GALLAGHER THOMAS JOSEPH 4

What Happened
Thomas Joseph Gallagher, President of Arthur J. Gallagher & Co. (AJG), had 9,560 performance-based shares/units vest and be converted into common shares on March 15, 2026. On the same date he effected the conversion/exercise and sold 4,068 of those shares to satisfy tax withholding obligations; the withholding sale was at $207.93 per share, generating approximately $845,859.

Key Details

• Transaction date: March 15, 2026; Form filed March 17, 2026 (filed promptly within typical Form 4 timing).
• Award/vesting: 9,560 shares granted/awarded at $0.00 (footnote F1: performance share units awarded 3/15/2023 and vested 3/15/2026).
• Exercise/conversion: 9,560 shares converted/acquired (derivative code M) and conversion also reflected as a disposal entry consistent with the mechanics of converting notional/performance units.
• Tax withholding sale: 4,068 shares disposed at $207.93 per share to satisfy tax liability (code F); total proceeds ~ $845,859.
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes: F1 (PSUs vested); F11/F12 note some awards may be notional units convertible to shares; F2 indicates a disclaimer of beneficial ownership for certain shares in the filing.
• Transaction codes explained: A = award/grant, M = exercise/conversion of derivative, F = shares withheld/sold to pay taxes.

Context
This was primarily a vesting/conversion of previously granted performance awards, not an open‑market purchase. The sale of 4,068 shares was a routine withholding to cover taxes rather than a market-sale signal about company outlook. For retail investors, purchases are typically more informative about insider bullishness; this filing documents earned/vested awards and a tax-related withholding sale.