Arthur J. Gallagher & Co. — Director's Dealing 2025

Mar 18, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
Period of Report: 2025-03-15

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-15	Common Stock	M	900	$70.74	Acquired	76862.6773	Direct
2025-03-15	Common Stock	F	403	$325.24	Disposed	76459.6773	Direct
2025-03-15	Common Stock (restricted)	A	9610	—	Acquired	9610	Direct
2025-03-15	Common Stock (restricted)	M	9160	—	Disposed	450	Direct
2025-03-15	Common Stock	M	9160	—	Acquired	85619.6773	Direct
2025-03-15	Common Stock	F	3673	$325.24	Disposed	81946.6773	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-15	Non-qualified Stock Option	$70.74	M	900	Disposed	2025-03-15	Common Stock (900)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3165	Indirect
Common Stock	367.544	Indirect

Footnotes

F1: Represents stock options that automatically exercised upon expiration pursuant to the terms of the award agreement.

F2: Shares withheld by the company to cover exercise price and tax liability upon the automatic stock option exercise reported on this form.

F3: Performance share units (awarded on March 15, 2022) earned and vested as of March 15, 2025.

F4: Conversion of restricted stock units to common stock resulting from the earned and vested performance share units.

F5: Shares withheld to cover tax liability related to the reporting person's receipt of common stock from the earned performance share units reported on this form.

F6: The reporting person has no voting or invesment power over these shares and disclaims beneficial ownership.

F7: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.