Marsh & McLennan (MMC) executive gains 8,044 shares via RSU conversion

Rhea-AI Filing Summary

Marsh & McLennan Companies, Inc. executive Nicholas Mark Studer reported the vesting of restricted stock units that converted into common stock. On February 28, 2026, 8,044 restricted stock units tied to performance for 2023–2025 were exercised on a 1‑for‑1 basis into 8,044 shares of common stock at no cash exercise price. Following this conversion, Studer directly owned 36,373 shares of Marsh & McLennan common stock.

Insider Trade Summary

8,044 shares exercised/converted

Mixed 2 txns

Insider Studer Nicholas Mark

Role President and CEO of OWG

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	8,044	$0.00	--
Exercise	Common Stock	8,044	$0.00	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 36,373 shares (Direct)

Footnotes (1)

1. Vesting and distribution to reporting person 8,044 shares underlying restricted stock units. These 8,044 shares underlying restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025. The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis. Not applicable.

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^*

Studer Nicholas Mark

(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 and CEO of OWG

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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
Common Stock	02/28/2026		M(1)		8,044	A	$0	36,373	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
Restricted Stock Units	(2)	02/28/2026		M(1)			8,044	(3)	(3)	Common Stock	8,044	$0	0	D

Explanation of Responses:

1. Vesting and distribution to reporting person 8,044 shares underlying restricted stock units. These 8,044 shares underlying restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025.

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

3. Not applicable.

	/s/ Tessa Patti, Attorney-in-fact	03/03/2026
	** 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).
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 insider transaction did Nicholas Mark Studer report at MMC?

Nicholas Mark Studer reported vesting and conversion of equity awards. On February 28, 2026, 8,044 restricted stock units converted into 8,044 shares of Marsh & McLennan common stock, reflecting settlement of a performance-based stock award rather than an open-market share purchase.

How many Marsh & McLennan (MMC) shares were acquired through this Form 4 filing?

The filing shows 8,044 shares of Marsh & McLennan common stock were acquired. These shares resulted from the 1‑for‑1 conversion of 8,044 restricted stock units linked to a 2023–2025 performance stock unit grant, not from a cash purchase on the open market.

Was the Nicholas Mark Studer Form 4 a market buy or option exercise?

The Form 4 reflects a derivative exercise, not a market buy. Restricted stock units were exercised and converted into common shares at a stated price of $0.00 per share, representing vesting of performance-based compensation rather than a traditional stock option or open-market transaction.

What performance period was tied to the vested restricted stock units at MMC?

The 8,044 restricted stock units related to a 2023–2025 performance period. They originated from performance stock units granted on February 23, 2023, and vested and distributed as common stock to Nicholas Mark Studer on February 28, 2026, upon satisfaction of their performance conditions.

How many Marsh & McLennan shares does Nicholas Mark Studer own after this transaction?

After the RSU conversion, Nicholas Mark Studer directly owned 36,373 shares of Marsh & McLennan common stock. This total reflects his updated direct holdings immediately following the 8,044‑share issuance from vested performance-based restricted stock units on February 28, 2026.

What does the $0.00 price per share mean in the MMC Form 4 transaction?

The $0.00 price per share indicates the shares were received without cash payment. They came from the vesting and 1‑for‑1 conversion of restricted stock units granted as compensation, so Nicholas Mark Studer did not pay a purchase price like in an open-market buy.