Studer Nicholas Mark 4

What Happened

• Nicholas Mark Studer, President and CEO of OWG (a Marsh & McLennan executive), was granted two derivative awards on February 24, 2026: 21,129 stock options and 8,044 restricted stock units (RSUs) that converted from performance stock units. Both were recorded at $0 cash paid in the filing (they are awards/derivatives, not open-market purchases).
• The options (21,129) vest in four equal annual installments on Feb 24 of 2027, 2028, 2029 and 2030 (footnote F1). The 8,044 RSUs relate to performance stock units granted Feb 23, 2023 for the 2023–2025 performance period; the performance factor was determined Feb 24, 2026 (footnote F3). The securities convert to Marsh & McLennan common stock on a 1-for-1 basis (footnote F2).
• Because these are equity awards (A), there was no cash outlay by Studer and no immediate sale of shares listed in this filing.

Key Details

• Transaction date: 2026-02-24; Form 4 filed: 2026-02-26 (filed two days after the transaction).
• Grants: 21,129 options (vest over 4 years) and 8,044 RSUs (performance-determined; converted to RSUs on 1-for-1 basis).
• Price recorded: $0 (award/grant); total dollar value is not stated and depends on future share price and vesting.
• Shares owned after transaction: Not disclosed in the provided filing details.
• Relevant footnotes: F1 (option vesting schedule), F2 (1-for-1 conversion to common stock), F3 (PSU → RSU conversion after performance determination), F4 not applicable.
• No 10b5-1 plan, tax-withholding sale, or late-filing flag disclosed in the information you supplied.

Context

• These transactions are compensation awards to an executive rather than open-market buys or sells. Options will only convert to stock if/when they vest and the option is exercised; RSUs converted from PSUs become ordinary shares as governed by the plan and vesting rules. Such awards are common for executive pay and do not by themselves indicate immediate insider buying or selling intent.