Document:

EX-10.25

 Exhibit 10.25 

CUSHMAN & WAKEFIELD PLC 

2018 OMNIBUS NON-EMPLOYEE DIRECTOR SHARE AND CASH INCENTIVE PLAN 

(Effective as of June 19, 2018) 
  

	1.	 Purpose of the Plan 

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.	 Definitions 

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: 
 (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. 

(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. 

(c)         “Board of Directors” means the Board of Directors of C&W.

 (d)         “C&W” means Cushman & Wakefield plc, a public
limited company incorporated under the law of England and Wales, whose registration number is 11414195 (and any successor thereto). 

(e)         “Cash Incentive Award” means an award granted to a Participant
pursuant to Section 8 of the Plan. 
 (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, the Consortium 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, the Consortium
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) 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 

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

(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. 

(i)         “Company” means C&W and all of its Subsidiaries,
collectively. 
 (j)         “Consortium” means, collectively or
individually as the context requires, TPG Asia VI SF Pte. Ltd, PAGAC Drone Holding I LP, and 2339532 Ontario Ltd and/or their respective Affiliates for so long as such Person is subject to any orderly market sell-down provision, or any other trading
restriction, contained in the Coordination Agreement (as defined in the GenPar LPA) and provided such Person has agreed to be bound by, and adhere to, the governance arrangements of the Partnership or, if applicable, the IPO Company (each as defined
in the GenPar LPA) contemplated by the Coordination Agreement. 
 (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. 

(l)          “Effective Date” means the date the Plan is adopted. 

(m)         “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 (n)          “Fair Market Value” means, with respect to
an Ordinary 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 Ordinary Shares are then listed or admitted to trading (the “Securities Exchange”). In the event that the price of an Ordinary Share shall not be so reported, the Fair Market
Value of an Ordinary Share shall be determined by the Committee in its sole discretion taking into account the requirements of Section 409A of the Code. 

(o)         “GenPar LPA” means the First Amended and Restated Limited
Liability Partnership Agreement of DTZ Investment Holdings GenPar LLP, as such may be amended from time to time in accordance with its terms. 

(p)         “Incentive Award” means one or more Share Incentive Awards
and/or Cash Incentive Awards, collectively. 
 (q)         “Option” means
a stock option to purchase Ordinary Shares granted to a Participant pursuant to Section 6. 
 (r)
        “Ordinary Shares” means C&W’s ordinary shares of $0.10 nominal value, or any other security into which the ordinary shares shall be changed pursuant to the adjustment provisions of
section 9 of the Plan, or depositary receipts or instruments representing the same. 
 (s)
        “Other Share-Based Award” means an award granted to a Participant pursuant to Section 7. 

(t)         “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 successors, heirs, executors and administrators, as the case may be. 

  
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 (u)         “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. 

(v)         “Plan” means the Cushman & Wakefield plc 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan, as it may be amended from time to time. 

(w)         “Securities Act” means the Securities Act of 1933, as amended.

 (x)         “Service Period” means the period during which an
individual is classified or treated by the Company as a non-employee director of the Company. 

(y)         “Share Incentive Award” means an Option or Other Share-Based
Award granted pursuant to the terms of the Plan. 
 (z)
        “Subsidiary” means any “subsidiary” within the meaning of Rule 405 under the Securities Act. 

(aa)       “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. 

(bb)        “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. 
 (cc)        “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. 
  

	3.	 Shares Subject to the Plan and Limitations on Cash Incentive Awards 

(a)         Shares Subject to the Plan 

The maximum number of Ordinary Shares that may be covered by Incentive Awards granted under the Plan shall not exceed 200,000
Ordinary 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 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. Ordinary 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. 

For purposes of the preceding paragraph, Ordinary Shares covered by Incentive Awards shall only be counted as used to the
extent they are actually issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to the Plan; provided, however, that if Ordinary Shares are tendered (either actually or through
attestation) or withheld to pay the exercise price of an Option or stock appreciation right or to satisfy any tax withholding requirement in connection with an Option or stock appreciation right, both the shares issued (if any) and the shares
withheld will be deemed delivered for purposes of determining the number of Ordinary Shares that are available for delivery under the Plan. For the avoidance of doubt, Ordinary Shares that are tendered (either actually or through attestation) or
withheld to satisfy any tax withholding requirement in connection 

  
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with any “full-value Awards” shall be added to the number of Ordinary Shares that are available for delivery under the Plan. In addition, if Ordinary Shares are issued subject to
conditions which may result in the forfeiture, cancellation or return of such shares to the Company, any portion of the shares forfeited, cancelled or returned shall be treated as not issued pursuant to the Plan. Ordinary Shares that are settled for
cash shall be added to the number of Ordinary Shares that are available for delivery under the Plan. 
 (b)
        Individual Award Limit 
 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), 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 chair of the Board of Directors, 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. 
  

