Bay Walter D. 4

What Happened
Walter D. Bay, General Counsel of Arthur J. Gallagher & Co. (AJG), was granted 1,982.292 phantom shares (derivative award) on March 4, 2026. The award is reported at a grant price of $227.01 per share for a total reported value of $450,000. This was an award (not a market purchase or sale).

Key Details

• Transaction type: Award/Grant (code A); reported as a derivative award.
• Transaction date: 2026-03-04; filing date: 2026-03-06 (filing appears timely).
• Grant details: 1,982.292 phantom shares at $227.01 per share; total reported value $450,000.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 – each phantom share equals a right to receive one Gallagher common share; F2 – these awards are under the Age 62 Plan (a nonqualified deferred compensation plan) and are deemed invested in company stock at the participant’s election; vesting occurs in the year the participant turns 62 (or after one year for participants age 61+).

Context
This is a deferred compensation award (phantom stock) rather than an outright purchase or sale of shares. Such awards typically convert into actual shares or cash later according to the plan’s terms and vesting schedule, and do not necessarily signal immediate buying/selling sentiment.