GALLAGHER THOMAS JOSEPH 4

What Happened Thomas Joseph Gallagher, President of Arthur J. Gallagher & Co. (AJG), received 351.945 shares on July 1, 2026 through the conversion/exercise of derivative awards (transaction code M). The filing values the acquisition at $229.57 per share, for a total of $80,796. The filing indicates this distribution represents previously deferred compensation paid in Gallagher common stock under the company’s Supplemental Savings and Thrift Plan rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-07-01; Filing date: 2026-07-06 (filed 5 days after the transaction).
• Transaction(s): Exercise/conversion of derivative (M) — 351.945 shares acquired @ $229.57 = $80,796; a parallel derivative entry shows 351.945 shares disposed @ $0.00 (reflecting the conversion/distribution mechanics).
• Shares owned after transaction: Not disclosed in the Form 4 provided.
• Notable footnotes: F1 disclaims beneficial ownership of these shares; F2 indicates some shares are held in trusts for the reporting person’s children; F3–F4 explain these were notional stock units (rights to receive one share each) and that portions are payable in July 2026 per the reporting person’s deferral election.
• Timeliness: The Form 4 was filed July 6 for a July 1 transaction, which appears late relative to the typical two-business-day Section 16 filing requirement.

Context This was a distribution/conversion of deferred compensation (not an open-market buy or sale). For retail investors, such plan distributions are generally administrative/compensation events rather than directional insider buying or selling signals. The filing also includes a standard disclaimer (F1) that the reporting person may not be the beneficial owner of all reported shares.