Marsh & McLennan CEO Executes 10b5-1 Plan: 21,079 Shares Sold

Rhea-AI Filing Summary

Marsh & McLennan Companies insider transaction by John Q. Doyle. The filing reports that on 09/02/2025 Mr. Doyle exercised 21,079 stock options with an exercise price of $63.09 and immediately sold 21,079 shares at $205.65 per share. The transactions were executed pursuant to a previously adopted Rule 10b5-1 trading plan. After these transactions Mr. Doyle beneficially owned 87,681.0205 shares of MMC directly. The options exercised were originally granted on May 1, 2016 and vested in four equal annual installments beginning May 1, 2017, with full vesting by 2020.

Insights

Securities Analyst

TL;DR: Officer exercised vested 2016 options and sold the resulting shares under a pre-existing 10b5-1 plan; impact appears routine.

The report documents a simultaneous exercise-and-sale of 21,079 shares by the President & CEO, executed under an established Rule 10b5-1 plan on 09/02/2025. The exercise price was $63.09 with a sale price of $205.65 per share, and the reporting person retains 87,681.0205 shares post-transaction. From a disclosure and compliance viewpoint, reliance on a 10b5-1 plan and the fact that the options were long-vested (granted 2016, vested by 2020) indicate a routine liquidity event rather than a special issuance or amendment.

Corporate Governance Expert

TL;DR: Transaction follows governance best practices by using a documented 10b5-1 plan; no new benefit plan grants disclosed.

The Form 4 shows the CEO transacted under a declared trading plan, which provides an affirmative defense under Rule 10b5-1. The filing discloses the original grant date and vesting schedule for the options (May 1, 2016, vested in four installments through 2020), supporting clarity on option maturity. The disclosure is complete for the reported activities and includes an attorney-in-fact signature confirming timely filing.

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).

X

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^*

Doyle John Q

(Last) (First) (Middle)

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		M(1)		21,079	A	$63.09	108,760.0205	D
Common Stock	09/02/2025		S(1)		21,079	D	$205.65	87,681.0205	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
Stock Options (Right to Buy)	$63.09	09/02/2025		M(1)			21,079	(2)	04/30/2026	Common Stock	21,079	$0	21,079	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.

2. These options were granted on May 1, 2016 and vested in four equal annual installments on May 1st of 2017, 2018, 2019 and 2020.

	/s/ Tessa Patti, Attorney-in-fact	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.
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FAQ

What did John Q. Doyle report on the Form 4 for MMC?

The Form 4 reports that John Q. Doyle exercised 21,079 stock options at $63.09 and sold 21,079 shares at $205.65 on 09/02/2025 under a Rule 10b5-1 plan.

How many MMC shares does John Q. Doyle beneficially own after the transaction?

After the reported transactions Mr. Doyle beneficially owns 87,681.0205 shares of MMC.

Were the exercised options vested and when were they granted?

Yes. The options were granted on May 1, 2016 and vested in four equal annual installments on May 1 of 2017, 2018, 2019 and 2020.

Was the sale part of a pre-arranged trading plan?

Yes. The filing states the transactions were effected pursuant to a previously adopted Rule 10b5-1 trading plan.

Who signed the Form 4 filing?

The Form 4 was signed by Tessa Patti, Attorney-in-fact on behalf of the reporting person on 09/03/2025.