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

May 5, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
Period of Report: 2023-05-03

Reporting Person: Pietrucha Susan E (Chief Human Resources Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-05-03	Common Stock	M	18400	—	Acquired	43123.5877	Direct
2023-05-03	Common Stock	M	14300	—	Acquired	57423.5877	Direct
2023-05-03	Common Stock	S	24618	$210.64	Disposed	32805.5877	Direct
2023-05-03	Common Stock	S	32801	$211.63	Disposed	4.5877	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-05-03	Non-qualified Stock Option	$56.86	M	18400	Disposed	2024-03-16	Common Stock (18400)	Direct
2023-05-03	Non-qualified Stock Option	$70.74	M	14300	Disposed	2025-03-15	Common Stock (14300)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	171.47	Indirect

Footnotes

F1: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $210.18 to $211.14. 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 ranges set forth in footnotes 1 and 2 to this Form 4.

F2: The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $211.22 through $211.93.

F3: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.