Fernandez Carmen 4

What Happened

• Carmen Fernandez, SVP & Chief People Officer at Marsh & McLennan (MRSH), had 6,970 performance-based restricted stock units (PSUs/RSUs) vest and convert 1-for-1 into common shares on Feb 28, 2026. Of those shares, 3,855 were withheld by the company to satisfy tax obligations at an implied price of $186.74/share, totaling approximately $719,883. The transaction reflects routine award vesting and tax withholding, not an open-market sale by the insider.

Key Details

• Transaction date: February 28, 2026; filing date: March 3, 2026 (filed timely).
• Shares vested/converted: 6,970 RSU/PSU shares converted to common stock (1-for-1).
• Tax withholding: 3,855 shares withheld at $186.74/share → ~$719,883 disposed to cover taxes.
• Footnotes of note:
  • F1: These 6,970 shares relate to PSUs granted Feb 23, 2023 for the 2023–2025 performance period; 3,855 were withheld for taxes.
  • F2: Some shares were reflected as acquired by the company 401(k) SIP custodian per the plan statement as of Feb 28, 2026.
  • F3: Conversion was on a 1-for-1 basis; F4 not applicable.
• Shares owned after the transaction: not specified in the filing.

Context

• This was a compensation vesting event (award conversion and tax withholding), not an open-market purchase or discretionary sale by the insider. Withheld shares to cover taxes are a common, routine step after vesting and do not necessarily indicate a change in insider sentiment.