Fernandez Carmen 4

What Happened
Carmen Fernandez, SVP and Chief People Officer at Marsh & McLennan Companies (MRSH), received two derivative awards on February 24, 2026 totaling 25,613 units: 18,643 stock option units and 6,970 restricted stock units (RSUs) tied to prior performance. Both grants are reported at $0.00 (no cash paid). The option award vests in four equal annual installments beginning Feb 24, 2027; the RSUs reflect the performance factor for PSUs granted in 2023 and converted on Feb 24, 2026.

Key Details

• Transaction date: 2026-02-24; Filing date: 2026-02-26 (timely).
• Grants: 18,643 derivative units (options) and 6,970 derivative units (RSU/PSU conversion), reported at $0.00. Total units = 25,613.
• Vesting/conversion notes:
  • F1: The 18,643 options vest in four equal annual installments on Feb 24 of 2027–2030.
  • F3: The 6,970 RSUs are performance-determined units from PSUs granted Feb 23, 2023; the performance factor was set Feb 24, 2026.
  • F2: The securities convert to common stock on a 1-for-1 basis.
• Shares owned after the transaction: not provided in the supplied filing.
• Filing timeliness: Not marked late (no L flag); filed two days after the award date.

Context
These transactions are awards of long-term, derivative compensation (stock options and performance-based RSUs), not open-market purchases or sales. Options will vest over multiple years and RSUs represent payout based on prior performance, so they are typically part of executive pay and long-term retention rather than immediate trading activity. Because no shares were sold or bought on the open market, this is not a direct bullish or bearish trading signal.