Arthur J. Gallagher & Co. — Director's Dealing 2010

May 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-05-12

Reporting Person: MCGURN DAVID E JR (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-12	Common Stock	X	15000	$18.5	Acquired	75890	Direct
2010-05-12	Common Stock	S	15000	$25.35	Disposed	60890	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-12	Non-Qualified Stock Option (right to buy)	$18.5	X	15000	Disposed	2010-06-20	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4898	Indirect
Common Stock	63000	Indirect
Common Stock	64174	Indirect

Footnotes

F1: These securities are held by Mr. McGurn's spouse as custodian for the benefit of children under the Uniform Gift to Minor's Act. Only those shares held for the benefit of Mr. McGurn's daughter sharing his household are reported.

F2: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.