MMC (NYSE: MMC) CEO reports RSU vesting and tax share withholding

Rhea-AI Filing Summary

Marsh & McLennan Companies President and CEO John Q. Doyle reported equity compensation activity involving restricted stock units and common stock. On February 28, 2026, 59,510 restricted stock units vested and converted into an equal number of Marsh & McLennan common shares on a 1-for-1 basis. To cover applicable taxes on this vesting, 30,380 common shares were withheld by the company at a price of $186.74 per share. After these transactions, Doyle directly owned 116,811.0205 shares of common stock.

Insider Trade Summary

59,510 shares exercised/converted

Mixed 3 txns

Insider Doyle John Q

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	59,510	$0.00	--
Exercise	Common Stock	59,510	$0.00	--
Tax Withholding	Common Stock	30,380	$186.74	$5.67M

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 147,191.021 shares (Direct)

Footnotes (1)

1. Vesting and distribution to reporting person of 59,510 shares underlying restricted stock units of which 30,380 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 59,510 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

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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^*

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. [ 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

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)		59,510	A	$0	147,191.0205	D
Common Stock	02/28/2026		F(1)		30,380	D	$186.74	116,811.0205	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
Restricted Stock Units	(2)	02/28/2026		M(1)			59,510	(3)	(3)	Common Stock	59,510	$0	0	D

Explanation of Responses:

1. Vesting and distribution to reporting person of 59,510 shares underlying restricted stock units of which 30,380 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 59,510 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).
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FAQ

What insider transaction did MMC President and CEO John Q. Doyle report?

John Q. Doyle reported the vesting of 59,510 restricted stock units that converted into Marsh & McLennan common shares. As part of this event, a portion of the shares was withheld to satisfy tax obligations, and his direct common stock holdings were updated accordingly.

How many MMC restricted stock units vested for John Q. Doyle?

A total of 59,510 restricted stock units vested for John Q. Doyle. These units converted into 59,510 shares of Marsh & McLennan common stock on a 1-for-1 basis, reflecting the settlement of performance stock units granted for the 2023-2025 performance period.

How many MMC shares were withheld for taxes in this Form 4 filing?

Marsh & McLennan withheld 30,380 common shares from John Q. Doyle to cover applicable taxes. The withholding was reported at a price of $186.74 per share, consistent with a tax-withholding disposition rather than an open-market buy or sell transaction.

What is John Q. Doyle’s direct MMC common stock ownership after these transactions?

After the reported vesting and tax-withholding transactions, John Q. Doyle directly owned 116,811.0205 shares of Marsh & McLennan common stock. This figure reflects his updated direct holdings following conversion of restricted stock units and share withholding for tax liabilities.

What was the nature of the derivative security in John Q. Doyle’s MMC filing?

The derivative security was restricted stock units that convert into Marsh & McLennan common stock on a 1-for-1 basis. These units related to performance stock units granted on February 23, 2023, for the 2023-2025 performance period and vested into common shares.

Did the MMC CEO’s Form 4 report an open-market stock sale?

The filing reported a tax-withholding disposition, not an open-market sale. Shares were delivered back to Marsh & McLennan to satisfy tax obligations associated with the vesting and conversion of restricted stock units into common stock for the CEO.