Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-06

Arthur J. Gallagher & Co. (AJG)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$20,745,060
Pat Gallagher total, FY2025
5th
CEO pay percentile vs peers
346:1
CEO-to-median pay ratio
91.67%
Say-on-pay support, latest vote
Companies that benchmark against AJG
8 companies name AJG as a compensation peer

Each company listed discloses AJG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AJG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Pat Gallagher$1,500,000$0$6,579,513$2,233,382$7,950,000$194,116$2,288,049$20,745,060
Chairman and Chief Executive Officer
Doug Howell1,050,0001,000,0002,009,8911,364,3813,675,0002,890921,46610,023,628
Chief Financial Officer
Tom Gallagher1,125,000250,0002,153,4301,461,8653,937,50087,265962,9379,977,997
President
Patrick Gallagher900,000750,0001,722,8121,169,5113,150,0000593,2918,285,614
Chief Operating Officer
Walt Bay850,0001,000,0001,642,7671,115,3652,975,0000675,2928,258,424
General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Pat Gallagher$20,745,060$17,449,043$15,496,222+3,296,017
Doug Howell10,023,6286,736,6605,867,278+3,286,968
Tom Gallagher9,977,9975,753,927+4,224,070
Patrick Gallagher8,285,6145,753,927+2,531,687
Walt Bay8,258,4245,641,1224,472,507+2,617,302

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Thomas Joseph GallagherPresident2026-03-23D176$0$0CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D26400CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23A26400Common, indirectForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D52800CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23A26400Common, indirectForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D26400CommonForm 4 ↗
Richard C. CaryController, CAO2026-03-31D13921630,017CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-03-31A50.9221610,996CommonForm 4 ↗
Dividend-equivalent accruals2026-03-312,2057 insiders, 7 accrual rows
J. Patrick Gallagher JrDirector2026-03-31D2,369216511,586CommonForm 4 ↗
William F. ZiebellVICE PRESIDENT2026-03-31A50.9221610,996CommonForm 4 ↗
Walt BayGeneral Counsel2026-03-31A1,415.09216305,589CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-31D76.3821616,495CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-03-31D76.3821616,495CommonForm 4 ↗
Scott R. HudsonVice President2026-03-31A63.6521613,745CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-03-31D50.9221610,996CommonForm 4 ↗
William F. ZiebellVICE PRESIDENT2026-03-31D50.9221610,996CommonForm 4 ↗
Richard C. CaryController, CAO2026-03-31A471.7216101,863CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-03-31A5,345.92161,154,448CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-03-31D5,345.900Derivative, Class A CommonForm 4 ↗
Walt BayGeneral Counsel2026-03-31D627216135,401CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-31A76.3821616,495CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-03-31A76.3821616,495CommonForm 4 ↗
Scott R. HudsonVice President2026-03-31D63.6521613,745CommonForm 4 ↗
Deborah CaplanDirector2026-05-12A1,11000CommonForm 4 ↗
David JohnsonDirector2026-05-12A1,11000CommonForm 4 ↗
Ralph NicolettiDirector2026-05-12A1,11000CommonForm 4 ↗
Norman RosenthalDirector2026-05-12A1,11000CommonForm 4 ↗
Teresa ClarkeDirector2026-05-12A1,11000CommonForm 4 ↗
John ColdmanDirector2026-05-12A1,11000CommonForm 4 ↗
Richard HarriesDirector2026-05-12A1,11000CommonForm 4 ↗
Chris MiskelDirector2026-05-12A1,11000CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-05-26D14,69800CommonForm 4 ↗
Patrick Murphy GallagherChief Operating Officer2026-05-26A14,69800CommonForm 4 ↗
