Gallagher Patrick Murphy 4

What Happened

• Patrick Murphy, Chief Operating Officer of Arthur J. Gallagher & Co. (AJG), had 4,620 performance share units vest on March 15, 2026 (award originally granted March 15, 2023). The PSUs converted into 4,620 common shares.
• To cover tax obligations, 1,962 shares were withheld on March 15, 2026 (at $207.93/share, $407,959) and an additional 525 shares were withheld on March 16, 2026 (at $207.93/share, $109,163), totaling 2,487 shares withheld (≈ $517,122). Net shares issued to Mr. Murphy after withholding: 2,133 shares.
• This was not an open-market sale by the insider but a routine tax-withholding disposition related to vesting.

Key Details

• Transaction dates: vesting/conversion March 15, 2026; tax-withholding dispositions March 15–16, 2026.
• Withholding price used: $207.93 per share (used for the tax-withholding entries).
• Total shares vested/converted: 4,620; shares withheld for taxes: 2,487; net shares retained: 2,133.
• Footnotes: F1 confirms these were performance share units awarded 3/15/2023 and vested 3/15/2026; F2 indicates shares were withheld to cover tax obligations.
• Filing: Form 4 filed 2026-03-17 for transactions reporting period 2026-03-15 (appears timely).

Context

• This is a vesting and tax-withholding event (derivative conversion/settlement), not a market-sale signal. The shares withheld to satisfy taxes are a common administrative step when restricted/ performance awards vest.
• For derivative/award transactions: the PSU conversion resulted in shares issued, followed by share withholding to satisfy tax liabilities (not an intentional cash sale by the insider).