SCHAPIRO MORTON O 4

What Happened
Morton Schapiro, a director of Marsh & McLennan Companies (MRSH), acquired derivative awards totaling 693.77 shares across two transactions. On Feb 13, 2026 he received 456.03 derivative shares at an effective price of $172.98 per share (value ≈ $78,884; transaction coded J). On Feb 15, 2026 he was granted 237.74 derivative shares at $173.51 per share (value = $41,250; transaction coded A). These were acquisitions (awards/derivative credits), not open-market purchases or sales.

Key Details

• Transaction dates and prices:
  • 2026-02-13: 456.03 derivative shares @ $172.98 = ≈ $78,884 (code J, "other acquisition")
  • 2026-02-15: 237.74 shares @ $173.51 = $41,250 (code A, grant/award)
• Total acquired: 693.77 shares, total value ≈ $120,134.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes of note:
  • F1: Each derivative security converts to MMC common stock on a 1-for-1 basis.
  • F2: Some shares were acquired with dividend equivalents credited under the Directors Stock Compensation Plan.
  • F4: Awards were acquired in connection with director fees under the Directors Stock Compensation Plan.
• Filing timeliness: Form 4 was filed on 2026-02-18 for transactions on Feb 13 and Feb 15. Because Form 4s are typically due within two business days of a transaction, this filing appears to have been submitted after the usual two-business-day window for the Feb 13 trade.

Context
These were director compensation awards (derivative securities under the Directors Stock Compensation Plan) that convert 1-for-1 into common shares—common for non-employee directors and not the same as an open-market purchase. Such awards reflect standard pay and dividend-equivalent credits rather than an immediate market bet; they will convert to common stock per the plan terms.