JONES LANG LASALLE INCJLL

JONES LANG LASALLE INC Stock Compensation Disclosure

10-KFiled Feb 19, 20262 min read
6.     STOCK-BASED COMPENSATION
The Stock Award and Incentive Plan ("SAIP") provides for the granting of various stock awards to eligible employees of JLL. These awards have historically been RSUs which generally vest over three years (either cliff or graded vesting) and PSUs which generally vest in three years (cliff vesting), subject to performance and/or market conditions.
There were approximately 1.5 million shares available for grant under the SAIP as of December 31, 2025.
Stock-based compensation expense, excluding expense related to retention awards issued in conjunction with acquisitions, is included within Compensation and benefits expense on the Consolidated Statements of Comprehensive Income. The expense related to retention awards issued in conjunction with acquisitions is included within Restructuring and acquisition charges.
Stock-based compensation expense by award type is presented below. In 2023, we recognized $13.5 million of stock-based compensation expense reversal associated with the expected achievement against performance measures of certain PSU awards.
Year Ended December 31,
(in millions)202520242023
Restricted stock unit awards$85.9 82.5 65.9 
Performance stock unit awards26.1 12.6 9.0 
Total$112.0 95.1 74.9 
Restricted Stock Units and Performance Stock Units
RSU Shares
(in 000's)		PSU Shares
(in 000's)		Total Shares
(in 000's)		Weighted Average
Grant Date
Fair Value
Unvested as of December 31, 2022
841.3 567.0 1,408.3 $170.78 
Granted520.5 185.2 705.7 143.64 
Vested(296.8)(257.2)(554.0)126.28 
Forfeited(74.9)(36.9)(111.8)164.42 
Unvested as of December 31, 2023
990.1 458.1 1,448.2 $175.07 
Granted500.9 168.7 669.6 210.34 
Vested(347.5)(109.0)(456.5)184.86 
Forfeited(52.8)(92.1)(144.9)173.88 
Unvested as of December 31, 2024
1,090.7 425.7 1,516.4 $187.78 
Granted410.3 89.5 499.8 238.94 
Vested(383.5)(20.8)(404.3)198.85 
Forfeited(56.6)(121.9)(178.5)207.74 
Unvested as of December 31, 2025
1,060.9 372.5 1,433.4 $200.75 
As of December 31, 2025, we had $109.9 million of unamortized deferred compensation related to unvested RSUs and PSUs, which we anticipate to be recognized over a weighted average period of 1.2 years.
Shares vested during the years ended December 31, 2025, 2024 and 2023 had grant date fair values of $80.4 million, $84.4 million, and $70.0 million, respectively. Shares granted during the years ended December 31, 2025, 2024 and 2023 had grant date fair values of $119.4 million, $140.8 million and $101.4 million, respectively.

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 19, 2025

About Stock Compensation Disclosures

Stock-based compensation disclosures detail the equity awards granted to employees and executives — including stock options, restricted stock units (RSUs), and performance shares — along with the valuation methods and assumptions used to expense them. This section reveals the true cost of talent retention and the alignment between management incentives and shareholder interests.

Key signals: total unrecognized compensation expense and its expected recognition period signal future earnings headwinds from already-granted awards. For stock options, examine Black-Scholes assumptions — expected volatility, risk-free rate, and expected term — as understating any of these reduces reported compensation expense. Compare stock compensation expense as a percentage of revenue against peers to assess dilution cost. Watch vesting schedules for acceleration clauses tied to change-of-control events. Performance-based awards with undemanding targets may indicate weak governance. Add back stock compensation to operating cash flow to calculate a more conservative free cash flow figure.

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