting may be held with only one individual present provided
that the requirement for a quorum is satisfied. No business shall be transacted at any general meeting unless a quorum of Members is present at the time that the meeting proceeds to business, but the absence of a quorum shall not preclude the
appointment, choice or election of a chairperson, which shall not be treated as part of the business of the meeting. Save as herein otherwise provided, at least one Member representing a majority of the voting rights of all the Members entitled to
vote at the meeting, present in person or by proxy shall be a quorum.

8. If within five (5) minutes (or such longer time as the chairperson of the meeting may determine to wait)
after the time appointed for the meeting, a quorum is not present, the meeting, if convened upon the requisition of Members, shall be dissolved. In any other case, the meeting shall be adjourned to such other day and such other time and place as the
chairperson of the meeting may determine. At any adjourned meeting one (1) Member present in person or by proxy and entitled to vote, regardless of the number of shares held, shall constitute a quorum at the adjourned meeting.

9. The Company shall give not less than five (5) days' notice of any meeting adjourned due to a lack of
quorum. Such notice shall specify at least one (1) Member present in person or by proxy and entitled to vote, regardless of the number of shares held, shall constitute a quorum at the adjourned meeting.

10. Any Director (or, having delivered a written notice upon the Registered Office requiring that notices of
meetings be sent to the Resident Representative, the Resident Representative) shall be entitled to attend and speak at any general meeting of the Company.

11. The chairperson of the Board shall preside as chairperson at every general meeting of the Company. If there is
no such chairperson of the Board, or if at any meeting he or she is not present within five minutes after the time appointed for holding the meeting or is unwilling to act as chairperson, the Directors present shall choose one of their number to act
or, if only one Director is present, he or she shall preside as chairperson if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, the persons present and entitled to vote shall elect one of
their number to be chairperson. References to "chairperson" in these Bye-Laws mean the chairperson of the meeting unless otherwise indicated.

12. The chairperson may, with the consent by resolution of a meeting at which a quorum is present (and shall if so
directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment
took place. When a meeting is adjourned for three months or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as expressly provided by these Bye-Laws, it shall
not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

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**PHYSICAL, COMBINED AND VIRTUAL GENERAL MEETINGS** 

13. The Board may, at its sole discretion, decide to hold a general meeting: (a) on such date, at such time
and in such place or places, whether within or outside Bermuda, as a physical general meeting only (**Physical Meeting**); (b) on such date, at such time and in such place or places, whether within or outside Bermuda, as a combined
physical and remote communication or virtual general meeting (**Combined Meeting**); or (c) if deemed appropriate by the Board, as a meeting held without any physical location, conducted entirely by means of remote communication or
virtual attendance (**Virtual Meeting**), as may be specified by the Board in the notice of meeting.

14. The Board shall provide details of the means for Members to attend and participate in the meeting, including
the physical place or places of meeting in the case of a either a Physical Meeting or a Combined Meeting, and the electronic platforms to be used in the case of either a Combined Meeting or a Virtual Meeting.

15. The Board may, and at any general meeting, the chairperson of a Combined Meeting or a Virtual Meeting may, make
any arrangement and impose any requirement or restriction as is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) necessary to ensure the identification of those taking part and the security of the remote, electronic or
virtual communication; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proportionate to achieving these objectives.

16. All resolutions put to Members at a Physical Meeting, a Combined Meeting or a Virtual Meeting shall be voted on
by a poll in accordance with Bye-Laws 19 to 27 and such poll votes may be cast by such means as the Directors in their absolute discretion consider appropriate for the purposes of the meeting.

17. Persons seeking to attend or participate in a Combined Meeting or Virtual Meeting via an electronic platform
shall be responsible for ensuring that they have access to the facilities (including, without limitation, systems, equipment and connectivity) which are necessary to enable them to do so. Unless the meeting is adjourned by the chairperson in
accordance with the provisions of Bye-Law 12, any inability of a person or persons to attend or participate in a Combined Meeting or Virtual Meeting via an electronic platform will not affect the validity of
such meeting, any business conducted at such meeting up to the point of adjournment, or any action taken pursuant to such meeting.

18. The Board shall take reasonable measures to ensure that Members attending and participating in a Combined
Meeting or Virtual Meeting by means of remote communication or virtual attendance are afforded the same opportunities to participate in the business of the meeting as those attending physically, where applicable.

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**VOTING** 

19. Save where a greater majority is required by the Companies Acts or these Bye-Laws, any question proposed for consideration at any general meeting shall be decided on by a simple majority of votes cast.

20. At any general meeting, a resolution put to the vote of the meeting shall be decided by way of a poll.

21. A poll shall be taken in such manner as the chairperson directs, and the result of the poll shall be deemed to
be the resolution of the meeting.

22. In the case of an equality of votes at a general meeting, the chairperson of the meeting shall not be entitled
to a second or casting vote and the resolution shall fail.

23. On a poll votes may be cast either personally or by proxy.

24. A person entitled to more than one vote on a poll need not use all his or her votes or cast all the votes he or
she uses in the same way.

25. In the case of joint holders of a Share, the vote of the senior holder who tenders a vote, whether in person or
by proxy, shall be accepted to the exclusion of the votes of the other joint holders; and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding.

26. A Member who is a patient for any purpose of any statute or applicable law relating to mental health or in
respect of whom an order has been made by any court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote by his or her receiver, committee, *curator bonis* or other
person of similar nature appointed by such court, and any such receiver, committee, *curator bonis* or other person may vote by proxy and may otherwise act and be treated as such Member for the purpose of the general meetings.

27. No Member, unless the Board otherwise determines, shall be entitled to vote at any general meeting unless all
calls or other sums presently payable by him or her in respect of Shares in the Company have been paid.

28. No objection shall be raised as to the qualification of any voter or as to whether any votes have been properly
counted except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection made in due time and in accordance with these Bye-Laws shall be referred to the chairperson and shall only vitiate the decision of the meeting on any resolution if the chairperson decides that the same may have affected the decision of the meeting. The decision
of the chairperson on such matters shall be final and conclusive.

29. Cumulative voting of Shares is prohibited.

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**DEPOSITARY** 

30. Subject to these Bye-Laws and to applicable law, a Depositary may
appoint as its proxy or proxies, in relation to any Shares which it holds, anyone it thinks fit and may determine the manner and terms of any such appointment. Each appointment must state the number and class of Shares to which it relates and the
total number of Shares of each class in respect of which appointments exist at any one time, which must not exceed the total number of Shares of each such class registered in the name of the Depositary or its nominee (the **Depositary Shares**)
at that time.

31. A Depositary must keep a register (the **Proxy Register**) of each person it has appointed as a proxy under Bye-Law 30 (an **Appointed Proxy**) and the number of Depositary Shares (his or her **Appointed Number**) to which the appointment relates. The Directors will determine the requisite information to be recorded
in the Proxy Register relating to each Appointed Proxy.

32. Any person authorized by the Directors may inspect the Proxy Register during usual business hours and the
Depositary will give such person any information which he or she requests as to the contents of the Proxy Register.

33. An Appointed Proxy may appoint another person as his or her proxy for his or her Appointed Number of Depositary
Shares, provided the appointment is made and deposited in accordance with Bye-Laws 38 to 48. These Bye-Laws apply to that appointment and to the person so appointed as
though those Depositary Shares were registered in the name of the Appointed Proxy and the appointment was made by him or her in that capacity. The Directors may require such evidence as they think appropriate to decide that such appointment is
effective.

34. For the purposes of determining who is entitled as an Appointed Proxy to exercise the rights conferred by Bye-Laws 31 to 33 and the number of Depositary Shares in respect of which a person is to be treated as having been appointed as an Appointed Proxy for these purposes, the Depositary may decide that the Appointed
Proxies who are so entitled are the persons entered in the Proxy Register at a time and on a date (a **Record Date**) agreed between the Depositary and the Company.

35. When a Record Date is decided for a particular purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Appointed Proxy is to be treated as having been appointed for that purpose for the number and class of
Shares appearing against his or her name in the Proxy Register as at the Record Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) changes to entries in the Proxy Register after the Record Date will be ignored for this purpose.

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36. Except for recognizing the rights given in relation to general meetings by appointments made by Appointed
Proxies pursuant to Bye-Law 33, the Company is entitled to treat any person entered in the Proxy Register as an Appointed Proxy as the only person (other than the Depositary) who has any interest in the
Depositary Shares in respect of which the Appointed Proxy has been appointed.

37. At a general meeting, the chairperson has the final decision as to whether any person has the right to vote or
exercise any other right relating to the Depositary Shares. In any other situation, the Directors have the final decision as to whether any person has the right to exercise any right relating to any Depositary Shares.

**PROXIES AND CORPORATE REPRESENTATIVES** 

38. A Member may appoint a proxy or corporate representative: (a) by an instrument in writing under the hand
of the Member or his or her duly authorised attorney or if the Member is a corporation, under the hand of its duly authorised representative; or (b) such telephonic, electronic, website or other means as may be approved by the Board from time
to time. A proxy or corporate representative need not be a Member.

39. An instrument appointing a proxy or (if a corporation) representative may be in any usual or common form (or
such other form as the Board may approve) and may be expressed to be for a particular meeting or any adjournment thereof or may appoint a standing proxy or (if a corporation) representative, which shall be valid for all general meetings and
adjournments thereof or any written resolutions, as the case may be, until notice of revocation is received at the Registered Office or at such place or places as the Board may otherwise specify for the purpose.

40. The operation of a standing proxy or authorisation shall be suspended at any general meeting or adjournment
thereof at which the Member is present in person or by specially appointed proxy. The Board may require evidence as to the due execution and continuing validity of any standing proxy or authorisation and the operation of any such standing proxy or
authorisation shall be deemed to be suspended until the Board determines that they have received such satisfactory evidence.

41. A Member may appoint a proxy which shall be irrevocable in accordance with its terms and the holder thereof
shall be the only person entitled to vote the relevant Shares at any meeting of the Members at which such holder is present. The Company shall give to the proxy holder notice of all meetings of Members of the Company and shall be obliged to
recognise the holder of such proxy until such time as the holder notifies the Company in writing that the proxy is no longer in force.

42. A Member may appoint more than one proxy in relation to a meeting provided that each proxy is appointed to
exercise the rights attached to a different Share or Shares held by such Member.

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43. The instrument appointing a proxy or corporate representative, and the power of attorney (if any) under which
it is signed, together with such other evidence as to its due execution as the Board may from time to time require, shall be delivered at the Registered Office of the Company or at such place as may be specified in the notice convening the meeting
or in any notice of any adjournment or, in either case or the case of a written resolution, in any document sent therewith prior to the holding of the relevant meeting or adjourned meeting at which the person named in the instrument proposes to vote
or, in the case of a poll taken subsequently to the date of a meeting or adjourned meeting, before the time appointed for the taking of the poll, or, in the case of a written resolution, prior to the effective date of the written resolution.

44. In default of any of the provisions in these Bye-Laws to deliver any
instrument of proxy or authorisation at the Registered Office of the Company or at such other place as is specified for that purpose in the notice convening the meeting, the instrument of proxy or authorisation shall not be treated as valid and the
decision of the chairperson of any general meeting as to the validity of any appointments of a proxy shall be final.

45. Instruments of proxy or authorisation shall be in any common form or in such other form as the Board may
approve and the Board may, if it thinks fit, send out with the notice of any meeting or any written resolution forms of instruments of proxy or authorisation for use at that meeting or in connection with that written resolution.

46. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll, to
speak at the meeting and to vote on any amendment of a written resolution or amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy or authorisation shall, unless the contrary is stated
therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

47. A vote given in accordance with the terms of an instrument of proxy or authorisation shall be valid
notwithstanding the previous death or unsoundness of mind of the principal, or revocation of the proxy or of the corporate authority, unless notice in writing of such death, unsoundness of mind or revocation was received by the Company at the
Registered Office (or such other place as may be specified for the delivery of instruments of proxy or authorisation in the notice convening the meeting or other documents sent therewith) at least one hour before the commencement of the general
meeting, or adjourned meeting, or the taking of the poll, or the day before the effective date of any written resolution at or for which the instrument or proxy is used.

48. Subject to the Companies Acts, the Board may at its discretion waive any of the provisions of these Bye-Laws relating to proxies or authorisations and, in particular, may accept such verbal or other assurances as it thinks fit as to the right of any person to attend, speak and vote on behalf of any Member at
general meetings or to sign written resolutions.

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**MEMBER PROPOSALS** 

49. Where a Member or Members, in accordance with the provisions of the Companies Acts, request the Company to
(i) call a general meeting for the purposes of bringing a resolution of the Members before the meeting, or (ii) give notice of a resolution of the Members to be proposed at a general meeting, such request must, in each case and in addition
to the requirements of the Companies Acts, contain the following (and to the extent that the request relates to the nomination of a Director, the content requirements of Bye-Law 63(b) shall also apply):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 to the extent that the request relates to the nomination of a Director as to each person whom the Members
propose to nominate for election or re-election as a Director, for each person proposed to be nominated for election or re-election as a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all information required to be disclosed in a proxy statement or other filings required to be made in
connection with solicitations of proxies for the election of Directors, or otherwise required, pursuant to Regulation 14A under the Exchange Act. This includes, but is not limited to: (i) the nominee's name, age, business address, and
residential address; (ii) a description of the nominee's principal occupation or employment for the past five (5) years; (iii) the nominee's qualifications and any directorships held in publicly listed companies; (iv) any
material interests, including relationships with the proposing Members or the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the nominee's written consent to: (i) being named as a nominee in the proxy statement or meeting
notice; and (ii) serving as a Director if elected (or re-elected).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 to the extent that the request relates to any business other than the nomination of a Director that the Members
propose to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such Members (other than where
the Member is a Depositary) and any Member Associated Persons on whose behalf the nomination or proposal is made, individually or in the aggregate, including any anticipated benefit to the Members (other than where the Member is a Depositary) or the
Member Associated Persons therefrom on whose behalf the nomination or proposal is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.3 as to the Members giving the notice and the Member Associated Persons, if any, on whose behalf the nomination
or proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of such Members, as they appear on the Company's books, and of such Member
Associated Persons, if any;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class and number of Shares of the Company held by such Members which are owned beneficially by such Members
and such Member Associated Persons, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any option, warrant, restricted stock unit, convertible security, share appreciation right or similar right
with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of Shares of the Company or with a value derived in whole or in part from the value of the Company or any class or series of
Shares or other securities of the Company, whether or not such instrument or right shall be subject to settlement in the underlying class or series of Shares of the Company or otherwise directly or indirectly owned beneficially by such Members or by
any Member Associated Persons and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of any security or instrument of the Company, in each case, regardless of whether
(i) such interest conveys any voting rights in such security to such Members or Member Associated Persons, (ii) such interest is required to be, or is capable of being, settled through delivery of such security or instrument or
(iii) such person may have entered into other transactions to hedge the economic effect of such interest (any such interest in this Bye-Law 49.3(c), a **Derivative Instrument**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name of each person with whom such Members or Member Associated Persons have any agreement, arrangement or
understanding (whether written or oral) (i) for the purposes of acquiring, holding, voting (except pursuant to a revocable proxy given to such person in response to a public proxy or consent solicitation made generally by such person to all
holders of Shares of the Company) or disposing of any Shares of the Company, (ii) to cooperate in obtaining, changing or influencing the control of the Company (except independent financial, legal and other advisors acting in the ordinary
course of their respective businesses), (iii) with the effect or intent of increasing or decreasing the voting power of, or that contemplates any person voting together with, any such Members or Member Associated Persons with respect to any Shares
of the Company or any business proposed by the Members or (iv) otherwise in connection with any business proposed by a Members (and a description of each such agreement, arrangement or understanding described in this Bye-Law 49.3(d) being a **Voting Agreement**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) details of all other material interests of each Members or any Member Associated Persons in such proposal or
any security of the Company (including, without limitation, any rights to dividends or performance- based fees based on any increase or decrease in the value of such security or Derivative Instruments or if such person directly or indirectly,
through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any decrease in the value of the subject security) (collectively, **Other Interests**);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a list of all transactions by such Members and any Member Associated Persons involving any securities of the
Company or any Derivative Instruments, Voting Agreements or Other Interests within the six-month period prior to the date of the notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any proportionate interest in Shares of the Company or Derivative Instruments held, directly or indirectly, by
a general or limited partnership in which such Members or any Member Associated Persons is a general partner or, directly or indirectly, beneficially owns an interest in a general partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any performance-based fees (other than an asset-based fee) that such Members or any Member Associated Persons
is entitled to based on any increase or decrease in the value of Shares of the Company or Derivative Instruments, if any, as of the date of such notice, including (without limitation) any such interests held by the members of such Members' or
any Member Associated Person's immediate family sharing the same household (which information shall be supplemented by such Members and any Member Associate Persons not later than two days after the record date for the meeting to disclose such
ownership as of the record date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a description of the economic terms of all of the foregoing items, including all Derivative Instruments, Voting
Agreements or Other Interest, and copies of all agreements and other documents (including, without limitation, master agreements, confirmations and all ancillary documents and the names and details of counterparties to, and brokers involved in, all
such transactions) relating to each such item, including all Derivative Instruments, Voting Agreements or Other Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a representation that each proposing Member is a holder of record of Shares of the Company entitled to vote at
such meeting and each intends to appear at the general meeting or be represented by proxy at the meeting to propose such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a representation as to whether the Members or any Member Associated Persons intends, or are part of a group
that intends, to (A) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company's Shares required to approve or adopt the proposal or (B) otherwise solicit proxies or votes from Members in
support of such proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a certification regarding whether such Members and such Member Associated Persons, if any, have complied with
all legal requirements in connection with such Members' or Member Associated Persons' acquisition of Shares of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any other information relating to such Members or Member Associated Persons that would be required to be
disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies pursuant to Section 14 of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) to the extent known by the Member Associated Persons or the Members giving the notice, the name and address of
any other Member or Member Associated Person supporting the nominee for election or re-election as a Director or the proposal of other business on the date of such request.

50. For the purposes of Bye-Law 49, a **Member Associated Person** of
any Member shall, including the definition ascribed to Member Associated Person in accordance with Bye-Law 1 above, mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any person controlling, directly or indirectly, or acting in concert with such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any beneficial owner of Shares in the capital of the Company owned of record or beneficially by such Member;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person controlling, controlled by or under common control with such Member Associated Person.

51. If a request made in accordance with Bye-Law 49 does not include the
information specified in Bye-Law 49 or if a request made in accordance with Bye-Law 49 is not received in the time and manner required by Bye-Law 52, in respect of such Shares which the relevant Members hold which are owned beneficially by such Members and the Member Associated Persons, if any, on whose behalf the nomination or proposal is made
(the **Member Default Shares**), the relevant Members shall not be entitled to vote, either at the general meeting or by proxy at a general meeting or at a separate meeting of the holders of that class of Shares (or at an adjournment of any such
meeting), the Member Default Shares with respect to the matters detailed in the request made in accordance with Bye-Law 49 *.*  

52. Without prejudice to the rights of any Member under the Companies Act, a Member who makes a request to which Bye-Law 49 relates, must deliver any such request and accompanying information pursuant to Bye-Law 49 in writing to the Secretary at the Registered Office not earlier than the
close of business on the one hundred and twentieth (120) calendar day nor later than the close of business on the ninetieth (90) calendar day prior to the date of the first anniversary of the preceding year's annual general meeting
provided, however, that in the event that the date of an annual general meeting is more than thirty (30) calendar days before or more than sixty (60) calendar days after the date of the first anniversary of the preceding year's
annual general meeting, notice by the Member must be so delivered in writing not earlier than the close of business on the one hundred and twentieth (120) calendar day prior to such annual

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general meeting and not later than the close of business on the later of (i) the ninetieth (90) calendar day prior to such annual general meeting and (ii) the tenth (10) calendar day after the day on which public announcement of the date of such annual general meeting is first made by the Company. In no event shall any adjournment or postponement of an annual general meeting or the public announcement thereof commence a new time period for the giving of a Member's notice as described in this Bye-Law 52.

53. Notwithstanding the provisions of Bye-Law 49, 51 or 52, a Member shall
also comply with all applicable requirements of the Companies Act and of the Exchange Act with respect to the matters set forth in Bye-Law 49, 51 or 52. Nothing in Bye-Law 49, 51 or 52 shall be deemed to affect any rights of Members to request inclusion of proposals in, nor the right of the Company to omit proposals from, the Company's proxy statement pursuant to
Rule 14a-8 (or any successor provision) under the Exchange Act, subject in each case to compliance with the Exchange Act.

**WRITTEN RESOLUTIONS OF MEMBERS** 

54. Subject to the Companies Acts, anything which may be done by resolution of the Members in a general meeting or
by resolution of any class of Members in a separate general meeting may be done by unanimous written resolution, signed by all the Members (or the holders of such class of Shares) who would be entitled to attend a meeting and vote on such resolution
if the resolution were voted on at a general meeting of the Members. Such written resolution may be signed by the Member or its proxy, or in the case of a Member that is a corporation (whether or not a company within the meaning of the Companies
Acts) by its representative on behalf of such Member, in as many counterparts as may be necessary.

55. Notice of any written resolution to be made under this Bye-Law shall be
given to all the Members who would be entitled to attend a meeting and vote on the resolution. The requirement to give notice of any written resolution to be made under this Bye-Law to such Members shall be
satisfied by giving to those Members a copy of that written resolution in the same manner as that required for a notice of a general meeting of the Company at which the resolution could have been considered, except that the length of the period of
notice shall not apply. The date of the notice shall be set out in the copy of the written resolution.

**APPOINTMENT AND REMOVAL OF DIRECTORS** 

56. The number of Directors shall be at least five (5) and not more than eleven (11), or such number as a
majority of the Board may from time to time determine.

57. The Company shall cause the Board to include Chief Executive Officer and at least one Independent Director
until such time as the Board or the Company determine otherwise, in accordance with these Bye-Laws.

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58. At the date of these Bye-Laws, the company has ten (10) Directors,
and until the election of Directors at the annual general meeting in 2028, Directors of the Company shall be divided into three classes of Directors, designated as "Class I", "Class II" and "Class III",
respectively. At the time these Bye-Laws go into effect, each of the Directors shall be assigned to the same class they were in immediately prior to such effective time. The Board is also authorized to assign
any persons who take office as Directors after the date hereof but prior to the annual general meeting in 2028 to any such class; provided, however, that the classes are as close to equal size as possible. The term of appointment for: (1) the
Class I Directors expires at the close of the Company's annual general meeting in 2028, (2) the Class II Directors expires at the close of the Company's annual general meeting in 2026, and (3) the Class III Directors
expires at the close of the Company's annual general meeting in 2027. Following the annual general meeting in 2028, the Director classes will no longer be relevant and shall cease to exist.

59. Each Director of the Company shall be elected annually and hold office until the next annual general meeting
and until his or her successor shall be elected and qualified, or his or her death, resignation, retirement, disqualification, or removal from office, provided that (1) at the annual general meeting in 2026, the Class II Directors and any
other Director nominees will stand for election and, if elected, will serve terms that expire at the close of the Company's annual general meeting in 2027; (2) at the annual general meeting in 2027, the Class II Directors, the
Class III Directors, and any other Director nominees will stand for election and, if elected, will serve terms that expire at the close of the Company's annual general meeting in 2028; and (3) commencing with the annual general
meeting in 2028 and for subsequent annual general meetings, all Directors and Director nominees will stand for election and, if elected, will serve terms that expires at the close of the Company's next annual general meeting.

60. Subject to the Companies Acts and these Bye-Laws, the Directors shall
be elected or appointed by the Company by Resolution and shall serve until the termination of the next annual general meeting following their appointment. In the event that at an annual general meeting it is proposed to vote upon a number of
Director Resolutions that exceeds the total number of Directors that are to be appointed to the Board at that meeting (the **Board Number**), the persons that shall be appointed Directors shall first be the person who receives the greatest number
of "for" votes (whether or not a majority of those votes cast in respect of that Director Resolution), and then shall second be the person who receives the second greatest number of "for" votes (whether or not a majority of
those votes cast in respect of that Director Resolution), and so on, until the number of Directors so appointed equals the Board Number. All Directors, upon election or appointment (except upon re-election at
an annual general meeting), must provide written acceptance of their appointment, in such form as the Board may think fit, by notice in writing to the Registered Office within thirty (30) days of their appointment.

61. In any case where the Company has no Directors, the Members have the right, by notice in writing, to appoint a
person to be a Director of the Company.

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62. Any one or more vacancies in the Board not filled by the Members at any general meeting of the Members shall be
deemed casual vacancies for the purposes of these Bye-Laws. Without prejudice to the power of the Company by Resolution in pursuance of any of the provisions of these Bye-Laws to appoint any person to be a Director, the Board, so long as a quorum of Directors remains in office, shall have power at any time and from time to time to appoint any person to be a Director so as
to fill a casual vacancy which includes, but is not limited to, vacancies arising from: (i) the resignation, retirement, or removal of a Director before the expiration of his or her term; or (ii) the failure of a Director to complete his
or her term for any other reason.

63. Beginning immediately after the annual general meeting in 2028, any person so appointed by the Board to fill a
casual vacancy shall hold office until the next annual general meeting, at which meeting the Director shall be up for re-election by the Members. Notwithstanding any other provisions of these Bye-Laws, no person shall be appointed a Director at any general meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is nominated by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notice of the intention to nominate that person for appointment is given by a Member qualified to vote at the
meeting (other than the person to be proposed) has been received by the Company in accordance with Bye-Law 49 and 52 or Section 79 of the Companies Act stating the particulars which would, if he or she
were so appointed, be required to be included in the Company's register of Directors, together with notice by that person of his or her willingness to be appointed.

