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

Feb 23, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2010-02-22

Reporting Person: CARY RICHARD C (Controller, CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-22	Common Stock	C	18000	$18.5	Acquired	41918	Direct
2010-02-22	Common Stock	S	9000	$23.5	Disposed	32918	Direct
2010-02-22	Common Stock	S	9000	$23.5197	Disposed	23918	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-22	Non-Qualified Stock Option (right to buy)	$18.5	C	18000	Disposed	2010-06-20	Common Stock (18000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	22678	Indirect

Footnotes

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