Chris MiskelDirector2026-06-01A194.0820640,000CommonForm 4 ↗
David JohnsonDirector2026-06-01A236.5420648,750CommonForm 4 ↗
Richard C. CaryController, CAO2026-06-02D3,000206618,000CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-06-22D12,954.392092,708,503Derivative, Class A CommonForm 4 ↗
Michael Robert PeschVice President2026-07-01A355.823081,681CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-07-01D2,162.6900Derivative, Class A CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-07-01A351.9523080,796CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-07-01A2,162.69230496,490CommonForm 4 ↗
Dividend-equivalent accruals2026-07-017082 insiders, 2 accrual rows

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 50 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Thomas Joseph GallagherPresident2026-03-23D176$0$0CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D26400CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23A26400Common, indirectForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D52800CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23A26400Common, indirectForm 4 ↗
Thomas Joseph GallagherPresident2026-03-23D26400CommonForm 4 ↗
Richard C. CaryController, CAO2026-03-31D13921630,017CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-03-31A50.9221610,996CommonForm 4 ↗
Walt BayGeneral Counsel2026-03-31D1,415.0900Derivative, Class A CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-03-31D2,369216511,586CommonForm 4 ↗
William F. ZiebellVICE PRESIDENT2026-03-31A50.9221610,996CommonForm 4 ↗
Walt BayGeneral Counsel2026-03-31A1,415.09216305,589CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-31D76.3821616,495CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-31D76.3800Derivative, Class A CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-03-31D76.3821616,495CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-03-31D76.3800Derivative, Class A CommonForm 4 ↗
Scott R. HudsonVice President2026-03-31A63.6521613,745CommonForm 4 ↗
Scott R. HudsonVice President2026-03-31D63.6500Derivative, Class A CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-03-31D50.9221610,996CommonForm 4 ↗
William F. ZiebellVICE PRESIDENT2026-03-31D50.9221610,996CommonForm 4 ↗
William F. ZiebellVICE PRESIDENT2026-03-31D50.9200Derivative, Class A CommonForm 4 ↗
Richard C. CaryController, CAO2026-03-31A471.7216101,863CommonForm 4 ↗
Richard C. CaryController, CAO2026-03-31D471.700Derivative, Class A CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-03-31A5,345.92161,154,448CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-03-31D5,345.900Derivative, Class A CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-03-31D50.9200Derivative, Class A CommonForm 4 ↗
Walt BayGeneral Counsel2026-03-31D627216135,401CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-03-31A76.3821616,495CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-03-31A76.3821616,495CommonForm 4 ↗
Scott R. HudsonVice President2026-03-31D63.6521613,745CommonForm 4 ↗
Deborah CaplanDirector2026-05-12A1,11000CommonForm 4 ↗
David JohnsonDirector2026-05-12A1,11000CommonForm 4 ↗
Ralph NicolettiDirector2026-05-12A1,11000CommonForm 4 ↗
Norman RosenthalDirector2026-05-12A1,11000CommonForm 4 ↗
Teresa ClarkeDirector2026-05-12A1,11000CommonForm 4 ↗
John ColdmanDirector2026-05-12A1,11000CommonForm 4 ↗
Richard HarriesDirector2026-05-12A1,11000CommonForm 4 ↗
Chris MiskelDirector2026-05-12A1,11000CommonForm 4 ↗
J. Patrick Gallagher JrDirector2026-05-26D14,69800CommonForm 4 ↗
Patrick Murphy GallagherChief Operating Officer2026-05-26A14,69800CommonForm 4 ↗
Chris MiskelDirector2026-06-01A194.0820640,000CommonForm 4 ↗
