Marsh & McLennan Director Awarded RSUs; Beneficial Ownership Now 10,243.63 Shares

Rhea-AI Filing Summary

Marsh & McLennan Companies director Lloyd M. Yates received restricted stock units under the company's Directors Stock Compensation Plan that convert 1-for-1 into common stock. The Form 4 reports two grant entries tied to director fees and dividend equivalents, showing 174.23 and 43.37 restricted stock units credited, with a reported per-share reference price of $208.055. The report shows the reporting person's beneficial ownership in common stock at 10,243.63 shares following the reported transactions. The filing documents routine, compensation-related equity awards to a director and does not disclose sales, purchases for cash, or other non-compensation transactions.

Positive

• Director equity alignment: Restricted stock units were granted as director compensation, increasing the reporting person's beneficial ownership to 10,243.63 shares.
• Transparent disclosure: The Form 4 specifies the grant sources as director fees and dividend equivalents and the 1-for-1 conversion to common stock.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director compensation increased insider ownership modestly; no cash purchases or dispositions reported.

The Form 4 documents standard grants of restricted stock units to a director under the Directors Stock Compensation Plan. The awards convert 1-for-1 into common shares and include units credited for dividend equivalents. The combined entries result in reported beneficial ownership of 10,243.63 shares. This is a non-cash, compensation-driven equity grant that typically aligns management and director incentives with shareholders but does not indicate trading intent or liquidity events.

Corporate Governance Specialist

TL;DR: Compensation mechanics disclosed; transaction appears routine and governance-aligned.

The disclosure specifies that units were acquired as director fees and via dividend equivalents under the Directors Stock Compensation Plan and convert to common stock on a one-for-one basis. Such disclosures are standard governance practice to show insider holdings and potential alignment with shareholder interests. There are no exceptional terms, accelerated vesting, or unusual transfer codes noted in the filing text provided.

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
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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^*

Yates Lloyd M

(Last) (First) (Middle)

C/O MARSH & MCLENNAN COMPANIES, INC.

1166 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10036

(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)		174.23		(3)	(3)	Common Stock	174.23	$208.055	10,200.26	D
Restricted Stk. Units-Dir. Stk. Plan	(1)	08/15/2025		J(4)	V	43.37		(3)	(3)	Common Stock	43.37	$208.055	10,243.63	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).
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FAQ

What transactions did MMC director Lloyd M. Yates report on Form 4?

The report shows two awards of restricted stock units credited under the Directors Stock Compensation Plan: 174.23 units and 43.37 units, reflecting director fees and dividend equivalents.

How many MMC shares does the reporting person beneficially own after these transactions?

The Form 4 reports beneficial ownership of 10,243.63 shares of Marsh & McLennan Companies common stock following the reported transactions.

Did the Form 4 report any cash purchases or sales by the director?

No. The filing reports awards of restricted stock units as compensation and dividend equivalents; it does not show cash purchases or dispositions.

What is the conversion rate and price referenced for the restricted stock units?

The restricted stock units convert 1-for-1 into common stock and the filing lists a per-share reference price of $208.055.

Were any unusual transaction codes or expedited transfers disclosed?

The filing lists standard codes for awards and dividend equivalents; no unusual codes or accelerated transfers are indicated in the provided content.