Walter D. Bay - 19 Dec 2025 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role
General Counsel
Signature
/s/ Monica Norzagaray, by power of attorney
Issuer symbol
AJG
Transactions as of
19 Dec 2025
Net transactions value
-$2,780,248
Form type
4
Filing time
23 Dec 2025, 19:31:00 UTC
Previous filing
02 Apr 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Bay Walter D. General Counsel 2850 GOLF ROAD, ROLLING MEADOWS /s/ Monica Norzagaray, by power of attorney 23 Dec 2025 0001410235

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AJG Common Stock Options Exercise $1,261,502 +15,850 +20% $79.59 95,399 19 Dec 2025 Direct
transaction AJG Common Stock Sale $4,041,750 -15,850 -17% $255.00 79,549 19 Dec 2025 Direct
transaction AJG Common Stock Gift $0 -1,724 -2.2% $0.000000 77,825 19 Dec 2025 Direct
holding AJG Common Stock 419 19 Dec 2025 Gallagher 401(k) plan account

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AJG Non-qualified Stock Option Options Exercise $0 -15,850 -100% $0.000000 0 19 Dec 2025 Common Stock 15,850 $79.59 Direct F3
holding AJG Phantom Stock 3,395 19 Dec 2025 Common Stock 3,395 Direct F1, F2
holding AJG Non-qualified Stock Option 17,630 19 Dec 2025 Common Stock 17,630 $86.17 Direct F3
holding AJG Non-qualified Stock Option 24,500 19 Dec 2025 Common Stock 24,500 $127.90 Direct F3
holding AJG Non-qualified Stock Option 11,405 19 Dec 2025 Common Stock 11,405 $158.56 Direct F3
holding AJG Non-qualified Stock Option 9,452 19 Dec 2025 Common Stock 9,452 $177.09 Direct F4
holding AJG Non-qualified Stock Option 10,884 19 Dec 2025 Common Stock 10,884 $243.54 Direct F5
holding AJG Non-qualified Stock Option 11,350 19 Dec 2025 Common Stock 11,350 $337.74 Direct F3, F6
holding AJG Notional Stock Units 5,228 19 Dec 2025 Common Stock 5,228 $0.000000 Direct F7, F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F2 These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards in the year they attain age 62, or after a one-year period for participants who have attained age 61.
F3 One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F4 One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F5 One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F6 Closing price of Gallagher common stock on February 28, 2025.
F7 Each notional stock unit represents a right to receive one share of Gallagher common stock.
F8 The notional stock units become payable following the reporting person's separation from service with Gallagher.

Remarks:

Exhibit List: Ex-24: Power of Attorney.