David JohnsonDirector2026-06-01A236.5420648,750CommonForm 4 ↗
Richard C. CaryController, CAO2026-06-02D3,000206618,000CommonForm 4 ↗
Doug HowellVP & Chief Financial Officer2026-06-22D12,954.392092,708,503Derivative, Class A CommonForm 4 ↗
Michael Robert PeschVice President2026-07-01A355.823081,681CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-07-01D2,162.6900Derivative, Class A CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-07-01A351.9523080,796CommonForm 4 ↗
Vishal JainVICE PRESIDENT2026-07-01A2,162.69230496,490CommonForm 4 ↗
Thomas Joseph GallagherPresident2026-07-01D351.9500Derivative, Class A CommonForm 4 ↗
Michael Robert PeschVice President2026-07-01D355.800Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Pat GallagherPSU9,74119,48138,962$6,579,513
Doug HowellPSU7433713,8841,364,381
Tom GallagherPSU3,1886,37612,7522,153,430
Walt BayPSU2,4324,8649,7281,642,767
Doug HowellPSU2,9765,95111,9022,009,891
Tom GallagherPSU7433714,8761,461,865
Walt BayPSU7433711,3501,115,365
Pat GallagherPSU7433722,7272,233,382
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Pat Gallagher$0$8,812,895$0100.0%
Doug Howell03,374,2720100.0%
Tom Gallagher03,615,2950100.0%
Walt Bay02,758,1320100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
GallagherOption11,386243.54
Walt BayOption10,884243.54
GallagherRSU6,9601,801,178
Doug HowellOption13,884337.74
GallagherOption30,029177.09
Walt BayOption8,166127.9
GallagherOption12,744177.09
Walt BayOption7,603158.56
GallagherRSU9,5602,474,032
GallagherOption22,727337.74
Walt BayPSU17,8924,630,271
GallagherPSU79,77820,645,749
GallagherPSU24,0546,224,935
GallagherOption14,876337.74
GallagherOption25,658127.9
Walt BayRSU7,0901,834,821
GallagherOption23,883158.56
GallagherOption10,964127.9
Doug HowellOption10,421127.9
GallagherOption11,901337.74
GallagherOption10,206158.56
Walt BayOption11,350337.74
Doug HowellOption9,696158.56
Doug HowellOption12,107177.09
Walt BayOption9,452177.09
GallagherOption2,418127.9
Doug HowellOption12,726243.54
GallagherOption15,070243.54
GallagherRSU45,04811,657,972
GallagherOption6,160177.09
GallagherOption3,673158.56
GallagherOption27,210243.54
GallagherPSU18,7424,850,242
Doug HowellRSU9,0822,350,331
Doug HowellPSU21,4465,550,010
05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee believes that our executive compensation program promotes the long-term interests of the company and its stockholders. We reward performance by emphasizing a balance of short- and long-term compensation vehicles.

CEO STI target (% of salary)265%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-12200,825,37018,035,501217,46691.67%Passed
20252025-05-13196,469,45418,518,399381,71591.22%Passed
20242024-05-07161,134,48216,051,7581,175,78490.34%Passed
20232023-05-09162,510,97113,101,9871,109,60891.96%Passed
20222022-05-10160,303,69213,139,755248,94892.29%Passed
20212021-05-11146,117,40512,807,512216,88291.82%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1291.67%a
20252025-05-1391.22%b
20242024-05-0790.34%c

a. Approved under the standard stated in the filing — “Broker non-votes are not expected to be applicable Say-on-pay (Item 3) Majority of stock having voting power and present Abstentions treated as votes against.”.

b. Approved under the standard stated in the filing — “What is the voting standard and the treatment of abstentions and broker non-votes for each item on the proxy card? Voting Item Voting Standard Treatment of Abstentions & Broker Non-Votes Election of directors (Item 1) Majority of votes cast Not counted as votes cast and therefore no effect Auditor ratification (Item 2) Majority of stock having voting power and present Abstentions treated as votes against.”.

