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

Mar 16, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-03-12

Reporting Person: DURKIN JAMES W JR (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-12	Common Stock	X	30000	$18.5	Acquired	300130	Direct
2010-03-12	Common Stock	S	23000	$24.8	Disposed	277130	Direct
2010-03-12	Common Stock	S	1000	$24.86	Disposed	276130	Direct
2010-03-12	Common Stock	S	1149	$24.82	Disposed	274981	Direct
2010-03-12	Common Stock	S	12	$24.75	Disposed	274969	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-12	Non-Qualified Stock Option (right to buy)	$18.5	X	30000	Disposed	2010-06-20	Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	59482	Indirect
Common Stock (restricted)	6890	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-Qualified Stock Option (right to buy)	$22.7	2012-07-21	Common Stock (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$23.76	2018-03-05	Common Stock (6350)	6350	Direct
Non-Qualified Stock Option (right to buy)	$24.13	2017-03-02	Common Stock (11500)	11500	Direct
Non-Qualified Stock Option (right to buy)	$24.9	2013-07-16	Common Stock (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$26.5	2011-07-19	Common Stock (20000)	20000	Direct
Non-Qualified Stock Option (right to buy)	$27.25	2015-07-20	Common Stock (30000)	30000	Direct
Non-Qualified Stock Option (right to buy)	$28.65	2017-05-15	Common Stock (5958)	5958	Direct
Non-Qualified Stock Option (right to buy)	$29.42	2014-07-21	Common Stock (30000)	30000	Direct

Footnotes

F1: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.

F2: The stock option becomes exercisable 20% each year on the anniversary of the grant date.