SCHAPIRO MORTON O 4

What Happened

• Morton O. Schapiro, a director of Marsh & McLennan Companies (MRSH), acquired a total of 751.93 derivative shares on May 15, 2026 through director compensation. The filing shows a grant/award of 256.85 shares valued at $41,250 and an additional 495.08-share acquisition valued at $79,510, both priced at $160.60 — a combined value of $120,760. These are derivative awards that convert into Marsh & McLennan common stock on a 1-for-1 basis under the company’s Directors Stock Compensation Plan.

Key Details

• Transaction date: 2026-05-15; filing date: 2026-05-18 (appears timely).
• Prices and values: 256.85 shares @ $160.60 = $41,250 (code A, award/grant); 495.08 shares @ $160.60 = $79,510 (code J, other acquisition); total 751.93 shares, $120,760.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes of note:
  • F1: Derivative securities convert to common stock 1-for-1.
  • F2: Acquisitions were in connection with director fees under the Directors Stock Compensation Plan.
  • F4: Some shares were acquired via dividend equivalents credited to the reporting person’s account.
• Transaction codes: A = grant/award; J = other acquisition (non-open-market). No sale or open-market purchase reported.

Context

• These transactions reflect routine director compensation (awards and dividend equivalents), not an open-market purchase or sale. Such awards are common for board fees and do not necessarily signal the director’s personal trading view. Because the instruments convert 1-for-1 to common stock, the reporting reflects future share issuance rather than an immediate cash purchase.