Walter D. Bay - Mar 15, 2023 Form 4 Insider Report for Arthur J. Gallagher & Co. (AJG)

Role: General Counsel
Signature: /s/ Seth Diehl, by power of attorney
Stock symbol: AJG
Transactions as of: Mar 15, 2023
Transactions value $: -$313,981
Form type: 4
Date filed: 3/17/2023, 07:41 PM
Previous filing: Mar 14, 2023
Next filing: Sep 19, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AJG	Common Stock (restricted)	Options Exercise	$0	-4K	-41.03%	$0.00	5.75K	Mar 15, 2023	Direct
transaction	AJG	Common Stock	Options Exercise	$0	+4K	+9.42%	$0.00	46.5K	Mar 15, 2023	Direct
transaction	AJG	Common Stock	Tax liability	-$314K	-1.77K	-3.82%	$177.09	44.7K	Mar 15, 2023	Direct
holding	AJG	Common Stock						215	Mar 15, 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	Non-qualified Stock Option	Award	$0	+9.45K		$0.00	9.45K	Mar 15, 2023	Common Stock	9.45K	$177.09	Direct	F1

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

Explanation of Responses:

Id	Content
F1	One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.