MMC awards equity grants to SVP Fernandez

Marsh & McLennan Companies reported an equity award for SVP and Chief People Officer Carmen Fernandez.

Rhea-AI Filing Summary

Marsh & McLennan Companies reported an equity award for SVP and Chief People Officer Carmen Fernandez. She acquired stock options for 18,643 shares at no cost, vesting in four equal annual installments from February 24, 2027 through February 24, 2030. She also acquired 6,970 restricted stock units that convert into common stock on a 1-for-1 basis and relate to performance stock units originally granted for the 2023–2025 performance period, with the performance factor determined on February 24, 2026.

Insider Trade Summary

Grant/Award: 25,613 shares

Grant/Award 2 txns

Insider Fernandez Carmen

Role SVP, Chief People Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Options (Right to Buy)	18,643	$0.00	$0.00
Grant/Award	Restricted Stock Units	6,970	$0.00	$0.00

Holdings After Transaction: Stock Options (Right to Buy) — 18,643 contracts (Direct); Restricted Stock Units — 6,970 contracts (Direct)

Footnotes (4)

1. F1. These options were granted on February 24, 2026 and vest in four equal annual installments on February 24th of 2027, 2028, 2029 and 2030.
2. F2. The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.
3. F3. These restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025. The performance factor for these performance stock units was determined on February 24, 2026.
4. F4. Not Applicable

FAQ

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

What insider transactions did MMC report for Carmen Fernandez on this Form 4?

MMC reported that Carmen Fernandez received equity awards, not open-market trades. She was granted 18,643 stock options and 6,970 restricted stock units, both at no purchase price, increasing her direct derivative holdings in Marsh & McLennan Companies.

What are the vesting terms of Carmen Fernandez’s new MMC stock options?

The 18,643 MMC stock options granted to Carmen Fernandez vest in four equal annual installments. Vesting dates are February 24 of 2027, 2028, 2029 and 2030, aligning the award with longer-term executive retention and performance incentives at Marsh & McLennan Companies.

How do Carmen Fernandez’s MMC restricted stock units convert into shares?

The 6,970 restricted stock units awarded to Carmen Fernandez convert into Marsh & McLennan Companies common stock on a 1-for-1 basis. This means each unit ultimately becomes one MMC share, subject to the applicable vesting and performance conditions described in the award.

What performance period is tied to Carmen Fernandez’s MMC restricted stock units?

These restricted stock units relate to performance stock units originally granted on February 23, 2023 for the 2023–2025 performance period. The performance factor determining the final number of units awarded was set on February 24, 2026, based on that multi-year performance measurement.

Does the MMC Form 4 indicate open-market buying or selling by Carmen Fernandez?

No, the filing shows grants categorized as acquisitions, not market trades. Both transactions use code “A” for grant, award, or other acquisition, with a price per share of $0.0000, indicating equity compensation rather than buying or selling in the open market.

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

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Accepted by SEC EDGAR 02/26/2026 - 04:33 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).

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)
02/24/2026

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

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)	$176.99	02/24/2026		A		18,643		(1)	02/23/2036	Common Stock	18,643	$0	18,643	D
Restricted Stock Units	(2)	02/24/2026		A(3)		6,970		(4)	(4)	Common Stock	6,970	$0	6,970	D

Explanation of Responses:

1. These options were granted on February 24, 2026 and vest in four equal annual installments on February 24th of 2027, 2028, 2029 and 2030.

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

3. These restricted stock units relate to performance stock units that were granted on February 23, 2023 for the performance period 2023-2025. The performance factor for these performance stock units was determined on February 24, 2026.

4. Not Applicable

	/s/ Tessa Patti, Attorney-in-fact	02/26/2026
	** 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).
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