Marsh & McLennan (NYSE: MMC) CEO receives major stock awards

Rhea-AI Filing Summary

Marsh & McLennan Companies President and CEO John Q. Doyle reported two equity awards. He acquired 217,501 stock options on February 24, 2026 at a grant price of $0.00 per option. These options vest in four equal annual installments on February 24 of 2027, 2028, 2029 and 2030.

He also acquired 59,510 restricted stock units on February 24, 2026. These RSUs relate to performance stock units originally granted on February 23, 2023 for the 2023–2025 performance period, with the performance factor determined on February 24, 2026. Both instruments convert into common stock on a 1-for-1 basis.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Doyle John Q

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Stock Options (Right to Buy)	217,501	$0.00	--
Grant/Award	Restricted Stock Units	59,510	$0.00	--

Holdings After Transaction: Stock Options (Right to Buy) — 217,501 shares (Direct); Restricted Stock Units — 59,510 shares (Direct)

Footnotes (1)

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

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)
02/24/2026

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		217,501		(1)	02/23/2036	Common Stock	217,501	$0	217,501	D
Restricted Stock Units	(2)	02/24/2026		A(3)		59,510		(4)	(4)	Common Stock	59,510	$0	59,510	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).
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 transactions did MMC CEO John Q. Doyle report on this Form 4?

John Q. Doyle reported two equity awards: 217,501 stock options and 59,510 restricted stock units, both acquired on February 24, 2026. The filing classifies each as a grant or other acquisition transaction, rather than an open-market purchase or sale of Marsh & McLennan common stock.

How many stock options were granted to MMC CEO John Q. Doyle and how do they vest?

John Q. Doyle was granted 217,501 stock options on February 24, 2026 at a stated price of $0.00 per option. These options vest in four equal annual installments on February 24 of 2027, 2028, 2029 and 2030, according to the transaction footnote.

What restricted stock units did MMC CEO John Q. Doyle receive in this filing?

He acquired 59,510 restricted stock units on February 24, 2026. The RSUs relate to performance stock units originally granted on February 23, 2023 for the 2023–2025 performance period, with the performance factor for those performance stock units determined on February 24, 2026.

What is the conversion ratio for John Q. Doyle’s stock options and RSUs at Marsh & McLennan (MMC)?

The filing states that the security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis. This means each option or restricted stock unit corresponds to one share of common stock upon conversion, based on the terms described in the footnotes.

Are John Q. Doyle’s reported awards in this MMC Form 4 direct or indirect holdings?

Both the 217,501 stock options and 59,510 restricted stock units are reported as directly owned. The transaction records list the ownership type and code as direct, and no footnotes indicate that the awards are held through a separate entity or indirect arrangement.

What performance period underlies the MMC restricted stock units reported for John Q. Doyle?

The restricted stock units reported relate to performance stock units granted on February 23, 2023, covering the 2023–2025 performance period. The performance factor for these performance stock units, which determines the RSU outcome, was set on February 24, 2026, according to the disclosure footnote.