64. The Company may in a special general meeting called for that purpose remove a Director by resolution passed by
a majority of the votes cast by Members entitled to vote on such resolution, provided notice of any such meeting shall be served upon the Director concerned not less than fourteen (14) days before the meeting and he or she shall be entitled to

**REGISTER OF DIRECTORS AND OFFICERS** 

65. The Board shall establish and maintain (or cause to be established and maintained) a register of the Directors
and Officers of the Company as required by the Companies Act. The register of Directors and Officers shall be open to inspection in the manner prescribed by the Companies Act between 10:00 a.m. and 12:00 noon on every working day.

**RESIGNATION AND DISQUALIFICATION OF DIRECTORS** 

66. The office of Director shall automatically be vacated if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resigns his or her office by notice in writing, which may be delivered either in physical form or electronic
copy to the Registered Office or tendered in person at a meeting of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes of unsound mind or a patient for any purpose of any statute or applicable law relating to mental health
and the Directors resolve that his or her office is vacated; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) becomes bankrupt under the laws of any country or makes any arrangement or composition with his or her
creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if he or she is prohibited by law from being a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if he or she ceases to be a Director by virtue of the Companies Act or is removed from office pursuant to these Bye-Laws.

**DIRECTORS' FEES AND EXPENSES** 

67. The remuneration to be paid to the Directors, if any, shall be determined by the Board or committee thereof.
Each Director shall also be entitled to be paid all reasonable travelling, hotel and other expenses properly incurred by him or her in connection with his or her attendance at meetings of the Directors, committees constituted pursuant to these Bye-Laws, or general meetings of the Company, or otherwise in connection with the business of the Company, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination
partly of one such method and partly the other. The Board or a committee thereof may approve additional remuneration to any Director for services which in the opinion of the Directors go beyond the ordinary duties of a Director, including but not
limited to committee member, committee chair, chairperson of the Board or Lead Independent Director, and such extra remuneration shall be in addition to any remuneration provided for, by or pursuant to any other Bye-Law.

**DIRECTORS' INTERESTS** 

68. A Director may hold any other office or place of profit with the Company (except that of Auditor) in
conjunction with his or her office of Director for such period and upon such terms as to remuneration and otherwise as the Directors may determine.

69. A Director or officer may act by himself or herself or his or her firm in a professional capacity for the
Company (otherwise than as Auditor), and he or she or his or her firm shall be entitled to remuneration for professional services as if he or she were not a Director or officer.

70. Subject to the provisions of the Companies Acts and any other document or policy governing Director
independence, a Director may notwithstanding his or her office be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is otherwise interested; and be a director or officer of, or employed
by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by the Company or in which the Company is interested. The Board may also cause the voting power conferred by the shares in any other
company held or owned by the Company to be exercised in such manner in all respects as it thinks fit, including the exercise thereof in favour of any resolution appointing the Directors or any of them to be directors or officers of such other
company, or voting or providing for the payment of remuneration to the directors or officers of such other company.

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71. Subject to any other document or policy governing Director independence, so long as, where it is necessary, he
or she declares the nature of his or her interest at the first opportunity at a meeting of the Board or by writing to the Directors as required by the Companies Acts, a Director shall not by reason of his or her office be accountable to the Company
for any benefit which he or she derives from any office or employment to which these Bye-Laws allow him or her to be appointed or from any transaction or arrangement in which these Bye-Laws allow him or her to be interested, and no such transaction or arrangement shall be liable to be avoided on the ground of any interest or benefit.

72. Subject to and any other document or policy governing Director independence, a Director who to his or his
knowledge is in any way, whether directly or indirectly, interested in a contract or proposed contract, transaction or arrangement with the Company and has complied with the provisions of the Companies Acts and these Bye-Laws with regard to disclosure of his or her interest shall be entitled to vote in respect of any contract, transaction or arrangement in which he or she is so interested and if he or she shall do so his
or her vote shall be counted, and he or she shall be taken into account in ascertaining whether a quorum is present.

73. Subject to the Companies Acts and any further disclosure required thereby, a general notice to the Directors by
a Director or Officer declaring that he or she is a director or officer or has an interest in a person and is to be regarded as interested in any transaction or arrangement made with that person, shall be a sufficient declaration of interest in
relation to any transaction or arrangement so made.

**POWERS AND DUTIES OF THE BOARD** 

74. Subject to the provisions of the Companies Acts and these Bye-Laws, the
Board shall manage the business of the Company and may pay all expenses incurred in promoting and incorporating the Company and may exercise all the powers of the Company. No alteration of these Bye-Laws and
no such direction shall invalidate any prior act of the Board which would have been valid if that alteration had not been made or that direction had not been given. The powers given by this Bye-Law shall not
be limited by any special power given to the Board by these Bye-Laws and a meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the
time being vested in or exercisable by the Board.

75. The Board may exercise all the powers of the Company except those powers that are required by the Companies
Acts or these Bye-Laws to be exercised by the Members.

76. The Board on behalf of the Company may provide benefits, whether by the payment of gratuities or pensions or
otherwise, for any person including any Director or former Director who has held any executive office or employment with the Company or any entity which is or has been a subsidiary or affiliate of the Company or a predecessor in the business of the
Company or of any such subsidiary or affiliate, and to any member of his or her family or any person who is or was dependent on him or her, and may contribute to any fund and pay premiums for the purchase or provision of any such gratuity, pension
or other benefit, or for the insurance of any such person.

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77. The Board may from time to time appoint one or more of its Directors to be a managing director, joint managing
director or an assistant managing director or to hold any other employment or executive office with the Company for such period and upon such terms as the Board may determine and may revoke or terminate any such appointments. Any such revocation or
termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director for any breach of any contract of service between him or her and the Company
which may be involved in such revocation or termination. Any person so appointed shall receive such remuneration (if any) (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine, and either in
addition to or in lieu of his or her remuneration as a Director.

**DELEGATION OF THE BOARD'S POWERS** 

78. Directors may from time to time and at any time by power of attorney or otherwise appoint any company, firm or
person or fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretions (not exceeding those vested in or
exercisable by the Directors under these Bye-Laws) and for such period and subject to such conditions as it may think fit, and any such power of attorney may contain such provisions for the protection and
convenience of persons dealing with any such attorney and of such attorney as the Board may think fit and may also authorise any such attorney to sub-delegate all or any of the powers, authorities and
discretions vested in him or her.

79. The Directors may delegate any of the powers exercisable by them to any person or persons acting individually
or jointly, as a committee or otherwise, as they may from time to time by resolution appoint upon such terms and conditions and with such restrictions as they may think fit, and may from time to time by resolution revoke, withdraw, alter or vary all
or any such powers.

**PROCEEDINGS OF THE BOARD** 

80. The Board may meet for the despatch of business, adjourn, and otherwise regulate its meetings and proceedings,
as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chairperson shall not have a second or casting vote and the motion shall be deemed to have been lost.

81. A Director may, and the Secretary on the requisition of a Director shall, at any time, summon a meeting of the
Board. Notice of a meeting of the Board may be given to a Director by word of mouth or in any manner permitted by these Bye-Laws. A Director may retrospectively waive the requirement for notice of any meeting
by consenting in writing to the business conducted at the meeting.

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82. The quorum necessary for the transaction of business of the Directors shall be a majority of the total number
of Directors. Any Director who ceases to be a Director at a meeting of the Board may continue to be present and to act as a Director and be counted in the quorum until the termination of the meeting if no other Director objects and if otherwise a
quorum of Directors would not be present.

83. The Resident Representative shall, upon delivering written notice of an address for the purposes of receipt of
notice to the Registered Office, be entitled to receive notice of, attend and be heard at, and to receive minutes of all meetings of the Board.

84. So long as a quorum of Directors remains in office, the continuing Directors may act notwithstanding any
vacancy in the Board but, if no such quorum remains, the continuing Directors or a sole continuing Director may act only for the purpose of calling a general meeting.

85. The Board may elect a chairperson of their meetings and determine the period for which he or she is to hold
office; but if no such chairperson is elected, or if at any meeting the chairperson is not present within five minutes after the time appointed for holding the same, the Directors present may choose one of their number to be chairperson of the
meeting.

86. The meetings and proceedings of any committee consisting of two (2) or more members shall be governed by
the provisions contained in these Bye-Laws for regulating the meetings and proceedings of the Board so far as the same are applicable and are not superseded by any regulations imposed by the Board.

87. A written resolution signed by all of the Directors or all of the members of a committee for the time being
entitled to receive notice of a meeting of the Board or committee, including a resolution signed in counterpart, shall be as valid and effectual as if it had been passed at a meeting of the Board or of a committee duly called and constituted.

88. To the extent permitted by law, a meeting of the Board or a committee appointed by the Board may be held by
means of such telephone, electronic or other communication facilities (including, without limiting the generality of the foregoing, by telephone or by video conferencing) as permit all persons participating in the meeting to communicate with each
other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. Such a meeting shall be deemed to take place where the largest group of those Directors participating in the meeting is
physically assembled, or, if there is no such group, where the chairperson of the meeting then is.

89. All acts done by any meeting of the Board or of a committee, or by any person acting as a Director or member of
a committee or any person duly authorised by the Board or any committee shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid,
or that they or any of them were disqualified or had vacated their office, be as valid as if every such person had been duly appointed and was qualified and had continued to be a Director, member of such committee or person so authorised.

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**OFFICERS** 

90. The Board may appoint Officers as they may from time to time consider necessary upon such terms as to duration
of office, remuneration and otherwise as they may think fit. Officers need not be Directors and may be ascribed such titles as the Directors may decide. The Board may revoke or terminate any such Officer appointment at any time as they may think
fit. Any such revocation or termination shall be without prejudice to any claim for any damages that such Officer may have against the Company or the Company may have against such Officer for any breach of any contract of service between him or her
and the Company which may be involved in such revocation or termination. Save as provided in the Companies Acts or these Bye-Laws, the powers and duties of the Officers of the Company shall be such (if any) as
are determined from time to time by the Directors.

**LEAD INDEPENDENT DIRECTOR** 

91. One of the Independent Directors may be elected lead Independent Director as the Board may determine (the
" **Lead Independent Director** "). The Lead Independent Director shall have such responsibilities as are specifically conferred upon him or her by the Directors.

**SECRETARY AND RESIDENT REPRESENTATIVE** 

92. The Secretary (including one or more deputy or assistant secretaries) and, if required, the Resident
Representative, shall be appointed by the Board at such remuneration (if any) and upon such terms as it may think fit and any Secretary and Resident Representative so appointed may be removed by the Board. The duties of the Secretary and the duties
of the Resident Representative shall be those prescribed by the Companies Acts together with such other duties as shall from time to time be prescribed by the Board.

93. A provision of the Companies Acts or these Bye-Laws requiring or
authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as Director and as, or in the place of, the Secretary.

**ISSUE OF SHARES** 

94. The Board may (subject to the provisions of these Bye-Laws, the
Memorandum of Association and the Companies Acts and without prejudice to any rights attached to any existing Shares), without the need for Member approval, issue, offer, allot, grant options over, grant rights to subscribe for, or otherwise dispose
of the unissued Shares up to the limit of the authorised Shares (whether forming part of the original capital or any increased capital), which Shares may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) preference Shares (and the Board is hereby authorized to fix and determine the terms of any such preference
Shares as it sees fit, including without limitation any deferred, preferred, or other special rights or restrictions regarding dividends, voting, return of capital, or otherwise).

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95. The Company shall not issue any Shares unless the consideration for such Shares has been fully paid, in cash or
otherwise, in accordance with the Companies Act. For avoidance of doubt, no Share shall be issued as partly paid or nil paid. Any purported issuance of Shares in contravention of this Bye-Law shall be null and
void ab initio, and the Company shall not recognize any rights attaching to such Shares, including but not limited to voting rights, dividend rights, or rights to participate in the distribution of assets upon liquidation. The Company shall not
record in its Register any issuance of Shares unless evidence of full payment has been provided and verified by the Board or its authorized representatives.

96. Subject to the Companies Acts, any preference Shares may, with the sanction of a resolution of the Board, be
issued on terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that they are to be redeemed on the happening of a specified event or on a given date; and/or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that they are liable to be redeemed at the option of the Company; and/or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if authorised by the Memorandum of Association, that they are liable to be redeemed at the option of the
holder.

The terms and manner of redemption shall be provided for in such resolution of the Board and shall be attached to but shall not form part of these Bye-Laws. 

**PURCHASE OF SHARES** 

97. The Board may, at its discretion and without the sanction of a Resolution, authorise the acquisition by the
Company of its own Shares, to be held as treasury Shares or cancelled, upon such terms as the Board may in its discretion determine, provided always that such acquisition is effected in accordance with the provisions of the Companies Acts. The
Company shall be entered in the Register as a Member in respect of the Shares held by the Company as treasury Shares and shall be a Member of the Company but subject always to the provisions of the Companies Acts and for the avoidance of doubt the
Company shall not exercise any rights and shall not enjoy or participate in any of the rights attaching to those Shares save as expressly provided for in the Companies Act.

98. Subject to the provisions of these Bye-Laws, any Shares of the Company
held by the Company as treasury Shares shall be at the disposal of the Board, which may hold all or any of the Shares, dispose of or transfer all or any of the Shares for cash or other consideration, or cancel all or any of the Shares.

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**VARIATION OF SHARE RIGHTS** 

99. If at any time the Share capital is divided into different classes of Shares, subject to the Companies Acts,
all or any of the special rights for the time being attached to any class of Shares (excluding the preference Shares issued pursuant to Bye-Law 94, and in all cases unless otherwise provided by the terms of
issue of the Shares of that class) (whether or not the Company is being wound up) may be varied or abrogated with the consent in writing by 75% of the holders of the issued Shares of that class or with the sanction of a resolution passed by the
holders by simple majority of the issued Shares of that class as may be present in person or by proxy at a separate general meeting of the holders of the Shares of that class. To any such separate general meeting, all the provisions of these Bye-Laws as to general meetings of the Company shall mutatis mutandis apply, but so that the necessary quorum at a separate meeting shall be at least two persons, holding or representing by proxy at least one-third in nominal value of the issued shares of the class, and that any holder of Shares of the relevant class present in person or by proxy may demand a poll.

100. The rights conferred upon the holders of any Shares, shall not, unless expressly provided in the terms of those
rights, be deemed to be altered or abrogated by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the creation or issue of further Shares whether such Shares rank in priority to, equally with (*pari passu*), or subsequent to, any existing Share or class of Shares (including without limitation, any preference Shares issued), provided that this shall not limit or restrict the adoption, implementation, amendment, operation, or effects of any
shareholder rights plan pursuant to Bye-Law 101 (including, without limitation, the issuance of rights, Shares, or other securities in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the purchase or redemption, or other repurchase of, any Shares by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any alteration of the Company's share capital in accordance with the Companies Acts and these Bye-Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the adoption, implementation, amendment, operation or effects of any shareholder rights plan pursuant to Bye-Law 101, including the issuance of rights, Shares, or other securities in connection therewith.

**SHAREHOLDER RIGHTS PLAN** 

101. Subject to the provisions of the Companies Acts, the Board may, in its absolute discretion, exercise any power
of the Company to establish a shareholder rights plan (the **Rights Plan**) including approving the execution of any document relating to the adoption, implementation and/or amendment of the Rights Plan. The Rights Plan may be in any such form
and include any such terms as the Board shall, in its absolute discretion, decide.

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102. Subject to the provisions of the Companies Acts, the Board may exercise any power of the Company to grant
rights (including approving the execution of any documents relating to the grant of rights) (i) to subscribe for shares of the Company and/or (ii) to acquire Depositary Interests which would be issued by the Depositary (to whom the Company
would issue new shares in connection therewith), in each case in accordance with the Rights Plan.

**UNCERTIFICATED SHARES AND SHARE CERTIFICATES** 

103. The Company may, at its discretion, issue Shares in uncertificated form in accordance with the Companies Act,
with ownership recorded electronically in the Register. Transfers of uncertificated Shares shall be made by electronic entry in the register and be effective without the need for physical share certificates. Members holding uncertificated Shares
will receive an electronic statement or other form of notification confirming their ownership, and the holder of uncertificated Shares may request conversion to certificated form, subject to the Company's procedures and any fees determined by
the Board.

104. The Company shall be under no obligation to complete and deliver a share certificate unless specifically called
upon to do so by the person to whom the Shares have been issued. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than one person, and delivery of a certificate to one joint holder shall be sufficient
delivery to all. If a share certificate is defaced, lost or destroyed, it may be replaced on payment of such fee (if any) and on such terms (if any) as to evidence and indemnity, and on the payment of expenses of the Company in investigating such
evidence and preparing such indemnity as the Directors shall think fit and, in case of defacement, on delivery of the old certificate to the Company for cancellation.

105. All certificates for Share or loan capital or other securities of the Company (other than letters of allotment,
scrip certificates and other like documents) shall, except to the extent that the terms and conditions for the time being relating thereto otherwise provide, be signed by a Director, the Secretary or any person authorised by the Board for that
purpose. The Board may by resolution determine, either generally or in any particular case, that any signatures on any such certificates need not be autographic but may be affixed to such certificates by some mechanical means or may be printed
thereon or that such certificates need not be signed by any persons.

106. Notwithstanding any provisions of these Bye-Laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board shall, subject always to the Companies Acts and any other applicable laws and regulations and the
facilities and requirements of any relevant system concerned, have power to implement any arrangements it may, in its absolute discretion, think fit in relation to the evidencing of title to and transfer of uncertificated Shares and to the extent
such arrangements are so implemented, no provision of these Bye-Laws shall apply or have effect to the extent that it is in any respect inconsistent with the holding or transfer of Shares in uncertificated
form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless otherwise determined by the Board and as permitted by the Companies Acts and any other applicable laws
and regulations, no person shall be entitled to receive a certificate in respect of any Share for so long as the title to that Share is evidenced otherwise than by a certificate and for so long as transfers of that Share may be made otherwise than
by a written instrument.

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**NON-RECOGNITION OF TRUSTS** 

107. Except as required by the Companies Acts or these Bye-Laws, or under an
order of a court of competent jurisdiction, no person shall be recognised by the Company as holding any Share upon trust and, the Company shall not be bound by or compelled to recognise in any way, even when notice thereof is given to it, any
equitable, contingent, future or partial interest in any Share any other rights in respect of any Share except an absolute right to the entirety thereof in the registered holder.

**REGISTER OF MEMBERS** 

108. The Board shall establish and maintain (or cause to be established and maintained) the Register at the
Registered Office or at such other place determined by the Board in the manner prescribed by the Companies Acts. Unless the Board otherwise determines, the Register shall be open to inspection in the manner prescribed by the Companies Acts between
10:00 a.m. and 12:00 noon on every working day. Unless the Board so determines, no Member or intending Member shall be entitled to have entered in the Register any indication of any trust or any equitable, contingent, future or partial interest in
any Share and if any such entry exists or is permitted by the Board it shall not be deemed to abrogate any other provisions of these Bye-Laws.

**TRANSFER OF SHARES** 

109. The instrument of transfer of any Share shall be executed by or on behalf of the transferor. The transferor
shall be deemed to remain the holder of the Share until the name of the transferee is entered in the Register in respect of such Share. All instruments of transfer, once registered, may be retained by the Company.

110. Subject to any applicable restrictions contained in the Companies Acts and these Bye-Laws, Shares shall be transferred in any usual or common form approved by the Board. No such instrument shall be required on the redemption of a Share or on the purchase by the Company of a Share.

111. The Board may, in its absolute discretion and without assigning any reason therefore, decline to register any
transfer of any Share which is not a fully-paid Share. The Board may require reasonable evidence to show the right of the transferor to make the transfer.

112. The Board may also decline to register any transfer unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is duly stamped (if required by law) and lodged with the Company, accompanied by the
certificate for the Shares to which it relates, if any, whether in a certificated or uncertificated form in accordance with Bye-Laws 103 to 106, and such other evidence as the Board may reasonably require to
show the right of the transferor to make the transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where applicable, the permission of the Bermuda Monetary Authority with respect thereto has been obtained.

113. Subject to any directions of the Board from time to time in force, the Secretary may exercise the powers and
discretions of the Board under this Bye-Law.

114. If the Board declines to register a transfer of Shares they shall send notice of the refusal to the transferee
within three months after the date on which the transfer was lodged with the Company.

115. No fee shall be charged by the Company for registering any transfer, probate, letters of administration,
certificate of death or marriage, power of attorney, stop notice, order of court or other instrument relating to or affecting the title to any Share, or otherwise making an entry in the Register relating to any Share.

**TRANSMISSION OF SHARES** 

116. If a Member dies, the survivor or survivors (where he or she was a joint holder), and the legal personal
representative (where he or she was sole holder), shall be the only person recognised by the Company as having any title to the Share. The estate of a deceased Member is not thereby released from any liability in respect of any Share held by him or
her, whether solely or jointly. For the purpose of this Bye-Law, estate representative means the person to whom probate or letters of administration has or have been granted in Bermuda or, if there is no such
person, such other person as the Board may in its absolute discretion determine to be the person recognised by the Company for the purpose of this Bye-Law.

117. Any person becoming entitled to a Share in consequence of the death or bankruptcy of a Member or otherwise by
operation of applicable law may elect, upon such evidence being produced as may be required by the Board as to his or her entitlement, either be registered himself or herself as a Member in respect of the Share or, instead of being registered
himself or herself, to make such transfer of the Share as the deceased or bankrupt Member could have made. If the person so becoming entitled elects to be registered himself or herself, he or she shall deliver or send to the Company a notice in
writing signed by him or her stating that he or she so elects. If he or she shall elect to transfer the Shares, he or she shall signify his or her election by signing an instrument of transfer of such Shares in favour of his or her transferee. All
the limitations, restrictions and provisions of these Bye-Laws relating to the right to transfer and the registration of transfers of Shares shall be applicable to any such notice or instrument of transfer as
aforesaid as if the death of the Member or other event giving rise to the transmission had not occurred and the notice or instrument of transfer was an instrument of transfer signed by such Member.

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118. A person becoming entitled to a Share in consequence of the death or bankruptcy of the Member (or otherwise by
operation of applicable law), upon such evidence being produced as may be required by the Board as to his or her entitlement, shall be entitled to the same dividends and other monies payable in respect of the Share as he or she would be entitled if
he or she were the holder of such Share. However, he or she shall not be entitled, until he or she becomes registered as the holder of such Share, to receive notices of or to attend or vote at general meetings of the Company or (except as aforesaid)
to exercise any other rights or privileges of a Member. The Board may at any time give notice requiring such person to elect either to be registered himself or herself or to transfer the Share and, if the notice is not complied with within sixty
days, the Board may thereafter withhold payment of all dividends and other monies payable in respect of the Shares until the requirements of the notice have been complied with.

119. Subject to any directions of the Board from time to time in force, the Secretary may exercise the powers and
discretions of the Board under these Bye-Laws.

**INCREASE OF CAPITAL** 

120. The Company may from time to time by Resolution increase its Share capital by such sum, to be divided into new
Shares of such par value, and with such rights, priorities and privileges attached thereto as the Resolution shall prescribe.

121. The Company may, by the Resolution increasing the capital, direct that the new Shares or any of them shall be
offered in the first instance either at par or at a premium or (subject to the provisions of the Companies Acts) at a discount to all the holders for the time being of Shares of any class or classes in proportion to the number of such Shares held by
them respectively or make any other provision as to the issue of the new Shares.

122. The new Shares shall be subject to all the provisions of these Bye-Laws with reference to the payment of calls, forfeiture, transfer, transmission and otherwise.

**ALTERATION OF CAPITAL** 

123. The Board may from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divide the Company's issued and outstanding Shares into several classes and attach thereto any
preferential, deferred, qualified or special rights, privileges or conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of the Company's share capital into Shares of larger par value than its
existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sub-divide the Company's Shares or any of them into Shares of
smaller par value than is fixed by the Memorandum of Association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make provision for the issue and allotment of Shares which do not carry any voting rights.

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124. The Company may from time to time by Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel Shares which, at the date of the passing of the Resolution in that behalf, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the currency denomination of its share capital.

125. Where any difficulty arises in regard to any division, consolidation, or sub-division under this Bye-Law, the Board may settle the same as it thinks expedient and, in particular, may arrange for the sale of the Shares representing fractions
and the distribution of the net proceeds of sale in due proportion amongst the Members who would have been entitled to the fractions, and for this purpose the Board may authorise some person to transfer the Shares representing fractions to the
purchaser thereof, who shall not be bound to see to the application of the purchase money nor shall his or her title to the Shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

126. Subject to the Companies Acts and to any confirmation or consent required by law or these Bye-Laws, the Company may by Resolution from time to time convert any preference Shares into redeemable preference Shares.

**REDUCTION OF CAPITAL** 

127. Subject to the Companies Acts, the Memorandum of Association and any confirmation or consent required by law or
these Bye-Laws, the Company may from time to time by Resolution authorise the reduction of its issued Share capital or any Share premium account in any manner.

128. In relation to any such reduction, the Company may by Resolution determine the terms upon which such reduction
is to be effected including, in the case of a reduction of part only of a class of Shares, those Shares to be affected.

**DIVIDENDS AND OTHER PAYMENTS** 

129. The Board may from time to time declare dividends or distributions out of contributed surplus to be paid to the
Members according to their rights and interests, including such interim dividends as appear to the Board to be justified by the position of the Company. The Board, in its discretion, may determine that any dividend shall be paid in cash or shall be
satisfied, subject to the Bye-Laws relating to the capitalisation of profits, in paying up in full Shares in the Company to be issued to the Members credited as fully paid or partly paid or partly in one way
and partly the other. The Board may also pay any fixed cash dividend which is payable on any Shares of the Company half yearly or on such other dates, whenever the position of the Company, in the opinion of the Board, justifies such payment.

130. No dividend, distribution or other monies payable by the Company on or in respect of any Share shall bear
interest against the Company.

