Arthur J. Gallagher & Co. — Director's Dealing 2014

Nov 4, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2014-11-03

Reporting Person: Bay Walter D. (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-11-03	Common Stock	M	2400	$24.13	Acquired	9853	Direct
2014-11-03	Common Stock	M	639	$23.76	Acquired	10492	Direct
2014-11-03	Common Stock	M	1500	$26.09	Acquired	11992	Direct
2014-11-03	Common Stock	F	3378	$47.82	Disposed	8614	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-11-03	Non-qualified Stock Option	$24.13	M	2400	Disposed	2017-03-02	Common Stock (0)	Direct
2014-11-03	Non-qualified Stock Option	$23.76	M	639	Disposed	2018-03-05	Common Stock (0)	Direct
2014-11-03	Non-qualified Stock Option	$26.09	M	1500	Disposed	2018-05-13	Common Stock (0)	Direct

Footnotes

F1: The stock option becomes exercisable 20% each year on the anniversary of the grant date.

F2: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.