Brennan Katherine 4

What Happened
Katherine Brennan, SVP and General Counsel of Marsh & McLennan Companies (MRSH), received two derivative awards on February 24, 2026: 22,372 option-style awards and 6,970 restricted stock units (RSUs) that converted from performance stock units. Both grants show an acquisition price of $0.00 (awards/compensation), so the reported dollar amount for the grants is $0 on the Form 4.

Key Details

• Transaction date reported: 2026-02-24; Form filed: 2026-02-26 (timely filing).
• Grant amounts and price: 22,372 derivative units @ $0.00 and 6,970 derivative units @ $0.00.
• Shares owned after transaction: not specified in the provided filing details.
• Relevant footnotes from the filing:
  • F1: The 22,372 options vest in four equal annual installments on Feb 24 of 2027, 2028, 2029 and 2030.
  • F2: The security converts to Marsh & McLennan common stock on a 1-for-1 basis.
  • F3: The 6,970 RSUs relate to performance stock units granted Feb 23, 2023 for the 2023–2025 period; the performance factor was determined Feb 24, 2026.
  • F4: Not applicable.
• No sales or cash exercises were reported (these were grants/awards, not purchases or dispositions).

Context
These transactions are awards (compensation) rather than open-market purchases or sales, so they represent compensation delivery and future potential equity rather than an immediate bullish or bearish trading signal. The option-style award vests over four years; the RSUs are the result of a completed performance cycle (2023–2025) and convert 1-for-1 to common stock when settled. No indication of tax withholding, 10b5-1 plan use, or late filing was provided in the filing.