Marsh & McLennan director acquires RSUs via fees and dividends

Rhea-AI Filing Summary

Marsh & McLennan Companies (MMC) reported a Form 4 filing showing a director’s routine equity compensation activity. On 11/14/2025, the director acquired 50.26 restricted stock units credited as dividend equivalents under the Marsh & McLennan Companies Directors Stock Compensation Plan. Each unit converts into one share of Marsh & McLennan common stock.

On 11/15/2025, the same director acquired an additional 197.78 restricted stock units in connection with director fees under the same plan. Following these transactions, the director beneficially owns 10,491.67 restricted stock units, held directly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Yates Lloyd M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stk. Units-Dir. Stk. Plan	197.78	$183.28	$36K
Other	Restricted Stk. Units-Dir. Stk. Plan	50.26	$183.435	$9K

Holdings After Transaction: Restricted Stk. Units-Dir. Stk. Plan — 10,491.67 shares (Direct)

Footnotes (1)

1. The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis. Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan. Not Applicable Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
11/14/2025

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)	11/14/2025		J(2)	V	50.26		(3)	(3)	Common Stock	50.26	$183.435	10,293.89	D
Restricted Stk. Units-Dir. Stk. Plan	(1)	11/15/2025		A(4)		197.78		(3)	(3)	Common Stock	197.78	$183.28	10,491.67	D

Explanation of Responses:

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

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

3. Not Applicable

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

	/s/ Tessa Patti, Attorney-in-fact	11/18/2025
	** 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.
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 did Marsh & McLennan (MMC) disclose in this Form 4?

MMC disclosed that one of its directors acquired additional restricted stock units (RSUs) under the Marsh & McLennan Companies Directors Stock Compensation Plan on 11/14/2025 and 11/15/2025.

How many restricted stock units did the MMC director acquire?

The director acquired 50.26 RSUs on 11/14/2025 as dividend equivalents and 197.78 RSUs on 11/15/2025 in connection with director fees, all under the directors stock compensation plan.

What is the conversion ratio for the MMC director’s restricted stock units?

Each restricted stock unit converts to Marsh & McLennan common stock on a 1-for-1 basis, meaning one RSU represents the right to receive one share of common stock.

How many restricted stock units does the MMC director own after these transactions?

After the reported transactions, the director beneficially owns 10,491.67 restricted stock units, held in direct ownership under the directors stock compensation plan.

Why were 50.26 RSUs credited to the MMC director’s account?

The 50.26 restricted stock units were acquired as dividend equivalents credited to the director’s account under the Marsh & McLennan Companies Directors Stock Compensation Plan.

How were the 197.78 RSUs granted to the MMC director?

The 197.78 restricted stock units were acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

What were the reference prices for the MMC director’s RSU transactions?

The Form 4 notes prices of $183.435 for the 50.26 RSUs transaction on 11/14/2025 and $183.28 for the 197.78 RSUs transaction on 11/15/2025.