Marsh & McLennan (MMC) Director Reports RSU Awards on Form 4

Rhea-AI Filing Summary

The Form 4 shows that Morton O. Schapiro, a director of Marsh & McLennan Companies, Inc. (MMC), received restricted stock units under the companys Directors Stock Compensation Plan on 08/15/2025. Two entries are reported: 198.26 restricted stock units acquired in connection with director fees and 373.86 restricted stock units credited as dividend equivalents. The security converts 1-for-1 into MMC common stock. Following these transactions the filing reports beneficial ownership figures of 86,624.11 and 86,997.97 shares on the respective lines. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Reporting person acquired 198.26 restricted stock units from director fees under the Marsh & McLennan Directors Stock Compensation Plan.
• Reporting person acquired 373.86 restricted stock units credited as dividend equivalents under the same plan.
• The reported restricted stock units convert 1-for-1 into Marsh & McLennan common stock, with post-transaction beneficial ownership reported as 86,624.11 and 86,997.97 shares.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received routine RSU awards, a modest increase in reported beneficial ownership; this is a standard, non-economic compensation event.

The transactions recorded on 08/15/2025 reflect issuance of restricted stock units under the Marsh & McLennan Directors Stock Compensation Plan: 198.26 units from director fees and 373.86 units credited as dividend equivalents. These convert 1-for-1 into common shares; the filing lists post-transaction beneficial ownership levels of 86,624.11 and 86,997.97 respectively. There is no exercise price, sale, or cash proceeds reported, and no derivative transactions disclosed. The items are routine director compensation and do not indicate a material change to the companys capital structure or liquidity.

Corporate Governance Expert

TL;DR: This Form 4 documents routine director compensation in equity form and appears to comply with standard disclosure requirements.

The reporting clarifies the nature of the awards: conversion ratio (1-for-1), awards from director fees, and dividend equivalents credited under the Directors Stock Compensation Plan. Signature by an attorney-in-fact is provided. The filing does not disclose any unusual arrangements, sales, or transfers by the director. From a governance perspective, the disclosure is consistent with typical equity grant reporting for non-employee directors and provides visible tracking of beneficial ownership changes.

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^*

SCHAPIRO MORTON O

(Last) (First) (Middle)

C/O NORTHWESTERN UNIVERSITY

633 CLARK ST., ROOM 2-130

(Street)

EVANSTON IL 60208

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MARSH & MCLENNAN COMPANIES, INC. [ MMC ]

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)
08/15/2025

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

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
Restricted Stk. Units-Dir. Stk. Plan	(1)	08/15/2025		A(2)		198.26		(3)	(3)	Common Stock	198.26	$208.055	86,624.11	D
Restricted Stk. Units-Dir. Stk. Plan	(1)	08/15/2025		J(4)	V	373.86		(3)	(3)	Common Stock	373.86	$208.055	86,997.97	D

Explanation of Responses:

1. The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

2. Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

3. Not Applicable

4. Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan.

	/s/ Tessa Patti, Attorney-in-fact	08/18/2025
	** 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 did Morton O. Schapiro report on the Form 4 for MMC?

The Form 4 reports that Morton O. Schapiro acquired 198.26 restricted stock units from director fees and 373.86 restricted stock units as dividend equivalents on 08/15/2025.

Do the restricted stock units convert to MMC common stock?

Yes. The filing states the security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

What are the post-transaction beneficial ownership figures reported?

The Form 4 shows beneficial ownership amounts of 86,624.11 and 86,997.97 shares following the reported transactions.

Were any sales or dispositions reported on this Form 4?

No. Both entries are acquisitions of restricted stock units (codes A and J) and no disposals or sales are reported.

When were the transactions dated on the Form 4?

The transactions are dated 08/15/2025.