Exhibit 10.2
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 | | | | 225 West Wacker Drive Suite 3000 Chicago, Illinois 60606 cushmanwakefield.com |
September 18, 2021
Mr. Andrew McDonald
via email
Dear Andrew,
Congratulations! I am pleased to present the following terms and conditions of your new role as President at Cushman & Wakefield Global, Inc. (“C&W” or the “Company”). This position reports to John Forrester. Your effective date will be January 1, 2022.
The below represents the offer in its entirety and supersedes and replaces all previous arrangements with C&W. Further, this offer is contingent upon your repayment in full, no later than December 31, 2021, of the loan granted to you by C&W in 2016.
Salary
Your annualized salary will be $700,000, paid in bi-weekly installments less appriorate withholdings and deductions. You are eligible to be considered for a salary increase during the Company’s annual salary review process.
Annual Incentive Compensation
Beginning in 2022, you will be eligible for a discretionary annual target bonus award of $1,000,000, with payout of 0% to 200% of target based on the Company achievement of established financial metrics as well as personal goals. Bonus payments, in all cases, are paid at the sole discretion of the Company. An express condition of earning said bonus is continued employment through the bonus payment date, as allowed by state and federal law. Should employee leave employment for any reason prior to the bonus payment date, no bonus will have been earned and will not be payable as allowed by state and federal law.
Long-Term Incentive
Beginning in 2022, you will be eligible for a discretionary annual equity award with a fair value of $2,800,000 on the date of grant. Equity awards are subject to personal and business results, and Board approval. Equity awards are a combination of both time-based restricted stock units, subject to three-year pro-rata vesting; and performance-based units subject to three-year cliff vesting, as well as Company performance against established metrics. The number of shares granted to you will be contingent upon the per share fair market value on the grant date.
Benefits
As a full-time employee, you will have access to company-provided benefits as defined by the applicable summary plan descriptions and company policy. Additional details regarding benefit eligibility and options are defined further in the attached benefit summary. The Company reserves the right to modify any of its benefits, including the health and welfare plan, any time at the Company’s sole discretion and without prior notice.
PTO and Sick Leave
As a full-time employee, you will be eligible for unlimited paid time off as long as job responsibilities are fulfilled. Annually, you will be eligible for 5 Sick Leave days (or more, where required by law), which will be granted on a pro-rated basis from your start date,and granted in full at the beginning of each calendar year thereafter. Cushman & Wakefield also provides 11 company-paid holidays and one floating holiday.
