HOWELL DOUGLAS K 4

What Happened
Douglas K. Howell, Chief Financial Officer of Arthur J. Gallagher & Co. (AJG), was granted 2,643.055 shares of phantom stock on March 4, 2026. The award was valued at $227.01 per share for a total reported value of $600,000. This was an award/grant (derivative) under the company's plans—not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-04; filing date: 2026-03-06 (filed within the usual 2-business-day Form 4 window).
• Grant details: 2,643.055 phantom shares @ $227.01 = $600,000 (reported as a derivative award).
• Shares owned after transaction: Not disclosed in the provided filing.
• Footnotes:
  • F1: Each phantom share represents a right to receive one share of Gallagher common stock.
  • F2: These awards are under the Age 62 Plan (a nonqualified deferred compensation plan) and have been deemed invested in company stock by the reporting person; vesting occurs at age 62 or after one year for participants age 61 or older.
• Transaction code: A = Award/Grant (not a purchase or sale).

Context
Phantom stock awards are a form of deferred compensation that entitle the holder to receive company stock (or cash equivalent) later; they are routine executive compensation and do not indicate an immediate purchase or sale of shares. Because this is a derivative award tied to the Age 62 Plan, the economic benefit and ultimate share delivery depend on plan vesting and payout rules.