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

Mar 2, 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: GORDON ILENE S (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-01	Common Stock	X	2000	$6.38	Acquired	14040	Direct
2010-03-01	Common Stock	X	24000	$18.5	Acquired	38040	Direct
2010-03-01	Common Stock	S	8000	$23.7923	Disposed	30040	Direct
2010-03-01	Common Stock	S	9000	$23.7392	Disposed	21040	Direct
2010-03-01	Common Stock	S	9000	$23.7196	Disposed	12040	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-01	Non-Qualified Stock Option (right to buy)	$6.38	X	2000	Disposed	2010-05-15	Common Stock (2000)	Direct
2010-03-01	Non-Qualified Stock Option (right to buy)	$18.5	X	24000	Disposed	2010-06-20	Common Stock (24000)	Direct

Footnotes

F1: The stock option becomes exercisable in four equal quarterly installments, commencing three months after the date of grant. Option expires upon death or retirement of director.

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