Studer Nicholas Mark 4

What Happened

• Mark Studer, President and CEO of OWG (a Marsh & McLennan company), had 8,044 shares issued to him on February 28, 2026 as the result of an exercise/conversion of a derivative (reported under transaction code M). The filing shows the shares were acquired at $0.00 per share (no cash paid) — the derivative converted to common stock on a 1-for-1 basis. The Form 4 records both the acquisition of 8,044 shares and the corresponding disposition/termination of the derivative instrument.

Key Details

• Transaction date: 2026-02-28; Form 4 filed: 2026-03-03 (appears timely).
• Shares involved: 8,044 shares; price reported: $0.00 (conversion/vesting).
• Footnotes: F1 — the 8,044 shares are underlying restricted stock units related to performance stock units granted Feb 23, 2023 for the 2023–2025 performance period; F2 — converts to common stock 1-for-1; F3 — not applicable.
• Shares owned after transaction: not specified in the provided filing details.

Context

• This was a vesting/distribution of performance-based equity (PSUs/RSUs) rather than an open-market purchase or sale. Such conversions typically reflect compensation or incentive plan payouts, not a market-timed trade. The filing indicates no cash paid and no immediate sale reported in this Form 4.