	4.	 Administration of the Plan 

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 Ordinary 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 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 Ordinary 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, 

  
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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 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 (x) reprice (within the meaning of
Section 303A.08 of the New York Stock Exchange Listed Company Manual and any other formal or informal guidance issued by the New York Stock Exchange) any Option or stock appreciation right or (y) or purchase underwater Options or stock
appreciation rights from a Participant for value in excess of zero, in each case without the approval of the shareholders of C&W. 

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.	 Eligibility 

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.	 Options 

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. 
 (a)         Exercise Price 

The exercise price per Ordinary Share covered by any Option shall be not less than the greater of its nominal value and 100%
of the Fair Market Value of an Ordinary 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 Ordinary Share on the date such
Substitute Award is assumed, provided that such substitution complies with applicable laws and regulations. 
 (b)
        Term and Exercise of Options 
 (1)
        Each Option shall become vested and exercisable on such date or dates, during such period and for such number of Ordinary 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 

  
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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. 
 (2)         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. 
 (3)         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.	 Other Share-Based Awards 

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 Ordinary
Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Ordinary 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 Ordinary Shares that is specified at the time of the grant of such Incentive Award.

  

	8.	 Cash Incentive Awards 

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 Ordinary Shares, provided that the term “Cash Incentive Award” shall exclude any Option or Other Share-Based Award. 

 

	9.	 Adjustment Upon Certain Changes 

Subject to any action by the shareholders of C&W required by law, applicable tax rules or the rules of any exchange on
which Ordinary Shares of C&W are listed for trading: 
 (a)          Shares
Available for Grants 
 In the event of any change in the number of Ordinary 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 Ordinary
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 Ordinary 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 Ordinary Shares with respect to which Incentive Awards may be granted. 

(b)         Increase or Decrease in Issued Shares Without Consideration 

In the event of any increase or decrease in the number of issued Ordinary Shares resulting from a subdivision or consolidation
of Ordinary Shares or the payment of a stock dividend (but only on the Ordinary 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 

  
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type or number of Ordinary Shares subject to each outstanding Incentive Award and the exercise price per Ordinary Share of each such Incentive Award. 

(c)         Certain Mergers and Other Transactions 

In the event of any merger, consolidation or similar transaction as a result of which the holders of Ordinary 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 Ordinary 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 Ordinary 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: 

(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 Ordinary 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 an Ordinary 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 
 (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 Ordinary 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. 

(d)         Other Changes 

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. 
 (e)
        Cash Incentive Awards 
 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. 
 (f)         No Other Rights 

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 

  
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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. 
 (g)
        Savings Clause 
 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.	 Change in Control; Termination of the Service Period 

(a)         Change in Control 

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. 
 (b)         Termination of the Service Period  

(1)         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. 
 (2)
        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.	 Rights Under the Plan 

No Person shall have any rights as a shareholder with respect to any Ordinary 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 Ordinary Share if it were issued or outstanding, or from granting rights related to such dividends; provided that dividends or dividend equivalents that would be payable with respect
to any Ordinary Share subject to a performance-based Incentive Award shall not be paid until, and only to the extent that, the performance-based conditions are met. 

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.	 No Special Rights; No Right to Incentive Award 

(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. 

  
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 (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.	 Securities Matters 

(a)         C&W shall be under no obligation to effect the registration pursuant
to the Securities Act of any Ordinary 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 Ordinary 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 Ordinary Shares are
traded. The Committee may require, as a condition to the issuance of Ordinary 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. 
 (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 Ordinary 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 Ordinary 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. 

 

	14.	 Withholding Taxes 

(a)         Cash Remittance 

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 Ordinary 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. 
 (b)
        Stock Remittance 
 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 Ordinary 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. 
 (c)         Stock Withholding

 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

  
 9 

 
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.	 Amendment or Termination of the Plan 

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. 
  

	16.	 Recoupment 

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.	 No Obligation to Exercise 

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

	18.	 Transfers 

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 to be sold, pledged, assigned, hypothecated,
transferred, or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may determine. 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.	 Expenses and Receipts 

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.	 Failure to Comply 

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

  
 10 

 
grounds for the cancellation and forfeiture of such Incentive Award, in whole or in part, as the Committee, in its absolute discretion, may determine. 

 

	21.	 Relationship to Other Benefits 

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.	 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. 
  

	23.	 Severability 

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.	 Effective Date and Term of Plan 

The Effective Date of the Plan is June 19, 2018. No grants of Incentive Awards may be made under the Plan after
June 19, 2028, the tenth anniversary of the date upon which the Plan was approved. 

  
 11EX-10.34

 Exhibit 10.34 

Execution Copy 

June 14, 2018 

CUSHMAN & WAKEFIELD GLOBAL, INC. 
  

