Arthur J. Gallagher & Co. — Director's Dealing 2017

Mar 20, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GALLAGHER ARTHUR J & CO (AJG)
CIK: 0000354190
Period of Report: 2017-03-16

Reporting Person: HOWELL DOUGLAS K (VP & Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-16	Common Stock (restricted)	A	10700	—	Acquired	31606	Direct
2017-03-16	Common Stock (restricted)	A	3700	—	Acquired	35306	Direct
2017-03-17	Common Stock	M	20033	$27.94	Acquired	57354	Direct
2017-03-17	Common Stock	S	20033	$56.95	Disposed	37321	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-16	Non-qualified Stock Option	$56.86	A	19800	Acquired	2024-03-16	Common Stock (19800)	Direct
2017-03-17	Non-qualified Stock Option	$27.94	M	20033	Disposed	2017-10-18	Common Stock (20033)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2300	Indirect

Footnotes

F1: Earned performance share units vesting on 3/17/2019.

F2: Restricted stock unit award vesting five years after the date of grant.

F3: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $56.89 to $57.09. The reporting person will provide to the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F4: The reporting person has no voting or invesment power over these shares and disclaims beneficial ownership.

F5: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F6: The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.