Doyle John Q 4

What Happened

• John Q. Doyle, President and Chief Executive Officer of Marsh & McLennan Companies (MRSH), had 59,510 restricted stock units (RSUs)/performance stock units convert to common shares on Feb 28, 2026. The conversion was 1-for-1 and carried no exercise price.
• To cover applicable tax withholding, 30,380 of those shares were withheld/disposed at $186.74 per share, generating proceeds of $5,673,161. The remaining shares were delivered to Doyle. This is a routine vesting and tax-withholding event, not an open-market purchase.

Key Details

• Transaction date: 2026-02-28 (reported on Form 4 filed 2026-03-03)
• What occurred: Code M — conversion/exercise of derivative (59,510 RSUs → 59,510 shares); Code F — tax withholding/disposition of 30,380 shares @ $186.74 = $5,673,161
• Shares owned after transaction: not specified in the provided filing excerpt
• Notable footnotes:
  • F1: These 59,510 shares were underlying RSUs tied to performance stock units granted Feb 23, 2023 for the 2023–2025 performance period; 30,380 shares were withheld to cover taxes.
  • F2: Shares convert on a 1-for-1 basis.
  • F3: Not applicable
• Filing/timeliness: Form filed 2026-03-03 reporting the 2026-02-28 transaction (filing date shown; no late-filing flag provided in the excerpt)

Context

• This was effectively a vesting of performance-based RSUs with a cashless tax-withholding (company withheld shares rather than paying cash). Such withholding sales are routine to satisfy tax obligations and are not generally interpreted as a discretionary sale signal about the insider’s view of the stock.