EXECUTIVE EMPLOYEE SEVERANCE PAY PLAN 

& SUMMARY PLAN DESCRIPTION 
  

June 14, 2018 
  

  
 1 

 CUSHMAN & WAKEFIELD GLOBAL, INC. 

EXECUTIVE EMPLOYEE SEVERANCE PAY PLAN 

& SUMMARY PLAN DESCRIPTION 

ARTICLE 1 

Introduction 

Cushman & Wakefield Global, Inc., a Delaware corporation (the “Company”), hereby establishes this Cushman &
Wakefield Global, Inc. Executive Employee Severance Pay Plan (the “Plan”), effective June 14, 2018 (the “Effective Date”), to provide severance benefits to certain Executive Employees of the Company and its participating
affiliates who suffer a loss of employment under the terms and conditions set forth in the Plan. The Plan replaces and supersedes any and all severance plans, policies and/or practices of the Company and its participating affiliates in effect for
covered Executive Employees prior to the Effective Date including without limitation the Cushman & Wakefield, Inc. Executive Employee Severance Plan Dated June 3, 2017 (the “Prior Plan”); provided that individuals who
incurred a Termination of Employment on or before the Effective Date shall continue to be covered by the terms of the Prior Plan and shall not be eligible to receive payments or benefits under the Plan. The Plan is intended to, and shall be
interpreted in all respects to, come within the definition of an “employee welfare benefit plan” under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and to be exempt from Internal
Revenue Code (“Code”) Section 409A as “involuntary severance.” This document constitutes both the Plan document and the Summary Plan Description. Except as otherwise provided in Section 6.01, the
Company reserves the right, in its sole and absolute discretion, to terminate, amend or modify the Plan, in whole or in part, at any time and for any reason and to eliminate or reduce benefits. All benefits under the Plan shall be paid solely
from the general assets of the Company. 
  
 ARTICLE 2 

Definitions and Interpretations 

2.01    Administrator shall mean the person or persons appointed by the Chief Human Resources Officer, Americas to
administer the Plan pursuant to Article 5. 
 2.02    Base Salary shall mean the Executive Employee’s base
rate of pay at the time of Termination of Employment, excluding bonuses, overtime pay, premium or differential pay, commissions, perquisites, non-cash compensation, incentive compensation, or any other
additional compensation. However, Base Salary shall not be reduced by any voluntary salary reduction contributions made on an Executive Employee’s behalf to any deferred compensation or benefit plan of the Employer. 

2.03    Board of Directors shall mean the Board of Directors of C&W. 

  
 2 

 2.04    Bonus shall mean the annual bonus incentive that would
otherwise have been payable to the Executive Employee by the Company for the calendar year in which Termination of Employment occurs under the Company’s Annual Incentive Plan (AIP). 

2.05    C&W shall mean Cushman & Wakefield plc, a public limited company incorporated under the law of
England and Wales, whose registration number is 11414195 (and any successor thereto). 
 2.06    Cause shall
mean: (a) the Participant’s dishonesty, fraud, or misrepresentation to the Company (including in each instance used in this definition any subsidiary) or any third party; (b) violation of (or refusal to comply with) the terms of the
Participant’s offer letter or service agreement with the Company, the agreements governing the Participant’s equity awards (if any), any material instructions from management, or the policies, rules or regulations of the Company applicable
to the Participant, as may be amended from time to time; or (c) any indictment of, or plea of guilty or no contest by, the Participant to a felony or any crime involving moral turpitude. 

2.07    Change in Control shall mean (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, the Consortium 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, the Consortium 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) 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.

  
 3 

 
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. 

2.08    Company, except as used in Section 2.05, shall mean Cushman & Wakefield Global, Inc. and its
subsidiaries, as well as any predecessor entities thereof, exclusive of C&W Services, Inc. 

2.09    Consortium shall mean, collectively or individually as the context requires, TPG Asia VI SF Pte. Ltd, PAGAC
Drone Holding I LP, and 2339532 Ontario Ltd and/or their respective Affiliates for so long as such Person is subject to any orderly market sell-down provision, or any other trading restriction, contained in the Coordination Agreement (as defined in
the GenPar LPA) and provided such Person has agreed to be bound by, and adhere to, the governance arrangements of the Partnership or, if applicable, the IPO Company (each as defined in the GenPar LPA) contemplated by the Coordination Agreement. 

2.10    Effective Date shall mean June 14, 2018. 

2.11    Employer shall mean the Company and each of its majority owned domestic subsidiaries specified as a
participating company by the Administrator. 
 2.12    Executive Employee shall mean an individual listed or who
otherwise meets the criteria described on Schedule A. 
 2.13    GenPar LPA shall mean the First Amended and
Restated Limited Liability Partnership Agreement of DTZ Investment Holdings GenPar LLP, as such may be amended from time to time in accordance with its terms. 

