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

Mar 18, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
Period of Report: 2026-03-15

Reporting Person: Gallagher Patrick Murphy (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-03-15	Common Stock (restricted)	A	4620	—	Acquired	4620	Direct
2026-03-15	Common Stock (restricted)	M	4620	—	Disposed	0	Direct
2026-03-15	Common Stock	M	4620	—	Acquired	41062.6637	Direct
2026-03-15	Common Stock	F	1962	$207.93	Disposed	39100.6637	Direct
2026-03-16	Common Stock	F	525	$207.93	Disposed	38575.6637	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10560	Indirect
Common Stock	491.136	Indirect
Common Stock	53262	Indirect
Common Stock	83407.25	Indirect
Common Stock	21032	Indirect
Common Stock	55109	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Non-qualified Stock Option	$228.20	2033-03-01	Common Stock (17775)	17775	Direct
Phantom Stock	$		Common Stock (17594.638)	17594.638	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
Notional Stock Units	$		Common Stock (907.072)	907.072	Direct
Phantom Stock	$		Common Stock (3804.562)	3804.562	Direct
Non-qualified Stock Option	$158.56	2029-03-15	Common Stock (5510)	5510	Direct

Footnotes

F1: Performance share units (awarded on March 15, 2023) earned and vested as of March 15, 2026.

F2: Shares withheld to cover applicable tax obligations relating to the vesting of restricted stock units.

F3: Shares held in trusts, for the benefit of the reporting person's children, of which his wife is sole trustee.

F4: 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

F5: Shares held in trust for the benefit of the reporting person's children, of which he is a trustee.

F6: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

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 exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F11: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F12: Grant date of 3/16/2021.

F13: Grant date of 3/12/2020.

F14: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

F15: Each notional stock unit represents a right to receive one share of Gallagher common stock.

F16: The notional stock units become payable following the reporting person's separation from service with Gallagher.

F17: The notional stock units become payable following the reporting person's separation from service with Gallagher.

F18: 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.

F19: Grant date of 3/15/2022.