Joel D. Cavaness - Mar 14, 2022 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role: Vice President
Signature: /s/ Seth Diehl, by power of attorney
Stock symbol: AJG
Transactions as of: Mar 14, 2022
Transactions value $: -$619,641
Form type: 4
Date filed: 3/16/2022, 07:58 PM
Previous filing: Feb 25, 2022
Next filing: Aug 15, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AJG	Common Stock (restricted)	Award	$0	+10.4K		$0.00	10.4K	Mar 14, 2022	Direct	F1
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-10.4K	-100%	$0.00^*	0	Mar 14, 2022	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+10.4K	+8.99%	$0.00	125K	Mar 14, 2022	Direct
transaction	AJG	Common Stock	Tax liability	-$587K	-3.79K	-3.02%	$154.74	122K	Mar 14, 2022	Direct
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-600	-27.46%	$0.00	1.59K	Mar 16, 2022	By Spouse
transaction	AJG	Common Stock	Options Exercise	$0	+600	+37.09%	$0.00	2.22K	Mar 16, 2022	By Spouse
transaction	AJG	Common Stock	Tax liability	-$33K	-203	-9.15%	$162.67	2.01K	Mar 16, 2022	By Spouse
transaction	AJG	Common Stock (restricted)	Award	$0	+65	+4.1%	$0.00	1.65K	Mar 16, 2022	By Spouse	F2
holding	AJG	Common Stock						215	Mar 14, 2022	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	Award	$0	+9.49K		$0.00	9.49K	Mar 15, 2022	Common Stock	9.49K	$158.56	Direct	F3, F4
transaction	AJG	Phantom Stock	Award		+316	+32.8%		1.28K	Mar 16, 2022	Common Stock	316		By Spouse	F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Performance share units (awarded on March 14, 2019) earned and vested as of March 14, 2022.
F2	Restricted stock unit award vesting five years after the date of grant.
F3	Consists of 9,185 stock options granted to the reporting person and 305 stock options granted to the reporting person's spouse.
F4	One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F5	Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F6	These shares represent awards under the Deferred Cash Participation Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the participant. Participants vest in these awards on the fifth anniversary of the date of grant.