Marsh & McLennan SVP Katherine Brennan Exercises Options, Sells Shares

What Happened

• Katherine Brennan, SVP and General Counsel of Marsh & McLennan (MRSH), exercised 1,197 stock options at $83.05 per share (cost $99,406) and on the same day sold those 1,197 shares in the open market at $187.90 per share for $224,915 (net proceeds before taxes and fees ≈ $125,509).
• The filing also shows a derivative disposition of 1,197 option units at $0, reflecting conversion/exercise of the options into shares.

Key Details

• Transaction date: 2026-09-02 (reported on Form 4 filed 2026-09-03 — timely)
• Exercise: 1,197 shares @ $83.05 = $99,406 (code M)
• Sale: 1,197 shares @ $187.90 = $224,915 (code S)
• Derivative disposition: 1,197 units @ $0 = $0 (reflects conversion of the option)
• Shares owned after transaction: not disclosed in the provided excerpt
• Footnote: Options were granted Feb 21, 2018 and vested in four equal installments on Feb 21 of 2019, 2020, 2021 and 2022 (per filing footnote)

Context

• This was effectively a cashless exercise/forward sale: the options were exercised and the resulting shares were immediately sold, a common way for insiders to monetize vested options. Such sales are often routine and do not necessarily indicate a change in view on the company.
• Codes: M = option exercise/conversion, S = sale. No late filing was indicated.