Joel D. Cavaness - 04 May 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: 04 May 2023
Net transactions value: -$5,707,900
Form type: 4
Filing time: 08 May 2023, 18:27:38 UTC
Previous filing: 17 Mar 2023
Next filing: 12 Jun 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	Options Exercise	$0	+98	+0.07%	$0.000000	145,276	04 May 2023	Direct
transaction	AJG	Common Stock	Tax liability	$20,757	-98	-0.07%	$211.72	145,178	04 May 2023	Direct	F1
transaction	AJG	Common Stock	Options Exercise	$1,324,838	+23,300	+16%	$56.86	168,478	04 May 2023	Direct
transaction	AJG	Common Stock	Sale	$7,011,981	-33,300	-20%	$210.57	135,178	04 May 2023	Direct	F2
holding	AJG	Common Stock						2,023	04 May 2023	By Spouse
holding	AJG	Common Stock						293	04 May 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	Options Exercise	$0	-98	-0.08%	$0.000000	124,671	04 May 2023	Common Stock	98		Direct	F3, F4
transaction	AJG	Non-qualified Stock Option	Options Exercise	$0	-23,300	-94%	$0.000000	1,600	04 May 2023	Common Stock	23,300	$56.86	Direct	F5

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

Explanation of Responses:

Id	Content
F1	Shares sold to cover payment of applicable taxes, in accordance with a schedule determined earlier in the year, with respect to a vested award under the Age 62 Plan.
F2	The price reported is an average weighted price. The shares were sold in multiple transactions at prices ranging from $210.40 to $210.94. The reporting person will provide to the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
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	One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.