Arthur J. Gallagher (NYSE: AJG) director boosts holdings through deferred share units

Rhea-AI Filing Summary

Arthur J. Gallagher & Co. disclosed that one of its directors acquired additional exposure to the company’s stock through its Director Deferral Plan. On 12/01/2025, the director acquired 162.536 shares of common stock at $246.1 per share, reported as an acquisition rather than a sale. This increased the director’s beneficial ownership to 9,110.532 shares, held as a direct position.

The filing explains that this transaction stems from a prior election to defer the director’s annual cash retainer into deferred share units, which the company credits on a quarterly basis and will ultimately distribute in the form of common stock. This reflects compensation being taken in equity-linked form rather than cash, aligning part of the director’s pay with the company’s share performance.

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)
12/01/2025

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	12/01/2025		A		162.536(1)	A	$246.1	9,110.532	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.

Remarks:

Exhibit List: Ex-24: Power of Attorney.

	/s/ Monica Norzagaray, by power of attorney	12/03/2025
	** 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 insider transaction did Arthur J. Gallagher & Co. (AJG) report on this Form 4?

The company reported that a director acquired 162.536 shares of common stock of Arthur J. Gallagher & Co. on 12/01/2025 as an acquisition, not a sale.

How many Arthur J. Gallagher (AJG) shares does the director own after this transaction?

After the reported transaction, the director beneficially owned 9,110.532 shares of Arthur J. Gallagher & Co. common stock in direct ownership.

What was the price per share for the Arthur J. Gallagher (AJG) stock acquired?

The 162.536 shares of common stock were reported with a price of $246.1 per share for this acquisition.

Why did the Arthur J. Gallagher (AJG) director acquire shares instead of taking cash?

The filing states that the acquisition resulted from the director’s prior election under the Director Deferral Plan to defer the annual cash retainer into deferred share units, which are later distributed as common stock.

Is the Arthur J. Gallagher (AJG) director a 10% owner based on this Form 4?

No. The relationship section indicates the reporting person is a Director, and the 10% owner box is not indicated as checked.

What is the purpose of this Arthur J. Gallagher (AJG) Form 4 filing?

Form 4 is used to report changes in beneficial ownership by company insiders. Here, it records the director’s acquisition of additional common stock through the company’s Director Deferral Plan on 12/01/2025.