c. Approved under the standard stated in the filing — “What is the voting standard and the treatment of abstentions and broker non-votes for each item on the proxy card? Voting Item Voting Standard Treatment of Abstentions & Broker Non-Votes Election of directors (Item 1) Majority of votes cast Not counted as votes cast and therefore no effect Auditor ratification (Item 2) Majority of stock having voting power and present Abstentions treated as votes against.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)346 : 1
CEO total compensation$20,745,060
Median employee compensation$59,957
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David JohnsonIndependent · Lead Independent Director · Nominating/Governance$188,750$229,563$0$0$418,313
Ralph NicolettiIndependent · Audit · Risk and Compliance172,500229,56300402,063
Sherry BarratIndependent · Nominating/Governance · Compensation · Not standing for re-election162,500229,563006,483398,546
Norman RosenthalIndependent · Risk and Compliance162,500229,56300392,063
Chris MiskelIndependent · Nominating/Governance (Chair)157,500229,56300387,063
Teresa ClarkeIndependent · Audit133,750229,56300363,313
Deborah CaplanIndependent · Nominating/Governance133,750229,56300363,313
Richard HarriesIndependent · Audit · Risk and Compliance122,256229,56300351,819
John ColdmanIndependent · Audit · Risk and Compliance122,079229,56300351,642
Pat GallagherEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$135,000
Annual equity retainer$225,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000
Stock ownership guideline5x cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,355,585
Equity awards (grant-date value)$2,066,067
All other compensation$6,483
Total cost of the board$3,428,135

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Arthur J. Gallagher & Co. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Arthur J. Gallagher & Co..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1The Bank of New York Mellon Corporation2025Robin Vince$1,300,000$47,440,141$25,000,004$9,510,000$83,472,970
2Aon plc2025Gregory Case1,500,00068,769,94102,437,50073,742,639
3Chubb Limited2025Evan Greenberg1,600,00018,850,128033,180,582
4American International Group, Inc.2025Peter Zaffino1,500,00014,084,8554,374,99412,000,00032,460,049
5The Travelers Companies, Inc.2025Alan Schnitzer1,450,0009,417,3646,100,0569,000,00026,968,756
6Marsh & McLennan Companies, Inc.2025John Doyle1,500,0009,209,4698,375,0205,550,00025,051,051
7Fidelity National Information Services, Inc.2025Stephanie Ferris1,250,00018,741,36702,812,50022,928,412
8The Hartford Insurance Group, Inc.2025Christopher Swift1,200,00010,982,7903,412,5005,808,00022,114,212
9Arthur J. Gallagher & Co.2025Pat Gallagher1,500,0006,579,5132,233,3827,950,00020,745,060
10State Street Corporation2025Ronald O'Hanley1,200,00012,764,92405,399,37519,529,070
11Automatic Data Processing, Inc.2025Maria Black1,224,00014,791,04002,621,80019,137,192
12The Charles Schwab Corporation2025Richard Wurster1,248,4687,612,5535,075,0194,727,41618,755,222
13Moody's Corporation2025Robert Fauber1,100,00011,359,9032,840,0802,226,00018,082,565
14Raymond James Financial, Inc.2025Paul Shoukry750,0008,549,748017,277,875
15Franklin Resources, Inc.2025Jennifer Johnson750,0008,959,77106,925,00016,844,816
16S&P Global Inc.2025Martina Cheung1,000,0008,978,04102,445,30012,831,062
17Willis Towers Watson plc2025Carl Hess1,000,0009,182,1852,384,00012,793,605
18Fidelity National Financial, Inc.2025Michael Nolan1,083,8465,960,00704,400,00011,646,893
19Northern Trust Corporation2025Michael O'Grady1,000,0006,150,11102,730,00010,059,154
20Brown & Brown, Inc.2025J. Powell Brown1,250,0002,958,77303,048,0008,641,088
Fiserv, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Arthur J. Gallagher & Co.200%PSU 75 · Options 25NoPearl Meyer
American International Group, Inc.186%PSU 75 · Options 25NoPay Governance
Aon plc100%PSU 100NoMeridian Compensation Partners, LLC
Automatic Data Processing, Inc.107.1%PSU 75 · RSU 25NoFW Cook
Brown & Brown, Inc.81%PSU 75 · RSU 25NoFW Cook
Chubb Limitednot disclosedPSU 100NoFarient Advisors LLC
Fidelity National Financial, Inc.200%PSU 100NoStrategic Compensation Group LLC (SCG)
Fidelity National Information Services, Inc.100%PSU 50 · RSU 50Yes — Relative TSR vs S&P 500Meridian
Fiserv, Inc.not disclosednot disclosednot disclosednot disclosed
Franklin Resources, Inc.1847%PSU 100YesSemler Brossy Consulting Group
