Arthur J. Gallagher & Co. — Director's Dealing 2023

May 12, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
Period of Report: 2023-05-10

Reporting Person: CARY RICHARD C (Controller, CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-10	Common Stock	M	983	$70.74	Acquired	38268	Direct
2023-05-10	Common Stock	M	1000	$79.59	Acquired	39268	Direct
2023-05-10	Common Stock	M	1221	$86.17	Acquired	40489	Direct
2023-05-10	Common Stock	S	3204	$217.62	Disposed	37285	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-10	Non-qualified Stock Option	$70.74	M	983	Disposed	2025-03-15	Common Stock (983)	Direct
2023-05-10	Non-qualified Stock Option	$79.59	M	1000	Disposed	2026-03-14	Common Stock (1000)	Direct
2023-05-10	Non-qualified Stock Option	$86.17	M	1221	Disposed	2027-03-12	Common Stock (1221)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	214.63	Indirect

Footnotes

F1: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $217.50 to $217.75. 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.

F2: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.