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131. Any dividend, distribution or interest, or part thereof payable in cash, or any other sum payable in cash to
the holder of Shares may be paid by cheque or warrant sent through the post or by courier addressed to the holder at his address in the Register or, in the case of joint holders, addressed to the holder whose name stands first in the Register in
respect of the Shares at his registered address as appearing in the Register or addressed to such person at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders
otherwise direct, be made payable to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first in the Register in respect of such Shares, and shall be sent at his, her or their risk and payment of
the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to the Company. Any one of two (2) or more joint holders may give effectual receipts for any dividends, distributions or other monies payable or property
distributable in respect of the Shares held by such joint holders.

132. Any dividend or distribution out of contributed surplus unclaimed for a period of six (6) years from the
date of declaration of such dividend or distribution shall be forfeited and shall revert to the Company and the payment by the Board of any unclaimed dividend, distribution, interest or other sum payable on or in respect of the Share into a separate
account shall not constitute the Company a trustee in respect thereof.

133. The Board may also, in addition to its other powers, direct payment or satisfaction of any dividend or
distribution out of contributed surplus wholly or in part by the distribution of specific assets, and in particular of paid-up shares or debentures of any other company, and where any difficulty arises in
regard to such distribution or dividend, the Board may settle it as it thinks expedient, and in particular, may authorise any person to sell and transfer any fractions or may ignore fractions altogether, and may fix the value for distribution or
dividend purposes of any such specific assets and may determine that cash payments shall be made to any Members upon the footing of the values so fixed in order to secure equality of distribution and may vest any such specific assets in trustees as
may seem expedient to the Board, provided that such dividend or distribution may not be satisfied by the distribution of any partly paid shares or debentures of any company without the sanction of a Resolution.

**RESERVES** 

134. The Board may, before declaring any dividend or distribution out of contributed surplus, set aside such sums as
it thinks proper as a reserve or reserves which shall, at the discretion of the Board, be applicable for any purpose of the Company, and pending such application may, in its discretion, be employed in the business of the Company or be invested in
such manner as the Board may from time to time think fit. The Board may also without placing the same to reserve carry forward any sums which they think it prudent not to distribute.

**CAPITALISATION OF PROFITS** 

135. The Board may from time to time resolve to capitalise all or any part of any amount for the time being standing
to the credit of any reserve or fund which is available for distribution or to the credit of any Share premium account and accordingly that such amount be set free for distribution amongst the Members or any class of Members who would be entitled
thereto if distributed by way of dividend and in the same proportions, on the footing that the same be not paid in cash but be applied either in or towards paying up amounts for the time being unpaid on any Shares in the Company held by such Members
respectively or in payment up in full of unissued Shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid amongst such Members, or partly in one way and partly in the other, provided that for the
purpose of this Bye-Law, a Share premium account may be applied only in paying up of unissued Shares to be issued to such Members credited as fully paid.

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**RECORD DATE** 

136. Notwithstanding any other provisions of these Bye-Laws, the Board (or
the Members by Resolution) may fix any date as the record date for any dividend, distribution, allotment or issue and for the purpose of identifying the persons entitled to receive notices of any general meeting and to vote at any general meeting.
Any such record date may be on or at any time before or after any date on which such dividend, distribution, allotment or issue is declared, paid or made or such notice is despatched.

**ACCOUNTING RECORDS** 

137. The Board shall cause to be kept accounting records sufficient to give a true and fair view of the state of the
Company's affairs and to show and explain its transactions and otherwise in accordance with the Companies Acts.

**SERVICE OF NOTICES AND DOCUMENTS** 

138. Any notice or other document (including but not limited to a Share certificate, any notice of a general meeting
of the Company, any instrument of proxy and any records of account) may be sent to, served on or delivered to any Member by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by sending it through the post (by airmail where applicable) in a pre-paid letter addressed to such Member at his or her address as appearing in the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by sending it by courier to or leaving it at the Member's address appearing in the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where applicable, by sending it by email or facsimile or other mode of representing or reproducing words in a
legible and non-transitory form or by sending an Electronic Record of it by electronic means, in each case to an address or number supplied by such Member for the purposes of communication in such manner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by publication of an Electronic Record of it on a website and notification of such publication (which shall
include the address of the website, the place on the website where the document may be found, and how the document may be accessed on the website) by any of the methods referenced above, in accordance with the Companies Acts.

In the case of joint holders of a Share, service or delivery of any notice or other document on or to one of the joint holders shall for all purposes be deemed as sufficient service on or delivery to all the joint holders.

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139. Any notice or other document shall be deemed to have been served on or delivered to any Member by the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if sent by personal delivery, at the time of delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by post, forty-eight (48) hours after it was put in the post;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by courier or facsimile, twenty-four (24) hours after sending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if sent by email or other mode of representing or reproducing words in a legible and non-transitory form or as an Electronic Record by electronic means, twelve (12) hours after sending; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if published as an Electronic Record on a website, at the time that the notification of such publication shall
be deemed to have been delivered to such Member,

and in proving such service or delivery, it shall be sufficient to prove that the notice or document was properly addressed and stamped and put in the post, published on a website in accordance with the Companies Acts and the provisions of these Bye-Laws, or sent by courier, facsimile, email or as an Electronic Record by electronic means, as the case may be, in accordance with these Bye-Laws.

Each Member and each person becoming a Member subsequent to the adoption of these Bye-Laws, by virtue of its holding or its acquisition and continued holding of a Share, as applicable, shall be deemed to have acknowledged and agreed that any notice or other document (excluding a Share certificate) may be provided by the Company by way of accessing them on a website instead of being provided by other means.

140. Any notice or other document delivered, sent or given to a Member in any manner permitted by these Bye-Laws shall, notwithstanding that such Member is then dead or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have
been duly served or delivered in respect of any Share registered in the name of such Member as sole or joint holder unless his or her name shall, at the time of the service or delivery of the notice or document, have been removed from the Register
as the holder of the Share, and such service or delivery shall for all purposes be deemed as sufficient service or delivery of such notice or document on all persons interested (whether jointly with or as claiming through or under him or her) in the
Share.

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141. Save as otherwise provided, the provisions of these Bye-Laws as to
service of notices and other documents on Members shall mutatis mutandis apply to service or delivery of notices and other documents to the Company or any Director or Resident Representative pursuant to these Bye-Laws.

**INDEMNITY** 

142. Subject to the proviso below, every Indemnified Person shall be indemnified and held harmless out of the assets
of the Company against all liabilities, loss, damage, cost or expense (including but not limited to liabilities under contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs including defence
costs incurred in defending any legal proceedings whether civil or criminal and expenses on a full indemnity basis properly payable) incurred or suffered by him or her by or by reason of any act done, conceived in or omitted in the conduct of the
Company's business or in the discharge of his or her duties and the indemnity contained in this Bye-Law shall extend to any Indemnified Person acting in any office or trust in the reasonable belief that
he or she has been appointed or elected to such office or trust notwithstanding any defect in such appointment or election PROVIDED ALWAYS that the indemnity contained in this Bye-Law shall not extend to any
matter which would render it void pursuant to the Companies Acts.

143. No Indemnified Person shall be liable to the Company for acts, defaults or omissions of any other Indemnified
Person.

144. To the extent that any Indemnified Person is entitled to claim an indemnity pursuant to these Bye-Laws in respect of amounts paid or discharged by him or her, the relevant indemnity shall take effect as an obligation of the Company to reimburse the person making such payment or effecting such discharge.

145. Each Member agrees to waive any claim or right of action such Member may at any time have, whether individually
or by or in the right of the Company, against any Indemnified Person on account of any act or omission of such Indemnified Person in the performance of his or her duties for the Company; PROVIDED HOWEVER, that such waiver shall not apply to any
claims or rights of action arising out of the fraud or dishonesty of such Indemnified Person or to recover any gain, personal profit or advantage to which such Indemnified Person is not legally entitled.

146. The Company may advance moneys to any Indemnified Person for the costs, charges, and expenses incurred by the
Indemnified Person in defending any civil or criminal proceedings against them, on condition and receipt of an undertaking in a form satisfactory to the Company that the Indemnified Person shall repay such portion of the advance attributable to any
claim of fraud or dishonesty if such a claim is proved against the Indemnified Person.

147. The advance of moneys would not be paid unless the advance was duly authorized upon a determination that the
indemnification of the Indemnified Person was appropriate because the Indemnified Person had met the standard of conduct which would entitle the Indemnified Person to indemnification and further the determination referred to above must be made by a
majority vote of the Board at a meeting duly constituted by a quorum of Directors not party to the proceedings in respect of which the indemnification is, or would be, claimed; or, in the case such meeting cannot be constituted by lack of
disinterested quorum by an independent third party; or, alternatively, by a majority vote of the Members.

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**CONTINUATION** 

148. Subject to the Companies Acts, the Board may approve the discontinuation of the Company in Bermuda and the
continuation of the Company in a jurisdiction outside Bermuda. The Board, having resolved to approve the discontinuation of the Company, may further resolve not to proceed with any application to discontinue the Company in Bermuda or may vary such
application as it sees fit.

**AMALGAMATION, MERGER AND/OR CONSOLIDATION** 

149. Any amalgamation, merger or consolidation of the Company to be effected in any manner provided for in the
Companies Acts with any other company or companies, wherever incorporated, shall require the approval of the Members, by a resolution of the holders of a majority of the issued Shares of the Company entitled to vote in person or by proxy at a
general meeting of the Company, and the quorum for such meeting shall be that required in Bye-Law 7.

**WINDING-UP** 

150. The Directors shall have power, in the name and on behalf of the Company, to present a petition to the Bermuda
court for the Company to be wound up.

151. Upon the voluntary winding up of the Company, the liquidator may, with the sanction of a Resolution of the
Members, divide amongst the Members, in specie or in kind, the whole or any part of the assets of the Company, whether or not such assets consist of property of the same kind. For such purpose, the liquidator may set such value as he or she deems
fair on any property to be divided and may determine how the division shall be carried out between the Members or any classes of Members. The liquidator may, with like sanction, vest the whole or any part of the assets in trustees upon such trusts
for the benefit of the Members as the liquidator shall think fit, but no Member shall be compelled to accept any asset upon which there is a liability or potential liability for the owner, without the consent of that Member.

**CHANGES TO CONSTITUTIONAL DOCUMENTS** 

152. Subject to the Companies Acts, neither the Bye-Laws nor the Memorandum
of Association may be amended, in whole or in part, without the approval of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board, decided at a meeting by a majority of votes, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Members, by a resolution of the holders of a majority of the issued Shares of the Company entitled to vote
in person or by proxy at a general meeting of the Company and the quorum for such meeting shall be that required in Bye-Law 7.

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**FORUM/GOVERNING LAW** 

153. Unless a majority of the Board, acting on behalf of the Company consents in writing to the selection of an
alternative forum in the United States, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended (the **Securities Act**).

154. Save in respect of any cause of action arising under the Securities Act, by subscribing for or acquiring
Shares, each Member submits to the exclusive jurisdiction of the courts of Bermuda all disputes (a) between himself or herself (in that Member's capacity as such) and the Company or a Director, (b) related to or connected with any
derivative claim in respect of a cause of action vested in the Company or seeking relief on behalf of the Company, against the Company and/or the Board and/or any of the directors, former directors, officers or other employees or Members
individually, (c) arising out of or in connection with these Bye-Laws, or (d) otherwise, to the maximum extent permitted by applicable law. To the fullest extent permitted by law, any person
purchasing or otherwise acquiring any interest in Shares in the capital of the Company shall be deemed to have notice of and consented to the provisions of Bye-Laws 153 to 155.

155. The governing law of these Bye-Laws is the law of the Islands of
Bermuda and these Bye-Laws shall be interpreted in accordance with the laws of Bermuda.

**OTHER DEPOSITARY INTERESTS** 

156. The Directors shall, subject always to applicable law and the provisions of these Bye-Laws, have power to implement or approve (or both) any arrangements which they may, in their absolute discretion, think fit in relation to (without limitation) the evidencing of title to and transfer of
Depositary Interests or similar interests in shares.

157. The Directors may from time to time take such actions and do such things as they may, in their absolute
direction, think fit in relation to the operation of any such arrangements under Bye-Law 156 including, without limitation, treating Depositary Interest Holders as if they were holders directly of the shares
or interests in shares represented thereby for the purposes of compliance with any obligations imposed under these Bye-Laws on members.

158. If and to the extent that the Directors implement or approve (or both) any arrangements in relation to the
evidencing of title to and transfer of Depositary Interests or similar interests in shares in accordance with Bye-Laws 157 and 158, the Directors shall ensure that such arrangements provide (in so far as is
practicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Depositary Interest Holder with the same or equivalent rights as a member of the Company, including, without
limitation, in relation to the exercise of voting rights and provision of information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company and the Directors with the same or equivalent powers as given under these Bye-Laws in respect of a member of the Company, so that such power may be exercised against a Depositary Interest Holder and the shares or interest in shares represented by such Depositary Interest Holder.

**\* \* \* \***

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF SECURITIES OF CUSHMAN & WAKEFIELD LTD. REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934** 

*The following is a summary of the material terms of the share capital of Cushman & Wakefield Ltd., a Bermuda exempted company limited by shares ("Cushman & Wakefield"). The summary is subject to the Companies Act 1981 of Bermuda, as amended or replaced from time to time (the "Bermuda Companies Act"), and is qualified in its entirety by reference, and is subject, to the detailed provisions of the Cushman & Wakefield Bye-laws, as in effect since November 27, 2025 (the "Cushman & Wakefield Bye-laws"), a copy of which is filed with the U.S. Securities and Exchange Commission (the "SEC") as an exhibit to the Current Report on Form 8-K 12B dated November 28, 2025.* 

**Overview of Common Shares** 

***Share Capital***

Cushman & Wakefield's authorized share capital is $80,000,000 of aggregate par value, of which approximately $23,167,253.20 was utilized to issue approximately 231,672,532 common shares, par value US$0.10 per share, in Cushman & Wakefield (collectively, the "Cushman & Wakefield Shares") on November 27, 2025.

Pursuant to the Cushman & Wakefield Bye-laws, all of Cushman & Wakefield's issued and outstanding common shares must be issued fully paid, in cash or otherwise, and Cushman & Wakefield may not issue any shares partly paid or nil paid. Subject to the requirements of any stock exchange on which Cushman & Wakefield's shares are listed and to any resolution of the shareholders of Cushman & Wakefield (the "Shareholders") to the contrary, the Board is authorized to issue any of Cushman & Wakefield's authorized but unissued shares under the Cushman & Wakefield Bye-laws.

***Dividends and Distributions***

Under Bermuda law, a company may not declare or pay dividends if there are reasonable grounds for believing that: (a) the company is, or would after the payment be, unable to pay its liabilities as they become due, or (b) the realizable value of its assets would thereby be less than its liabilities.

Under the Cushman & Wakefield Bye-laws, each Cushman & Wakefield Share is entitled to the same dividend per share if any are declared. The board of directors of Cushman & Wakefield (the "Board") may satisfy any dividend or distribution by way of shares or debentures of any other company. Where any difficulty arises with regard to any such distribution or dividend, the Board may settle it as they think expedient, including by authorizing any person to sell and transfer any fractions or ignore fractions altogether and may fix the value for distribution or dividend purposes and may determine that cash payments shall be made to any Shareholders upon the fixing of the values in order to secure equality of distribution.

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***Voting Rights***

Shareholders are entitled to one vote per Cushman & Wakefield Share. Unless otherwise specified by the Cushman & Wakefield Bye-laws or the Bermuda Companies Act, at any general meeting duly called and held at which a quorum is present, a resolution of Shareholders shall require the affirmative vote of a majority of Shareholders entitled to vote on the subject matter present virtually, in person or by proxy at the meeting and entitled to vote on the subject matter.

***Preemptive Rights***

Under the Cushman & Wakefield Bye-laws, Shareholders are not entitled to pre-emption rights with respect to any issue of shares by Cushman & Wakefield.

***Variation of Class Rights***

Under the Cushman & Wakefield Bye-laws, if at any time the capital of Cushman & Wakefield is divided into different classes of shares, all or any of the rights attaching to any existing class (unless otherwise provided by the terms of issue of the shares of that class) may be varied or abrogated (whether or not Cushman & Wakefield is being wound up) with the written consent of 75% of the holders of the issued shares of such class or with the sanction of a resolution passed by a simple majority of the holders of the issued shares of such class at a separate general meeting of the holders of such class of shares, where the quorum for such meeting shall be at least two persons holding or representing by proxy at least one-third in nominal value of the issued shares of the relevant class.

In addition, the Cushman & Wakefield Bye-laws provide that, unless otherwise expressly provided by the rights attached to any share or class of shares, the issue of further shares ranking in priority to, *pari passu* with, or subsequent to, any existing share or class of shares (including without limitation, preference shares issued), the purchase or redemption by Cushman & Wakefield of any of its own shares and any alteration of capital permitted by Bermuda law and the Cushman & Wakefield Bye-laws shall be deemed not to vary or abrogate rights attaching to any shares or classes of shares of Cushman & Wakefield.

***Listing***

The Cushman & Wakefield Shares are listed on the NYSE, trading under the symbol "CWK", the same symbol under which Cushman & Wakefield plc's shares previously traded. Cushman & Wakefield has no current plans to list the Cushman & Wakefield Shares on any other securities exchange.

**Preference Shares** 

The Board may designate any such remaining authorized shares as preference shares. Such preference shares may be issued by Cushman & Wakefield in the future with such rights, preferences and designations as determined by the Board, without further action by Shareholders.

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In addition, pursuant to Bermuda law and the Cushman & Wakefield Bye-laws, the Board may, subject to restrictions on its ability to issue shares without shareholder approval (except in respect of the Cushman & Wakefield Shares and preference shares), (a) divide its issued and outstanding shares into several classes and attach thereto respectively any preferential, deferred, qualified or special rights, privileges or conditions, (b) consolidate and divide all or any of its shares into shares of larger par value than its existing shares, (c) sub-divide the shares into shares of smaller par value, and (d) make provision for the allotment and issue of shares which do not carry any voting rights.

**Bye-laws and Bermuda Law Considerations** 

***Directors***

Subject to the provisions of the Companies Act and all other corporate and tax statutes in effect from time to time in Bermuda that govern Bermuda companies, and the Cushman & Wakefield Bye-Laws, the Board shall manage the business of Cushman & Wakefield and may pay all expenses incurred in promoting and incorporating Cushman & Wakefield and may exercise all the powers of Cushman & Wakefield. No alteration of the Cushman & Wakefield Bye-Laws and no such direction shall invalidate any prior act of the Board which would have been valid if that alteration had not been made or that direction had not been given. A meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

The Board may exercise all the powers of Cushman & Wakefield except those powers that are required by the Companies Act and all other corporate and tax statutes in effect from time to time in Bermuda that govern Bermuda companies, or the Cushman & Wakefield Bye-Laws, to be exercised by the Cushman & Wakefield Shareholders.

*Remuneration* 

The remuneration to be paid to Cushman & Wakefield's directors shall be determined by the Board or committee thereof.

*Pension and Other Benefits* 

The Board on behalf of Cushman & Wakefield may provide benefits, whether by the payment of gratuities or pensions or otherwise, for any person including any director or former director who has held any executive office or employment with Cushman & Wakefield or with any body corporate which is or has been a subsidiary of Cushman & Wakefield or a predecessor in business of Cushman & Wakefield or of any such subsidiary, and to any member of his or her family or any person who is or was dependent on him or her, and may contribute to any fund and pay premiums for the insurance of any such person.

*Election and Removal* 

Under the Cushman & Wakefield Bye-laws, at any meeting duly called and held for the election or re-election of directors at which a quorum is present, directors shall be elected by a resolution passed by a majority of Shareholders present virtually, in person or by proxy at the meeting and entitled to vote on the election of directors. Where the election of a director is contested (i.e., the total number of proposed directors exceeds the total number of directors to be elected at such meeting) directors will be elected using a form of "plurality voting" applicable to such contested election of directors (i.e., the directors with the greatest number of votes are elected in descending order until the number of directors to be elected at such meeting is satisfied).

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The Cushman & Wakefield Bye-laws provide that, until the election of directors at the annual general meeting in 2028, directors of Cushman & Wakefield shall be divided into three classes of directors, designated as "Class I," "Class II" and "Class III," respectively. The Board is also authorized to assign any persons who take office as directors prior to the annual general meeting in 2028 to any such class; provided, however, that the classes remain as close to equal size as possible. The term of appointment for: (a) the Class I directors expires at the close of Cushman & Wakefield's annual general meeting in 2028, (b) the Class II directors expires at the close of Cushman & Wakefield's annual general meeting in 2026, and (c) the Class III directors expires at the close of Cushman & Wakefield's annual general meeting in 2027. Following the annual general meeting in 2028, the director classes will no longer be relevant and shall cease to exist.

Under the Cushman & Wakefield Bye-laws, Shareholders are permitted to act by unanimous written consent to elect a director. The Cushman & Wakefield Bye-laws provide that the Board will consist of no fewer than five directors and no greater than eleven directors, or such other number as a simple majority of the Board may from time to time determine.

Any Shareholder wishing to propose for election as a director someone who is not an existing director or is not proposed by the Board must give notice of their intention to propose such person for election in accordance with the advance notice procedures described above.

Pursuant to the Cushman & Wakefield Bye-laws, a director may be removed from office by Shareholders between Annual General Meetings by an ordinary resolution passed by a simple majority of votes cast at a special general meeting called for such purpose. Notice of the Shareholders' meeting convened to remove the director must be provided to the director not less than 14 days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his or her removal.

*Vacancies* 

The Cushman & Wakefield Bye-laws provide that any vacancies in the Board shall be filled by a resolution passed by a majority of the Shareholders entitled to vote present virtually, in person or by proxy and entitled to vote thereon at a general meeting or, if a vacancy is not filled by the Shareholders at any general meeting, so long as a quorum of Cushman & Wakefield directors remain in office, the Board shall have the power to appoint any person to be a director of Cushman & Wakefield to fill such vacancy.

***Meetings of Shareholders***

Under Bermuda law, a company is required to convene at least one general meeting of shareholders each calendar year (the annual general meeting). Bermuda law provides that a special general meeting of shareholders may be called by the board of a company and must be called upon the request of shareholders holding not less than 10 percent of the paid-up capital of Cushman & Wakefield carrying the right to vote at general meetings. Bermuda law also requires that shareholders be given at least five days' advance notice of a general meeting, but the accidental omission to give notice to any person does not invalidate the proceedings at a meeting.

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Under the Cushman & Wakefield Bye-laws, anything which may be done by resolution of the Shareholders in general meeting or by resolution of any class of Shareholders in a separate general meeting may be done by unanimous written consent, signed by all the Shareholders (or the holders of such class of shares) who would be entitled to attend a meeting and vote on such resolution if the resolution were voted on at a general meeting of the Shareholders. Such written resolution may be signed by the Shareholder or its proxy, or in the case of a Shareholder that is a corporation by its representative on behalf of such Shareholder, in as many counterparts as may be necessary.

The Cushman & Wakefield Bye-laws provide that the Board must convene an annual general meeting and may convene a special general meeting whenever the Board thinks fit. Under the Cushman & Wakefield Bye-laws, at least 10 clear days' but no more than 60 clear days' notice of an annual general meeting or a special general meeting must be given to each Shareholder.

***Quorum***

The Cushman & Wakefield Bye-laws provide that a quorum for a general meeting shall be present if at least one Shareholder representing at least the majority of the voting rights of all the Shareholders entitled to vote at the relevant meeting are present at the general meeting or represented by proxy.

***Advance Notice Procedures***

The Cushman & Wakefield Bye-laws establish an advance notice procedure for Shareholders to (a) make nominations of candidates for election as directors and (b) bring other business before an annual general meeting or a special general meeting.

All nominations by Shareholders or other business to be properly brought before an annual general meeting or a special general meeting must be made pursuant to timely notice in proper written form to the Secretary of Cushman & Wakefield, which must include, among other information, the name and address of the Shareholder giving the notice, certain information relating to each person whom such Shareholder proposes to nominate for election as a director and a brief description of any business such Shareholder proposes to bring before the meeting.

To be timely, a Shareholder's notice must be given to the Secretary of Cushman & Wakefield at its principal executive offices not earlier than the close of business on the 120th calendar day nor later than the close of business on the 90th calendar day prior to the date of the first anniversary of the preceding year's annual general meeting. If the date of an annual general meeting is more than 30 calendar days before or more than 60 calendar days after the date of the first anniversary of the preceding year's annual general meeting, notice by the Shareholder must be delivered in writing not earlier than the close of business on the 120th calendar day prior to such annual general meeting and not later than the close of business on the later of: (a) the 90th calendar day prior to such annual general meeting and (b) the 10th calendar day after the day on which public announcement of the date of such annual general meeting is first made by Cushman & Wakefield.

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***Choice of Forum/Governing Law***

Unless a majority of the Board (or a committee thereof) consents in writing to the selection of an alternative forum in the United States, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act of 1933, as amended (the "Securities Act").

Save in respect of any cause of action arising under the Securities Act, by subscribing for or acquiring Cushman & Wakefield Shares, each shareholder submits to the exclusive jurisdiction of the courts of Bermuda all disputes and claims whatsoever arising out of or in connection with Cushman & Wakefield or the Cushman & Wakefield Bye-laws.

As a company incorporated in Bermuda, the choice of the courts of Bermuda as Cushman & Wakefield's exclusive forum for resolving all shareholder complaints, other than complaints arising under the Securities Act, allows Cushman & Wakefield to more efficiently and affordably respond to such actions, and provides consistency in the application of the laws of Bermuda to such actions. Similarly, Cushman & Wakefield has selected the U.S. federal district courts as its exclusive forum for resolving shareholder complaints arising under the Securities Act in order to more efficiently and affordably respond to such claims. This choice of forum also provides both Cushman & Wakefield and Shareholders with a forum that is familiar with and regularly reviews cases involving U.S. securities law. Although Cushman & Wakefield believes this choice of forum benefits Cushman & Wakefield by providing increased consistency in the application of U.S. securities law for the specified types of action, it may have the effect of discouraging lawsuits against Cushman & Wakefield's directors and officers. Any person or entity purchasing or otherwise acquiring any interest in Cushman & Wakefield's shares will be deemed to have notice of and consented to the provisions of the Cushman & Wakefield Bye-laws, including the exclusive forum provision. However, it is possible that a court could find Cushman & Wakefield's forum selection provision to be inapplicable or unenforceable.