Marsh & McLennan Companies, Inc.not disclosedPSU 50 · Options 50Yes — Relative TSR versus S&P 500 constituentsIndependent compensation consulting firm (name not disclosed)
Moody's Corporation101%PSU 60 · RSU 20 · Options 20NoMeridian Compensation Partners
Northern Trust Corporationnot disclosednot disclosednot disclosednot disclosed
Raymond James Financial, Inc.not disclosedPSU 60NoMeridian Compensation Partners
S&P Global Inc.108.68%PSU 70 · RSU 30NoPay Governance
State Street Corporation132.5%PRSU 62 · DSA 38NoMeridian Compensation Partners
The Bank of New York Mellon Corporationnot disclosedPSU 75 · RSU 25Yes — TSR percentile vs. Relative Peer GroupMeridian
The Charles Schwab Corporation116.5%PSU 60 · Options 40NoSemler Brossy
The Hartford Insurance Group, Inc.176%PSU 75 · Options 25Yes — Peer-relative TSRCompensation Advisory Partners, LLP (CAP)
The Travelers Companies, Inc.not disclosedPSU 60 · Options 40NoFW Cook
Willis Towers Watson plc119.2%PSU 75 · RSU 25NoNot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Pat GallagherDEF 14A2026-03-230000354190-26-000101Section “2025 Summary Compensation Table” · page 39. As printed: 20,745,060. Filing ↗machine: r12 · c9 · span 1614689–1614699
2Section 01, Doug HowellDEF 14A2026-03-230000354190-26-000101Section “2025 Summary Compensation Table” · page 39. As printed: 10,023,628. Filing ↗machine: r6 · c9 · span 1634765–1634775
3Section 01, Tom GallagherDEF 14A2026-03-230000354190-26-000101Section “2025 Summary Compensation Table” · page 39. As printed: 9,977,997. Filing ↗machine: r12 · c9 · span 1654528–1654537
4Section 01, Patrick GallagherDEF 14A2026-03-230000354190-26-000101Section “2025 Summary Compensation Table” · page 39. As printed: 8,285,614. Filing ↗machine: r12 · c9 · span 1674155–1674164
5Section 01, Walt BayDEF 14A2026-03-230000354190-26-000101Section “2025 Summary Compensation Table” · page 39. As printed: 8,258,424. Filing ↗machine: r15 · c9 · span 1688017–1688026
6Section 03, Pat Gallagher PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r5 · c9 · span 1816125–1816131
7Section 03, Doug Howell PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r18 · c3 · span 2051693–2051696
8Section 03, Tom Gallagher PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r11 · c13 · span 1872605–1872614
9Section 03, Walt Bay PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r17 · c9 · span 1923209–1923214
10Section 03, Doug Howell PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t139 · r8 · c9 · span 1842882–1842888
11Section 03, Tom Gallagher PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r10 · c3 · span 2006390–2006393
12Section 03, Walt Bay PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r42 · c3 · span 2187603–2187606
13Section 03, Pat Gallagher PSUDEF 14A2026-03-230000354190-26-000101Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t142 · r10 · c3 · span 2006390–2006393
14Section 07, pay ratioDEF 14A2026-03-230000354190-26-000101Section “CEO Pay Ratio”. As printed: 346 : 1. Filing ↗machine: span 2973920–2973928
15Section 08, David JohnsonDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 418,313. Filing ↗machine: t66 · r8 · c9 · span 787201–787208
16Section 08, Ralph NicolettiDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 402,063. Filing ↗machine: t66 · r10 · c9 · span 795365–795372
17Section 08, Sherry BarratDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 398,546. Filing ↗machine: t66 · r3 · c9 · span 766799–766806
18Section 08, Norman RosenthalDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 392,063. Filing ↗machine: t66 · r11 · c9 · span 799457–799464
19Section 08, Chris MiskelDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 387,063. Filing ↗machine: t66 · r9 · c9 · span 791289–791296
20Section 08, Teresa ClarkeDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 363,313. Filing ↗machine: t66 · r5 · c9 · span 774963–774970
21Section 08, Deborah CaplanDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 363,313. Filing ↗machine: t66 · r4 · c9 · span 770879–770886
22Section 08, Richard HarriesDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 351,819. Filing ↗machine: t66 · r7 · c9 · span 783117–783124
23Section 08, John ColdmanDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 351,642. Filing ↗machine: t66 · r6 · c9 · span 779031–779038
