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

Jan 29, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-01-27

Reporting Person: BROOKER T KIMBALL (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-01-27	Common Stock	M	24000	$18.5	Acquired	188040	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-01-27	Non-Qualified Stock Option (right to buy)	$18.5	M	24000	Disposed	2010-06-20	Common Stock (24000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	15000	Indirect
Common Stock (restricted)	5722	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$21.28	2016-05-12	Common Stock (9375)	9375	Direct
Non-Qualified Stock Option (right to buy)	$25.79	2013-05-20	Common Stock (25000)	25000	Direct
Non-Qualified Stock Option (right to buy)	$26.11	2011-05-21	Common Stock (25000)	25000	Direct
Non-Qualified Stock Option (right to buy)	$27.1	2015-05-16	Common Stock (25000)	25000	Direct
Non-Qualified Stock Option (right to buy)	$30.58	2014-05-17	Common Stock (25000)	25000	Direct
Non-Qualified Stock Option (right to buy)	$35.86	2012-05-13	Common Stock (25000)	25000	Direct

Footnotes

F1: The shares are held by a corporation owned by members of the Reporting Person's immediate family and of which the Reporting Person is President and a director. The Reporting Person disclaims beneficial ownership of the shares.

F2: The stock option becomes exercisable in three equal annual installments, commencing one year after the date of grant.

F3: The stock option becomes exerciseable one year after the grant date.