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

Mar 3, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-03-01

Reporting Person: GAULT JAMES S (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-01	Common Stock	X	20000	$18.5	Acquired	26689	Direct
2010-03-01	Common Stock	S	7000	$23.7178	Disposed	19689	Direct
2010-03-01	Common Stock	S	6000	$23.7351	Disposed	13689	Direct
2010-03-01	Common Stock	S	7000	$23.7333	Disposed	6689	Direct
2010-03-02	Common Stock (restricted)	A	2175	—	Acquired	8475	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-01	Non-Qualified Stock Option (right to buy)	$18.5	X	20000	Disposed	2010-06-20	Common Stock (20000)	Direct
2010-03-02	Non-Qualified Stock Option (right to buy)	$24.13	A	12750	Acquired	2017-03-02	Common Stock (12750)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	56000	Indirect
Common Stock	66197	Indirect

Footnotes

F1: Restricted stock unit award vesting in four years.

F2: The reporting person disclaims beneficial ownership of these securities pursuant to Rule 16a-1(a)(4). This report shall not be deemed an admission that the reporting person is, for purposes of Section 16 or otherwise, the beneficial owner of such securities.

F3: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.

F4: The stock option becomes exercisable 20% each year on the anniversary of the grant date.