24Section 08, Pat GallagherDEF 14A2026-03-230000354190-26-000101Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Thomas Joseph Gallagher 2026-03-23Form 42026-03-240000354190-26-000108Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Richard C. Cary 2026-03-31Form 42026-04-010000354190-26-000112Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Vishal Jain 2026-03-31Form 42026-04-020000354190-26-000118Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Walt Bay 2026-03-31Form 42026-04-010000354190-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, J. Patrick Gallagher Jr 2026-03-31Form 42026-04-010000354190-26-000110Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, William F. Ziebell 2026-03-31Form 42026-04-020000354190-26-000116Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Walt Bay 2026-03-31Form 42026-04-010000354190-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Thomas Joseph Gallagher 2026-03-31Form 42026-04-020000354190-26-000124Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Thomas Joseph Gallagher 2026-03-31Form 42026-04-020000354190-26-000124Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Doug Howell 2026-03-31Form 42026-04-020000354190-26-000122Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Doug Howell 2026-03-31Form 42026-04-020000354190-26-000122Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Scott R. Hudson 2026-03-31Form 42026-04-020000354190-26-000120Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Scott R. Hudson 2026-03-31Form 42026-04-020000354190-26-000120Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Vishal Jain 2026-03-31Form 42026-04-020000354190-26-000118Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, William F. Ziebell 2026-03-31Form 42026-04-020000354190-26-000116Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, William F. Ziebell 2026-03-31Form 42026-04-020000354190-26-000116Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Richard C. Cary 2026-03-31Form 42026-04-010000354190-26-000112Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Richard C. Cary 2026-03-31Form 42026-04-010000354190-26-000112Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, J. Patrick Gallagher Jr 2026-03-31Form 42026-04-010000354190-26-000110Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, J. Patrick Gallagher Jr 2026-03-31Form 42026-04-010000354190-26-000110Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Vishal Jain 2026-03-31Form 42026-04-020000354190-26-000118Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Walt Bay 2026-03-31Form 42026-04-010000354190-26-000114Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Thomas Joseph Gallagher 2026-03-31Form 42026-04-020000354190-26-000124Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Doug Howell 2026-03-31Form 42026-04-020000354190-26-000122Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Scott R. Hudson 2026-03-31Form 42026-04-020000354190-26-000120Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Deborah Caplan 2026-05-12Form 42026-05-130000354190-26-000158Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, David Johnson 2026-05-12Form 42026-05-130000354190-26-000150Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Ralph Nicoletti 2026-05-12Form 42026-05-130000354190-26-000146Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Norman Rosenthal 2026-05-12Form 42026-05-130000354190-26-000144Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Teresa Clarke 2026-05-12Form 42026-05-130000354190-26-000156Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, John Coldman 2026-05-12Form 42026-05-130000354190-26-000154Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Richard Harries 2026-05-12Form 42026-05-130000354190-26-000152Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Chris Miskel 2026-05-12Form 42026-05-130000354190-26-000148Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, J. Patrick Gallagher Jr 2026-05-26Form 42026-05-280000354190-26-000161Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Patrick Murphy Gallagher 2026-05-26Form 42026-05-280000354190-26-000163Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Chris Miskel 2026-06-01Form 42026-06-020000354190-26-000165Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, David Johnson 2026-06-01Form 42026-06-020000354190-26-000167Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Richard C. Cary 2026-06-02Form 42026-06-020000354190-26-000169Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Doug Howell 2026-06-22Form 42026-06-240000354190-26-000173Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Michael