Marsh & McLennan (NYSE: MMC) grants options and RSUs to executive

Rhea-AI Filing Summary

Marsh & McLennan Companies executive equity awards: South Martin, President & CEO of Marsh Risk, received stock options for 39,772 shares and 14,476 restricted stock units on February 24, 2026. The options were granted at a price of $0.00 per share.

The options vest in four equal annual installments on February 24 of 2027, 2028, 2029 and 2030 and convert into common stock on a 1-for-1 basis. The restricted stock units relate to performance stock units granted on February 23, 2023 for the 2023–2025 performance period, with the performance factor determined on February 24, 2026.

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

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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^*

South Martin

(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. [ MRSH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO, Marsh Risk

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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
Stock Options (Right to Buy)	$176.99	02/24/2026		A		39,772		(1)	02/23/2036	Common Stock	39,772	$0	39,772	D
Restricted Stock Units	(2)	02/24/2026		A(3)		14,476		(4)	(4)	Common Stock	14,476	$0	14,476	D

Explanation of Responses:

1. These options were granted on February 24, 2026 and vest in four equal annual installments on February 24th of 2027, 2028, 2029 and 2030.

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

3. These restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025. The performance factor for these performance stock units was determined on February 24, 2026.

4. Not Applicable

	/s/ Tessa Patti, Attorney-in-fact	02/26/2026
	** 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 insider equity awards did South Martin receive at MMC?

South Martin received stock options for 39,772 shares and 14,476 restricted stock units on February 24, 2026. Both awards are tied to Marsh & McLennan Companies common stock on a 1-for-1 basis, increasing his direct equity-linked exposure to the company.

How do South Martin’s new Marsh & McLennan stock options vest?

The 39,772 stock options granted to South Martin vest in four equal annual installments on February 24 of 2027, 2028, 2029 and 2030. This multi-year vesting schedule is designed to align his compensation with longer-term company performance and retention.

What is the conversion rate for South Martin’s MMC equity awards?

Both the stock options and restricted stock units convert into Marsh & McLennan Companies common stock on a 1-for-1 basis. This means each unit or option, when vested and exercised or settled, corresponds directly to one share of common stock.

What is the origin of South Martin’s 14,476 restricted stock units at MMC?

The 14,476 restricted stock units relate to performance stock units originally granted on February 23, 2023 for the 2023–2025 performance period. The performance factor for these units was determined on February 24, 2026, converting them into time-based restricted stock units.

Did South Martin buy or sell any Marsh & McLennan shares in this Form 4?

This Form 4 reports equity awards granted to South Martin, not open-market purchases or sales. It shows the grant of stock options and restricted stock units as part of compensation, with no reported buying or selling transactions in the company’s stock.

What role does South Martin hold at Marsh & McLennan Companies?

South Martin serves as President & CEO, Marsh Risk, a key leadership position within Marsh & McLennan Companies. The reported grants of stock options and restricted stock units align his compensation with the performance of the company’s common stock over several years.