2.14    Involuntary Termination shall mean the termination by an Employer of an Executive Employee’s
employment relationship with all Employers (including after a Change in Control). Notwithstanding the preceding paragraph, an Involuntary Termination shall not include a discharge or other separation of employment under any of the following
circumstances: 
  

	 	(a)	termination for Cause; 

  

	 	(b)	an Executive Employee’s retirement or voluntary resignation; 

  

	 	(c)	death or disability of the Executive Employee; 

  

	 	(d)	 the business or a portion of the business of an Employer, including in a transaction constituting a Change in
Control, is (1) sold in whole or in part to another corporation or company, whether by sale of stock or assets, (2) merged or consolidated with another corporation or company or is part of a similar corporate transaction, or
(3) outsourced to another corporation or company, and the 

  
 4 

	 	
Executive Employee is offered employment with the purchaser or surviving business or the corporation or company to which the business is outsourced (whether or not he or she accepts any such
position with the purchaser, surviving business or other company). In the event of such a sale or outsourcing, the Executive Employee also shall not incur an Involuntary Termination if the Executive Employee does not participate in good faith in the
hiring process of the purchaser or surviving business or the other corporation or company to which the business is outsourced; or 

  

	 	(e)	the Executive Employee (1) is offered employment any Employer or affiliate of any Employer (whether or not he/she accepts such position), or (2) transfers to any position with any Employer. 

If an Executive Employee is terminated from employment and it is subsequently determined that, by virtue of conduct or circumstances arising
either before or after the termination, the Executive Employee or former Executive Employee engaged in what would have constituted Cause, the termination will be deemed to have been as a result of Cause, and the individual will be ineligible for any
further payments and benefits under the Plan. In such circumstances, in the event that Plan payments or benefits have already been paid or provided by the Employer, the Employer shall be entitled to recover any such payments or benefits. The
determination as to whether a discharge or other separation from service is for Cause or is otherwise described in this Section will be made by the Plan Administrator, in its sole and absolute discretion, and such determination shall be final and
binding on all affected Executive Employees. An Executive Employee’s Involuntary Termination shall be deemed to occur on the last day of his or her employment with the Employer. 

2.15    Participant shall mean an Executive Employee who meets the requirements for eligibility under the Plan, as
set forth in Article 3 of the Plan. An individual shall cease being a Participant once all payments and benefits due to such individual under the Plan has been paid or provided. 

2.16    Person shall mean 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. 

2.17    Severance Multiple shall mean the multiple listed on Schedule A applicable to an Executive Employee. 

2.18    Severance Pay shall have the meaning given to such term as set forth in Section 4.01. 

2.19    Severance Period shall mean a number of months equal to (i) 12 multiplied by (ii) the Severance
Multiple. 

  
 5 

 2.20    Subsidized COBRA Payment shall mean an amount equal to
the Employer’s predetermined cost of coverage applicable to a Participant under the Company’s eligible group medical, dental and vision insurance plans during the Severance Period, as determined by the Plan Administrator in its sole
discretion. 
 2.21    Termination Date shall mean the date specified by the Employer in a notice of termination
to an Executive Employee as the effective date of such Executive Employee’s Termination of Employment with such Employer. Notwithstanding the foregoing, with respect to any eligible Executive Employee, the Employer reserves the right, in its
sole and absolute discretion, to change a previously designated Termination Date. 
 2.22    Termination of
Employment shall mean the date of the cessation of the Participant’s employment with the Employer for any reason whatsoever, whether voluntary or involuntary, including as a result of the Executive Employee’s retirement, death, or
disability. 
 2.23    Voting Power shall mean 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. 

2.24    Voting Securities shall mean 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.

  
 ARTICLE 3 

Eligibility for Benefits 

3.01    Eligibility for Benefits. An Executive Employee shall be eligible for severance benefits under the Plan
only if he or she is notified of his/her Involuntary Termination, to be effective as of his/her Termination Date, remains in the continuous employ of an Employer until his/her Termination Date, and experiences an Involuntary Termination. 

To be eligible to receive Severance Pay, an Executive Employee must timely execute, and not revoke, a general release of claims in a form
provided by the Company, in its sole and absolute discretion, under which, among other things, the Executive Employee releases and discharges all Employers and related entities (as well as any third party for whom the Executive Employee provides
services on the Employer’s behalf) from all claims and liabilities relating to the Executive Employee’s employment with the Employer and/or the termination of the Executive Employee’s employment, including without limitation, claims
under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, where applicable, the California Fair
Employment and Housing Act, the California Labor Code sections 200 et seq., 510 et seq., and 970 et seq., defamation provisions of California Civil Code 

