Stock Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

The assumptions used in the Black-Scholes option pricing valuation model for options granted by the Company in 2025, 2024 and 2023 are as follows:

The assumptions used in the Monte Carlo simulation model for PSU awards granted with the TSR modifier by the Company in 2025 include:

A summary of the status of the Company’s stock option awards at December 31, 2025 and changes during the year then ended are presented below:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value ($000)
Balance at January 1, 2025	5,610,653	$	126.64
Granted	611,699	$	230.29
Exercised	(1,511,663)	$	97.20

Forfeited	(47,437)	$	185.49

Balance at December 31, 2025	4,663,252	$	149.18	5.3 years	$	208,615
Options vested or expected to vest at December 31, 2025	4,625,651	$	148.83	5.3 years	$	208,211
Options exercisable at December 31, 2025	3,079,037	$	124.10	4.0 years	$	194,027

A summary of the status of the Company's RSU and PSU awards at December 31, 2025 and changes during the period then ended are presented below:


	Restricted Stock Units			Performance Stock Units
	Shares	Weighted Average Grant Date Fair Value		Shares	Weighted Average Grant Date Fair Value
Non-vested balance at January 1, 2025	3,456,722	$	179.66	513,273	$	178.19
Granted	1,558,267	$	229.89	152,312	$	253.23
Vested	(1,736,000)	$	171.32	(191,864)	$	151.15
Forfeited	(199,375)	$	202.02	(8,140)	$	210.76

Non-vested balance at December 31, 2025	3,079,614	$	208.33	465,581	$	213.32

MARSH & MCLENNAN COMPANIES, INC. 10-K