Mead Christopher E 4

What Happened
Christopher E. Mead, Vice President of Arthur J. Gallagher & Co. (AJG), exercised 4,000 stock options on March 5, 2026 at an exercise price of $79.59 (cost $318,360) and immediately sold 4,000 shares in the open market for an aggregate reported value of $908,472. The reported sale price is an average weighted price of $227.12 per share (individual trade prices ranged $227.050–$227.580). A separate derivative entry for 4,000 units at $0.00 was also reported and appears tied to notional/phantom stock units (see footnotes).

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 9, 2026 (appears filed within the two-business-day window).
• Exercise: 4,000 options at $79.59 each — total cash paid $318,360.
• Sale: 4,000 shares sold, weighted avg price $227.12 — total proceeds $908,472 (prices ranged $227.050–$227.580).
• Net before taxes/fees (proceeds minus exercise cost): $908,472 − $318,360 = $590,112.
• Shares owned after the transactions: Not disclosed in the provided excerpt.
• Relevant footnotes: F1 (exercise and sale of expiring stock options); F2 (average weighted sale price and price range disclosure); F10/F11 and F4 (references to notional/phantom stock units that represent rights to common shares and become payable following separation from service).
• Transaction codes: M = exercise/conversion of derivative; S = open market sale. No 10b5-1 plan or late filing flag noted in the excerpt.

Context
This was a same-day exercise-and-sell (a cashless-style outcome often used to realize value from expiring/options), meaning the insider converted options into shares and sold them shortly thereafter rather than holding shares. The separate $0.00 derivative entry likely reports conversion/vesting of notional or phantom stock units (rights to future shares) that do not represent an immediate cash sale. These filings document the mechanics of insider compensation and liquidity events; they do not, by themselves, indicate the insider’s broader view on the company.