***Amendments to Cushman & Wakefield's Memorandum of Association and Bye-laws***

Bermuda law provides that the memorandum of association of a company may be amended by a resolution passed at a general meeting of shareholders, and that a company's bye-laws may be amended by a resolution of its board and a resolution passed at a general meeting of shareholders.

Under the Cushman & Wakefield Bye-laws, the affirmative vote of a majority of the directors of Cushman & Wakefield and the holders of a majority of the issued Cushman & Wakefield Shares entitled to vote at a general meeting, is required in order for Cushman & Wakefield to amend the Cushman & Wakefield Bye-laws or the Cushman & Wakefield Memorandum of Association.

Under Bermuda law, the holders of an aggregate of not less than 20 percent in par value of a company's issued share capital or any class thereof have the right to apply to the Supreme Court of Bermuda for an annulment of any amendment of the memorandum of association adopted by shareholders at any general meeting, other than an amendment that alters or reduces a company's share capital as provided in the Bermuda Companies Act. Where such an application is made, the amendment becomes effective only to the extent that it is confirmed by the Supreme Court of Bermuda. An application for an annulment of an amendment of the memorandum of association must be made within 21 days after the date on which the resolution altering Cushman & Wakefield's memorandum of association is passed and may be made on behalf of persons entitled to make the application by one or more of their number as they may appoint in writing for the purpose. No application may be made by shareholders voting in favor of the amendment.

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***Mergers, Amalgamations or Consolidations***

Under the Cushman & Wakefield Bye-laws, the affirmative vote of the holders of a majority of the issued Cushman & Wakefield Shares entitled to vote at a general meeting is required to approve a merger, amalgamation or consolidation.

**Other Bermuda Law Considerations** 

***Takeovers***

Under Bermuda law, an acquiring party is generally able to ensure it acquires all of the issued and outstanding shares of a company in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a procedure under the Bermuda Companies Act known as a "scheme of arrangement". A scheme of
arrangement could be effected by obtaining the agreement of Cushman & Wakefield and of holders of shares representing in the aggregate a majority in number and at least 75 percent in par value of the shareholders present and voting at
a court ordered meeting or meetings held to consider the scheme of arrangement. The scheme of arrangement must then be sanctioned by the Bermuda Supreme Court. If a scheme of arrangement receives all necessary agreements and sanctions, upon the
filing of the court order with the Registrar of Companies in Bermuda, all holders of shares could be compelled to sell their shares under the terms of the scheme of arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by acquiring pursuant to a tender offer 90 percent of the shares or class of shares not already owned by, or
by a nominee for, the acquiring party (the offeror), or any of its subsidiaries. If an offeror has, within four months after the making of an offer for all the shares or class of shares not owned by, or by a nominee for, the offeror, or any of its
subsidiaries, obtained the approval of the holders of 90 percent or more of all the shares to which the offer relates, the offeror may, at any time within two months beginning with the date on which the approval was obtained, by notice acquire
the shares of any nontendering shareholder on the same terms as the original offer unless the Supreme Court of Bermuda (on application made within a one-month period from the date of the offeror's notice
of its intention to acquire such shares) orders otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the acquiring party or parties hold not less than 95 percent of the shares or a class of shares of
Cushman & Wakefield, by acquiring, pursuant to a notice given to the remaining shareholders or class of shareholders, the shares of such remaining shareholders or class of shareholders. When this notice is given, the acquiring party is
entitled and bound to acquire the shares of the remaining shareholders on the terms set out in the notice, unless a remaining shareholder, within one month of receiving such notice, applies to the Supreme Court of Bermuda for an appraisal of the
value of their shares. This provision only applies where the acquiring party offers the same terms to all holders of shares whose shares are being acquired.

## Exhibit 10.1

**Exhibit 10.1**![LOGO](g52850dsp60.jpg)

Dated [DATE]

**(1)** **CUSHMAN & WAKEFIELD LTD.** 

**(2)** **[DIRECTOR NAME]** 

**INDEMNIFICATION AGREEMENT** 

Bermuda office

Canon's Court

22 Victoria Street

PO Box HM 1179

Hamilton HM EX

Bermuda

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**CONTENTS** 

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| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1. | INTERPRETATION | 2 |
| 2. | AGREEMENT TO SERVE | 5 |
| 3. | INDEMNITY | 5 |
| 4. | INDEMNIFICATION FOR EXPENSE AS A WITNESS | 6 |
| 5. | DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION | 6 |
| 6. | ADVANCEMENT OF EXPENSES | 7 |
| 7. | REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO ADVANCE EXPENSES | 8 |
| 8. | OTHER RIGHTS TO INDEMNIFICATION | 8 |
| 9. | ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT | 9 |
| 10. | LIMITATION OF INDEMNIFICATION | 9 |
| 11. | LIABILITY INSURANCE | 9 |
| 12. | DURATION OF AGREEMENT | 9 |
| 13. | NOTICE OF PROCEEDINGS BY INDEMNITEE | 9 |
| 14. | MISCELLANEOUS | 10 |
| 15. | NOTICES | 13 |
| 16. | HEADINGS | 13 |
| 17. | COUNTERPARTS | 14 |
| 18. | GOVERNING LAW | 14 |

---

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**THIS AGREEMENT** is dated [DATE].

**PARTIES** 

(1) **CUSHMAN & WAKEFIELD LTD.**, a company incorporated under the laws of Bermuda with
its registered office located at Canon's Court, 22 Victoria Street, Hamilton, HM12, Bermuda (the **Company**); and

(2) **[NAME]**, of [address] (the **Indemnitee**).

**BACKGROUND** 

(A) **WHEREAS**, highly skilled and competent persons are becoming more reluctant to serve public companies as
directors and/or officers unless they are provided with adequate protection through insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of such companies;

(B) **WHEREAS**, it has become increasingly difficult to obtain insurance against the risk of personal liability
of directors and officers on terms providing reasonable protection to the individual at reasonable cost to companies, and the uncertainties relating to the availability of such insurance have increased the difficulty of attracting and retaining
qualified directors and officers;

(C) **WHEREAS**, the Indemnitee is director of the Company and the Company wishes to indemnify the Indemnitee in
respect of their services in this capacity;

(D) **WHEREAS**, in recognition of the Indemnitee's need for substantial protection against personal
liability and to encourage the Indemnitee's continued service to the Company, and in view of the increasing difficulty in obtaining and maintaining satisfactory insurance coverage and the Indemnitee's reasonable reliance on assurance of
indemnification, the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to the Indemnitee to the fullest extent permitted by applicable law (whether partial or complete) and as set forth in this
Agreement, and, to the extent insurance is maintained, for the continued coverage of the Indemnitee under the directors' and officers' liability insurance policies taken out by the Company as a whole;

(E) **WHEREAS**, it is reasonable, prudent and necessary for the Company contractually to obligate itself to
indemnify the Indemnitee to the fullest extent permitted by Bermuda law so that the Indemnitee will serve or continue to serve the Company free from undue concern that the Indemnitee will not be so indemnified; and

(F) **WHEREAS**, the Indemnitee is willing to serve, continue to serve and to take on additional service for or
on behalf of the Company on the condition that the Indemnitee be so indemnified.

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**AGREED TERMS** 

1. **INTERPRETATION** 

1.1 In this Agreement unless the context otherwise requires, the following words and expressions shall have the
following meanings:

**Agreement** means this Indemnification Agreement, as it may be amended or modified in accordance with the terms hereof;

**Argument Proceedings** means any dispute, suit, action, arbitration or proceeding that may arise out of or in connection with this Agreement;

**Board** means the board of directors of the Company or any committee thereof;

**Business Day** means a day which is a date on which banks are open for general banking business in Bermuda, excluding Saturdays and Sundays and any date which is a public holiday in Bermuda;

**Change in Control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "person" (as such term is used in Sections 13(d) and 14(d) of the US Securities Exchange Act of
1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a body corporate owned directly or indirectly by the shareholders of the Company in substantially the same proportions as
their ownership of securities of the Company, becomes the "beneficial owner" (as defined in Rule 13d-3 under such Act), directly or indirectly, of securities of the Company representing 20% or more
of the combined voting power represented by the Company's then outstanding Voting Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any person that has the right to, and does, appoint or remove, at one or more meetings of the Company's
shareholders, directors on the Board of Directors holding a majority of the voting rights at meetings of the Board of Directors on all or substantially all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there occurs any acquisition or arrangement involving the Company which would result in the shareholders
holding or controlling Voting Securities of the Company outstanding immediately prior thereto ceasing to hold or control more than 50% of the total voting power represented by the Voting Securities of the Company outstanding immediately after the
completion of such acquisition or arrangement, or the shareholders of the Company approve a members' voluntary liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of
transactions) of all or substantially all the Company's assets; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the US Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement;

**Companies Act** means the Companies Act 1981, as amended;

**Control** means, in respect of any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AA) cast, or control the casting of, more than one-half of the maximum
number of votes that might be cast at a general or other meeting of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BB) appoint or remove all, or the majority, of the directors or other equivalent officers of such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CC) give directions with respect to the operating and financial policies of such person which the directors or
other equivalent officers of such person are obliged to comply with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the holding of more than one-half of the issued share capital of such
person (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) being the general partner and/or managing member and/or fund manager of such person, and references to any
person obtaining or maintaining Control shall include circumstances where two or more persons, pursuant to an agreement or understanding (whether formal or informal, acting in concert), actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in a person or otherwise, to obtain or maintain Control;

**Court** means the Supreme Court of Bermuda;

**Disinterested Director** means a director of the Company who is not or was not a party to a Proceeding in respect of which indemnification is sought by the Indemnitee;

**Indemnifiable Event** means any event or occurrence related to the fact that the Indemnitee is or was a director or officer of the Company, or by reason of an action or inaction by the Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement);

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**Independent Counsel** means a

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) law firm or member(s) of a law firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) King's Counsel, in either case selected in accordance with the terms of this Agreement that neither is
presently nor in the past three years has been retained to represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AA) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters
concerning the rights of Indemnitee under this Agreement or of other directors or officers under similar indemnification agreements); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BB) any other party to a Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the
foregoing, the term **Independent Counsel** shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an
action to determine the Indemnitee's right to indemnification under this Agreement;

**Loss(es)** means any and all expenses (including attorneys' fees and disbursements), judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection therewith) actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection with any Proceeding (including, but not limited to, the investigation, defence, settlement or appeal thereof).

**Parties** means the parties to this Agreement collectively, and **Party** means any one of them;

**Prior Agreement** means that certain Deed of Indemnity, by and between Cushman & Wakefield plc and Indemnitee, effective as of [DATE]

**Proceeding** means any action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding whether civil, criminal, administrative or investigative and whether formal or informal; and

**Voting Securities** means shares of any series or class of common shares or preferred shares of the Company in each case entitled to vote generally upon all matters that may be submitted to a vote of shareholders of the Company at any annual or special meeting thereof.

1.2 In this Agreement unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to statutory provisions shall be construed as references to those provisions as amended or re-enacted or as their application is modified by other provisions from time to time and shall include references to any provisions of which they are re-enactments (whether with or without modification) and
regulations and other statutory instruments issued thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to Sections and schedules are references to Sections hereof and schedules hereto; references to sub- sections are, unless otherwise stated, references to sub-sections of the clause of the schedule in which the reference appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to the singular shall include the plural and vice versa and references to the masculine shall
include the feminine and/or neuter and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to persons shall include companies, partnerships, associations and bodies of persons, whether
incorporated or unincorporated.

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2. **AGREEMENT TO SERVE** 

In consideration of the indemnification provided hereby, the Indemnitee agrees to serve as a director or officer (as applicable) of the Company; <u>provided</u>, <u>however</u>, that this Agreement does not create or otherwise establish any right on the part of the Indemnitee to be and continue to be elected or appointed a director or officer of, the Company and does not create an employment contract between the Company and the Indemnitee.

3. **INDEMNITY** 

3.1 Subject to Section 10, the Company will, to the fullest extent permitted by Bermuda law, indemnify the
Indemnitee with respect to any Indemnifiable Event if the Indemnitee is a party or is threatened to be made a party to any threatened or pending Proceeding, including a Proceeding brought by or in the right of the Company, by reason of (or arising
in part out of) Indemnitee's capacity as director or officer of the Company. Notwithstanding any other provision of this Agreement, other than Section 10, the Indemnitee shall, to the fullest extent permitted by applicable law, be
indemnified against all expenses (including attorneys' fees and disbursements), judgments, penalties, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection therewith) actually
and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection with any Proceeding (including, but not limited to, the investigation, defence, settlement or appeal thereof). For the avoidance of doubt, such
indemnification shall apply to any such Proceeding where judgement is given in Indemnitee's favour, those in which Indemnitee is acquitted, or in respect of those in which relief is granted to Indemnitee by the Court under section 281 of the
Companies Act. Payment for indemnification under this Section 3 shall, unless otherwise stated herein, be made as soon as practicable, but in no event later than 30 calendar days after written demand is presented to the Company by Indemnitee in
a manner reasonably satisfactory to the Company.

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3.2 Subject to Section 10, the Company shall indemnify the Indemnitee for such portion of the expenses
(including attorneys' fees), witness fees, damages, judgments, fines and amounts paid in settlement and any other amounts that the Indemnitee becomes legally obligated to pay in connection with any Proceeding referred to in Section 3.1 in
respect of which the Indemnitee is entitled to indemnification hereunder, even if the Indemnitee is not entitled to indemnification hereunder for the total amount thereof; <u>provided</u>, <u>however</u>, that, notwithstanding any other provision of
this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise in defence of any or all Proceedings relating in whole or in part to an Indemnifiable Event or in defence of any issue or matter therein, the Indemnitee
shall, subject to Section 10 be indemnified against all expenses incurred in connection therewith.

3.3 Without limiting the scope of the indemnity provided under any other provision of this Agreement, if the
Indemnitee has reason to apprehend that any claim will or might be made against such Indemnitee in respect of any negligence, default, breach of duty or breach of trust, Indemnitee may apply to the Court for relief pursuant to section 281 of the
Companies Act and, to the extent that the Court relieves such Indemnitee, either wholly or partly, from such Indemnitee's liability in accordance with section 281 of the Companies Act, the Indemnitee shall be indemnified against any liability
incurred by such Indemnitee in defending any Proceedings in accordance with paragraph 98(2)(b) of the Companies Act.

3.4 In accordance with Section 8, the rights of Indemnitee hereunder shall be in addition to any other rights
Indemnitee may have under or pursuant to the Company's bye-laws or under applicable law, or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits
greater indemnification by agreement than would be afforded currently under or pursuant to the Company's bye-laws or this Agreement, it is the intent of the Parties that Indemnitee shall enjoy by this
Agreement, the greater benefits so afforded by such change without a formal amendment hereto.

4. **INDEMNIFICATION FOR EXPENSE AS A WITNESS** 

Subject to Section 10, to the extent that the Indemnitee is, by reason of the Indemnitee's capacity as director or officer (as applicable), a witness in any Proceeding, the Indemnitee shall be indemnified by the Company against all expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf in connection therewith, including in any investigation related thereto (including the attorneys' fees and disbursements).

5. **DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION** 

5.1 The Indemnitee shall request indemnification pursuant to this Agreement by notice in writing to the chief legal
officer of the Company (the **Indemnity Notice**). The chief legal officer shall, promptly upon receipt of the Indemnity Notice, advise the Board in writing that the Indemnitee has made such request for indemnification. Upon making such request
for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder, and the Company shall have the burden of proof in the making of any determination contrary to such presumption.

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5.2 Upon written request by the Indemnitee for indemnification pursuant to the terms and conditions of this
Agreement, the entitlement of the Indemnitee to such indemnification shall be determined by the following person or persons who shall be empowered to make such determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board, by a majority vote of the Disinterested Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event that (i) there are no Disinterested Directors or (ii) a Change in Control shall have
occurred (other than a Change in Control which has been approved by a majority of the members of the Board who were directors immediately prior to such Change in Control), then by Independent Counsel in a written opinion to the Board, a copy of
which shall be delivered to the Indemnitee.

5.3 For purposes of Section 5.2, Independent Counsel shall be selected by the Board and reasonably approved by
the Indemnitee; <u>provided</u>, <u>that</u> following a Change in Control, Independent Counsel will be selected by the Indemnitee and reasonably approved by the Disinterested Directors (or, if there are no Disinterested Directors, by the Board).
Upon any failure of Independent Counsel to be selected and approved as aforesaid within 15 calendar days of the date of receipt of the Indemnity Notice, such Independent Counsel shall be selected by a single arbitrator pursuant to the rules of the
American Arbitration Association. Such determination of entitlement to indemnification shall be made not later than 30 calendar days after receipt by the Company of the Indemnity Notice. Such request shall include documentation or information which
is necessary for such determination and which is reasonably available to the Indemnitee. Any expenses (including attorneys' fees) incurred by the Indemnitee in connection with the Indemnitee's request for indemnification hereunder shall
be borne by the Company irrespective of the outcome of the determination of the Indemnitee's entitlement to indemnification. If the person or persons making such determination shall determine that the Indemnitee is entitled to indemnification
as to part (but not all) of the application for indemnification, such persons may reasonably prorate such partial indemnification among such claims, issues or matters in respect of which indemnification is requested.

6. **ADVANCEMENT OF EXPENSES** 

All reasonable expenses incurred by the Indemnitee (including attorneys' fees, retainers and advances of disbursements required of the Indemnitee) shall be paid by the Company in advance of the final disposition of any Proceeding at the request of the Indemnitee as promptly as possible, and in any event within ten (10) Business Days after the receipt by the Company of a statement or statements from the Indemnitee requesting such advance or advances from time to time. The Indemnitee's entitlement to such expenses shall include those incurred in connection with any Proceeding by the Indemnitee seeking an adjudication or award in arbitration pursuant to this Agreement. Such statement or statements shall reasonably evidence the expenses incurred by the Indemnitee in connection therewith and shall include or be accompanied by an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately determined that the Indemnitee is not entitled to be indemnified under this Agreement. The Company shall have the burden of proof in any determination under this Section 6. No amounts advanced hereunder shall be deemed an extension of credit by the Company to the Indemnitee.

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7. **REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO ADVANCE EXPENSES** 

7.1 In the event that: (a) a determination is made that the Indemnitee is not entitled to indemnification
hereunder; (b) payment has not been timely made following a determination of entitlement to indemnification pursuant to Section 5; or (c) expenses are not advanced pursuant to Section 6, the Indemnitee shall be entitled to apply
to the Court or any other court of competent jurisdiction for a determination of the Indemnitee's entitlement to such indemnification or advance.

7.2 Alternatively to Section 7.1, the Indemnitee, at the Indemnitee's option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the rules of the American Arbitration Association, such award to be made within 60 days following the filing of the demand for arbitration. The Company shall not oppose the
Indemnitee's right to seek any such adjudication or award in arbitration or any other claim.

7.3 A judicial proceeding or arbitration pursuant to this Section 7 shall be made de novo and the Indemnitee
shall not be prejudiced by reason of a determination otherwise made hereunder (if so made) that the Indemnitee is not entitled to indemnification. Subject to Section 10, if a determination is made pursuant to the terms of Section 5 that
the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid,
binding and enforceable. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification hereunder, the Company shall pay all or such portion as the court or arbitrator determines of the reasonable expenses
(including attorneys' fees and disbursements) actually incurred by the Indemnitee in connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings).

8. **OTHER RIGHTS TO INDEMNIFICATION** 

8.1 The indemnification and advancement of expenses (including attorneys' fees) provided by this Agreement
shall not be deemed exclusive of any other right to which the Indemnitee may now or in the future be entitled under any provision of the Company's bye-laws, any agreement, vote of shareholders, the Board
or Disinterested Directors, provision of law, or otherwise; <u>provided</u>, <u>however</u>, that: (a) this Agreement supersedes any other agreement that has been entered into by the Company with the Indemnitee which has as its principal
purpose the indemnification of the Indemnitee; and (b) where the Company may indemnify the Indemnitee pursuant to either this Agreement or the bye-laws of the Company, the Company may indemnify the
Indemnitee under either this Agreement or the bye-laws but the Indemnitee shall, in no case, be indemnified by the Company in respect of any expense, liability or cost of any type for which payment is or has
been actually made to the Indemnitee under any insurance policy, indemnity clause, bye- law or agreement, except in respect of any excess beyond such payment.

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9. **ATTORNEYS ' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT** 

In the event that the Indemnitee is subject to or intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee's rights under, or to recover damages for breach of, this Agreement the Indemnitee, if the Indemnitee prevails in whole or in part in such action, shall be entitled to recover from the Company and shall be indemnified by the Company against, any actual expenses for attorneys' fees and disbursements reasonably incurred by the Indemnitee.

10. **LIMITATION OF INDEMNIFICATION** 

Notwithstanding any other terms of this Agreement, nothing herein shall indemnify the Indemnitee against, or exempt the Indemnitee from, any liability in respect of the Indemnitee's fraud or dishonesty.

11. **LIABILITY INSURANCE** 

To the extent the Company maintains an insurance policy or policies for directors' and officers' liability insurance, the Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any person who is a director or officer of the Company.

12. **DURATION OF AGREEMENT** 

This Agreement shall apply to any request or claim for indemnification made hereunder by the Indemnitee, even if the Indemnitee is no longer a director or officer of the Company.

13. **NOTICE OF PROCEEDINGS BY INDEMNITEE** 

13.1 The Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation,
subpoena, originating process, complaint, indictment, information or other document relating to any Proceeding which may be subject to indemnification hereunder; provided, however, that the failure to so notify the Company will not relieve the
Company from any liability it may have to the Indemnitee except to the extent that such failure materially prejudices the Company's ability to defend such claim. With respect to any such Proceeding as to which the Indemnitee notifies the
Company of the commencement thereof and to the extent permitted under Bermuda Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company will be entitled to participate therein at its own expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as otherwise provided below, the Company jointly with any other indemnifying party similarly notified
will be entitled to assume the defence thereof, with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defence thereof, the Company will not be liable to the
Indemnitee under this Agreement for any legal or other expenses subsequently incurred by the Indemnitee in connection with the defence thereof other than reasonable costs of investigation or as otherwise provided herein. The Indemnitee shall have
the right to employ the Indemnitee's own counsel in such Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defence thereof shall be at the expense of the Indemnitee and not
subject to indemnification hereunder unless: (a) the employment of counsel by the Indemnitee has been authorized by the Company; (b) in the reasonable opinion of counsel to the Indemnitee there is or may be a conflict of interest between
the Company and the Indemnitee in the conduct of the defence of such Proceeding; or (c) the Company shall not in fact have employed counsel to assume the defence of such action, in each of which cases, subject to Section 10, the fees and
expenses of counsel shall be at the expense of the Company. If, however, the Company provides notice to the Indemnitee of the Company's election not to assume the defence thereof, the Indemnitee shall have the right to employ counsel, which is
reasonably acceptable to the Company, in such Proceeding and to control the defence thereof with the fees and expenses of such counsel to be at the expense of the Company, subject to Section 10.

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13.2 Neither the Company nor the Indemnitee shall settle or compromise or consent to entry of judgment with respect
to any claim without the prior written consent of the other which shall not be unreasonably withheld); <u>provided</u>, <u>however</u>, that if the Company has assumed the defence in a Proceeding and has acknowledged that Indemnitee is entitled to
indemnity hereunder, the Company may settle or compromise a claim or consent to entry of judgment without the Indemnitee's consent so long as such settlement, compromise or judgment (a) only involves the payment of money damages, and the
Company has acknowledged its obligation to pay such amount in full and (b) includes an unconditional written release of Indemnitee by the claimant.

14. **OWNERSHIP OF COMPANY RECORDS** 

14.1 The Indemnitee acknowledges that ownership of the copies of all documents and records relating to the business
of the Company (**Company Records**) provided by the Company at any time is that of the Company.

14.2 The Indemnitee acknowledges that some of the information contained in the Company Records provided by the
Company may be confidential to the Company (**Confidential Information**) and covenants that they will not disclose Confidential Information to third parties without the prior written consent of the Company.

14.3 Notwithstanding Section 14.2, the Indemnitee may disclose Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Indemnitee's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) experts (including without limitation, legal or financial advisors) as is necessary for the purpose of
obtaining advice or conducting proceedings relating to any matter which may become the subject of a claim under this agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insurer or prospective insurer in connection with and as is necessary for effecting, maintaining or complying
with the terms of an insurance policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if required by contract to which the Company is a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under compulsion of law;

providing that the Indemnitee shall only provide such information on the basis that, and shall himself or herself use his or her best endeavours to ensure that, the party receiving the Confidential Information agrees to keep the Confidential Information confidential.

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15. **INDEMNITEE ' S RIGHT TO HAVE ACCESS TO COMPANY RECORDS** 

15.1 In the event that and for the purposes of any proceeding or written threat of a proceeding in respect of which
a claim may be made under this Indemnity is made against the Indemnitee, the Indemnitee is entitled, subject to clause 15.2, to have access to and inspect and take copies (at their own expense) of the books and records of the Company and any other
documents under its control which are relevant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indemnitee serving as a director or officer (as applicable) of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any claim made against the Indemnitee in relation to matters arising in the course of the Indemnitee acting in
connection with the affairs of the Company or otherwise concerning or relating to the Indemnitee serving as a director or officer (as applicable) of the Company.

15.2 The Company acknowledges that nothing contained in clause 15.1 shall prejudice any existing Indemnitee
entitlement to have access to and inspect the books and records of the Company and any other documents under its control which are required in connection with the performance of their duties, responsibilities and obligations as a director or officer
(as applicable) of the Company.