  
 6 

 
section 44 et seq., the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act (Whistleblowing Law), and the New York State and City Human Rights Laws (and
similar laws of any other state). The general release of claims shall be provided to the Executive Employee on or before his/her Termination Date and the executed general release of claims agreement must be returned to the Plan Administrator. The
general release of claims will not waive or release claims the Executive Employee may have (a) arising after the Execution Date of the general release of claims, (b) that by law may not be released by private settlement, (c) for
Worker’s Compensation benefits for job-related illness or injury, (d) for unemployment compensation, (e) against Employer insurers pursuant to any life, health, or disability insurance policy
the Executive Employee has or had through the Employer, or (f) under COBRA (as defined below). Further, nothing in the general release of claims will preclude the Executive Employee from filing a lawsuit for the exclusive purpose of enforcing
rights under the general release of claims. 
 If the Participant executes, without revocation, such release within twenty-one (21) or forty-five (45) days, as applicable, following his or her Termination of Employment, provided that this does not affect any right to file an administrative charge with the Equal
Employment Opportunity Commission or cooperate with such organization, receipt of benefit under this Plan shall not affect an Executive Employee’s right to any bonus, incentive pay or pension benefit to which he or she would otherwise be
entitled under the terms of the respective plans governing those programs on account of service with the Employer prior to the Termination of Employment. The Participant may not execute the release prior to his/her Termination Date. 

 
 ARTICLE 4 

Benefits Payable from the Plan 

4.01    Severance Pay. Participants shall be entitled to receive “Severance Pay” from the Plan based on
the following formula: 
  

	 	(a)	Cash Severance. Participants shall be eligible to receive an amount, less any applicable taxes, equal to (i) the Severance Multiple multiplied by (ii) such Participant’s Base Salary.

  

	 	(b)	If a Participant is eligible to receive a bonus under the Corporate Annual Incentive Compensation Plan, then the Participant shall be eligible to receive a discretionary pro-rated
bonus for the applicable bonus year, as determined in the complete and sole discretion of the Administrator, based on (i) the performance of the Company, (ii) the performance of the Participant, and (iii) taking into account the
Participant’s period of service in the applicable bonus year. 

 4.02    Continued Benefits.
The Participant shall be entitled to elect to continue health coverage under the Employer’s group medical, dental, vision insurance plans in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”). The 

  
 7 

 
Employer shall provide to the Participant an amount equal to the Subsidized COBRA Payment for the duration of the Severance Period, less applicable taxes, in relation to the eligible group
medical and dental insurance coverage elected by a Participant (and his or her covered eligible dependents) in effect on the date of a Participant’s Termination of Employment. 

A detailed explanation of continuation and duration of benefits rights is available from, and will be provided to the Participant by, the
Administrator. 
 4.03    Offset of Other Severance Benefits. If a Participant is eligible to receive benefits
under this Plan, such Participant shall not be entitled to receive any other severance, separation, notice or termination payments on account of his or her employment with any Employer under any other plan, policy, program or agreement. If, for any
reason, a Participant becomes entitled to or receives any other severance, separation, notice or termination payments on account of his or her employment or Termination of Employment with any Employer, including, for example, any payments required
to be paid to the Participant under any federal, state, or local law (including, without limitation, the Worker Adjustment and Retraining Notification Act) or pursuant to any agreement (except unemployment benefits payable in accordance with state
law and payment for accrued but unused vacation), his or her severance under the Plan may be reduced by the amount of such other payments paid or payable, subject to compliance with Code Section 409A and all applicable laws. An Executive
Employee must notify the Plan Administrator if he or she receives or is claiming to be entitled to receive any such payment(s). If a foreign Executive Employee is entitled to receive benefits under local law that are greater than or equal to the
benefits that such foreign Executive Employee would otherwise be entitled to receive under this Plan, then the Executive Employee (receiving such benefits under local law) shall not be entitled to receive any benefits under this Plan. If a foreign
Executive Employee is entitled to receive benefits under local law that are less than the benefits that such foreign Executive Employee would otherwise be entitled to receive under this Plan, then the Executive Employee shall be entitled to receive
under this Plan the amount of benefits that such Participant is entitled to receive under this Plan less any benefits such Participant receives under local law. 

4.04    Cessation or Repayment of Severance Benefits. If a Participant received benefits under this Agreement and
such Participant is re-hired by any Employer during the Severance Period, the Executive Employee may be required to repay to the Company any amount received as of such
re-hiring that is in excess of the pro-rata portion of such benefits that would have been due over the Severance Period in the discretion of the Administrator. 

