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

May 13, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-05-11

Reporting Person: JOHNSON DAVID S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-05-12	Common Stock	J	1762	—	Acquired	11102	Direct
2010-05-13	Common Stock	J	1320	—	Acquired	12422	Direct
2010-05-11	Common Stock (restricted)	A	1483	—	Acquired	7205	Direct
2010-05-12	Common Stock (restricted)	J	1762	—	Disposed	5443	Direct
2010-05-13	Common Stock (restricted)	J	1320	—	Disposed	4123	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-11	Non-Qualified Stock Option (right to buy)	$25.29	A	9375	Acquired	2017-05-11	Common Stock (9375)	Direct

Footnotes

F1: Vesting of restricted stock which continues to be held as common stock.

F2: Restricted stock award vesting one year after the date of grant.

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