Douglas K. Howell - Mar 10, 2023 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role: VP & Chief Financial Officer
Signature: /s/ Seth Diehl, by power of attorney
Stock symbol: AJG
Transactions as of: Mar 10, 2023
Transactions value $: -$1,234,336
Form type: 4
Date filed: 3/14/2023, 08:57 PM
Previous filing: Dec 2, 2022
Next filing: Mar 17, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AJG	Common Stock (restricted)	Award	$0	+17.1K	+191.82%	$0.00	26K	Mar 12, 2023	Direct	F2
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-8.56K	-32.87%	$0.00	17.5K	Mar 12, 2023	Direct
transaction	AJG	Common Stock (restricted)	Options Exercise	-$1.56M	-8.56K	-48.96%	$182.76	8.93K	Mar 12, 2023	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+8.56K	+9.71%	$0.00	96.7K	Mar 12, 2023	Direct
transaction	AJG	Common Stock	Tax liability	-$570K	-3.12K	-3.22%	$182.78	93.6K	Mar 12, 2023	Direct
holding	AJG	Common Stock						3.17K	Mar 10, 2023	By Spouse	F1
holding	AJG	Common Stock						215	Mar 10, 2023	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	Phantom Stock	Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities	$900K	+4.84K	+2.56%	$185.95	194K	Mar 10, 2023	Common Stock	4.84K		Direct	F3, F4
transaction	AJG	Notional Stock Units	Options Exercise	$0	+8.56K	+4.35%	$0.00	205K	Mar 12, 2023	Common Stock	8.56K	$0.00	Direct	F5, F6

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

Explanation of Responses:

Id	Content
F1	The reporting person has no voting or invesment power over these shares and disclaims beneficial ownership.
F2	Performance share units (awarded on March 12, 2020) earned and vested as of March 12, 2023.
F3	Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F4	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 when they attain age 62, or after a one-year period for participants who have attained age 61.
F5	Each notional stock unit represents a right to receive one share of Gallagher common stock.
F6	Portions of these notional stock units are payable to the reporting person in shares of common stock in July of 2023, 2025, 2026 and 2027 and following the reporting person's separation from service.