=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-03-15
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: Arthur J. Gallagher & Co. (AJG)
CIK: 0000354190
--- Reporting Owner ---
Name: CARY RICHARD C
CIK: 0001185998
Role: Officer (Controller, CAO)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock
Date: 2026-03-15 | Code: F (Payment of exercise/tax)
Shares: -181 | Price: $207.93
Total Value: $37,635.33
Shares Owned After: 50,486.789 | Ownership: D (Direct)
Footnotes:
[F1] Shares withheld to cover applicable tax obligations relating to the vesting of restricted stock units.
--- Holdings ---
[Holding #1]
Security: Common Stock
Ownership: I (Indirect)
[Holding #2]
Security: Non-qualified Stock Option
Ownership: D (Direct)
Footnotes:
[F2] One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
[Holding #3]
Security: Non-qualified Stock Option
Ownership: D (Direct)
Footnotes:
[F2] One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
[Holding #4]
Security: Non-qualified Stock Option
Ownership: D (Direct)
Footnotes:
[F3] One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
[Holding #5]
Security: Non-qualified Stock Option
Ownership: D (Direct)
Footnotes:
[F2] One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
[Holding #6]
Security: Notional Stock Units
Ownership: D (Direct)
Footnotes:
[F4] Each notional stock unit represents a right to receive one share of Gallagher common stock.
[F5] The notional stock units become payable following the reporting person's separation from service with Gallagher.
[F5] The notional stock units become payable following the reporting person's separation from service with Gallagher.
[Holding #7]
Security: Phantom Stock
Ownership: D (Direct)
Footnotes:
[F6] Each share of phantom stock represents a right to receive one share of Gallagher common stock.
[F7] These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards when they attain age 62, or after a one-year period for participants who have attained age 61.
[F7] These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards when they attain age 62, or after a one-year period for participants who have attained age 61.
--- Footnotes (Complete Index) ---
F1: Shares withheld to cover applicable tax obligations relating to the vesting of restricted stock units.
F2: One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F3: One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.
F4: Each notional stock unit represents a right to receive one share of Gallagher common stock.
F5: The notional stock units become payable following the reporting person's separation from service with Gallagher.
F6: Each share of phantom stock represents a right to receive one share of Gallagher common stock.
F7: These shares represent awards under the Age 62 Plan, a nonqualified deferred compensation plan of the Company, which have been deemed invested in Company common stock at the election of the reporting person. Participants vest in these awards when they attain age 62, or after a one-year period for participants who have attained age 61.
--- Signature ---
/s/ /s/ Monica Norzagaray, by power of attorney (2026-03-17)
