Joel D. Cavaness - 10 Mar 2023 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role: Vice President
Signature: /s/ Seth Diehl, by power of attorney
Issuer symbol: AJG
Transactions as of: 10 Mar 2023
Net transactions value: -$156,987
Form type: 4
Filing time: 14 Mar 2023, 21:30:35 UTC
Previous filing: 10 Mar 2023
Next filing: 17 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AJG	Common Stock (restricted)	Award	$0	+9,580		$0.000000	9,580	12 Mar 2023	Direct	F1
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-9,580	-100%	$0.000000^*	0	12 Mar 2023	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+9,580	+6.9%	$0.000000	148,990	12 Mar 2023	Direct
transaction	AJG	Common Stock	Tax liability	$756,992	-4,142	-2.8%	$182.76	144,848	12 Mar 2023	Direct
holding	AJG	Common Stock (restricted)						1,650	10 Mar 2023	By Spouse
holding	AJG	Common Stock						2,023	10 Mar 2023	By Spouse
holding	AJG	Common Stock						215	10 Mar 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	$600,005	+3,227	+2.7%	$185.95	124,295	10 Mar 2023	Common Stock	3,227		Direct	F2, F3

* 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 12, 2020) earned and vested as of March 12, 2023.
F2	Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F3	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.