AJG insider Form 4 shows VP stock sale and option holdings

Rhea-AI Filing Summary

Arthur J. Gallagher & Co. (AJG)11/21/2025, the executive sold 1,250 shares of common stock in an open market sale at a price of $250.74 per share. After this sale, the reporting person directly owned 17,326.7322 shares of AJG common stock, with additional holdings through a Gallagher 401(k) plan account and various stock-based awards.

The filing also lists deferred compensation in the form of phantom stock and notional stock units, each representing the right to receive one share of AJG common stock, as well as multiple non-qualified stock options with exercise prices ranging from $55.94 to $337.74 and expirations extending into 2032.

11/25/2025 - 05:09 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mead Christopher E

(Last) (First) (Middle)

2850 GOLF ROAD

(Street)

ROLLING MEADOWS IL 60008-4002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Arthur J. Gallagher & Co. [ AJG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VICE PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/21/2025		S		1,250	D	$250.74	17,326.7322	D
Common Stock								418.658	I	Gallagher 401(k) plan account
Common Stock (restricted)								2,367	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)							(2)	(2)	Common Stock	20,125.736		20,125.736	D
Non-qualified Stock Option	$55.94							(3)(4)	05/01/2024	Common Stock	0		0	D
Non-qualified Stock Option	$70.74							(4)(5)	03/15/2025	Common Stock	0		0	D
Non-qualified Stock Option	$79.59							(4)	03/14/2026	Common Stock	8,000		8,000	D
Non-qualified Stock Option	$86.17							(4)	03/12/2027	Common Stock	11,090		11,090	D
Non-qualified Stock Option	$127.9							(4)	03/16/2028	Common Stock	11,725		11,725	D
Non-qualified Stock Option	$158.56							(4)	03/15/2029	Common Stock	8,420		8,420	D
Non-qualified Stock Option	$177.09							(6)	03/15/2030	Common Stock	7,009		7,009	D
Non-qualified Stock Option	$243.54							(7)	03/01/2031	Common Stock	7,368		7,368	D
Non-qualified Stock Option	$337.74(8)							(4)	03/01/2032	Common Stock	8,264		8,264	D
Notional Stock Units	(9)							(10)	(10)	Common Stock	1,584.532		1,584.532	D

Explanation of Responses:

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

2. 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.

3. Granted on May 1, 2017.

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

5. Granted on March 15, 2018.

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

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

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

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

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

	/s/ Seth Diehl, by power of attorney	11/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Arthur J. Gallagher & Co. (AJG) report?

The company reported that a vice president sold 1,250 shares of AJG common stock on 11/21/2025 in a transaction coded as a sale (S).

At what price were the AJG shares sold in this Form 4 filing?

The 1,250 shares of Arthur J. Gallagher & Co. common stock were sold at a price of $250.74 per share.

How many AJG shares does the reporting person own after the transaction?

Following the reported sale, the insider directly owned 17,326.7322 shares of Arthur J. Gallagher & Co. common stock, plus additional shares in a Gallagher 401(k) plan account.

What is the reporting person’s role at Arthur J. Gallagher & Co. (AJG)?

The reporting person is an officer of Arthur J. Gallagher & Co., serving as a Vice President, according to the Form 4.

What stock-based awards are disclosed for the AJG insider in this Form 4?

The filing lists phantom stock, notional stock units, and several non-qualified stock options with exercise prices from $55.94 to $337.74, and expirations through 03/01/2032.

What do the phantom stock and notional stock units represent for AJG?

Each share of phantom stock and each notional stock unit represents a right to receive one share of Arthur J. Gallagher & Co. common stock under the company’s compensation and deferred compensation plans.