15.3 The rights of the Indemnitee under clause 15.1 do not apply to books, records or documents in respect of which
the Company receives legal advice that disclosure may cause substantial or material prejudice to the interests of the Company or in respect of which the Company is under a duty of confidentiality.

16. **MISCELLANEOUS** 

16.1 This Agreement shall become effective on [DATE].

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16.2 Notwithstanding the expiration or termination of this Agreement howsoever arising, such expiration or
termination shall not operate to affect such of the provisions hereof as are expressed or intended to remain in full force and effect.

16.3 If any of the sections, conditions, covenants or restrictions of this Agreement or any deed or document
emanating from it shall be found to be void but would be valid if some part thereof were deleted or modified, then such section, condition, covenant or restriction shall apply with such deletion or modification as may be necessary to make it valid
and effective so as to give effect as nearly as possible to the intent manifested by such section, condition, covenant or restriction.

16.4 This Agreement shall be binding upon the Company and its successors and assigns (including any transferee of
all or substantially all of its assets and any successor or resulting company by merger, amalgamation or operation of law) and shall inure to the benefit of the Indemnitee and the Indemnitee's spouse, assigns, heirs, estate, devises,
executors, administrators or other legal representatives.

16.5 This Agreement, together with any documents referred to herein, contains the whole agreement between the
Parties in respect of the subject matter of this Agreement and supersedes and replaces any prior indemnification arrangement between the Company and the Indemnitee, and any prior written or oral agreements, representations or understandings between
them relating to such subject matter. The Parties confirm that they have not entered into this Agreement on the basis of any representation that is not expressly incorporated in this Agreement. Without limiting the generality of the foregoing,
neither Party shall have any remedy in respect of any untrue statement made to such Party upon which such Party may have relied in entering into this Agreement, and a Party's only remedy is for breach of contract. However, nothing in this
Agreement purports to exclude liability for any fraudulent statement or act.

16.6 No provision in this Agreement may be amended unless such amendment is agreed to in writing, signed by the
Indemnitee and by a duly authorized officer of the Company. No waiver by either Party of any breach by the other Party of any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by the Indemnitee or a duly authorized officer of the Company, as the case may be.

16.7 The Company shall not be liable under this Agreement to make any payment in connection with any claim made
against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, by law or otherwise) of the amounts otherwise indemnifiable hereunder.

16.8 In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to
bring action to enforce such rights.

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16.9 Indemnitee agrees and acknowledges that, in consideration of such agreements and covenants of Company contained
herein, the Prior Agreement is hereby superseded in its entirety by this Agreement, and Indemnitee agrees to waive any and all such rights under the Prior Agreement.

17. **NOTICES** 

Any notice required to be given hereunder shall be in writing in the English language and shall be served by sending the same by prepaid recorded post, national overnight courier, electronic mail or by delivering the same by hand to the address of the Party or Parties in question as set out below (or such other address as such Party or Parties shall notify the other Parties of in accordance with this section). Any notice sent by (i) post as provided in this section shall be deemed to have been served 5 Business Days after dispatch, (ii) national overnight courier as provided in this section shall be deemed to have been served on the next Business Day following dispatch, and (iii) or electronic mail as provided in this section shall be deemed to have been served at the time of dispatch, and in proving the service of the same it will be sufficient to prove in the case of a letter or overnight courier package, that it was properly stamped, addressed and placed in the post or delivered to such courier service, as applicable; and in the case of an electronic mail that such electronic mail was duly dispatched to a current electronic mail address, as applicable, of the addressee. Notice delivered by hand will be deemed duly given upon delivery.

<u>COMPANY</u>

**Name:** Cushman & Wakefield Ltd.

**Address:**

c/o

225 W Wacker Drive #3000

Chicago, Illinois 60606

**Attention:** Chief Legal Officer

**Email:** Noelle.Perkins@cushwake.com

<u>INDEMNITEE</u>

**Email:**

18. **HEADINGS** 

The headings in this Agreement are inserted for convenience only and shall not affect the construction of this Agreement.

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19. **COUNTERPARTS** 

This Agreement may be executed in any number of counterparts, each of which when executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of a counterpart signature page by e-mail transmission of .PDF (or similar electronic record) shall be effective as delivery of an executed counterpart signature page.

20. **GOVERNING LAW** 

The terms and conditions of this Agreement and the rights of the parties hereunder shall be governed by and construed in all respects in accordance with the laws of the Islands of Bermuda. The parties to this Agreement hereby irrevocably agree that the courts of Bermuda shall have non-exclusive jurisdiction in respect of any Agreement Proceedings and waive any objection to Agreement Proceedings in the courts of Bermuda on the grounds of venue or on the basis that the Agreement Proceedings have been brought in an inconvenient forum.

[Remainder of page intentionally left blank]

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**IN WITNESS WHEREOF** the Parties have duly executed this Agreement on the date stated at the beginning of it.

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|:---|:---|
| By: |  |
| Name: |  |
| Position: |  |
|  | **[DIRECTOR NAME]** |

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## Exhibit 10.2

**Exhibit 10.2** 

**COMPENSATION PLAN AGREEMENT** 

**THIS COMPENSATION PLAN AGREEMENT** (this "<u>Agreement</u>") dated as of November 27, 2025 is between Cushman & Wakefield plc, a public limited company incorporated under the law of England and Wales ("<u>Shareholder</u>"), Cushman & Wakefield Ltd., a Bermuda exempted company ("<u>Cushman</u>"), Cushman & Wakefield Global, Inc., a Delaware corporation. All capitalized terms used in this Agreement and not defined herein have the respective meanings ascribed to them in the definitive proxy statement of Shareholder, filed with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on September 4, 2025 (the "<u>Proxy Statement</u>").

**RECITALS** 

**WHEREAS**, pursuant to the Scheme and Proxy Statement, at the Effective Date, the parent company of Shareholder group will redomicile from England and Wales to Bermuda (the "<u>Redomiciliation</u>");

**WHEREAS**, in connection with the Redomiciliation, (A) Shareholder will transfer (including sponsorship of) to Cushman, and Cushman will assume (including sponsorship of), Shareholder's equity compensation plans listed in <u>Exhibit A</u> and any subplans, appendices or addendums thereto (the "<u>Shareholder Equity Compensation Plans</u>") and all obligations of Shareholder pursuant to each stock option (a "<u>Shareholder Option</u>") to purchase Shareholder's ordinary shares of $0.10 nominal value ("<u>Shareholder Stock</u>") and each right to acquire or vest in a share of Shareholder Stock (a "<u>Shareholder Stock Unit</u>" and each of a Shareholder Option and a Shareholder Stock Unit, a "<u>Shareholder Equity Award</u>") that is outstanding immediately prior to the Effective Date and (i) issued under the Shareholder Equity Compensation Plans and underlying grant agreements (each such grant agreement, a "<u>Shareholder Equity Award Grant Agreement</u>" and such grant agreements together with the Shareholder Equity Compensation Plans, the "<u>Shareholder Equity Compensation Plans and Agreements</u>") or (ii) granted by Shareholder outside of the Shareholder Equity Compensation Plans and Agreements pursuant to Section 303A.08 of the NYSE Listed Company Manual, all upon the terms and subject to the conditions set forth in the Proxy Statement and this Agreement, and (B) each such Shareholder Equity Award will be converted into (i) with respect to each Shareholder Stock Unit, a right to acquire or vest in Cushman's common shares, par value $0.10 per share ("<u>Cushman Stock</u>") or (ii) with respect to a Shareholder Option, an option to purchase a share of Cushman Stock at an exercise price per share equal to the exercise price per share of Shareholder Stock subject to such Shareholder Option immediately prior to the Effective Date;

**WHEREAS**, Shareholder maintains the Cushman & Wakefield plc Executive Deferred Compensation Plan (the "<u>Deferred Compensation Plan</u>");

**WHEREAS**, Shareholder maintains the Cushman & Wakefield plc Clawback Policy, dated November 1, 2023 (the "<u>Clawback Policy</u>");

**WHEREAS**, Shareholder is party to those certain letter agreements listed in Exhibit B hereto (the "<u>Letter Agreements</u>");

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**WHEREAS**, the Board of Directors of Shareholder has determined that it is in the best interests of Shareholder and its shareholders for Shareholder to enter into this Agreement; and

**WHEREAS**, the Board of Directors of Cushman has determined that it is in the best interests of Cushman and its shareholders for Cushman to enter into this Agreement;

**NOW, THEREFORE**, for good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, Shareholder and Cushman hereby agree as follows:

**I.** 

**EQUITY PLANS AND AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to and as of the Effective Date, Shareholder will assign to Cushman and Cushman will assume and perform, from and after the Effective Date, all of the obligations of Shareholder pursuant to the Shareholder Equity Compensation Plans and Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to and as of the Effective Date, (A) Shareholder will assign to Cushman and Cushman will assume each Shareholder Equity Award that is outstanding and unexercised, unvested and not yet paid or payable immediately prior to the Effective Date (i) issued under the Shareholder Equity Compensation Plans and Agreements or (ii) granted by Shareholder outside of the Shareholder Equity Compensation Plans and Agreements pursuant to Section 303A.08 of the NYSE Listed Company Manual and (B) each such Shareholder Equity Award shall be converted into (i) with respect to each Shareholder Stock Unit, a right to acquire or vest in, on otherwise the same terms and conditions as were applicable under the applicable Shareholder Equity Compensation Plan and/or Shareholder Equity Award Grant Agreement (as modified herein), a share of Cushman Stock with the same rights and privileges applicable to the share of Shareholder Stock subject to such Shareholder Stock Unit immediately prior to the Effective Date and (ii) with respect to a Shareholder Option, an option to purchase, on otherwise the same terms and conditions as were applicable under the applicable Shareholder Equity Compensation Plan and/or Shareholder Equity Award Grant Agreement (as modified herein), a share of Cushman Stock with the same rights and privileges applicable to the share of Shareholder Stock subject to such Shareholder Option immediately prior to the Effective Date, at an exercise price per share equal to the exercise price per share of Shareholder Stock subject to such Shareholder Option immediately prior to the Effective Date. All Shareholder Options shall be adjusted and converted in accordance with the requirements of Section 424 of the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At the Effective Date, the Shareholder Equity Awards, the Shareholder Equity Compensation Plans and Agreements and any provision of any other compensatory plan, agreement or arrangement providing for the grant or issuance of Shareholder Stock shall each be automatically deemed to be amended, to the extent necessary or appropriate, to provide that references to Shareholder in such awards, documents and provisions shall be read to refer to Cushman and references to Shareholder Stock in such awards, documents and provisions shall be read to refer to Cushman Stock. Cushman and Shareholder agree to (A) prepare and execute all amendments to the Shareholder Equity Compensation Plans and Agreements, Shareholder Equity Awards and other documents necessary to effectuate Cushman's assumption of the Shareholder Equity Compensation Plans and Agreements and outstanding Shareholder Equity Awards, (B) provide notice of such assumption to holders of such Shareholder Equity Awards, and (C) submit any required filings with the SEC in connection with same.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On or prior to the Effective Date, Cushman shall reserve sufficient shares of Cushman Stock to provide for the issuance of Cushman Stock to satisfy Cushman's obligations under this Agreement with respect to the Shareholder Equity Compensation Plans and Agreements and Shareholder Equity Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shareholder and Cushman agree that the Redomiciliation does not constitute a "Change in Control" under the Shareholder Equity Compensation Plans and Agreements or the Shareholder Equity Awards, as such term is defined therein.

**II.** 

**DEFERRED COMPENSATION PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to and as of the Effective Date, Shareholder will assign to Cushman and Cushman will assume and perform, from and after the Effective Date, all of the obligations of Shareholder pursuant to the Deferred Compensation Plan (including, for the avoidance of doubt, any outstanding and valid deferral elections made pursuant to the Deferred Compensation Plan and any obligations in respect of any Deferred Stock Account (as such term is defined therein)), noting that no assets of Cushman shall be held in any way as collateral security for the fulfilling of the obligations of Cushman, any and all of Cushman's assets shall be, and remain, the general unpledged, unrestricted assets of Cushman, subject to the claims of Cushman's general creditors and that Cushman's obligation as to the Deferred Compensation Plan shall be merely that of an unfunded and unsecured promise of Cushman to pay money in the future, and the rights of any participants or beneficiaries of the Deferred Compensation Plan shall be no greater than those of unsecured general creditors of Cushman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At the Effective Date, the Deferred Compensation Plan (and any outstanding and valid deferral elections) shall be automatically deemed to be amended, to the extent necessary or appropriate, to provide that references to Shareholder shall be read to refer to Cushman and that references to "Common Stock" (including in respect of any Deferred Stock Account) will refer to shares of Cushman Stock. Cushman and Shareholder agree to prepare and execute all amendments to the Deferred Compensation Plan and other documents necessary to effectuate Cushman's assumption of the Deferred Compensation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shareholder and Cushman agree that the Redomiciliation does not constitute a "Change in Control" under the Deferred Compensation Plan, as such term is defined therein.

**III.** 

**CLAWBACK POLICY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to and as of the Effective Date, Cushman will assume and administer, from and after the Effective Date, the Clawback Policy. Cushman and Shareholder agree to prepare and execute all amendments to the Clawback Policy and other documents necessary to effectuate Cushman's assumption of the Clawback Policy.

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**IV.** 

**OFFER LETTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to and as of the Effective Date, Shareholder will assign to Cushman & Wakefield Global, Inc., and Cushman & Wakefield Global, Inc. will assume and perform, from and after the Effective Date, all of the obligations of Shareholder pursuant to the Letter Agreements. Cushman & Wakefield Global, Inc. and Shareholder agree to prepare and execute all amendments to the Letter Agreements and other documents necessary to effectuate Cushman & Wakefield Global, Inc.'s assumption of the Letter Agreements.

**V.** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of Shareholder and Cushman will, from time to time and at all times hereafter, upon every reasonable request to do so by any other party hereto, make, do, execute and deliver, or cause to be made, done, executed and delivered, all such further acts, deeds, assurances and things as may be reasonably required or necessary in order to further implement and carry out the intent and purpose of this Agreement.

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IN WITNESS WHEREOF, the undersigned have executed this Compensation Plan Agreement as of the date first written above.

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| | |
|:---|:---|
| **SHAREHOLDER** | **SHAREHOLDER** |
| By: | /s/ Steven Belew<br> Steven Belew, Authorised Person, for and on behalf of Cushman & Wakefield plc |
| **CUSHMAN & WAKEFIELD LTD.** | **CUSHMAN & WAKEFIELD LTD.** |
| By: | /s/ Noelle Perkins<br> Name: Noelle Perkins |
|  | Title: Executive Vice President, Chief Legal Officer & Secretary |
| **CUSHMAN & WAKEFIELD GLOBAL, INC.** | **CUSHMAN & WAKEFIELD GLOBAL, INC.** |
| By: | /s/ Steven Belew<br> Name: Steven Belew |
|  | Title: Assistant Secretary |

---

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**<u>Exhibit A</u>** 

<u>Equity Plans</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cushman & Wakefield plc Second Amended & Restated 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cushman & Wakefield plc Third Amended & Restated 2018 Omnibus Management Share and Cash
Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTZ Jersey Holdings Limited Management Equity Incentive Plan

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**<u>Exhibit B</u>**

<u>Letter Agreements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offer Letter by and between Cushman and Michelle MacKay, dated May 4, 2023, as subsequently modified on
March 12, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offer Letter by and between Cushman and Andrew McDonald, dated May 4, 2023

## Exhibit 10.3

**Exhibit 10.3** 

**CUSHMAN & WAKEFIELD LTD.** 

**FOURTH AMENDED & RESTATED** 

**OMNIBUS MANAGEMENT SHARE AND CASH INCENTIVE PLAN** 

**(Amended and Restated effective as of November 27, 2025)** 

1. <u>Purpose of the Plan</u> 

This Plan is intended to promote the interests of the Company and its shareholders by providing certain employees, consultants or independent contractors of the Company with incentives and rewards to encourage them to continue in the service of the Company.

2. <u>Definitions</u> 

As used in the Plan or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Affiliate" means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Award Agreement" means a written or electronic agreement, in a form determined by the Committee from time to time, entered into by each Participant and the Company, evidencing the grant of an Incentive Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Board of Directors" means the Board of Directors of C&W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "C&W" means Cushman & Wakefield Ltd., an exempted company incorporated under the laws of Bermuda and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Cash Incentive Award" means an award granted to a Participant pursuant to Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Change in Control" means, unless otherwise defined in the Award Agreement, (i) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)), other than C&W or any employee benefit plan sponsored by C&W, acquires ownership of shares of C&W that, together with shares held by such Person or group, constitutes more than 50 percent of the total fair market value or total Voting Power of the shares of C&W; (ii) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)) other than C&W or any employee benefit plan sponsored by C&W acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of shares of C&W possessing 30 percent or more of the total Voting Power of the shares of C&W; (iii) a majority of members of the Board of Directors is replaced during any 36-month period by directors whose appointment or election is (x) not endorsed by a majority of the members of the Board of Directors before the date of each appointment or election or (y) approved in connection with any actual or threatened contest for election to positions on the Board of Directors; (iv) any one Person, or more than one Person acting as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or (v) the consummation of a merger, consolidation, reorganization or similar transaction with or into C&W or in which securities of C&W are issued, as a result of which the holders of Voting Securities of C&W immediately before such event own, directly or indirectly, immediately after such event less than 50% of the combined Voting Power of the outstanding Voting Securities of the parent corporation resulting from, or issuing its Voting Securities as part of, such event. For purposes of subsection (iv), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Notwithstanding the foregoing, an event described herein shall be considered a "Change in Control" for distribution or payment purposes only if it constitutes a "change in control event" under Section 409A of the Code, to the extent necessary to avoid adverse tax consequences thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Code" means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Committee" means the Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Common Shares" means C&W's common shares, par value $0.10 per share, or any other security into which the Common Shares shall be changed pursuant to the adjustment provisions of Section 9 of the Plan, or instruments representing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Company" means C&W and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Deferred Compensation Plan" means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Effective Date" means the date set forth in Section 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Employment" means the period during which an individual is classified or treated by the Company as an employee, consultant or independent contractor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Exchange Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Fair Market Value" means, with respect to a Common Share, as of the applicable date of determination or if the exchange is not open for trading on such date, the immediately preceding day on which the exchange is open for trading, the closing price as reported on the date of determination on the principal securities exchange on which Common Shares are then listed or admitted to trading. In the event that the price of a Common Share shall not be so reported, the Fair Market Value of a Common Share shall be determined by the Committee in its sole discretion taking into account the requirements of Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Incentive Award" means one or more Share Incentive Awards and/or Cash Incentive Awards, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Option" means a stock option to purchase Common Shares granted to a Participant pursuant to Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Other Share-Based Award" means an award granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Participant" means an employee, consultant or independent contractor of the Company who is eligible to participate in the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such Person, his successors, heirs, executors and administrators, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Person" means a "person" as such term is used in Section 13(d) and 14(d) of the Exchange Act, including any "group" within the meaning of Section 13(d)(3) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Plan" means this Fourth Amended & Restated Omnibus Management Share and Cash Incentive Plan, as it may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Securities Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Share Incentive Award" means an Option or Other Share-Based Award granted pursuant to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Subsidiary" means any "subsidiary" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "Substitute Award" means Incentive Awards that result from the assumption of, or are in substitution for, outstanding awards previously granted by a company or other entity acquired, directly or indirectly, by C&W or one of its Subsidiaries or with which C&W or one of its Subsidiaries combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "Voting Power" means the number of votes available to be cast (determined by reference to the maximum number of votes entitled to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting Securities vote together as a single class) by the holders of Voting Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Voting Securities" means any securities or other ownership interests of an entity entitled, or which may be entitled, to vote on the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for, such Voting Securities, whether or not subject to the passage of time or any contingency.

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3. <u>Shares Subject to the Plan</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shares Subject to the Plan</u>

The maximum number of Common Shares that may be covered by Incentive Awards granted under the Plan shall not exceed 9,425,608 Common Shares in the aggregate. Out of such aggregate, the maximum number of Common Shares that may be covered by Options that are designated as "incentive stock options" within the meaning of Section 422 of the Code shall not exceed 9,425,608 Common Shares. The maximum number of shares referred to in the preceding sentences of this Section 3 shall in each case be subject to adjustment as provided in Section 9 and the following provisions of this Section 3. Of the shares described, 100% may be delivered in connection with "full-value Awards," meaning Incentive Awards other than Options or stock appreciation rights. Any shares granted under any Incentive Awards shall be counted against the share limit on a one-for-one basis. Any Incentive Award under the Plan settled in cash shall not be counted against the foregoing maximum share limitations. Common Shares issued under the Plan may be unissued shares, treasury shares, shares purchased by the Company or by an employee benefit trust or similar vehicle in the open market, or any combination of the preceding categories as the Committee determines in its sole discretion.

Notwithstanding anything to the contrary contained herein, Common Shares subject to an Incentive Award under the Plan shall not again be made available for issuance or delivery under the Plan if such Common Shares are (i) Common Shares delivered, withheld or surrendered in payment of the exercise or purchase price of an Incentive Award or (ii) Common Shares delivered, withheld, or surrendered to satisfy any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Vesting Schedule</u>

A vesting period of at least one year shall apply to all Incentive Awards issued under the Plan; provided, that up to five percent of the Common Shares reserved for issuance under the Plan as of the Effective Date may be issued pursuant to Incentive Awards that do not comply with such minimum one-year vesting period.

4. <u>Administration of the Plan</u> 

The Plan shall be administered by a Committee of the Board of Directors consisting of two or more Persons, each of whom qualifies as a "non-employee director" (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), and as "independent" as required by NYSE or any security exchange on which the Common Shares are listed, in each case if and to the extent required by applicable law or necessary to meet the requirements of such Rule, Section or listing requirement at the time of determination. From time to time, the Board of Directors may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall, consistent with the terms of the Plan, from time to time designate those individuals who shall be granted Incentive Awards under the Plan and the amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts of such subcommittee shall be deemed to be acts of the Committee hereunder. The Committee may also from time to time authorize a subcommittee consisting of one or more members of the Board of Directors (including members who are employees of the Company) or employees of the Company to grant Incentive Awards to Persons who are not "executive officers" of the Company (within the meaning of Rule 16a-l under the Exchange Act), subject to such restrictions and limitations as the Committee may specify and to the requirements of applicable law.

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The Committee shall have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and any Award Agreement thereunder, and to adopt, amend and rescind from time to time such rules and regulations for the administration of the Plan, including rules and regulations related to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws, as the Committee may deem necessary or appropriate. Decisions of the Committee shall be final, binding and conclusive on all parties. For the avoidance of doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform manner among Participants.

The Committee may delegate the administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Agreements, to maintain records relating to Incentive Awards, to process or oversee the issuance of Common Shares under Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Incentive Awards under the Plan, provided that in no case shall any such administrator be authorized (i) to grant Incentive Awards under the Plan (except in connection with any delegation made by the Committee pursuant to the first paragraph of this Section 4), (ii) to take any action inconsistent with Section 409A of the Code or (iii) to take any action inconsistent with applicable law. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to the Committee shall include any such administrator. The Committee and, to the extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the Committee shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval, or modification by the Committee.

On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such Incentive Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant's Employment during which any such Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive Award or (iv) provide for the payment of dividends or dividend equivalents with respect to any such Incentive Award; provided, that the Committee shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Code. Notwithstanding anything herein to the contrary, except in connection with a Change in Control or as permitted under Section 9, the Company shall not, without the approval of the shareholders of C&W, (x) reduce, whether through amendment or otherwise, the exercise price of any outstanding Option or stock appreciation right or (y) grant any new Incentive Award or make any payment of cash to a Participant in substitution for, or upon the cancellation of, any outstanding Option or stock appreciation right when the exercise price of such Option or stock appreciation right exceeds the Fair Market Value of the underlying Common Shares.

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The Company shall pay any amount payable with respect to an Incentive Award in accordance with the terms of such Incentive Award, provided that the Committee may, in its discretion, defer, or give a Participant the election to defer, the payment of amounts payable with respect to an Incentive Award subject to and in accordance with the terms of a Deferred Compensation Plan.

No member of the Committee shall be liable for any action, omission, or determination relating to the Plan, and C&W shall indemnify and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such member, director or employee in bad faith and without reasonable belief that it was in the best interests of the Company.

5. <u>Eligibility</u> 

The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be those employees, consultants and independent contractors of the Company whom the Committee shall select from time to time, including officers of C&W, whether or not they are directors. Each Incentive Award granted under the Plan shall be evidenced by an Award Agreement.

