PAGAC Drone Holding GP I Ltd - Aug 17, 2023 Form 4 Insider Report for Cushman & Wakefield plc (CWK)

Role: Former 10% Owner
Signature: /s/ Nick Yu
Stock symbol: CWK
Transactions as of: Aug 17, 2023
Transactions value $: $0
Form type: 4
Date filed: 8/21/2023, 04:38 PM
Previous filing: Jun 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CWK	Ordinary Shares, $0.10 nominal value per share	Other		-3.04M	-13.4%		19.7M	Aug 17, 2023	Direct	F1, F2, F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

PAGAC Drone Holding GP I Ltd is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	The Reporting Person is the general partner of PAGAC Drone Holding I LP ("PAGAC" and, together with the Reporting Person, the "PAG Entities").
F2	On August 17, 2023, PAGAC made a pro rata distribution of 3,043,172 ordinary shares ("Ordinary Shares") of Cushman & Wakefield plc (the "Issuer") to its limited partners.
F3	PAGAC is the direct holder of 19,674,303 Ordinary Shares of the Issuer.
F4	Messrs. Jon Robert Lewis, Lincoln Lin Feng Pan, Noel Walsh and David Alan Fowler have been delegated, in accordance with certain proxy voting guidelines, the authority to implement voting decisions and the authority to implement disposition decisions with respect to shares indirectly held by PAGAC Drone Holding GP I Limited, including the 19,674,303 Ordinary Shares. Each of Messrs. Lewis, Pan, Walsh and Fowler expressly disclaims beneficial ownership of such shares.
F5	The PAG Entities entered into a Stockholders Agreement, dated as of August 6, 2018, with certain other holders (the "Holders") of Ordinary Shares. Pursuant to the Stockholders Agreement, the PAG Entities and the Holders have agreed to, among other things, vote their Ordinary Shares to elect members of the Board of Directors of the Issuer as set forth therein. Because of the relationship between the PAG Entities and the Holders as a result of the Stockholders Agreement, the Reporting Person may be deemed, pursuant to Rule 13d-3 under the Act, to beneficially own the Ordinary Shares beneficially owned by the Holders. The Reporting Person and each PAG Entity disclaims beneficial ownership of the Ordinary Shares beneficially owned by the Holders, except to the extent of its pecuniary interest therein, if any.