Arthur J. Gallagher (AJG) Director Deferral Conversion Reported on Form 4

Rhea-AI Filing Summary

Christopher C. Miskel, a director of Arthur J. Gallagher & Co. (AJG), reported a purchase of the issuer's common stock on 09/01/2025 under Form 4. The filing shows a transaction coded A(1) for Common Stock with an amount listed as 132.122 acquired at a price of $302.75. Following the reported transaction the filing lists 8,947.996 shares beneficially owned. The acquisition is explained as a distribution under the company's Director Deferral Plan: the reporting person elected in a prior year to defer quarterly cash retainer payments into deferred share units that will be distributed in common stock. The form is signed by a power of attorney, Monica Norzagaray, on 09/03/2025. The reporting person is identified as a Director of AJG.

Positive

• Director-to-shareholder alignment through conversion of deferred cash retainer into company stock, increasing insider ownership
• Transparent disclosure of the mechanism and price for the acquisition (Director Deferral Plan; $302.75 per share listed)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director converted deferred compensation into shares, aligning interests with shareholders without indicating a discretionary open-market buy.

The Form 4 discloses an acquisition under the Director Deferral Plan rather than an open-market purchase. Such elections typically reflect routine compensation mechanics rather than a standalone investment decision by the director. The filing increases the director's ownership modestly to the level shown, reinforcing alignment between executive compensation and shareholder value. There is no indication of an unusual timing or size that would raise governance concerns based on the disclosed data.

Securities Analyst

TL;DR: Transaction is a routine conversion of deferred retainer into stock; not a material market-moving event based on disclosed amounts.

The entry shows a coded A(1) acquisition tied to deferred share units paid from prior elected retainer deferrals. The reported per-share price of $302.75 and the amount acquired are disclosed, and beneficial ownership after the transaction is provided. This is an administrative issuance rather than a strategic purchase or disposal, so its direct impact on AJG's capitalization or trading liquidity appears immaterial from the filing alone.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Miskel Christopher C.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	132.122	$302.75	$40K

Holdings After Transaction: Common Stock — 8,947.996 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^*

Miskel Christopher C.

(Last) (First) (Middle)

2850 GOLF ROAD

(Street)

ROLLING MEADOWS IL 60008

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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	09/01/2025		A(1)		132.122	A	$302.75	8,947.996	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

Explanation of Responses:

1. This acquisition resulted from the reporting person's election in a prior year (pursuant to the Company's Director Deferral Plan) to defer the reporting person's annual cash retainer, which the Company pays on a quarterly basis, into deferred share units that will be distributed in the form of the Company's common stock.

	/s/ Monica Norzagaray, by power of attorney	09/03/2025
	** 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.
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 AJG director Christopher C. Miskel report on Form 4?

The Form 4 reports an acquisition coded A(1) of Common Stock on 09/01/2025 tied to the Director Deferral Plan.

How many AJG shares were acquired and at what price?

The filing lists an acquired amount of 132.122 at a price of $302.75 as reported on the Form 4.

How many AJG shares does Christopher C. Miskel beneficially own after the transaction?

The Form 4 shows 8,947.996 shares beneficially owned following the reported transaction.

Why was the stock acquired according to the filing?

The acquisition resulted from the reporting person's prior election to defer the annual cash retainer into deferred share units, to be distributed as common stock.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Monica Norzagaray by power of attorney on 09/03/2025.