6. <u>Options</u> 

The Committee may from time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. The Award Agreement shall clearly identify such Option as either an "incentive stock option" within the meaning of Section 422 of the Code or as not an incentive stock option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>

The exercise price per Common Share covered by any Option shall be not less than the greater of its nominal value and 100% of the Fair Market Value of a Common Share on the date on which such Option is granted, it being understood that the exercise price of an Option that is a Substitute Award may be less than the Fair Market Value per Common Share on the date such Substitute Award is assumed, provided that such substitution complies with applicable laws and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term and Exercise of Options</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Option shall become vested and exercisable on such date or dates, during such period and for such number of Common Shares as set forth in the Award Agreement; provided that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or the Award Agreement. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of ten years from the date such Option is granted; provided, however that the expiration of the Option (other than an "incentive stock option") may be tolled while the Participant cannot exercise such Option because an exercise would violate an applicable federal, state, local, or foreign law, or would jeopardize the ability of C&W to continue as a going concern, provided, further that the period during which the Option may be exercised is not extended more than 30 days after the exercise of the Option first would no longer violate such applicable federal, state, local, and foreign laws or jeopardize the ability of C&W to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Option shall be exercisable in whole or in part; provided, however that no partial exercise of an Option shall be for an aggregate exercise price of less than $1,000. The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Option shall be exercised by such methods and procedures as the Committee determines from time to time, including without limitation through net physical settlement or other method of cashless exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Special Rules for Incentive Stock Options</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The aggregate Fair Market Value of Common Shares with respect to which "incentive stock options" (within the meaning of Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year under the Plan and any other stock option plan of C&W or any of its "subsidiaries" (within the meaning of Section 424 of the Code) shall not exceed $100,000. Such Fair Market Value shall be determined as of the date on which each such incentive stock option is granted. In the event that the aggregate Fair Market Value of Common Shares with respect to such incentive stock options exceeds $100,000, then incentive stock options granted hereunder to such Participant shall, to the extent and in the order required by regulations promulgated under the Code (or any other authority having the force of regulations), automatically be deemed to be non-qualified stock options, but all other terms and provisions of such incentive stock options shall remain unchanged. In the absence of such regulations (and authority), or in the event such regulations (or authority) require or permit a designation of the Options which shall cease to constitute incentive stock options, incentive stock options granted hereunder shall, to the extent of such excess and in the order in which they were granted, automatically be deemed to be non-qualified stock options, but all other terms and provisions of such incentive stock options shall remain unchanged.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Incentive stock options may only be granted to individuals who are employees of the Company. No incentive stock option may be granted to an individual if, at the time of the proposed grant, such individual owns shares possessing more than ten percent of the total combined "voting power" (within the meaning of Section 422 of the Code) of all classes of shares of C&W or any of its "subsidiaries" (within the meaning of Section 424 of the Code), unless (i) the exercise price of such incentive stock option is at least 110% of the Fair Market Value of a Common Share at the time such incentive stock option is granted and (ii) such incentive stock option is not exercisable after the expiration of five years from the date such incentive stock option is granted.

7. <u>Other Share-Based Awards</u> 

The Committee may from time to time grant equity-based or equity-related awards not otherwise described herein in such amounts and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality of the preceding sentence, each such Other Share-Based Award may (i) involve the transfer of actual Common Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Common Shares, (ii) be subject to performance-based and/or service-based conditions, (iii) be in the form of stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units or share-denominated performance units, and (iv) be designed to comply with applicable laws of jurisdictions other than the United States; provided, that each Other Share-Based Award shall be denominated in, or shall have a value determined by reference to, a number of Common Shares that is specified at the time of the grant of such Incentive Award.

8. <u>Cash Incentive Awards</u> 

The Committee may from time to time grant Cash Incentive Awards on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Cash Incentive Awards may be settled in cash or in other property, including Common Shares, provided that the term "Cash Incentive Award" shall exclude any Option or Other Share-Based Award.

9. <u>Adjustment Upon Certain Changes</u> 

Subject to any action by the shareholders of C&W required by law, applicable tax rules or the rules of any exchange on which Common Shares of C&W are listed for trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shares Available for Grants</u>

In the event of any change in the number of Common Shares outstanding by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares, spin-off or similar corporate change or extraordinary cash dividend, the maximum aggregate number of Common Shares with respect to which the Committee may grant Incentive Awards, exercise or base price of any Option or stock appreciation right and the applicable performance targets or criteria shall be equitably adjusted or substituted by the Committee to prevent enlargement or reduction in rights granted under the Incentive Award. In the event of any change in the number of Common Shares of C&W outstanding by reason of any other event or transaction, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments to the type or number of Common Shares with respect to which Incentive Awards may be granted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Increase or Decrease in Issued Shares Without Consideration</u>

In the event of any increase or decrease in the number of issued Common Shares resulting from a subdivision or consolidation of Common Shares or the payment of a stock dividend (but only on the Common Shares), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration by the Company, the Committee shall, to the extent deemed appropriate by the Committee, adjust the type or number of Common Shares subject to each outstanding Incentive Award and the exercise price per Common Share of each such Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certain Mergers and Other Transactions</u>

In the event of any merger, consolidation or similar transaction as a result of which the holders of Common Shares receive consideration consisting exclusively of securities of the acquiring or surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, adjust each Incentive Award outstanding on the date of such merger or consolidation or similar transaction so that it pertains and applies to the securities which a holder of the number of Common Shares subject to such Incentive Award would have received in such merger or consolidation or similar transaction.

In the event of (i) a dissolution or liquidation of C&W, (ii) a sale of all or substantially all of the Company's assets (on a consolidated basis), (iii) a merger, consolidation or similar transaction involving C&W in which the holders of Common Shares receive securities and/or other property, including cash, other than or in addition to shares of the surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable or vested), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each Common Share subject to such Incentive Award, equal to the value, as determined by the Committee, of such Incentive Award, provided that with respect to any outstanding Option or stock appreciation right such value shall be equal to the excess of (A) the value, as determined by the Committee, of the property (including cash) received by the holder of a Common Share as a result of such event over (B) the exercise price of such Option or stock appreciation right (which, for the avoidance of doubt, may be zero in the case of underwater Options and stock appreciation rights); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide for the exchange of each Incentive Award (whether or not then exercisable or vested) for an Incentive Award with respect to (A) some or all of the property which a holder of the number of Common Shares subject to such Incentive Award would have received in such transaction or (B) securities of the acquiror or surviving entity and, incident thereto, make an equitable adjustment as determined by the Committee in the exercise price of the Incentive Award, or the number of shares or amount of property subject to the Incentive Award or provide for a payment (in cash or other property) to the Participant to whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Changes</u>

In the event of any change in the capitalization of C&W or corporate change other than those specifically referred to in Sections 9(a), (b) or (c), the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cash Incentive Awards</u>

In the event of any transaction or event described in this Section 9, including without limitation any corporate change referred to in paragraph (d) hereof, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the terms and conditions of any Cash Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Other Rights</u>

Except as expressly provided in the Plan or any Award Agreement, no Participant shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividends or dividend equivalents, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger or consolidation of C&W or any other corporation. Except as expressly provided in the Plan, no issuance by C&W of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property subject to, or the terms related to, any Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Savings Clause</u>

No provision of this Section 9 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.

No provision of this Section 9 shall be given effect to the extent such provision would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act.

10. <u>Change in Control; Termination of Employment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Change in Control</u>

The consequences of a Change in Control, if any, will be set forth in the Award Agreement in addition to what is provided in this Section 10 and the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of Employment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as to any awards constituting stock rights subject to Section 409A of the Code, termination of Employment shall mean a separation from service within the meaning of Section 409A of the Code, unless the Participant is retained as a consultant pursuant to a written agreement and such agreement provides otherwise. The Employment of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such Person is employed by or provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. Unless otherwise agreed by the Committee upon the advice of counsel that so agreeing does not result in the imposition of penalties under Section 409A of the Code, a Participant who ceases to be an employee of the Company but continues, or simultaneously commences, services as a director of the Company shall be deemed to have had a termination of Employment for purposes of the Plan. Without limiting the generality of the foregoing, the Committee shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of Employment, provided that a Participant who is an employee will not be deemed to cease Employment in the case of any leave of absence approved by the Company. Furthermore, no payment shall be made with respect to any Incentive Awards under the Plan that are subject to Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government service unless such authorized leave of absence constitutes a separation from service for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Award Agreement shall specify the consequences with respect to such Incentive Award of the termination of Employment of the Participant holding the Incentive Award.

11. <u>Rights Under the Plan</u> 

No Person shall have any rights as a shareholder with respect to any Common Shares covered by or relating to any Incentive Award until the date of the issuance of such shares on the books and records of C&W. Except as otherwise expressly provided in Section 9 hereof or in a Participant's Award Agreement, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date of such issuance. Nothing in this Section 11 is intended, or should be construed, to limit authority of the Committee to cause the Company to make payments based on the dividends that would be payable with respect to any Common Share if it were issued or outstanding, or from granting rights related to such dividends; provided that any dividends or dividend equivalents payable with respect to Incentive Awards shall be payable to the Participant only if, when and to the extent such Incentive Award vests. The dividends or dividend equivalents payable with respect to Incentive Awards that do not vest shall be forfeited. Notwithstanding the foregoing, no dividend or dividend equivalents shall be granted with respect to Options or stock appreciation rights.

The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any Person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor.

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12. <u>No Special Employment Rights; No Right to Incentive Award</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nothing contained in the Plan or any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her Employment by the Company or interfere in any way with the right of the Company at any time to terminate such Employment or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Person shall have any claim or right to receive an Incentive Award hereunder. The Committee's granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other Person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other Person.

13. <u>Securities Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) C&W shall be under no obligation to effect the registration pursuant to the Securities Act of any Common Shares to be issued hereunder or to effect similar compliance under any state or local laws. Notwithstanding anything herein to the contrary, C&W shall not be obligated to cause to be issued Common Shares pursuant to the Plan unless and until C&W is advised by its counsel that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Common Shares are traded. The Committee may require, as a condition to the issuance of Common Shares pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that any related certificates representing such shares bear such legends, as the Committee, in its sole discretion, deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise or settlement of any Incentive Award (including, without limitation, any Option) granted hereunder shall be effective unless at such time counsel to C&W determines that the issuance and delivery of Common Shares pursuant to such exercise would not be in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Common Shares are traded. C&W may, in its sole discretion, defer the effectiveness of any exercise or settlement of an Incentive Award granted hereunder in order to allow the issuance of shares pursuant thereto to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state or local securities laws. C&W shall inform the Participant in writing of its decision to defer the effectiveness of the exercise or settlement of an Incentive Award granted hereunder. During the period that the effectiveness of the exercise of an Incentive Award has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.

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14. <u>Withholding Taxes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Remittance</u>

Whenever withholding tax obligations are incurred in connection with any Incentive Award, C&W shall have the right to require the Participant to remit to C&W in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if any, attributable to such event. In addition, upon the exercise or settlement of any Incentive Award in cash, or the making of any other payment with respect to any Incentive Award (other than in Common Shares), C&W shall have the right to withhold from any payment required to be made pursuant thereto an amount sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise, settlement or payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Remittance</u>

At the election of the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with any Incentive Award, the Participant may tender to C&W a number of Common Shares that have been owned by the Participant having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such event. Such election shall satisfy the Participant's obligations under Section 14(a) hereof, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Stock Withholdin</u>g

At the election of the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with any Incentive Award, C&W shall withhold a number of such shares having a Fair Market Value determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such event. Such election shall satisfy the Participant's obligations under Section 14(a) hereof, if any.

15. <u>Amendment or Termination of the Plan</u> 

The Board of Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that to the extent that any applicable law, tax requirement, or rule of a stock exchange requires shareholder approval in order for any such revision or amendment to be effective, such revision or amendment shall not be effective without such approval. The preceding sentence shall not restrict the Committee's ability to exercise its discretionary authority hereunder pursuant to Section 4 hereof, which discretion may be exercised without amendment to the Plan. No provision of this Section 15 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant, adversely affect in any material respect the Participant's rights under any previously granted and outstanding Incentive Award. Nothing in the Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan.

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16. <u>Recoupment</u> 

Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent (i) required by applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act), (ii) permitted or required by Company policy as in effect on the date of grant and/or (iii) required by the rules of an exchange on which the Company's shares are listed for trading to recoup compensation of whatever kind paid or to be paid by the Company at any time to a Participant under this Plan.

17. <u>No Obligation to Exercise</u> 

The grant to a Participant of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award.

18. <u>Transfers</u> 

Incentive Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided, however, that the Committee may permit Options that are non-qualified stock options to be sold, pledged, assigned, hypothecated, transferred, or disposed of (other than to third-party financial institutions for value), on a general or specific basis, subject to such conditions and limitations as the Committee may determine. A non-qualified stock option that is transferred pursuant to the preceding sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the Participant's estate or by any Person or Persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind C&W unless the Committee shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award.

19. <u>Expenses and Receipts</u> 

The expenses of the Plan shall be paid by C&W. Any proceeds received by C&W in connection with any Incentive Award will be used for general corporate purposes.

20. <u>Failure to Comply</u> 

In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the material terms and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having been notified of such failure by the Committee, shall be grounds for the cancellation and forfeiture of such Incentive Award, in whole or in part, as the Committee, in its absolute discretion, may determine.

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21. <u>Relationship to Other Benefits</u> 

No payment with respect to any Incentive Awards under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

22. <u>Governing Law</u> 

The Plan and the rights of all Persons under the Plan shall be construed and administered in accordance with the laws of the State of Delaware without regard to its conflict of law principles.

23. <u>Severability</u> 

If all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

24. <u>Effective Date and Term of Plan</u> 

The Effective Date of the Plan is May 15, 2025. No grants of Incentive Awards may be made under the Plan after May 15, 2035, the tenth anniversary of the date upon which the Plan was approved.

\* \* \* \*

## Exhibit 10.4

**Exhibit 10.4** 

**CUSHMAN & WAKEFIELD LTD.** 

**THIRD AMENDED & RESTATED OMNIBUS** 

 **NON-EMPLOYEE DIRECTOR SHARE AND CASH INCENTIVE PLAN** 

**(Amended and Restated effective as of November 27, 2025)** 

1. <u>Purpose of the Plan</u> 

This Plan is intended to promote the interests of the Company and its shareholders by providing its non-employee directors of the Company with incentives and rewards to encourage them to continue in the service of the Company.

2. <u>Definitions</u> 

As used in the Plan or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Affiliate" means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the specified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Award Agreement" means a written or electronic agreement, in a form determined by the Committee from time to time, entered into by each Participant and the Company, evidencing the grant of an Incentive Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Board of Directors" means the Board of Directors of C&W.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "C&W" means Cushman & Wakefield Ltd., an exempted company incorporated under the laws of Bermuda and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Cash Incentive Award" means an award granted to a Participant pursuant to Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Change in Control" means, unless otherwise defined in the Award Agreement, (i) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)), other than C&W or any employee benefit plan sponsored by C&W, acquires ownership of shares of C&W that, together with shares held by such Person or group, constitutes more than 50 percent of the total fair market value or total Voting Power of the shares of C&W; (ii) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation § 1.409A-3(i)(5)(v)(B)) other than C&W or any employee benefit plan sponsored by C&W acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of shares of C&W possessing 30 percent or more of the total Voting Power of the shares of C&W; (iii) a majority of members of the Board of Directors is replaced during any 36-month period by directors whose appointment or election is (x) not endorsed by a majority of the members of the Board of Directors before the date of each appointment or election or (y) approved in connection with any actual or threatened contest for election to positions on the Board of Directors; (iv) any one Person, or more than one Person acting as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or (v) the consummation of a merger, consolidation, reorganization or similar transaction with or into C&W or in which securities of C&W are issued, as a result of which the holders of Voting Securities of C&W immediately before such event own, directly or indirectly, immediately after such event less than 50% of the combined Voting Power of the outstanding Voting Securities of the parent corporation resulting from, or issuing its Voting Securities as part of, such event. For purposes of subsection (iv), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Notwithstanding the foregoing, an event described herein shall be considered a "Change in Control" for distribution or payment purposes only if it constitutes a "change in control event" under Section 409A of the Code, to the extent necessary to avoid adverse tax consequences thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Code" means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative guidance issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Committee" means the Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Common Shares" means C&W's common shares, par value $0.10 per share, or any other security into which the Common Shares shall be changed pursuant to the adjustment provisions of Section 9 of the Plan, or instruments representing the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Company" means C&W and all of its Subsidiaries, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Deferred Compensation Plan" means any plan, agreement or arrangement maintained by the Company from time to time that provides opportunities for deferral of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Effective Date" means the date set forth in Section 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Exchange Act" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Fair Market Value" means, with respect to a Common Share, as of the applicable date of determination or if the exchange is not open for trading on such date, the immediately preceding day on which the exchange is open for trading, the closing price as reported on the date of determination on the principal securities exchange on which Common Shares are then listed or admitted to trading (the "Securities Exchange"). In the event that the price of a Common Share shall not be so reported, the Fair Market Value of a Common Share shall be determined by the Committee in its sole discretion taking into account the requirements of Section 409A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "Incentive Award" means one or more Share Incentive Awards and/or Cash Incentive Awards, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Option" means a stock option to purchase Common Shares granted to a Participant pursuant to Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Other Share-Based Award" means an award granted to a Participant pursuant to Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Participant" means a non-employee director of the Company who is eligible to participate in the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such Person, his or her successors, heirs, executors and administrators, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Person" means a "person" as such term is used in Section 13(d) and 14(d) of the Exchange Act, including any "group" within the meaning of Section 13(d)(3) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Plan" means this Third Amended & Restated Omnibus Non-Employee Director Share and Cash Incentive Plan, as it may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "Securities Act" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Service Period" means the period during which an individual is classified or treated by the Company as a non-employee director of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "Share Incentive Award" means an Option or Other Share-Based Award granted pursuant to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "Subsidiary" means any "subsidiary" within the meaning of Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "Substitute Award" means Incentive Awards that result from the assumption of, or are in substitution for, outstanding awards previously granted by a company or other entity acquired, directly or indirectly, by C&W or one of its Subsidiaries or with which C&W or one of its Subsidiaries combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "Voting Power" means the number of votes available to be cast (determined by reference to the maximum number of votes entitled to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting Securities vote together as a single class) by the holders of Voting Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "Voting Securities" means any securities or other ownership interests of an entity entitled, or which may be entitled, to vote on the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for, such Voting Securities, whether or not subject to the passage of time or any contingency.

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3. <u>Shares Subject to the Plan and Limitations on Cash Incentive Awards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shares Subject to the Plan</u>

The maximum number of Common Shares that may be covered by Incentive Awards granted under the Plan shall not exceed 528,211 Common Shares in the aggregate. The maximum number of shares referred to in the preceding sentence of this Section 3(a) shall be subject to adjustment as provided in Section 9 and the following provisions of this Section 3. Of the shares described, 100% may be delivered in connection with "full-value Incentive Awards," meaning Incentive Awards other than Options or stock appreciation rights. Any shares granted under any Incentive Awards shall be counted against the share limit on a one-for-one basis. Common Shares issued under the Plan may be unissued shares, treasury shares, shares purchased by the Company or by an employee benefit trust or similar vehicle in the open market, or any combination of the preceding categories as the Committee determines in its sole discretion.

Notwithstanding anything to the contrary contained herein, Common Shares subject to an Incentive Award under this Plan shall not again be made available for issuance or delivery under this Plan if such Common Shares are (i) Common Shares delivered, withheld or surrendered in payment of the exercise or purchase price of an Incentive Award or (ii) Common Shares delivered, withheld, or surrendered to satisfy any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Individual Award Limit</u>

The maximum number of shares subject to Incentive Awards (assuming maximum performance, if applicable) granted during a single fiscal year to any Participant, taken together with any Cash Incentive Awards granted during the fiscal year to the Participant and any cash fees paid during the fiscal year to the Participant in respect of the Participant's service as a member of the Board of Directors during such year (including service as a member or chair of any committees of the Board of Directors), shall not exceed $700,000 in total value (calculating the value of any such Incentive Awards based on the grant date fair value of such Incentive Awards for financial reporting purposes). The Board of Directors may make exceptions to this limit for a non-executive or executive chair of the Board of Directors, or pursuant to a pre-established, binding agreement with a Participant, in each case, as the Board of Directors may determine in its discretion, provided that the Participant receiving such additional compensation may not participate in the decision to award such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Minimum Vesting Schedule</u>

A vesting period of at least one year shall apply to all Incentive Awards issued under this Plan; provided, that up to five percent of the Common Shares reserved for issuance under this Plan as of the Effective Date may be issued pursuant to Incentive Awards that do not comply with such minimum one-year vesting period.

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4. <u>Administration of the Plan</u> 

The Plan shall be administered by a Committee of the Board of Directors consisting of two or more Persons, each of whom qualifies as a "non-employee director" (within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), and as "independent" as required by NYSE or any security exchange on which the Common Shares are listed, in each case if and to the extent required by applicable law or necessary to meet the requirements of such Rule, Section or listing requirement at the time of determination. From time to time, the Board of Directors may increase or decrease the size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee shall, consistent with the terms of the Plan, from time to time designate those individuals who shall be granted Incentive Awards under the Plan and the amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts of such subcommittee shall be deemed to be acts of the Committee hereunder.

The Committee shall have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and any Award Agreement thereunder, and to adopt, amend and rescind from time to time such rules and regulations for the administration of the Plan, including rules and regulations related to sub-plans established for the purpose of satisfying applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws, as the Committee may deem necessary or appropriate. Decisions of the Committee shall be final, binding and conclusive on all parties. For the avoidance of doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform manner among Participants.

The Committee may delegate the administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority to execute and distribute Award Agreements, to maintain records relating to Incentive Awards, to process or oversee the issuance of Common Shares under Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions as may be necessary or appropriate for the administration of the Plan and of Incentive Awards under the Plan, provided that in no case shall any such administrator be authorized (i) to grant Incentive Awards under the Plan (except in connection with any delegation made by the Committee pursuant to the first paragraph of this Section 4), (ii) to take any action inconsistent with Section 409A of the Code or (iii) to take any action inconsistent with applicable law. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise specifically provided, references in this Plan to the Committee shall include any such administrator. The Committee and, to the extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations of any such administrator, and if the Committee shall decide to conduct such a review, any such actions and/or interpretations of any such administrator shall be subject to approval, disapproval, or modification by the Committee.

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On or after the date of grant of an Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such Incentive Award becomes vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant's Service Period during which any such Incentive Award may remain outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive Award or (iv) provide for the payment of dividends or dividend equivalents with respect to any such Incentive Award; provided that the Committee shall not have any such authority to the extent that the grant of such authority would cause any tax to become due under Section 409A of the Code. Notwithstanding anything herein to the contrary, except in connection with a Change in Control or as permitted under Section 9, the Company shall not, without the approval of the shareholders of C&W, (x) reduce, whether through amendment or otherwise, the exercise price of any outstanding Option or stock appreciation right or (y) grant any new Incentive Award or make any payment of cash to a Participant in substitution for, or upon the cancellation of, any outstanding Option or stock appreciation right when the exercise price of such Option or stock appreciation right exceeds the Fair Market Value of the underlying Common Shares.

The Company shall pay any amount payable with respect to an Incentive Award in accordance with the terms of such Incentive Award, provided that the Committee may, in its discretion, defer, or give a Participant the election to defer, the payment of amounts payable with respect to an Incentive Award subject to and in accordance with the terms of a Deferred Compensation Plan.

No member of the Committee shall be liable for any action, omission, or determination relating to the Plan, and C&W shall indemnify and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such member, director or employee in bad faith and without reasonable belief that it was in the best interests of the Company.

5. <u>Eligibility</u> 

The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be those non-employee directors of the Company whom the Committee shall select from time to time. Each Incentive Award granted under the Plan shall be evidenced by an Award Agreement.

6. <u>Options</u> 

The Committee may from time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>

The exercise price per Common Share covered by any Option shall be not less than the greater of its nominal value and 100% of the Fair Market Value of a Common Share on the date on which such Option is granted, it being understood that the exercise price of an Option that is a Substitute Award may be less than the Fair Market Value per Common Share on the date such Substitute Award is assumed, provided that such substitution complies with applicable laws and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term and Exercise of Options</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Option shall become vested and exercisable on such date or dates, during such period and for such number of Common Shares as set forth in the Award Agreement; provided that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or the Award Agreement. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of ten years from the date such Option is granted; provided, however, that the expiration of the Option may be tolled while the Participant cannot exercise such Option because an exercise would violate an applicable federal, state, local, or foreign law, or would jeopardize the ability of C&W to continue as a going concern, provided, further, that the period during which the Option may be exercised is not extended more than 30 days after the exercise of the Option first would no longer violate such applicable federal, state, local, and foreign laws or jeopardize the ability of C&W to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Option shall be exercisable in whole or in part; provided, however, that no partial exercise of an Option shall be for an aggregate exercise price of less than $1,000. The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An Option shall be exercised by such methods and procedures as the Committee determines from time to time, including without limitation through net physical settlement or other method of cashless exercise.

7. <u>Other Share-Based Awards</u> 

The Committee may from time to time grant equity-based or equity-related awards not otherwise described herein in such amounts and on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality of the preceding sentence, each such Other Share-Based Award may (i) involve the transfer of actual Common Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Common Shares, (ii) be subject to performance-based and/or service-based conditions, (iii) be in the form of stock appreciation rights, phantom stock, restricted stock, restricted stock units, performance shares, deferred share units or share-denominated performance units, and (iv) be designed to comply with applicable laws of jurisdictions other than the United States; provided that each Other Share-Based Award shall be denominated in, or shall have a value determined by reference to, a number of Common Shares that is specified at the time of the grant of such Incentive Award.

8. <u>Cash Incentive Awards</u> 

The Committee may from time to time grant Cash Incentive Awards on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. Cash Incentive Awards may be settled in cash or in other property, including Common Shares, provided that the term "Cash Incentive Award" shall exclude any Option or Other Share-Based Award.

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9. <u>Adjustment Upon Certain Changes</u> 

Subject to any action by the shareholders of C&W required by law, applicable tax rules or the rules of any exchange on which Common Shares of C&W are listed for trading:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shares Available for Grants</u>

In the event of any change in the number of Common Shares outstanding by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares, spin-off or similar corporate change or extraordinary cash dividend, the maximum aggregate number of Common Shares with respect to which the Committee may grant Incentive Awards, exercise or base price of any Option or stock appreciation right and the applicable performance targets or criteria shall be equitably adjusted or substituted by the Committee to prevent enlargement or reduction in rights granted under the Incentive Award. In the event of any change in the number of Common Shares of C&W outstanding by reason of any other event or transaction, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments to the type or number of Common Shares with respect to which Incentive Awards may be granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Increase or Decrease in Issued Shares Without Consideration</u>

In the event of any increase or decrease in the number of issued Common Shares resulting from a subdivision or consolidation of Common Shares or the payment of a stock dividend (but only on the Common Shares), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration by the Company, the Committee shall, to the extent deemed appropriate by the Committee, adjust the type or number of Common Shares subject to each outstanding Incentive Award and the exercise price per Common Share of each such Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certain Mergers and Other Transactions</u>

In the event of any merger, consolidation or similar transaction as a result of which the holders of Common Shares receive consideration consisting exclusively of securities of the acquiring or surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, adjust each Incentive Award outstanding on the date of such merger or consolidation or similar transaction so that it pertains and applies to the securities which a holder of the number of Common Shares subject to such Incentive Award would have received in such merger or consolidation or similar transaction.

