Director at Marsh & McLennan (NYSE: MMC) receives restricted stock units

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Marsh & McLennan Companies director Morton O. Schapiro reported routine equity compensation activity. On May 15, 2026, he received 256.85 restricted stock units under the Marsh & McLennan Companies Directors Stock Compensation Plan, valued at $160.60 per unit. A separate adjustment of 495.08 restricted stock units reflects dividend equivalents credited under the same plan. Each restricted stock unit converts into one share of Marsh & McLennan common stock on a 1-for-1 basis, and Schapiro now holds more than 88,000 restricted stock units directly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SCHAPIRO MORTON O

Role null

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stk. Units-Dir. Stk. Plan	256.85	$160.60	$41K
Other	Restricted Stk. Units-Dir. Stk. Plan	495.08	$160.60	$80K

Holdings After Transaction: Restricted Stk. Units-Dir. Stk. Plan — 88,600.5 shares (Direct, null)

Footnotes (1)

The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis. Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan. Not applicable. Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan.

Key Figures

RSU grant: 256.85 restricted stock units Dividend-equivalent RSUs: 495.08 restricted stock units Reference price per unit: $160.60 per unit +1 more

4 metrics

RSU grant 256.85 restricted stock units Grant tied to director fees on May 15, 2026

Dividend-equivalent RSUs 495.08 restricted stock units Credited as dividend equivalents under directors plan

Reference price per unit $160.60 per unit Value used to report RSU transactions

Conversion ratio 1-for-1 into common stock Each RSU converts into one MMC common share

Key Terms

Restricted Stk. Units-Dir. Stk. Plan, Marsh & McLennan Companies Directors Stock Compensation Plan, dividend equivalents, restricted stock units

4 terms

Restricted Stk. Units-Dir. Stk. Plan financial

"security_title: "Restricted Stk. Units-Dir. Stk. Plan""

Marsh & McLennan Companies Directors Stock Compensation Plan financial

"Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan."

dividend equivalents financial

"Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 04:15 PM

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^*

SCHAPIRO MORTON O

(Last)

(First)

(Middle)

C/O NORTHWESTERN UNIVERSITY

633 CLARK ST., ROOM 2-130

(Street)

EVANSTON

ILLINOIS

60208

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MARSH & MCLENNAN COMPANIES, INC. [ MRSH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stk. Units-Dir. Stk. Plan	⁽¹⁾	05/15/2026		A⁽²⁾		256.85		⁽³⁾	⁽³⁾	Common Stock	256.85	$160.6	88,600.5	D
Restricted Stk. Units-Dir. Stk. Plan	⁽¹⁾	05/15/2026		J⁽⁴⁾	V	495.08		⁽³⁾	⁽³⁾	Common Stock	495.08	$160.6	89,095.58	D

Explanation of Responses:

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

2. Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

3. Not applicable.

4. Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan.

	/s/ Tessa Patti, Attorney-in-fact	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did MMC director Morton O. Schapiro report?

MMC director Morton O. Schapiro reported routine equity compensation transactions involving restricted stock units. He received new units as part of director fees and additional units from dividend equivalents credited under the Marsh & McLennan Companies Directors Stock Compensation Plan.

How many restricted stock units did Morton O. Schapiro receive at Marsh & McLennan (MMC)?

Morton O. Schapiro received 256.85 restricted stock units as a grant under the directors stock plan. An additional 495.08 restricted stock units were credited as dividend equivalents, reflecting reinvested dividends rather than open-market purchases or sales.

What is the value reference for the MMC restricted stock units in this filing?

The filing references a value of $160.60 per restricted stock unit. This price is used to report the transactions for SEC disclosure purposes and does not necessarily represent a separate cash transaction or open-market trade by the director.

Do Morton O. Schapiro’s restricted stock units at MMC convert into common stock?

Yes. Each restricted stock unit converts into one share of Marsh & McLennan common stock on a 1-for-1 basis. This means the units represent a future claim on common shares, typically subject to the plan’s vesting and payment provisions.

Are the reported MMC insider transactions open-market buys or sells?

The reported MMC transactions are not open-market buys or sells. They are a grant of restricted stock units tied to director fees and an additional credit of units from dividend equivalents under the directors stock compensation plan, classified as compensation-related activity.