Marsh & McLennan CEO exercises options, sells shares

Rhea-AI Filing Summary

Marsh & McLennan Companies President and CEO John Q. Doyle exercised stock options for 21,079 shares of common stock at $63.09 per share on December 1, 2025, then sold 21,079 shares at $182.22 per share in a sale reported as an open market or private transaction under a previously adopted Rule 10b5-1 trading plan. The options exercised were granted on May 1, 2016 and vested annually through 2020. After these transactions, he directly holds 87,681.0205 shares of common stock.

Insider Trade Summary

Exercise and Sale: 21,079 shares ($2.51M approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Doyle John Q

Role President and CEO

Sold 21,079 shs ($3.84M)

Approx. gross sale proceeds $3.84M

Approx. exercise cost $1.33M

Approx. pre-tax spread $2.51M

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	21,079	$0.00	$0.00
Exercise	Common Stock	21,079	$63.09	$1.33M
Sale	Common Stock	21,079	$182.22	$3.84M

Holdings After Transaction: Stock Options (Right to Buy) — 0 contracts (Direct); Common Stock — 87,681.0205 shares (Direct)

Footnotes (2)

1. F1. This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.
2. F2. These options were granted on May 1, 2016 and vested in four equal annual installments on May 1st of 2017, 2018, 2019 and 2020.

Key Figures

Options Exercised: 21079.0000 shares Exercise Price: $63.0900 per share Shares Sold: 21079.0000 shares +2 more

5 metrics

Options Exercised 21079.0000 shares Stock options for common stock exercised on December 1, 2025

Exercise Price $63.0900 per share Conversion or exercise price of options exercised by John Q. Doyle

Shares Sold 21079.0000 shares Common stock sold on December 1, 2025 by the CEO

Sale Price $182.2200 per share Per-share price for the reported common stock sale

Post-transaction Holdings 87,681.0205 shares Direct common stock position held by John Q. Doyle after the transactions

Key Terms

Rule 10b5-1 trading plan, Stock Options (Right to Buy), derivative security, Sale in open market or private transaction

4 terms

Rule 10b5-1 trading plan regulatory

"This transaction was effected pursuant to a Rule 10b5-1 trading plan"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Stock Options (Right to Buy) financial

"security_title: Stock Options (Right to Buy)"

derivative security financial

"Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Sale in open market or private transaction financial

"Sale in open market or private transaction"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transactions did MMC's CEO John Q. Doyle report in this Form 4?

John Q. Doyle exercised stock options for 21,079 Marsh & McLennan common shares at $63.09 per share, then sold 21,079 shares at $182.22 per share on December 1, 2025, in transactions noted as under a Rule 10b5-1 trading plan.

How many Marsh & McLennan (MMC) shares did the CEO sell?

He sold 21,079 shares of Marsh & McLennan common stock at $182.22 per share on December 1, 2025. This sale was reported as an open market or private transaction and referenced a previously adopted Rule 10b5-1 trading plan.

At what price did MMC's CEO exercise his stock options?

Doyle exercised stock options into 21,079 Marsh & McLennan common shares at an exercise price of $63.09 per share. These options were originally granted on May 1, 2016 and vested in four equal annual installments between 2017 and 2020.

How many MMC shares does John Q. Doyle hold after these transactions?

Following the reported option exercise and share sale, John Q. Doyle directly holds 87,681.0205 Marsh & McLennan common shares. This post-transaction holding reflects his remaining ownership after the December 1, 2025 trades disclosed in the Form 4.

Were MMC CEO John Q. Doyle’s transactions under a Rule 10b5-1 plan?

Yes. A footnote states the transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by Doyle. Such plans pre-arrange trades, which can reduce the informational value of their timing for interpreting insider sentiment.

What type of securities were involved in MMC CEO’s Form 4 filing?

The filing reports activity in stock options (right to buy) and the underlying common stock. Doyle exercised 21,079 options into common shares and then sold those shares, all recorded as direct ownership transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 12/02/2025 - 04:05 PM EST Learn about SEC filing dates

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).

X

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. [ MMC ]

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)
12/01/2025

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
Common Stock	12/01/2025		M(1)		21,079	A	$63.09	108,760.0205	D
Common Stock	12/01/2025		S(1)		21,079	D	$182.22	87,681.0205	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
Stock Options (Right to Buy)	$63.09	12/01/2025		M(1)			21,079	(2)	04/30/2026	Common Stock	21,079	$0	0	D

Explanation of Responses:

1. This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.

2. These options were granted on May 1, 2016 and vested in four equal annual installments on May 1st of 2017, 2018, 2019 and 2020.

	/s/ Tessa Patti, Attorney-in-fact	12/02/2025
	** 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.