In the event of (i) a dissolution or liquidation of C&W, (ii) a sale of all or substantially all of the Company's assets (on a consolidated basis), (iii) a merger, consolidation or similar transaction involving C&W in which the holders of Common Shares receive securities and/or other property, including cash, other than or in addition to shares of the surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate by the Committee, have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable or vested), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each Common Share subject to such Incentive Award, equal to the value, as determined by the Committee, of such Incentive Award, provided that with respect to any outstanding Option or stock appreciation right such value shall be equal to the excess of (A) the value, as determined by the Committee, of the property (including cash) received by the holder of a Common Share as a result of such event over (B) the exercise price of such Option or stock appreciation right (which, for the avoidance of doubt, may be zero in the case of underwater Options and stock appreciation rights); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide for the exchange of each Incentive Award (whether or not then exercisable or vested) for an Incentive Award with respect to (A) some or all of the property which a holder of the number of Common Shares subject to such Incentive Award would have received in such transaction or (B) securities of the acquiror or surviving entity and, incident thereto, make an equitable adjustment as determined by the Committee in the exercise price of the Incentive Award, or the number of shares or amount of property subject to the Incentive Award or provide for a payment (in cash or other property) to the Participant to whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Changes</u> 

In the event of any change in the capitalization of C&W or corporate change other than those specifically referred to in Sections 9(a), (b) or (c), the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cash Incentive Awards</u>

In the event of any transaction or event described in this Section 9, including without limitation any corporate change referred to in paragraph (d) hereof, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the terms and conditions of any Cash Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Other Rights</u>

Except as expressly provided in the Plan or any Award Agreement, no Participant shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividends or dividend equivalents, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger or consolidation of C&W or any other corporation. Except as expressly provided in the Plan, no issuance by C&W of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount of other property subject to, or the terms related to, any Incentive Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Savings Clause</u>

No provision of this Section 9 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.

No provision of this Section 9 shall be given effect to the extent such provision would result in short-swing profits liability under Section 16 of the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act.

10. <u>Change in Control; Termination of the Service Period</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Change in Control</u>

The consequences of a Change in Control, if any, will be set forth in the Award Agreement in addition to what is provided in this Section 10 and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination of the Service Period</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as to any awards constituting stock rights subject to Section 409A of the Code, termination of the Service Period shall mean a separation from service within the meaning of Section 409A of the Code, unless the Participant is otherwise employed by the Company or retained as a consultant pursuant to a written agreement and such agreement provides otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Award Agreement shall specify the consequences with respect to such Incentive Award of the termination of the Service Period on the Participant holding the Incentive Award.

11. <u>Rights Under the Plan</u> 

No Person shall have any rights as a shareholder with respect to any Common Shares covered by or relating to any Incentive Award until the date of the issuance of such shares on the books and records of C&W. Except as otherwise expressly provided in Section 9 hereof or in a Participant's Award Agreement, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date of such issuance. Nothing in this Section 11 is intended, or should be construed, to limit authority of the Committee to cause the Company to make payments based on the dividends that would be payable with respect to any Common Share if it were issued or outstanding, or from granting rights related to such dividends; provided that any dividends or dividend equivalents payable with respect to Incentive Awards shall be payable to the Participant only if, when and to the extent such Incentive Award vests. The dividends or dividend equivalents payable with respect to Incentive Awards that do not vest shall be forfeited. Notwithstanding the foregoing, no dividend or dividend equivalents shall be granted with respect to Options or stock appreciation rights.

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The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any Person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor.

12. <u>No Special Rights; No Right to Incentive Award</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing contained in the Plan or any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her Service Period or interfere in any way with the right of the Company at any time to terminate such Service Period or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Person shall have any claim or right to receive an Incentive Award hereunder. The Committee's granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other Person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other Person.

13. <u>Securities Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) C&W shall be under no obligation to effect the registration pursuant to the Securities Act of any Common Shares to be issued hereunder or to effect similar compliance under any state or local laws. Notwithstanding anything herein to the contrary, C&W shall not be obligated to cause to be issued Common Shares pursuant to the Plan unless and until C&W is advised by its counsel that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Common Shares are traded. The Committee may require, as a condition to the issuance of Common Shares pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that any related certificates representing such shares bear such legends, as the Committee, in its sole discretion, deems necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise or settlement of any Incentive Award (including, without limitation, any Option) granted hereunder shall be effective unless at such time counsel to C&W determines that the issuance and delivery of Common Shares pursuant to such exercise would not be in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Common Shares are traded. C&W may, in its sole discretion, defer the effectiveness of any exercise or settlement of an Incentive Award granted hereunder in order to allow the issuance of shares pursuant thereto to be made pursuant to registration or an exemption from registration or other methods for compliance available under federal or state or local securities laws. C&W shall inform the Participant in writing of its decision to defer the effectiveness of the exercise or settlement of an Incentive Award granted hereunder. During the period that the effectiveness of the exercise of an Incentive Award has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.

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14. <u>Withholding Taxes</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash Remittance</u>

Whenever withholding tax obligations are incurred in connection with any Incentive Award, C&W shall have the right to require the Participant to remit to C&W in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if any, attributable to such event. In addition, upon the exercise or settlement of any Incentive Award in cash, or the making of any other payment with respect to any Incentive Award (other than in Common Shares), C&W shall have the right to withhold from any payment required to be made pursuant thereto an amount sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise, settlement or payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Remittance</u>

At the election of the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with any Incentive Award, the Participant may tender to C&W a number of Common Shares that have been owned by the Participant having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such event. Such election shall satisfy the Participant's obligations under Section 14(a) hereof, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Stock Withholding</u> 

At the election of the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with any Incentive Award, C&W shall withhold a number of such shares having a Fair Market Value determined by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such event. Such election shall satisfy the Participant's obligations under Section 14(a) hereof, if any.

15. <u>Amendment or Termination of the Plan</u> 

The Board of Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however, that to the extent that any applicable law, tax requirement, or rule of a stock exchange requires shareholder approval in order for any such revision or amendment to be effective, such revision or amendment shall not be effective without such approval. The preceding sentence shall not restrict the Committee's ability to exercise its discretionary authority hereunder pursuant to Section 4 hereof, which discretion may be exercised without amendment to the Plan. No provision of this Section 15 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. Except as expressly provided in the Plan, no action hereunder may, without the consent of a Participant, adversely affect in any material respect the Participant's rights under any previously granted and outstanding Incentive Award. Nothing in the Plan shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan.

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16. <u>Recoupment</u> 

Notwithstanding anything in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent (i) required by applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act), (ii) permitted or required by Company policy as in effect on the date of grant and/or (iii) required by the rules of an exchange on which the Company's shares are listed for trading to recoup compensation of whatever kind paid or to be paid by the Company at any time to a Participant under this Plan.

17. <u>No Obligation to Exercise</u> 

The grant to a Participant of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award.

18. <u>Transfers</u> 

Incentive Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided, however, that the Committee may permit Options that are non-qualified stock options to be sold, pledged, assigned, hypothecated, transferred, or disposed of (other than to third-party financial institutions for value), on a general or specific basis, subject to such conditions and limitations as the Committee may determine. A non-qualified stock option that is transferred pursuant to the preceding sentence (i) may not be subsequently transferred other than by will or by the laws of descent and distribution and (ii) remains subject to the terms of the Plan and the applicable Award Agreement. Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the Participant's estate or by any Person or Persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind C&W unless the Committee shall have been furnished with (a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award.

19. <u>Expenses and Receipts</u> 

The expenses of the Plan shall be paid by C&W. Any proceeds received by C&W in connection with any Incentive Award will be used for general corporate purposes.

20. <u>Failure to Comply</u> 

In addition to the remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the material terms and conditions of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having been notified of such failure by the Committee, shall be grounds for the cancellation and forfeiture of such Incentive Award, in whole or in part, as the Committee, in its absolute discretion, may determine.

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21. <u>Relationship to Other Benefits</u> 

No payment with respect to any Incentive Awards under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

22. <u>Governing Law</u> 

The Plan and the rights of all Persons under the Plan shall be construed and administered in accordance with the laws of the State of Delaware without regard to its conflict of law principles.

23. <u>Severability</u> 

If all or any part of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

24. <u>Effective Date and Term of Plan</u> 

The Effective Date of the Plan is May 16, 2024. No grants of Incentive Awards may be made under the Plan after May 16, 2034, the tenth anniversary of the date upon which the Plan was approved.

\* \* \* \*

## Exhibit 10.5

**Exhibit 10.5** 

**CUSHMAN & WAKEFIELD LTD.** 

**FIRST AMENDED & RESTATED** 

**EXECUTIVE DEFERRED COMPENSATION PLAN** 

SECTION I.

<u>Establishment and Purpose</u> 

Cushman & Wakefield Ltd. (the "***Company***") hereby establishes this First Amended & Restated Executive Deferred Compensation Plan (the ***"Plan"***) effective as of November 27, 2025. The purpose of the Plan is to provide select, highly-compensated senior executives of the Company or its designated subsidiaries with an opportunity to defer payment of a portion of their salary, bonus, commissions, and/or equity-based compensation on the terms and conditions set forth herein.

SECTION II.

<u>Definitions</u> 

For the purposes of the Plan, the following capitalized words will have the meanings set forth below:

***"Administrator"*** means the Chief Human Resources Officer of the Company, and/or such other position delegated authority to administer the Plan by the Committee.

***"Beneficiary"*** or ***"Beneficiaries"*** means an individual or entity designated by a Participant to receive Deferred Benefits in the event of the Participant's death; <u>provided</u>, <u>however</u>, that, if no such individual or entity is designated or if no such designated individual is alive at the time of the Participant's death, Beneficiary will mean the Participant's estate.

***"Beneficiary Designation Form"*** means a document, in a form approved by the Administrator to be used by Participants to name their respective Beneficiaries. No Beneficiary Designation Form will be effective unless it is signed by the Participant and received by the Administrator prior to the date of death of the Participant. In the event a Participant timely and properly delivers multiple signed Beneficiary Designation Forms, the Beneficiary Designation Form with the most recent date shall be the effective Beneficiary Designation Form and shall supersede all prior Beneficiary Designation Forms.

***"Board"*** means the Board of Directors of the Company.

***"Change in Control"*** means a "Change in the Ownership or Effective Control of a Corporation or in the Ownership of a Substantial Portion of the Assets of a Corporation" under Treasury Department Final Regulation 1.409A-3(j)(5), or any successor thereto.

***"Code"*** means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations, and administrative guidance issued thereunder.

***"Committee"*** means the Compensation Committee of the Board.

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***"Common Stock"*** means the Company's common shares of $0.10 per share, or any other security into which the Common Stock shall be changed pursuant to Section 6.2 hereof, or instruments representing the same.

***"Company"*** means Cushman & Wakefield Ltd., an exempted company incorporated under the laws of Bermuda, or any successor to substantially all of its business.

***"Compensation"*** means up to (i) fifty percent (50%) of any base salary payable in a Plan Year, (ii) any annual bonus payable with respect to performance in a Plan Year, (iii) amounts payable upon vesting with respect to RSUs granted in a Plan Year, if any, and (iv) commissions earned in a Plan Year, in each case only to the extent such Compensation may be deferred without penalty under Section 409A of the Code; <u>provided</u>, that the Administrator may in its sole discretion determine with respect to any Plan Year what constitutes Compensation.

***"Deferral Election"*** means an election with respect to a Plan Year by an Employee to defer Compensation to the Payment Date and with a payout over a specified schedule pursuant to a validly submitted Deferral Election Form, subject to the terms of this Plan. Subject to the requirements of the Plan, an Employee may elect to defer one or more of the various types of Compensation to a specified date; <u>provided</u>, that the specified date applicable to an election to defer RSUs must be to a specified date that is no earlier than the first anniversary of the last date a tranche of RSUs may vest under the terms applicable to the award; <u>provided</u>, <u>further</u>, that the specified schedule for the payout shall, unless the Administrator provides otherwise in the Deferral Election Form, and in any event subject to the terms of this Plan, be one of (i) lump sum within sixty (60) days of the Payment Date, (ii) in five substantially equal annual installments, with the first installment occurring within sixty (60) days following the Payment Date and the remaining four (4) installments occurring within sixty (60) days following the first four (4) anniversaries of the Payment Date, or (iii) in ten substantially equal annual installments, with the first installment occurring within sixty (60) days following the Payment Date and the remaining nine (9) installments occurring within sixty (60) days following the first nine (9) anniversaries of the Payment Date; and <u>provided</u>, <u>further</u>, a Deferral Election must comply with Section 409A of the Code.

***"Deferral Election Form"*** means the election form, in such form and with such procedures as shall be determined by the Administrator in its sole discretion, pursuant to which an Employee may make a Deferral Election.

***"Deferred Stock Account"*** means a notional, bookkeeping account denominated in Common Stock and established under the Plan for a Participant to track the shares of Common Stock credited thereto in respect of a Participant's Deferral Elections.

***"Election Date"*** means, except as otherwise determined by the Administrator, no later than the December 31st immediately preceding the commencement of a Plan Year. Notwithstanding the foregoing, if an Employee first becomes eligible to participate in the Plan on or after the start of a Plan Year, the Administrator may in its sole discretion permit such Employee to complete, execute and return a Deferral Election Form within thirty days following such initial participation date provided that such a Deferral Election will only apply with respect to services to be performed after the Deferral Election Form is accepted by the Administrator, and such date shall be the Election Date in respect of such Employee.

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***"Employee"*** means a person who is an service provider to any Employer and eligible to participate in the Plan with respect to a Plan Year, as determined by the Administrator in its sole discretion.

***"Employer"*** means, as applicable, the Company or any of its subsidiaries listed on Schedule A attached hereto, as the same may be amended by the Committee, in its sole discretion, from time to time.

***"Equity Plan"*** means the Cushman & Wakefield Ltd. Fourth Amended & Restated 2018 Omnibus Management Share and Cash Incentive Plan, as it may be amended from time to time, and the award agreement evidencing an award of RSUs thereunder.

***"ERISA"*** means the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

"***Fair Market Value"*** of a share of Common Stock on a given date will be based upon either (i) if the Common Stock is listed on a national securities exchange or quoted in an interdealer quotation system, the closing price on the relevant date or, if unavailable, the average of the closing bid and asked prices per share of Common Stock on such date (or, if there was no trading or quotation in the Common Stock on such date, on the next preceding date on which there was trading or quotation) as provided by one of such organizations or (ii) if the Common Stock is not listed on a national securities exchange or quoted in an interdealer quotation system, the price will be equal to the Company's fair market value, as determined by the Board in good faith based upon the best available facts and circumstances at the time.

***"Participant"*** means any Employee (i) who elects to participate in the Plan, (ii) who signs the applicable Deferral Election Form, (iii) whose signed Deferral Election Form is accepted by the Administrator, (iv) who commences participation in the Plan and (v) whose participation in the Plan has not been terminated. A spouse or former spouse of a Participant will not be treated as a Participant in the Plan or have an account balance under the Plan, even if he or she has an interest in the Participant's benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.

***"Payment Date"*** means, subject to the terms of this Plan, the earlier of (i) a Participant's Termination of Service for any reason, and (ii) the specified date selected by the Participant in the Deferral Election Form.

***"Plan Year"*** means the period beginning on January 1 of each year and ending on December 31 of such year.

***"RSU"*** means a restricted stock unit representing one share of Common Stock granted to the Participant on or after January 1, 2019 under the Equity Plan or, if applicable, any successor plan, including any dividend equivalents that may be earned thereon pursuant to the terms thereof.

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"***Specified Employee***" has the meaning set forth in Section 409A(a)(2)(B)(i) of the Code and Treas. Reg. Section 1.409A-1(i).

***"Termination of Service"*** means a separation from service as defined under Section 409A of the Code.

SECTION III.

<u>Administration</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan will be administered by the Committee and the Administrator as set forth herein. The Administrator and Members of the Committee may be Participants in the Plan. The Committee will be authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, to make factual determinations in connection with the administration or interpretation of the Plan, and to make any other determinations that it believes are necessary or advisable for the administration of the Plan. The Administrator has the sole authority to accept or reject, in whole or in part, any Deferral Election and to select Employees who may participate in the Plan. Eligibility to become a Participant in one Plan Year does not guarantee eligibility to become a Participant in any other Plan Year. The Administrator may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Deferral Election Form to the extent the Administrator deems desirable to carry the Plan into effect. Any decision of the Committee and the Administrator in the administration of the Plan, as described herein, will be final and conclusive. The Committee may act only by a majority of its members, except that the members thereof may authorize any one or more of the Committee members to execute and deliver documents on behalf of the Committee. In addition, in the administration of the Plan, the Committee and the Administrator may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee and the Administrator will be entitled to rely in good faith upon any report or other information furnished to it by any officer or employee of the Companies or from the financial, accounting, legal or other advisers of the Companies. Each member of the Committee, the Administrator and each other individual designated by the Committee to administer the Plan and each other person acting at the direction of or on behalf of the Committee will not be liable for any determination or anything done or omitted to be done by him or by any other member of the Committee or any other such individual in connection with the Plan, except for his own willful misconduct or as expressly provided by statute, and to the extent permitted by law and the bylaws of the Company, will be fully indemnified and protected by the Company with respect to such determination, act or omission.

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SECTION IV.

<u>Elective Deferral of RSU Grants</u> 

**4.1** **Elective Deferrals Generally** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Deferral Elections*. The Administrator will have sole discretion to determine the terms and conditions applicable to a Deferral Election pursuant to the Plan. To the extent permitted by the Administrator and subject to the terms and conditions provided by the Administrator, a Participant for a given Plan Year may make a Deferral Election. The Participant's election must be evidenced by a Deferral Election Form completed and timely submitted to the Administrator in accordance with the procedures and time frames as may be established by the Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Deferred Stock Accounts*. The Administrator will establish a Deferred Stock Account for each Participant and such separate sub-Accounts as it deems necessary and appropriate to track a Participant's Deferral Elections and the notional shares of Common Stock credited to the Participant with respect thereto.

**4.2** **Crediting of Deferrals; Certain Limitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Crediting of Deferrals to the Deferred Stock Account*. With respect to Compensation subject to an effective Deferral Election Form other than Compensation relating to RSUs, the amounts will be credited to the Participant's Deferred Stock Account on the date that such Compensation would otherwise have been paid absent a Deferral Election, and the number of notional shares of Common Stock so credited shall be determined based on the Fair Market Value of the Common Stock on such date. With respect to RSUs that are subject to an effective Deferral Election Form, the RSUs will continue to be subject to the terms of the Equity Plan and the number of shares of Common Stock underlying the RSUs will be credited to the Participant's Deferred Stock Account only upon vesting of the RSU, if applicable. Notwithstanding anything to the contrary in the Plan or any Deferral Election Form, to the extent any Common Stock credited to a Participant's Deferred Stock Account relates to Compensation that is forfeited, reduced or otherwise recouped, such Common Stock shall cease to be credited to the Participant's Deferred Stock Account and Participant shall cease to have any rights with respect thereto, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Maximum Deferrals*. In respect of any Plan Year, the Deferral Election Form may specify a date that is no later than the 20<sup>th</sup> year following the Plan Year to which the Deferral Election relates.

**4.3** **Dividend Equivalents** 

Unless otherwise determined by the Administrator, a Participant's Deferred Stock Account will, from time to time after crediting but prior to settlement, be credited with additional notional shares of Common Stock, the number of which will be equal to the quotient determined by dividing (a) the product determined by multiplying (i) one hundred percent (100%) of each dividend declared and paid by the Company to its shareholders on its Common Stock on a per share basis by (ii) the number of notional shares of Common Stock recorded in the Participant's Deferred Stock Account on the record date for the payment of any such dividend, by (b) the Fair Market Value of a share of Common Stock on the dividend payment date for such dividend, in each case, with fractions computed to three decimal places, it being understood that no fractional shares will be credited to a Participant's Deferred Stock Account, and will instead be rounded down to the nearest whole share (such notional shares, the "<u>DEQ Shares</u>"); <u>provided</u>, that in no event will DEQ Shares be credited to a Participant's Deferred Stock Account to the extent such a crediting would result in duplication, as determined by the Committee in its sole discretion.

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**4.4** **Statements of Account** 

The Company will provide each Participant with access to a summary setting forth the total number of notional shares of Common Stock credited to the Participant's Deferred Stock Account as of the end of each Plan Year.

**4.5** **Manner, Timing and Form of Payment of Deferred Stock Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Payment of Deferred Stock Account*. Except (i) as otherwise provided in the Plan or (ii) to the extent payment on the Payment Date would result in a penalty under Section 409A of the Code, in which case payment shall occur at the earliest time payment can be made without such a penalty, the notional shares of Common Stock in a Participant's Deferred Stock Account will be settled in shares of Common Stock on the Payment Date and in any event pursuant to the Participant's Deferral Election. All distributions made in the form of Common Stock with respect to RSUs will be distributed pursuant to, and count against the number of shares reserved for issuance under, the Equity Plan or such other plan, program, agreement or arrangement under which the shares of Common Stock or right to acquire or receive shares of Common Stock were initially awarded. Shares of Common Stock actually delivered in settlement of a Participant's Stock Account may be originally issued shares or treasury shares, in the sole discretion of the Committee. Notwithstanding anything to the contrary herein, DEQ Shares will be settled in cash unless the Committee determines in its sole discretion to settle the DEQ Shares in shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Timing of Payments to Specified Employees*. Notwithstanding anything in the Plan to the contrary, if a Participant is a Specified Employee as of the date of his or her Termination of Service, then no distribution of such Participant's Deferred Stock Account shall be made to the extent triggered by such Participant's Termination of Service or otherwise to the extent necessary to avoid any penalties under Section 409A of the Code until the first day of the seventh month following the Participant's Termination of Service (or, if earlier, upon the date of the Participant's death).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Restrictions on Transfer.* The Company will pay any amounts payable under the Plan only to the Participant or Beneficiary designated under the Plan to receive such amounts. Neither a Participant nor his Beneficiary will have any right to anticipate, alienate, sell, transfer, assign, pledge, encumber or change any benefits to which he may become entitled under the Plan, and any attempt to do so will be void. Amounts payable under the Plan will not be subject to attachment, execution by levy, garnishment, or other legal or equitable process for a Participant's or Beneficiary's debts or other obligations.

SECTION V.

<u>Designation of Beneficiary</u> 

Each Participant may designate a Beneficiary to receive any amounts due under the Plan on the Participant's death by executing a Beneficiary Designation Form. A Participant may change an earlier Beneficiary designation by executing a later Beneficiary Designation Form and delivering it to the Administrator. The execution of a Beneficiary Designation Form and its receipt by the Administrator revokes and rescinds any prior Beneficiary Designation Form.

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SECTION VI.

<u>Recapitalization or Reorganization</u> 

**6.1** **Authority of the Company and Stockholders** 

The existence of the Plan will not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks having rights superior to or affecting the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

**6.2** **Change in Capitalization** 

In the event of any change in the capitalization of the Company or other corporate change, the Committee shall make such adjustments to the notional Common Stock credited to a Participant's Deferred Stock Account as it shall consider appropriate in its sole discretion. Notwithstanding any other provision of the Plan, in the event of the occurrence of any action referenced in Section 9 of the Equity Plan (or the appropriate section of any amended, updated, replacement or successor Equity Plan): (i) the Committee will effectuate any actions taken under the Equity Plan in respect of the RSUs credited to a Participant's Deferred Stock Account and (ii) the Committee may make such other adjustments, consistent with the foregoing, as it deems appropriate in its sole discretion. Notwithstanding the foregoing, the Committee will not make any adjustments hereunder that would require approval of the shareholders of the Company without first obtaining such approval.

SECTION VII.

<u>Records; Claims Procedure</u> 

**7.1** **Records of Administration** 

The Administrator will keep or designate another party to keep records reflecting the administration of this Plan which will be subject to audit by the Company.

**7.2** **Expenses** 

The expenses of administering this Plan will be borne by the Company.

**7.3** **Claims Review Procedures** 

The following claim procedures will apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Denial of Claim*. If a claim for benefits is wholly or partially denied, the claimant will be given notice in writing of the denial within a reasonable time after the receipt of the claim, but not later than ninety (90) days after the receipt of the claim. However, if special circumstances require an extension, written notice of the extension will be furnished to the claimant before the termination of the 90-day period. In no event will the extension exceed a period of ninety (90) days after the expiration of the initial 90-day period. The notice of the denial will contain the following information written in a manner that may be understood by a claimant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The specific reasons for the denial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Specific reference to pertinent Plan provisions on which the denial is based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A description of any additional material or information necessary for the claimant to perfect his claim and an explanation of why such material or information is necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An explanation that a full and fair review by the Administrator of the denial may be requested by the claimant or his authorized representative by filing a written request for a review with the Administrator within sixty (60) days after the notice of the denial is received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If a request for review is filed, the claimant or his authorized representative may review pertinent documents and submit issues and comments in writing within the 60-day period described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Decisions after Review*. The decision of the Administrator with respect to the review of the denial will be made promptly and in writing, but not later than sixty (60) days after the Administrator receives the request for the review. However, if special circumstances require an extension of time, a decision will be rendered not later than one hundred twenty (120) days after the receipt of the request for review. A written notice of the extension will be furnished to the claimant prior to the expiration of the initial 60-day period. The claimant will be given a copy of the decision, which will state, in a manner calculated to be understood by the claimant, the specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Procedures*. Notwithstanding the foregoing, the Administrator may, in its sole discretion, adopt different procedures for different claims without being bound by past actions. Any procedures adopted, however, will be designed to afford a claimant a full and fair review of the claimant's claim and will comply with any applicable regulations under ERISA.