Robert Pesch 2026-07-01Form 42026-07-060000354190-26-000175Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Vishal Jain 2026-07-01Form 42026-07-060000354190-26-000180Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Thomas Joseph Gallagher 2026-07-01Form 42026-07-060000354190-26-000178Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Vishal Jain 2026-07-01Form 42026-07-060000354190-26-000180Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Thomas Joseph Gallagher 2026-07-01Form 42026-07-060000354190-26-000178Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Michael Robert Pesch 2026-07-01Form 42026-07-060000354190-26-000175Insider equity transaction reported since the proxy statement. Filing ↗
75Section 06, 2026 voteForm 8-K2026-05-130000354190-26-000142Item 5.07 · say-on-pay result. As reported: 91.67% (votes for as printed: 200,825,370). Filing ↗
76Section 06, 2025 voteForm 8-K2025-05-140001193125-25-119833Item 5.07 · say-on-pay result. As reported: 91.22% (votes for as printed: 196,469,454). Filing ↗
77Section 06, 2024 voteForm 8-K2024-05-080001193125-24-134191Item 5.07 · say-on-pay result. As reported: 90.34% (votes for as printed: 161,134,482). Filing ↗
78Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
79Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
80Section 09b board cost (computed)ComputedcomputedCash 1,355,585 + equity 2,066,067 + all other 6,483 = 3,428,135, summed across the director compensation table rows.machine: formula: Σ = 3,428,135
81The Bank of New York Mellon Corporation, Section 10b CEO totalDEF 14A2026-03-050001193125-26-092500CEO total compensation as printed in The Bank of New York Mellon Corporation's own proxy. As printed: 83,472,970. Filing ↗machine: t239 · r3 · c34 · span 1121523–1121533
82Aon plc, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187428CEO total compensation as printed in Aon plc's own proxy. As printed: 73,742,639. Filing ↗machine: t52 · r4 · c17 · span 1294068–1294078
83Chubb Limited, Section 10b CEO totalDEF 14A2026-04-030001104659-26-039513CEO total compensation as printed in Chubb Limited's own proxy. As printed: 33,180,582. Filing ↗machine: span 1543364–1543374
84American International Group, Inc., Section 10b CEO totalDEF 14A2026-03-310000005272-26-000039CEO total compensation as printed in American International Group, Inc.'s own proxy. As printed: 32,460,049. Filing ↗machine: r4 · c27 · span 1530030–1530040
85The Travelers Companies, Inc., Section 10b CEO totalDEF 14A2026-04-070000086312-26-000103CEO total compensation as printed in The Travelers Companies, Inc.'s own proxy. As printed: 26,968,756. Filing ↗machine: r2 · c9 · span 2959229–2959239
86Marsh & McLennan Companies, Inc., Section 10b CEO totalDEF 14A2026-03-310001193125-26-133303CEO total compensation as printed in Marsh & McLennan Companies, Inc.'s own proxy. As printed: 25,051,051. Filing ↗machine: r4 · c35 · span 942007–942017
87Fidelity National Information Services, Inc., Section 10b CEO totalDEF 14A2026-04-280001136893-26-000026CEO total compensation as printed in Fidelity National Information Services, Inc.'s own proxy. As printed: 22,928,412. Filing ↗machine: r2 · c8 · span 2228542–2228552
88The Hartford Insurance Group, Inc., Section 10b CEO totalDEF 14A2026-04-090000874766-26-000025CEO total compensation as printed in The Hartford Insurance Group, Inc.'s own proxy. As printed: 22,114,212. Filing ↗machine: r2 · c51 · span 1020351–1020361
89Arthur J. Gallagher & Co. (subject), Section 10b CEO totalDEF 14A2026-03-230000354190-26-000101CEO total compensation as printed in Arthur J. Gallagher & Co.'s own proxy. As printed: 20,745,060. Filing ↗machine: r12 · c9 · span 1614689–1614699
90State Street Corporation, Section 10b CEO totalDEF 14A2026-04-080001140361-26-013817CEO total compensation as printed in State Street Corporation's own proxy. As printed: 19,529,070. Filing ↗machine: t240 · r2 · c25 · span 1621758–1621768
91Automatic Data Processing, Inc., Section 10b CEO totalDEF 14A2025-09-250001308179-25-000607CEO total compensation as printed in Automatic Data Processing, Inc.'s own proxy. As printed: 19,137,192. Filing ↗machine: r2 · c18 · span 1170576–1170587
92The Charles Schwab Corporation, Section 10b CEO totalDEF 14A2026-04-060001193125-26-142826CEO total compensation as printed in The Charles Schwab Corporation's own proxy. As printed: 18,755,222. Filing ↗machine: span 943741–943751
