JLL Technologies CEO Mihir Shah to Depart in April 2027 Under Separation Agreement

Executive Summary

On September 30, 2026, Jones Lang LaSalle Incorporated (NYSE: JLL) reported under Item 5.02 of Form 8-K that Mihir Shah, Chief Executive Officer of Jones Lang LaSalle Technologies and member of the Global Executive Board, will depart the company effective April 1, 2027.

In connection with his planned departure, the company and Mr. Shah executed a Separation Agreement and General Release on September 28, 2026, defining compensation, equity award treatment, and restrictive covenant obligations.

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Key Terms of the Separation Agreement

1. Salary & Scheduled Bonus Continuation

• Base Salary: Continued through the effective separation date of April 1, 2027.
• 2026 Annual Incentive Plan (AIP): Full earned bonus payable in normal course in March 2027.

2. Cash Severance & Departure Payments

Subject to execution and non-revocation of a general release of claims:

• Base Salary Severance: $675,000 (equivalent to 54 weeks of current base salary, implying a ~$650,000 annual base salary).
• Pro-Rated 2027 AIP Payment: $590,000 for service during the termination year.
• Target Annual Incentive Multiple: $2,360,000 (equal to 1.0x target annual incentive).
• Total Lump-Sum Severance Value: $3,625,000 (excluding continued salary and 2026 earned AIP).

3. Equity and Benefit Treatment

• Equity Awards: Outstanding restricted stock units (RSUs) and performance share units (PSUs) granted under the Global Executive Board Long Term Incentive Compensation Plan will receive pro-rated vesting based on active service through April 1, 2027. Any remaining unvested awards will be forfeited.
• Health & Welfare Benefits: Company-subsidized COBRA premiums (employer portion) for up to 12 months, or until new employment with health benefits is obtained.
• Retirement Plans: Existing balances in the 401(k) and U.S. Deferred Compensation Plan remain subject to plan provisions.

4. Restrictive Covenants

• Includes standard confidentiality requirements and a 12-month post-separation non-solicitation covenant.

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Strategic and Market Context

• Leadership Transition: As head of JLL Technologies, Mihir Shah oversaw JLL's proptech investments, digital solutions, and software ecosystem. The six-month lead time until April 2027 provides a structured transition window for JLL Technologies' executive leadership.
• Financial Impact: The cash severance obligations totaling ~$3.63M are consistent with standard senior executive exit agreements at S&P 500 real estate services firms, posing negligible balance-sheet strain.