**7.4** **Finality of Determinations; Exhaustion of Remedies** 

To the extent permitted by law, decisions reached under the claims procedures set forth in Section 7 will be final and binding on all parties. No legal action for benefits under this Plan will be brought unless and until the claimant has exhausted the claimant's remedies under Section 7. In any such legal action, the claimant may only present evidence and theories which the claimant presented during the claims procedure. Any claims which the claimant does not in good faith pursue through the review stage of the procedure will be treated as having been irrevocably waived. Judicial review of a claimant's denied claim will be limited to a determination of whether the denial was arbitrary, capricious or an abuse of discretion based on the evidence and theories the claimant presented during the claims procedure.

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SECTION VIII.

<u>General Provisions</u> 

**8.1** **Restrictions on Alienation of Benefits** 

No right or benefit under this Plan will be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge the same will be void. No right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to such benefit. If any Participant or the Participant's Beneficiary under this Plan should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right to a benefit hereunder, then, such right or benefit will cease and terminate.

**8.2** **Unfunded Status of Plan** 

This Plan is unfunded and is intended to be a "top hat" plan for the purpose of providing deferred compensation to a select group of management or highly compensated employees within the meaning of ERISA. Amounts payable under the Plan will be satisfied out of the general assets of the Company subject to the claims of the Company's creditors. The Participants and/or their Beneficiaries will be unsecured creditors of the Company, subject to the Company's "insolvency", meaning that the Company is unable to pay its debts as they become due, or is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. Benefits will be reflected on the Company's accounting records but will not be construed to create, or require the creation of, a trust, custodial or escrow account. No Participant will have any right, title or interest whatever in or to any investment reserves, accounts, funds or assets that the Company may purchase, establish or accumulate to aid in providing the benefits described in this Plan. Nothing contained in this Plan, and no action taken pursuant to its provisions, will create or be construed to create a trust or a fiduciary relationship of any kind between the Company and a Participant or any other person. Neither a Participant nor the Beneficiary of a Participant will acquire any interest hereunder greater than that of an unsecured creditor of the Company.

**8.3** **Deemed Investment** 

By electing to participate in the Plan, each Participant will be deemed to have acknowledged and agreed that the Company is not and will not be required to make any investment in connection with the Plan, nor is it required to follow the Participant's investment directions in any actual investment it may make or acquire in connection with the Plan.

**8.4** **Tax Consequences Not Guaranteed** 

The Company does not warrant that this Plan will have any particular tax consequences for Participants or Beneficiaries and will not be liable to them if tax consequences they anticipate do not actually occur. The Company will have no obligation under any circumstances to indemnify a Participant or Beneficiary for lost tax benefits (or other damage or loss) under the Plan.

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**8.5** **Construction** 

Except when otherwise indicated by the context, the definition of any term in the singular will also include the plural.

**8.6** **Severability** 

If any of the provisions of the Plan is finally held to be invalid, illegal, or unenforceable (whether in whole or in part), such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality, or unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provision shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Plan and any other agreements or documents designated by the Committee or the Administrator as setting forth the terms of a deferral contain the entire agreement of the parties with respect to the subject matter thereof and supersede all prior agreements, promises, covenants, arrangements, communications, representations, and warranties between them, whether written or oral, with respect to the subject matter thereof.

**8.7** **Articles and Section Titles and Headings** 

The titles and headings at the beginning of each Article and Section will not be considered in construing the meaning of any provisions in this Plan.

**8.8** **Governing Law** 

The Plan and the rights of all persons under the Plan shall be construed and administered in accordance with the laws of the State of Delaware without regard to its conflict of law principles.

**8.9** **Amendment and Termination** 

The Administrator may amend, modify or terminate this Plan at any time and in any manner. No amendment may reduce the Account balance of any Participant at the time of such amendment or accelerate the timing of payments due under this Plan except as provided below, unless such amendment is made to comply with any law or regulation. In the event of a termination of this Plan, no further deferrals will be made under this Plan. Any and all amendments to and any termination of the Plan must be made in compliance with Section 409A of the Code.

**8.10** **Change in Control** 

If a Change in Control occurs, a Participant's Deferred Stock Account in this Plan will be distributed in lump sum no later than five (5) days following the date of the Change in Control in accordance with, and only to the extent it would not result in a penalty under, Section 409A of the Code. Any portion of a Participant's Deferred Stock Account that is not distributed following a Change in Control shall be distributed in accordance with the terms of this Plan and the applicable Deferral Election.

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**8.11** **Termination after Corporate Dissolution** 

The Administrator may terminate this Plan within twelve (12) months of a corporate dissolution taxed under Section 331 of the Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under this Plan are distributed to the Participants and included in their taxable income within the time limits specified for such terminations in the Regulations under Section 409A.

**8.12** **Company Decision to Terminate Plan** 

The Company may terminate this Plan provided that the Company terminates all of its deferral arrangements that would be aggregated with this Plan pursuant to Section 409A of the Code, and further provided that no payments of amounts deferred under the Plan are made within twelve (12) months of the termination other than payments that would otherwise be payable under this Plan if this Plan had not been terminated, and provided further that payments of all remaining amounts deferred under the Plan are made within twenty-four (24) months of the termination, and provided further that the Company does not adopt any new deferral arrangement that would be aggregated with any terminated arrangement at any time within three years following the date of termination.

**8.13** **No Rights as Stockholder** 

The crediting of Common Stock to a Participant's Deferred Stock Account will not confer on the Participant any rights as a stockholder of the Company.

**8.14** **Clawback.** 

Notwithstanding anything in the Plan to the contrary, the Company will be entitled, to the extent permitted or required by applicable law, Company policy and/or the requirements of an exchange on which the Company's shares of Common Stock are listed for trading, in each case, as in effect from time to time, to recoup compensation of whatever kind paid by the Company or any of its affiliates at any time to a Participant under the Plan.

**8.15** **Withholding.** 

With respect to any Compensation subject to an effective Deferral Election, the Company shall have the right to reduce the amount credited to the Account and/or withhold a number of shares of Common Stock having a Fair Market Value determined by the Administrator to be sufficient to satisfy the federal, state, local, employment and any other applicable tax and withholding requirements, if any, attributable to such Compensation.

**8.16** **Section 409A.** 

The intent of the parties is that payments and benefits under the Plan comply with Section 409A of the Code and the regulations and guidance promulgated thereunder (except to the extent exempt as short-term deferrals or otherwise) and, accordingly, to the maximum extent permitted, the Plan shall be interpreted to be in compliance therewith. A Termination of Service shall not be deemed to have occurred for purposes of any provision of this Plan providing for the payment of any amounts or benefits subject to Section 409A of the Code upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Section 409A of the Code. The determination of whether and when a separation from service has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, US Treasury Regulation Section 1.409A-1(h) or any successor provision thereto. It is intended that each installment, if any, of the payments and benefits provided hereunder shall be treated as a separate "payment" for purposes of Section 409A of the Code. Neither the Company nor any Participant shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A of the Code.

## Exhibit 10.6

**Exhibit 10.6**![LOGO](g52850dsp30.jpg)

November 27, 2025

Michelle MacKay

Via email

Dear Michelle:

This letter agreement (the "Agreement") hereby amends and restates that certain letter agreement, dated May 4, 2023 and as subsequently modified on March 12, 2025, by and between you and Cushman & Wakefield plc ("C&W," and such modified agreement, the "Prior Agreement"), pursuant to which C&W agreed to employ you as Chief Executive Officer ("CEO") and you accepted such employment. In connection with the redomiciliation of C&W, this Agreement is being entered into by and between you and Cushman & Wakefield Global, Inc. (together with its subsidiaries, the "Company"), effective as of November 27, 2025.

This Agreement summarizes certain terms regarding your continuation of employment as CEO of the Company. Please confirm your acceptance of this Agreement as soon as possible, as indicated below.

**ANNUAL BASE COMPENSATION** 

Your annual base salary will be $1,250,000, paid on a bi-weekly basis, less appropriate withholdings and deductions, in accordance with the Company's regular payroll practices. This position is an exempt position for purposes of the Fair Labor Standards Act.

**ANNUAL CASH INCENTIVE COMPENSATION** 

During your employment as Chief Executive Officer, you will be eligible to participate in our annual incentive plan ("AIP"). Your target annual bonus will be $2,500,000, which will be prorated for partial service in this role in a year and subject to a maximum payout of $5,000,000. Your AIP payout is dependent on Company and individual performance against certain goals and objectives and is subject to the discretion and approval by the Board of Directors of the Company and the terms and conditions of the AIP. You must be employed on the payout date to be eligible to receive the payment, as allowed by state or federal law.

**ANNUAL EQUITY AWARD** 

During your employment as Chief Executive Officer, you will also be eligible for an annual equity award with an initial target grant date value of $7,250,000. Equity awards are subject in all respects to approval from the Board and depend on the achievement of Company and individual performance against specified goals and objectives. Annual equity awards, if any, are generally awarded in February each year. It is anticipated that your annual equity awards will consist of 50% time-based restricted stock units ("RSUs") vesting 1/3 per year over three years and 50% performance-based restricted stock units ("PSUs") vesting at the end of a 3-year performance period, subject to change at the Board's discretion. The value of this grant and the number of any RSUs or PSUs granted may vary year to year based on your performance, the Company's performance, and at the discretion of the Board. The Company reserves the right to change the terms of these awards at any time, and any equity awards granted to you will be subject in all respects to the terms and conditions of the applicable equity incentive plan and award agreement pursuant to which the awards are granted, which terms will govern and prevail.

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![LOGO](g52850dsp30.jpg)

**EMPLOYMENT AT-WILL** 

Your employment with the Company will remain at-will and may be terminated by either you or the Company at any time, with or without notice and for any or no reason.

**TERMINATION** 

As Chief Executive Officer, you will be eligible to participate in the Cushman & Wakefield Global, Inc. Amended & Restated Executive Employee Severance Pay Plan effective dated as of February 24, 2022 ("Severance Plan"), subject to the terms and conditions of the Severance Plan as it may be in effect from time to time and as such terms are modified herein with respect to your equity awards.

Below is an overview of the severance benefits that you may be eligible to receive under the Severance Plan upon certain terminations.

<u>Termination by the Company without Cause not in Connection with a Change in Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash Severance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the terms of the Severance Plan, you will be eligible to receive cash severance benefits that consist
of: 18 months of continued base salary, your annual target bonus for the year of termination, and a discretionary prorated bonus for the year of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notwithstanding anything to the contrary in the Severance Plan regarding the treatment of your equity awards, in
the case of your termination by the Company without Cause that does not occur on or within two years after a Change in Control (as such terms are defined in the Severance Plan), as of your termination date and with respect to your equity awards that
are outstanding as of your termination date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be deemed to have satisfied all continuous employment requirements with respect to your time-vesting
RSUs, and such time-based vesting RSUs will remain outstanding and eligible to be settled and distributed according to their regularly scheduled vesting and settlement schedule set forth in the applicable RSU grant agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be deemed to have satisfied all continuous employment requirements through the applicable performance
periods with respect to your performance-vesting PSUs, and such performance-based vesting PSUs will remain outstanding and eligible to vest if applicable performance metrics are satisfied as of the end of the applicable performance periods, as
provided in the applicable PSU grant agreements.

<u>Termination by the Company without Cause or by You for Good Reason in Connection with a Change in Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the terms of the Severance Plan, you will be eligible to receive severance benefits that consist of:
24 months of continued base salary, 2 times your annual target bonus for the year of termination, and a discretionary prorated bonus for the year of termination. Your unvested equity awards granted on or after February 24, 2022 will be eligible
to receive full accelerated vesting.

In addition, the Severance Plan provides for outplacement benefits and subsidized health benefits, subject to certain limitations and conditions. For the avoidance of doubt, any severance benefits you may be eligible to receive (as modified above with respect to your equity awards) will be subject to the terms and conditions of the Severance Plan, including, but not limited to, any release requirement.

------

![LOGO](g52850dsp30.jpg)

**RETIREMENT** 

Notwithstanding anything to the contrary in the Severance Plan, if your termination of employment qualifies as a Retirement (as defined below), then subject to your timely execution and non-revocation of a release of claims in a form provided by the Company, any unvested equity awards outstanding as of the termination date will be eligible to be treated as follows:

<u>Time-Vesting RSUs</u> 

Subject to approval by the Board in its sole discretion, as of the termination date, you will be deemed to have satisfied all continuous employment requirements with respect to your RSUs, and such time-based vesting RSUs will remain outstanding and eligible to be settled and distributed according to their regularly scheduled vesting and settlement schedule set forth in the applicable RSU grant agreement.

<u>Performance-Vesting PSUs</u> 

Subject to approval by the Board in its sole discretion, as of the termination date, you will be deemed to have satisfied all continuous employment requirements through the applicable performance periods, and such performance-based vesting PSUs will remain outstanding and eligible to vest if applicable performance metrics are satisfied as of the end of the applicable performance periods, as provided in the applicable PSU grant agreements.

Your termination of employment with the Company will be eligible to qualify as a "Retirement" if:

1) you have delivered to the Company a notice of resignation indicating your intention to retire no later than 6 months before your intended termination date,

2) you will have been in the role of Chief Executive Officer for at least three years at time of your termination date,

3) you resign under circumstances when no Cause (as defined in the Severance Plan) exists, and

4) the Board, in its sole discretion, accepts your notice of termination and approves your termination as a Retirement, including any appropriate plans to ensure a smooth transition of your role, which may include, if requested by the Board, you entering into a transition agreement with the Company in order to carry out such transition. 

**BENEFITS** 

You will continue to be eligible for general Company-provided employee benefits as defined by the applicable summary plan descriptions and Company policies. The Company reserves the right to modify or terminate any of its benefits, including the health and welfare plan, at any time at the Company's sole discretion and without prior notice.

**CONFIDENTIALITY** 

The protection of confidential information and trade secrets is essential for both the Company's and our employees' future security. To protect such information, employees may not disclose any trade secrets or confidential information (defined further in the Company's policies). The Company's Confidentiality Policy is an ongoing obligation, even after employment with the Company terminates, and you will be subject in all respects to the terms of such policy.

------

![LOGO](g52850dsp30.jpg)

**NON-SOLICIT & NON-COMPETE** 

You reaffirm your agreement that, unless otherwise explicitly authorized by the Board in writing, during your employment and for a period of 18 months following the termination of your relationship with the Company for any or no reason, subject to applicable law, you will not directly or indirectly provide any services for any competing commercial real estate services firm, including, but not limited to, any person, entity, association or organization that provides or engages in leasing, sales, development, property management, facilities management, consulting, mortgage origination and servicing, valuation and appraisal services, real estate related structured finance and debt and investment management delivered to occupiers, owners, lenders and investors in real estate assets. In addition, unless otherwise explicitly authorized by the Board in writing, during your employment and for a period of 24 months following the termination of your relationship with the Company, subject to applicable law, you agree not to solicit or hire, or attempt to solicit or hire, any customer, supplier, vendor or employee of the Company to the extent that such hiring or solicitation may result in an adverse impact to the Company. For the avoidance of doubt, the terms set forth in this paragraph and the "Confidentiality" paragraph above supplement and are in addition to, and will not supersede, any other restrictive covenant obligation applicable to you.

Your signature to this Agreement indicates your acknowledgment and acceptance of the provisions set forth above, which provisions supersede any prior discussions between you and the Company (or any of its representatives), including the Prior Agreement, and will be subject, in all respects, to the Company's employee benefit, compensation, clawback and other relevant policies and/or plans applicable to you, as the same may be in effect from time to time.

[*Signature Page Follows*]

------

![LOGO](g52850dsp30.jpg)

Please execute one copy of this Agreement and return it to me by November 27, 2025.

Regards,

---

| | |
|:---|:---|
| /s/ Stephen Plavin |  |
| Name: Stephen Plavin |  |
| Title: Non-Executive Chairman |  |
| <u>Acknowledged and Accepted</u>: |  |
| /s/ Michelle MacKay | Date: November 27, 2025 |

---

Michelle MacKay

## Exhibit 10.7

**Exhibit 10.7**![LOGO](g52850dsp30.jpg)

November 27, 2025

Andrew McDonald

Via email

Dear Andrew:

This letter agreement (the "Agreement") hereby amends and restates that certain letter agreement, dated July 1, 2023, by and between you and Cushman & Wakefield plc ("C&W," and such agreement, the "Prior Agreement"), pursuant to which C&W agreed to employ you as Global President & Chief Operating Officer ("COO") and you accepted such employment. In connection with the redomiciliation of C&W, this Agreement is being entered into by and between you and Cushman & Wakefield Global, Inc. (together with its subsidiaries, the "Company"), effective as of November 27, 2025.

This Agreement summarizes certain terms regarding your continuation of employment as Global President & COO of the Company. Please confirm your acceptance of this Agreement as soon as possible, as indicated below.

**ANNUAL BASE COMPENSATION** 

Your annual base salary will be $900,000, paid on a bi-weekly basis, less appropriate withholdings and deductions, in accordance with the Company's regular payroll practices. This position is an exempt position for purposes of the Fair Labor Standards Act.

**ANNUAL CASH INCENTIVE COMPENSATION** 

During your employment as Global President & COO, you will be eligible to participate in our annual incentive plan ("AIP"). Your target annual bonus will be $1,700,000, which will be prorated for partial service in this role in a year and subject to a maximum payout of $3,400,000. Your AIP payout is dependent on Company and individual performance against certain goals and objectives and is subject to the discretion and approval by the Board of Directors of the Company and the terms and conditions of the AIP. You must be employed on the payout date to be eligible to receive the payment, as allowed by state or federal law.

**ANNUAL EQUITY AWARD** 

During your employment as Global President & COO, you will also be eligible for an annual equity award with an initial target grant date value of $3,850,000. Equity awards are subject in all respects to approval from the Board and depend on the achievement of Company and individual performance against specified goals and objectives. Annual equity awards, if any, are generally awarded in February each year. It is anticipated that your annual equity awards will consist of 50% time-based restricted stock units ("RSUs") vesting 1/3 per year over three years and 50% performance-based restricted stock units ("PSUs") vesting at the end of a 3-year performance period, subject to change at the Board's discretion. The value of this grant and the number of any RSUs or PSUs granted may vary year to year based on your performance, the Company's performance, and at the discretion of the Board. The Company reserves the right to change the terms of these awards at any time, and any equity awards granted to you will be subject in all respects to the terms and conditions of the applicable equity incentive plan and award agreement pursuant to which the awards are granted, which terms will govern and prevail.

------

![LOGO](g52850dsp30.jpg)

**EMPLOYMENT AT-WILL** 

Your employment with the Company will remain at-will and may be terminated by either you or the Company at any time, with or without notice and for any or no reason.

**TERMINATION** 

As Global President & COO, you will be eligible to participate in the Cushman & Wakefield Global, Inc. Amended & Restated Executive Employee Severance Pay Plan effective dated as of February 24, 2022 ("Severance Plan"), subject to the terms and conditions of the Severance Plan as it may be in effect from time to time and as such terms are modified herein with respect to your equity awards. Below is an overview of the severance benefits that you may be eligible to receive under the Severance Plan upon certain terminations.

<u>Termination by the Company without Cause not in Connection with a Change in Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash Severance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the terms of the Severance Plan, you will be eligible to receive cash severance benefits that consist
of: 12 months of continued base salary, your annual target bonus for the year of termination, and a discretionary prorated bonus for the year of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notwithstanding anything to the contrary in the Severance Plan regarding the treatment of your equity awards, in
the case of your termination by the Company without Cause that does not occur on or within two years after a Change in Control (as such terms are defined in the Severance Plan), as of your termination date and with respect to your equity awards that
are outstanding as of your termination date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be deemed to have satisfied all continuous employment requirements with respect to your time-vesting
RSUs, and such time-based vesting RSUs will remain outstanding and eligible to be settled and distributed according to their regularly scheduled vesting and settlement schedule set forth in the applicable RSU grant agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be deemed to have satisfied all continuous employment requirements through the applicable performance
periods with respect to your performance-vesting PSUs, and such performance-based vesting PSUs will remain outstanding and eligible to vest if applicable performance metrics are satisfied as of the end of the applicable performance periods, as
provided in the applicable PSU grant agreements.

<u>Termination by the Company without Cause or by You for Good Reason in Connection with a Change in Control</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to the terms of the Severance Plan, you will be eligible to receive severance benefits that consist of:
24 months of continued base salary, 2 times your annual target bonus for the year of termination, and a discretionary prorated bonus for the year of termination. Your unvested equity awards granted on or after February 24, 2022 will be eligible
to receive full accelerated vesting.

In addition, the Severance Plan provides for outplacement benefits and subsidized health benefits, subject to certain limitations and conditions. For the avoidance of doubt, any severance benefits you may be eligible to receive (as modified above with respect to your equity awards upon certain terminations) will be subject to the terms and conditions of the Severance Plan, including, but not limited to, any release requirement.

------

![LOGO](g52850dsp30.jpg)

**BENEFITS** 

You will continue to be eligible for general Company-provided employee benefits as defined by the applicable summary plan descriptions and Company policies. The Company reserves the right to modify or terminate any of its benefits, including the health and welfare plan, at any time at the Company's sole discretion and without prior notice.

**CONFIDENTIALITY** 

The protection of confidential information and trade secrets is essential for both the Company's and our employees' future security. To protect such information, employees may not disclose any trade secrets or confidential information (defined further in the Company's policies). The Company's Confidentiality Policy is an ongoing obligation, even after employment with the Company terminates, and you will be subject in all respects to the terms of such policy.

**NON-SOLICIT & NON-COMPETE** 

You reaffirm your agreement that, unless otherwise explicitly authorized by the Board in writing, during your employment and for a period of 12 months following the termination of your relationship with the Company for any or no reason, subject to applicable law, you will not directly or indirectly provide any services for any competing commercial real estate services firm, including, but not limited to, any person, entity, association or organization that provides or engages in leasing, sales, development, property management, facilities management, consulting, mortgage origination and servicing, valuation and appraisal services, real estate related structured finance and debt and investment management delivered to occupiers, owners, lenders and investors in real estate assets. In addition, unless otherwise explicitly authorized by the Board in writing, during your employment and for a period of 24 months following the termination of your relationship with the Company, subject to applicable law, you agree not to solicit or hire, or attempt to solicit or hire, any customer, supplier, vendor or employee of the Company to the extent that such hiring or solicitation may result in an adverse impact to the Company. For the avoidance of doubt, the terms set forth in this paragraph and the "Confidentiality" paragraph above supplement and are in addition to, and will not supersede, any other restrictive covenant obligation applicable to you.

Your signature to this Agreement indicates your acknowledgment and acceptance of the provisions set forth above, which provisions supersede any prior discussions between you and the Company (or any of its representatives), including the Prior Agreement, and will be subject, in all respects, to the Company's employee benefit, compensation, clawback and other relevant policies and/or plans applicable to you, as the same may be in effect from time to time.

[*Signature Page Follows*]

------

![LOGO](g52850dsp30.jpg)

Please execute one copy of this Agreement and return it to me by November 27, 2025.

Regards,

---

| | |
|:---|:---|
| /s/ Stephen Plavin |  |
| Name: Stephen Plavin |  |
| Title: Non-Executive Chairman |  |
| <u>Acknowledged and Accepted</u>: |  |
| /s/ Andrew McDonald | Date: November 27, 2025 |

---

Andrew McDonald

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g52850dsp1a.jpg)

For Immediate Release

**Cushman & Wakefield Completes Redomiciliation to Bermuda** 

**NEW YORK, November 28, 2025 –** Cushman & Wakefield plc (NYSE: CWK) (the "Company") today announced the completion of the Company's change of its place of incorporation from England and Wales to Bermuda (the "Redomiciliation").

As a last step in the legal and regulatory procedures required to implement the Redomiciliation, the High Court of Justice of England and Wales sanctioned the Company's proposed scheme of arrangement on November 25, 2025.

The Redomiciliation was completed on November 27, 2025. At completion, all issued and outstanding shares of Cushman & Wakefield plc were cancelled and extinguished, and newly issued shares of common stock (the "New Cushman & Wakefield Shares") of Cushman & Wakefield Ltd., Cushman & Wakefield's new Bermuda parent holding company, were issued to each shareholder on a one-for-one basis. The New Cushman & Wakefield Shares will begin trading on the New York Stock Exchange today, with the trading symbol continuing as "CWK."

The Redomiciliation changes the jurisdiction of incorporation and governing documents of Cushman & Wakefield's parent company, but is not expected to have any material impact on the day-to-day operations of Cushman & Wakefield's parent company or those of its subsidiaries.

For more information on the Redomiciliation, visit <u>https://ir.cushmanwakefield.com</u>.

**About Cushman & Wakefield** 

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that *Better never settles*, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit <u>www.cushmanwakefield.com</u>.

**MEDIA CONTACT:** 

**Aixa Velez** 

Corporate Communications

+1 312 424 8195

<u>aixa.velez@cushwake.com</u>

------

![LOGO](g52850dsp1a.jpg)

**Forward-Looking Statements** 

This communication contains forward-looking statements. All statements other than statements of historical fact, including statements relating to the Redomiciliation, trends in or expectations relating to the expected effects of our initiatives, strategies and plans, as well as trends in or expectations regarding our financial results and long-term growth model and drivers, and regarding our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "can," "believe," "may," "will," "continue," "anticipate," "intend," "plan," "expect," "seek" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to, the risks detailed in our filings with the United States Securities and Exchange Commission ("SEC"), including the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2024. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this document may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results. We assume no obligation to update any of the forward-looking statements contained in this document, except as required by law.

**MEDIA CONTACT:** 

**Aixa Velez** 

Corporate Communications

+1 312 424 8195

<u>aixa.velez@cushwake.com</u>