Arthur J. Gallagher (AJG) grants 16,952 stock options to General Counsel

Rhea-AI Filing Summary

Arthur J. Gallagher & Co. General Counsel Walter D. Bay received a grant of 16,952 non-qualified stock options. These options were awarded at an exercise price of $0.00 per share, reflecting a compensatory grant rather than an open-market purchase.

According to the vesting terms, one-third of the options becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date. This structure ties the award to longer-term service and alignment with the company’s future performance.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bay Walter D.

Role General Counsel

Type	Security	Shares	Price	Value
Grant/Award	Non-qualified Stock Option	16,952	$0.00	--

Holdings After Transaction: Non-qualified Stock Option — 16,952 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Bay Walter D.

(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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

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

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
Non-qualified Stock Option	$228.2	03/01/2026		A		16,952		(1)	03/01/2033	Common Stock	16,952	$0	16,952	D

Explanation of Responses:

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

	/s/ Monica Norzagaray, by power of attorney	03/03/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Arthur J. Gallagher (AJG) disclose in this Form 4?

Arthur J. Gallagher disclosed a stock option grant to its General Counsel. Walter D. Bay received 16,952 non-qualified stock options, awarded at an exercise price of $0.00 per share as part of his compensation, not through an open-market transaction.

How many stock options did AJG General Counsel Walter D. Bay receive?

Walter D. Bay received 16,952 non-qualified stock options. The entire amount reflects a single compensatory grant, increasing his directly held derivative securities to 16,952 options following the transaction reported in this Form 4.

What are the vesting terms of Walter D. Bay’s AJG stock options?

The stock options vest in three equal installments over time. One-third becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date, encouraging longer-term retention and alignment with Arthur J. Gallagher’s future performance.

Was the AJG Form 4 transaction a market purchase or sale of shares?

The Form 4 reflects a grant of non-qualified stock options, not a market buy or sell. The options were acquired at an exercise price of $0.00 per share as a grant, categorized as a derivative security award to the General Counsel.

How is the ownership of the granted AJG options classified in the filing?

The granted options are reported as directly owned by Walter D. Bay. The Form 4 lists the ownership type as direct, with no footnotes indicating a separate entity or trust holding voting or investment authority over these derivative securities.