93Moody's Corporation, Section 10b CEO totalDEF 14A2026-03-040001059556-26-000019CEO total compensation as printed in Moody's Corporation's own proxy. As printed: 18,082,565. Filing ↗machine: r3 · c45 · span 978840–978850
94Raymond James Financial, Inc., Section 10b CEO totalDEF 14A2026-01-070000720005-26-000019CEO total compensation as printed in Raymond James Financial, Inc.'s own proxy. As printed: 17,277,875. Filing ↗machine: t155 · r2 · c15 · span 1103853–1103864
95Franklin Resources, Inc., Section 10b CEO totalDEF 14A2025-12-220001140361-25-046314CEO total compensation as printed in Franklin Resources, Inc.'s own proxy. As printed: 16,844,816. Filing ↗machine: r8 · c22 · span 1261002–1261012
96S&P Global Inc., Section 10b CEO totalDEF 14A2026-03-310001104659-26-037380CEO total compensation as printed in S&P Global Inc.'s own proxy. As printed: 12,831,062. Filing ↗machine: span 1311049–1311059
97Willis Towers Watson plc, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127613CEO total compensation as printed in Willis Towers Watson plc's own proxy. As printed: 12,793,605. Filing ↗machine: r3 · c8 · span 2988983–2988993
98Fidelity National Financial, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051485CEO total compensation as printed in Fidelity National Financial, Inc.'s own proxy. As printed: 11,646,893. Filing ↗machine: r1 · c6 · span 620811–620821
99Northern Trust Corporation, Section 10b CEO totalDEF 14A2026-03-110000073124-26-000022CEO total compensation as printed in Northern Trust Corporation's own proxy. As printed: 10,059,154. Filing ↗machine: r3 · c36 · span 1256395–1256406
100Brown & Brown, Inc., Section 10b CEO totalDEF 14A2026-03-240001193125-26-122172CEO total compensation as printed in Brown & Brown, Inc.'s own proxy. As printed: 8,641,088. Filing ↗machine: t175 · r3 · c34 · span 1145470–1145479
101Section 10a, American International Group, Inc. reciprocityDEF 14A0000005272-26-000039American International Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
102Section 10a, Marsh & McLennan Companies, Inc. reciprocityDEF 14A0001193125-26-133303Marsh & McLennan Companies, Inc. names Arthur J. Gallagher & Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
103Section 10a, Aon plc reciprocityDEF 14A0001193125-26-187428Aon plc names Arthur J. Gallagher & Co. in its own disclosed peer group (read from its most recent proxy). Filing ↗
104Section 10a, Moody's Corporation reciprocityDEF 14A0001059556-26-000019Moody's Corporation's most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
105Section 10a, Brown & Brown, Inc. reciprocityDEF 14A0001193125-26-122172Brown & Brown, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
106Section 10a, The Travelers Companies, Inc. reciprocityDEF 14A0000086312-26-000103The Travelers Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
107Section 10a, Fidelity National Information Services, Inc. reciprocityDEF 14A0001136893-26-000026Fidelity National Information Services, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
108Section 10a, The Bank of New York Mellon Corporation reciprocityDEF 14A0001193125-26-092500The Bank of New York Mellon Corporation's most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
109Section 10a, The Charles Schwab Corporation reciprocityDEF 14A0001193125-26-142826The Charles Schwab Corporation's most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
110Section 10a, Automatic Data Processing, Inc. reciprocityDEF 14A0001308179-25-000607Automatic Data Processing, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
111Section 10a, Franklin Resources, Inc. reciprocityDEF 14A0001140361-25-046314Franklin Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
112Section 10a, Northern Trust Corporation reciprocityDEF 14A0000073124-26-000022Northern Trust Corporation's most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
113Section 10a, Chubb Limited reciprocityDEF 14A0001104659-26-039513Chubb Limited's most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
114Section 10a, S&P Global Inc. reciprocityDEF 14A0001104659-26-037380S&P Global Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
115Section 10a, Fidelity National Financial, Inc. reciprocityDEF 14A0001104659-26-051485Fidelity National Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗
116Section 10a, Raymond James Financial, Inc. reciprocityDEF 14A0000720005-26-000019Raymond James Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Arthur J. Gallagher & Co.. Filing ↗