Marsh & McLennan (NYSE: MMC) SVP reports RSU vesting and tax withholding

Rhea-AI Filing Summary

Marsh & McLennan Companies executive Carmen Fernandez, SVP and Chief People Officer, reported equity award activity tied to previously granted performance stock units. On February 28, 2026, 6,970 restricted stock units vested and converted into common shares on a 1-for-1 basis. Of these, 3,855 shares of common stock were withheld by the company to cover applicable taxes at a price of $186.74 per share, a tax-withholding disposition rather than an open-market sale. Following these transactions, Fernandez directly owned 12,995 shares of common stock, and indirectly held 282.917 shares through the Marsh & McLennan Companies 401(k) Savings & Investment Plan, based on the plan statement as of February 28, 2026.

Insider Trade Summary

6,970 shares exercised/converted

Mixed 4 txns

Insider Fernandez Carmen

Role SVP, Chief People Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	6,970	$0.00	--
Exercise	Common Stock	6,970	$0.00	--
Tax Withholding	Common Stock	3,855	$186.74	$720K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 16,850 shares (Direct); Common Stock — 282.917 shares (Indirect, MMC 401(k) Savings & Investment Plan)

Footnotes (1)

1. Vesting and distribution to reporting person of 6,970 shares underlying restricted stock units of which 3,855 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 6,970 shares underlying restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025. Reflects shares acquired by the Marsh & McLennan Companies 401(k) Savings & Investment Plan (SIP) Custodian at prevailing market prices. Information reported herein is based on reporting person's Plan Statement as of February 28, 2026. 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
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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^*

Fernandez Carmen

(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)
	SVP, Chief People Officer

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)		6,970	A	$0	16,850	D
Common Stock	02/28/2026		F(1)		3,855	D	$186.74	12,995	D
Common Stock								282.917(2)	I	MMC 401(k) Savings & Investment Plan

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	(3)	02/28/2026		M(1)			6,970	(4)	(4)	Common Stock	6,970	$0	0	D

Explanation of Responses:

1. Vesting and distribution to reporting person of 6,970 shares underlying restricted stock units of which 3,855 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 6,970 shares underlying restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025.

2. Reflects shares acquired by the Marsh & McLennan Companies 401(k) Savings & Investment Plan (SIP) Custodian at prevailing market prices. Information reported herein is based on reporting person's Plan Statement as of February 28, 2026.

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

4. 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.
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FAQ

What did MMC executive Carmen Fernandez report in this Form 4 filing?

Carmen Fernandez reported the vesting of 6,970 restricted stock units into common shares and related tax withholding. The filing shows an equity award conversion, not an open-market stock purchase, tied to performance stock units granted for the 2023–2025 performance period.

How many Marsh & McLennan (MMC) shares vested for Carmen Fernandez?

A total of 6,970 shares vested for Carmen Fernandez as restricted stock units converted into common stock on a 1-for-1 basis. These units were originally granted as performance stock units on February 23, 2023 for the 2023–2025 performance period.

Were any MMC shares sold by Carmen Fernandez in the market?

The filing does not show an open-market sale. Instead, 3,855 common shares were withheld by Marsh & McLennan Companies to satisfy applicable tax obligations at a price of $186.74 per share, which is classified as a tax-withholding disposition.

What is Carmen Fernandez’s MMC share ownership after these transactions?

After the reported transactions, Carmen Fernandez directly owned 12,995 shares of Marsh & McLennan common stock. She also indirectly held 282.917 shares through the Marsh & McLennan Companies 401(k) Savings & Investment Plan as of February 28, 2026.

What are the terms of the restricted stock units reported by MMC?

The restricted stock units convert into Marsh & McLennan common stock on a 1-for-1 basis. The 6,970 vested units relate to performance stock units granted on February 23, 2023, covering the 2023–2025 performance period, which subsequently vested and were distributed.

How were MMC 401(k) plan shares for Carmen Fernandez acquired?

The indirectly held 282.917 shares were acquired by the Marsh & McLennan Companies 401(k) Savings & Investment Plan custodian at prevailing market prices. This information is based on Fernandez’s plan statement as of February 28, 2026, according to the footnotes.