Benjamin Hawke

About Benjamin Hawke

Benjamin Hawke, 40, is JLL’s Chief Accounting Officer (CAO) and a Section 16 executive officer. He has served as CAO since March 2022; he joined JLL in January 2016 and previously progressed through various roles in JLL’s global finance function, including Assistant Global Controller. Prior experience includes four years in finance roles at CNA Insurance and four years in the audit practice at Ernst & Young LLP . Company performance context for incentive design: 2024 revenue was $23.4B (+13% YoY), adjusted EBITDA $1.2B (+28%), and net income attributable to common shareholders $546.8M (+149%) .

Past Roles

External Roles

None disclosed for Hawke .

Fixed Compensation

Not disclosed. JLL’s 2025 proxy provides detailed compensation tables for Named Executive Officers (NEOs) and GEB participants, but does not include individual pay elements for the CAO .

Performance Compensation

JLL’s enterprise-level incentive frameworks (used for GEB participants) provide context on performance metrics and design. Hawke’s individual participation and weightings are not disclosed.

• 2024 Annual Incentive Plan (AIP) – Enterprise metrics and outcomes: | Metric | Weight | Threshold (50%) | Target (100%) | Maximum (200%) | Actual 2024 | Payout | |---|---:|---|---|---|---|---:| | AIP Adjusted EBITDA | 50% | Committee-defined | Committee-defined | Committee-defined | $1,186.3M (115% of target) | 151% | | AIP Adjusted EBITDA Margin | 25% | Committee-defined | Committee-defined | Committee-defined | 14.72% (111% of target) | 136% | | Strategic Factors | 25% | Objectives set annually | Objectives set annually | Objectives set annually | Above target | 125% | | Total Weighted Funding | — | — | — | — | — | 140.6% |

• 2024–2026 GEB Long-Term Incentive Plan (LTIP) – metric structure: | Metric | Assessment cadence | Weight | Rationale | 2024 Actual/Payout (where disclosed) | |---|---|---:|---|---| | Adjusted EPS (excludes equity investments for JLL/T and LaSalle) | Goals set annually; averaged over 3 years | 75% | Addresses industry cyclicality and macro sensitivity | 2024 Adjusted EPS actual: $14.01 vs $11.70 target → 165.8% payout for 2024 tranche | | Free Cash Flow Conversion Ratio | 3-year cumulative | 25% | Measures operational efficiency | Goals not disclosed until performance period ends | | Relative TSR (S&P 500 rank) | 3-year cumulative modifier | ±20% | Aligns long-term shareholder value | Modifier scale: <25th → 80%; >75th → 120% (no positive mod if absolute TSR negative) |

Note: LTIP metrics and AIP design apply to GEB; the proxy does not disclose Hawke-specific incentive participation or vesting schedules .

Equity Ownership & Alignment

• Beneficial ownership: Individual share count for Hawke is not disclosed; the Security Ownership table lists directors, NEOs, and group totals (22 persons) as of March 31, 2025, with 47,513,451 shares outstanding .
• Stock ownership guidelines: Apply to GEB members and NEOs (CEO: 6x salary; others: lesser of 1x annual LTIP grant or 4x salary); all 2024 NEOs met/exceeded guidelines as of March 31, 2025 . No explicit ownership guideline is disclosed for the CAO.
• Pledging/hedging: JLL’s insider trading policy prohibits pledging JLL stock, short sales, and derivatives; designated insiders must pre-clear trades and comply with blackouts or approved 10b5-1 plans .
• Clawback: Updated policy (effective Sept 7, 2023) applies to NEOs, GEB members, and any current/former “executive officer” under Rule 10D-1 (which would include the CAO), requiring recoupment of erroneously awarded incentive-based compensation after a material restatement, irrespective of fault .

Vesting schedules and insider selling pressure: Not disclosed for Hawke. We attempted to retrieve recent Form 4 transactions via the insider-trades skill but were unable to access the dataset due to an authentication error; therefore, no transaction analysis is included.

Employment Terms

• Severance Pay Plan (U.S. employees, including executive officers): Base severance equals one-half month of base pay; enhanced severance provides up to 15 months of base pay, healthcare reimbursement, and outplacement for professional employees. If termination occurs after June 30 and before annual incentives are paid, enhanced severance includes eligibility for pro‑rated AIP at target. A special minimum enhanced severance (12 months base plus target AIP) applies to GEB members; this minimum is not specified for non-GEB executive officers .
• Change-in-control: Individual CIC agreements are provided to GEB members (not broadly to all executive officers). Terms include cash severance multiples (CEO 3.0x; others 1.5x), pro‑rata target bonus, and full vesting of RSUs/PSUs at target for in‑effect performance periods upon qualifying termination within 24 months of a CIC; no tax gross‑ups .
• Non-solicitation: Example employment terms in JLL’s materials include a 12‑month employee/client non‑solicitation covenant post‑termination, reflecting standard company practices (illustrated in a 10‑Q exhibit) .
• Code of Ethics: Annual review/attestation obligations, compliance oversight by Audit & Risk Committee, and robust insider compliance framework .

Investment Implications

• Alignment and risk controls: Prohibitions on pledging/hedging and a broad clawback policy covering “executive officers” strengthen alignment and mitigate restatement/behavioral risk for the CAO role .
• Severance/CIC economics: As a non-GEB executive, Hawke’s severance falls under the general Severance Pay Plan, without disclosed CIC-specific cash severance multiples—indicating lower “golden parachute” inflation risk versus GEB participants .
• Performance-linked pay context: While Hawke’s personal incentive metrics are not disclosed, enterprise AIP/LTIP metrics emphasize Adjusted EBITDA/Margin, Adjusted EPS, FCF Conversion, and Relative TSR—metrics supportive of cash generation, margin discipline, and shareholder value; these frameworks drive broader senior leadership behavior even where individual disclosures are limited .
• Transparency gap: Lack of disclosed ownership, grant detail, and vesting schedules for the CAO constrains analysis of selling pressure and personal alignment. Monitoring Form 4 filings would be necessary for trading-signal assessment once available.