4.05    Withholding. Severance Pay shall be subject to federal, state, and local income and Social Security tax
withholdings and any other withholdings mandated by law. 
 4.06    Payment of Benefits. Except as otherwise
provided, and subject to the conditions set forth in Section 3.01, Severance Pay and the Subsidized COBRA Payment shall be paid in substantially equal installments over the Severance Period (which shall be deemed to commence on the
Participant’s Termination Date) in accordance with the Company’s normal payroll practices; provided, that payments shall commence in the first payroll period commencing after 

  
 8 

 
the applicable period in which to execute the release has lapsed plus an additional seven (7) days, at which time any payments that would have been made in such period shall be paid on the
occurring payroll date. Notwithstanding the foregoing, severance benefits which are exempt from the application of Code Section 409A (for example, as “short term deferrals” or “involuntary severance”) may be accelerated
following a Termination of Employment, in the complete and sole discretion of the Employer. If the Participant does not execute the release within twenty-one (21) or forty-five (45) days, as
applicable, following his or her Termination of Employment, all payments under Article 4 that would have been paid shall be forfeited. In the event that a Participant dies before receiving all of the payments due to the Participant under the Plan,
any remaining amounts shall be paid to the appointed administrator, executor, or personal representative of the Participant’s estate. 
  

ARTICLE 5 

Administration 

5.01    Administration. The Plan shall be administered by the Administrator appointed by the Chief Human Resources
Officer, Americas, which shall have the exclusive right and full discretion: (a) to interpret the Plan; (b) to decide any and all matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies, or
admissions); (c) to make, amend, and rescind such rules as it deems necessary for the proper administration of the Plan; and (d) to make all other determinations necessary or advisable for the administration of the Plan, including
determinations regarding eligibility for benefits payable under the Plan. The Administrator is the “named fiduciary” for purposes of Section 402(a)(2) of ERISA. All interpretations of the Administrator with respect to any matter
hereunder shall be final, conclusive, and binding on all persons affected thereby. No member of the Administrator shall be liable for any determination, whenever possible, to be in conformity with the requirements of ERISA, or any subsequent laws
decision, or action made in good faith with respect to the Plan. The Company will indemnify and hold harmless the members of the Administrator from and against any and all liabilities, costs, and expenses incurred by such persons as a result of any
act, or omission, in connection with the performance of such persons’ duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and expenses as may result from the bad faith, willful misconduct, or criminal
acts of such persons. 
  
 ARTICLE 6 

Miscellaneous Provisions 

6.01    Amendment and Termination. Except in contemplation of a Change in Control or within twelve (12) months
after a Change in Control, the Company reserves the right, in its sole and absolute discretion, to terminate, amend, or modify the Plan, in whole or in part, at any time and for any reason, by direction of the Compensation Committee of the Board of
Directors. In such case, the Administrator shall have the complete discretion to terminate, modify or reduce Plan benefits but shall only increase Plan benefits with approval of the Compensation Committee. If the Plan is terminated, amended, or
modified, an Executive Employee’s right to participate in, or to receive benefits under, the Plan may be changed; provided, however, that 

  
 9 

 
severance payable (or which becomes payable) to a Participant who has incurred a Termination of Employment prior to such termination, amendment, or modification of the Plan, shall not be affected
by the termination, amendment, or modification. Subject to compliance with Code Section 409A, in contemplation of or within twelve (12) months following a Change in Control, the Company shall not amend or modify the Plan unless such
amendment or modification would result in more favorable treatment to the Executive Employees who become Participants in such period. The Company may at any time accelerate distributions of benefits under the Plan under any circumstance specifically
authorized under Code Section 409A and applicable authorities. Acceleration in compliance with Code Section 409A shall be considered more favorable treatment to Participants. Neither the Company nor the Administrator shall amend or
terminate the Plan in a manner that violates the provisions of Code Section 409A. Unless otherwise specified by the Company in an amendment, amendments made by the Company will apply to all Employers. 

6.02    No Additional Rights Created. Neither the establishment of this Plan, nor any modification thereof, nor the
payment of any benefits hereunder, shall be construed as giving to any Participant, employee, or other person any legal or equitable right against any Employer or any officer, director or employee thereof; and in no event shall the terms and
conditions of employment by an Employer of any Executive Employee be modified or in any way affected by this Plan. 

6.03    Records. The records of the Employer with respect to service time, employment history, Base Salary,
absences, and all other relevant matters shall be conclusive for all purposes of this Plan. 

6.04    Construction. The respective terms and provisions of the Plan shall be construed, whenever possible, to be
in conformity with the requirement of ERISA, or any subsequent laws or amendments thereto. To the extent not in conflict with the preceding sentence or another provision in the Plan, the construction and administration of the Plan shall be in
accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York (without reference to its conflicts of law provisions). 

6.05    Severability. Should any provisions of the Plan be deemed or held to be unlawful or invalid for any reason,
such fact shall not adversely affect the other provisions of the Plan unless such determination shall render impossible or impracticable the functioning of the Plan, and in such case, an appropriate provision or provisions shall be adopted so that
the Plan may continue to function properly. 
 6.06    Incompetency. In the event that the Plan Administrator
finds that a Participant is unable to care for his or her affairs because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be
paid in such manner as the Plan Administrator shall determine, and the application thereof shall be a complete discharge of all liability for any payments or benefits to which such Participant was or would have been otherwise entitled under this
Plan. 

