Arthur J. Gallagher & Co. — Director's Dealing 2026

Mar 4, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
Period of Report: 2026-03-01

Reporting Person: Gallagher Patrick Murphy (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-03	Common Stock	M	5000	$79.59	Acquired	36442.6637	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-03-01	Non-qualified Stock Option	$228.20	A	17775	Acquired	2033-03-01	Common Stock (17775)	Direct
2026-03-03	Non-qualified Stock Option	$79.59	M	5000	Disposed	2026-03-14	Common Stock (5000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10560	Indirect
Common Stock	418.696	Indirect
Common Stock	53112	Indirect
Common Stock	83407.25	Indirect
Common Stock	20432	Indirect
Common Stock	54959	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Stock	$		Common Stock (16052.856)	16052.856	Direct
Non-qualified Stock Option	$337.74	2032-03-01	Common Stock (11901)	11901	Direct
Non-qualified Stock Option	$243.54	2031-03-01	Common Stock (11386)	11386	Direct
Non-qualified Stock Option	$127.90	2028-03-16	Common Stock (7255)	7255	Direct
Non-qualified Stock Option	$86.17	2027-03-12	Common Stock (6270)	6270	Direct
Non-qualified Stock Option	$177.09	2030-03-15	Common Stock (6160)	6160	Direct
Non-qualified Stock Option	$158.56	2029-03-15	Common Stock (5510)	5510	Direct
Phantom Stock	$		Common Stock (3804.562)	3804.562	Direct

Footnotes

F1: Shares held in trusts, for the benefit of the reporting person's children, of which his wife is sole trustee.

F2: Shares held in a revocable trust and an irrevocable trust of which the reporting person's spouse is sole Trustee and as to which he disclaims beneficial ownership

F3: Shares held in trust for the benefit of the reporting person's children, of which he is a trustee.

F4: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

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

F6: Grant date of 3/14/2019.

F7: Each share of phantom stock represents a right to receive one share of Gallagher common stock.

F8: These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards when they attain age 62, or after a one-year period for participants who have attained age 61.

F9: Closing price of Gallagher common stock on February 28, 2025.

F10: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F11: Grant date of 3/16/2021.

F12: Grant date of 3/12/2020.

F13: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F14: Grant date of 3/15/2022.

F15: These shares represent awards under the Deferred Cash Participation Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the participant. These awards are payable in a lump sum on the six-month anniversary of the reporting person's separation from service.