  
 10 

 6.07    Payments to a Minor. Any payments to a minor from this
Plan may be paid by the Plan Administrator in its sole and absolute discretion: (a) directly to such minor; (b) to the legal or natural guardian of such minor; or (c) to any other person, whether or not appointed guardian of the
minor, who shall have the care and custody of such minor. The receipt by such individual shall be a complete discharge of all liability under the Plan therefor. 

6.08    Plan Not a Contract of Employment. Nothing contained in this Plan shall be held or construed to create any
liability upon any Employer to retain any Executive Employee in its service. All Executive Employees shall remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect. 

6.09    Unfunded. The benefits payable under this Plan shall be paid out of the general assets of the applicable
Employer. To the extent that any person acquires a right to receive payments under this Plan, such right shall not be secured by any other assets of any Employer and such person shall be no more than unsecured general creditor of the Company with no
special or prior right to any assets of the Company for payment of any obligations hereunder. 

6.10    Nontransferability. The benefits provided under the Plan may not be alienated, assigned, transferred,
pledged, or hypothecated by any person, at any time, or to any person whatsoever. Those benefits shall be exempt from the claims of creditors or other claimants of the Participant and from all orders, decrees, levies, garnishment, or executions to
the fullest extent allowed by law. 
 6.11    Governing Law. The Plan is covered by Title I of ERISA as a
“welfare benefit plan.” In the event any provision of, or legal issue relating to, this Plan is not fully preempted by ERISA, such issue or provision shall be governed by the laws of the State of New York applicable to contracts made and
to be performed within the State of New York (without reference to its conflicts of law provisions). 
 6.12    Tax
Matters. The Company shall be entitled to withhold or cause to be withheld from amounts to be paid under this Plan to an eligible Executive Employee any federal, state, or local withholding or other taxes or amounts that it is from time to time
required to withhold. The Plan and the payments and benefits hereunder are intended to comply with Section 409A of the Code, as amended (“Section 409A”), to the extent subject thereto, and, accordingly, to the maximum extent
permitted, this Plan shall be interpreted and administered to be in compliance therewith. Notwithstanding anything herein to the contrary: (i) if at the time of an Executive Employee’s Termination of Employment with the Company, such
Executive Employee is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such Termination of Employment is necessary in order
to prevent any accelerated or additional tax under Section 409A, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or
provided to such Executive Employee who becomes a Participant) until the date that is six (6) months following the Participant’s Termination of Employment with the Company (or the 

  
 11 

 
earliest date as is permitted under Section 409A); (ii) if any other payments of money or other benefits due to such Participant hereunder could cause the application of an accelerated or
additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to
the extent possible, in a manner determined by the Company that does not cause such an accelerated or additional tax; (iii) to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, a
Participant shall not be considered to have terminated employment with the Company for purposes of this Plan and no payment shall be due to such Participant under this Plan until the Participant would be considered to have incurred a
“separation from service” from the Company within the meaning of Section 409A; and (iv) each amount to be paid or benefit to be provided to a Participant pursuant to this Plan, which constitute deferred compensation subject to
Section 409A, shall be construed as a separate identified payment for purposes of Section 409A. To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to a Participant under this
Agreement shall be paid to the Participant on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits
provided to the Participant) during any one year may not affect amounts reimbursable or provided in any subsequent year. Neither the Company nor any of its employees or representatives shall have any liability to a Participant with respect to
Section 409A. 
  
 ARTICLE 7 

Additional Information Employees 

Need to Know About the Plan 

7.01    Plan and Summary Plan Description. This document is both the Plan and Summary Plan Description and shall be
distributed to all Participants in this form. This Article includes additional information about your rights under ERISA which are required to be included in a Summary Plan Description. 

7.02    Notice of Right to Claim Benefits. The Administrator is the “named fiduciary” and will notify you
of a right to claim benefits under the Plan, will make forms available for filing of such claims, and will provide the name of the person or persons with whom such claim should be filed. You will find contact information for the Administrator at the
end of this Article in Section 7.06. Service of legal process may be made upon the Plan Administrator. 

7.03    Claims Procedures. The Administrator shall act upon claims initially made and then communicate a decision
to the claimant promptly and, in any event, not later than ninety (90) days after the date of the claim. The claim may be deemed by the claimant to have been denied for purposes of further review described below in the event a decision is not
furnished to the claimant within such ninety (90) day period. If additional information is necessary to make a determination on a claim, the claimant shall be advised of the need for such additional information within forty-five (45) days
after the date of the claim. The claimant shall have up to one hundred eighty (180) days to supplement the claim information, and the claimant 

  
 12 

 
shall be advised of the decision on the claim within forty-five (45) days after the earlier of the date the supplemental information is supplied or the end of the one hundred eighty
(180) day period. Every claim for benefits which is denied shall be denied by written notice setting forth in a manner calculated to be understood by the claimant: (a) the specific reason or reasons for the denial; (b) specific
reference to any provisions of the Plan (including any internal rules, guidelines, protocols, criteria, etc.) on which the denial is based; (c) description of any additional material or information that is necessary to process the claim; and
(d) an explanation of the procedure for further reviewing the denial of the claim (including applicable time limits and a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse
decision on review). 
 7.04    Review Procedures. The Administrator shall establish procedures for review of
claim denials, such review to be undertaken by the Administrator. The review given after denial of any claim shall be a full and fair review, with the claimant or his duly authorized representative have a right to know why this was done, to obtain
copies of documents relating If your claim for a welfare benefit is denied or ignored, in whole or in part, you having one hundred eighty (180) days after receipt of denial of his claim to request such review, having the right to review all
pertinent documents and the right to submit issues and comments in writing. The Administrator shall establish a procedure for issuance of a decision by the Administrator not later than sixty (60) days after receipt of a request for review from
a claimant unless special circumstances, such as the need to hold a hearing, require a longer period of time, in which case a decision shall be rendered as soon as possible but not later than one hundred twenty (120) days after receipt of the
claimant’s request for review. The decision on review shall be in writing and shall include specific reasons for the decision written in a manner calculated to be understood by the claimant with specific reference to any provisions of the
Plan on which the decision is based and a statement of the Executive Employee’s right to bring a civil action under Section 502(a) of ERISA. 

7.05    Know Your ERISA Rights. As a Participant in the Plan you are entitled to certain rights and
protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all Plan Participants shall be entitled to: 
  

	 	(a)	Receive Information About Your Plan and Benefits: 

 Examine, without charge,
at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including insurance contracts, and a copy of the latest annual report (Form 5500 Series), if any, filed by the Plan
with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration. 
 Obtain,
upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts, and copies of the latest annual report (Form 5500 Series), if any, and updated Summary Plan Description. The Plan
Administrator may make a reasonable charge for the copies. 
 Receive a summary of the Plan’s annual financial report (if any). 

  
 13 

	 	(b)	Prudent Actions by Plan Fiduciaries: 

 In addition to creating rights for Plan
Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest
of you and other Plan Participants. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA. 

 

	 	(c)	Enforce Your Rights: 

 If your claim for a welfare benefit is denied or
ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relatingto the decision without charge, and to appeal any denial, all within certain time schedules. 

Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the
latest annual report from the Plan and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide materials and pay you up to one hundred ten
dollars ($110.00) a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may
file suit in a state or federal court. If you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court
costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

 

	 	(d)	Assistance with Your Questions: 

 If you have any questions about your Plan,
you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of
the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your 

  
 14 

 
telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C.
20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration. 

7.06    Contact Information and Other Important Facts. 

 

			
		
	 OFFICIAL NAME OF THE PLAN:
	  	Cushman & Wakefield Executive Employee Severance Pay Plan
		
	 SPONSOR:
	  	Cushman & Wakefield Global, Inc.
225 West Wacker Drive
Chicago, IL 60606
(312) 470-1800
		
	 PLAN EMPLOYERS:
	  	Cushman & Wakefield Global, Inc., and each of its majority owned U.S. subsidiaries. A complete list of the Employers sponsoring the Plan may be obtained by Participants upon written request to the Administrator, and is
available for examination by Participants at the Administrator’s office.
		
	 EMPLOYER IDENTIFICATION NUMBER (EIN):
	  	47-1818510
		
	 PLAN NUMBER:
	  	[●]
		
	 TYPE OF PLAN:
	  	Executive Employee Severance Welfare Benefit Plan
		
	 END OF PLAN YEAR:
	  	December 31
		
	 TYPE OF ADMINISTRATION:
	  	Employer Administered
		
	 PLAN ADMINISTRATOR:
	  	Attn.: Chief Human Resources Officer, Americas
Cushman & Wakefield Global, Inc.
225 West Wacker Drive, 29th Floor
Chicago, IL 60606
(312) 424-8038
		
	 EFFECTIVE DATE:
	  	June 14, 2018

  
 15 

 Schedule A 
  

			
	 	 
	 Executive
Employee
  
	 	 Severance Multiple

 

	 	 
	 John Forrester

 
	 	 1.5x

 

	 	 
	 Brett Soloway

 
	 	 1.0x

 

	 	 
	 Michelle Hay

 
	 	 1.0x

 

	 	 
	
Nathaniel Robinson
  
	 	 1.0x

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