# EDGAR Filing Document

**Accession Number:** 0001222374
**File Stem:** 0000354190-25-000060
**Filing Date:** 2025-12
**Character Count:** 15182
**Document Hash:** 65a3ef2c2a172ffcd7abefab1cc682d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354190-25-000060.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000354190-25-000060

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251222

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** HOWELL DOUGLAS K
- **CENTRAL INDEX KEY:** 0001222374

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09761
- **FILM NUMBER:** 251610893

**MAIL ADDRESS:**
- **STREET 1:** ARTHUR J. GALLAGHER & CO.
- **STREET 2:** TWO PIERCE PLACE
- **CITY:** ITASCA
- **STATE:** IL
- **ZIP:** 60143
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arthur J. Gallagher & Co.
- **CENTRAL INDEX KEY:** 0000354190
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 362151613
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 2850 GOLF ROAD
- **CITY:** ROLLING MEADOWS
- **STATE:** IL
- **ZIP:** 60008-4050
- **BUSINESS PHONE:** 630-773-3800

**MAIL ADDRESS:**
- **STREET 1:** 2850 GOLF ROAD
- **CITY:** ROLLING MEADOWS
- **STATE:** IL
- **ZIP:** 60008-4050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARTHUR J. GALLAGHER & CO.
- **DATE OF NAME CHANGE:** 20190819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GALLAGHER ARTHUR J & CO
- **DATE OF NAME CHANGE:** 19920703

## Ex-24

```

POWER OF ATTORNEY

Know by all these presents, that the undersigned hereby constitutes and appoints
each of Walter D. Bay, Richard C. Cary, Seth Diehl, S. Lane Howell, Alex W. King
and Monica Norzagaray, signing singly and with full power of substitution and
re-substitution, as the undersigned?s true and lawful attorney-in-fact to:

1. Take any actions as may be necessary or appropriate to enable the undersigned
to submit and file forms and other documents with the U.S. Securities and
Exchange Commission (?SEC?) utilizing the SEC?s Electronic Data Gathering and
Retrieval system or any successor filing system (?EDGAR?), which actions may
include preparing, executing in the undersigned?s name and on the undersigned?s
behalf, and submitting a Form ID application, amendments thereto, and such
other documents and information as may be necessary or appropriate to obtain and
maintain codes and passwords enabling the undersigned to make filings and
submissions with the SEC utilizing EDGAR.

2. Act as an account administrator for the undersigned?s EDGAR account,
including (a) acting as the EDGAR point of contact with respect to the
undersigned?s EDGAR account, (b) appointing, removing and replacing account
administrators, account users, technical administrators and delegated entities;
(c) delegating authority to entities, including filing agents, law firms,
broker-dealers and related entities, to file on the undersigned?s behalf;
(d) maintaining the security of the undersigned?s EDGAR account dashboard,
including modification of access codes; (e) maintaining, modifying and
certifying the accuracy of information on the undersigned?s EDGAR account
dashboard; and (f) taking any other actions contemplated by Rule 10 of
Regulation S-T.

3. Cause Arthur J. Gallagher & Co. (the ?Company?) to accept a delegation
of authority from any of the undersigned?s EDGAR account administrators and,
pursuant to that delegation, authorize the Company?s EDGAR account
administrators to appoint, remove or replace users for the undersigned?s
EDGAR account.

4. Prepare, execute, for and on behalf of the undersigned, in the undersigned
capacity as a director and/or officer of the Company, complete and file any and
all forms and other documents (including any amendments thereto) the undersigned
is required to file with the SEC, or which the attorney-in-fact considers
advisable for the undersigned to file with the SEC, in accordance with Section
13 of the Securities Exchange Act of 1934 (the ?Exchange Act?) or any rule or
regulation thereunder (?Section 13?), including Forms 13G and 13D, Section 16(a)
of the Exchange Act or any rule or regulation thereunder (?Section 16?),
including Forms 3, 4 and 5, or under Rule 144 under the Securities Act of 1933
(the ?Securities Act?) or any rule or regulation thereunder (?Rule 144?),
including Form 144.

5. Take any other action of any type whatsoever in connection with the foregoing
which, in the opinion of such attorney-in-fact, may be of benefit to, in the
best interest of, or legally required by, the undersigned, it being understood
that the documents executed by such attorney-in-fact on behalf of the
undersigned  pursuant to this Power of Attorney shall be in such form and shall
contain such terms and  conditions as such attorney-in-fact may approve in his
or her sole discretion.

The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform any and every act and thing whatsoever requisite,
necessary, or proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might
or could do if personally present, with full power of substitution or
revocation, hereby ratifying and confirming all that such attorney-in-fact,
or  his or her substitute or substitutes, shall lawfully do or cause to be done
by virtue of this power of attorney and the rights and powers herein granted.
The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in
such capacity at the request of the undersigned, are not assuming any of the
undersigned?s responsibilities to comply with the requirements of the Exchange
Act or Securities Act, including Section 13, Section 16 or Rule 144.

This Power of Attorney shall remain in full force and effect until the earliest
to occur of (a) the undersigned is no longer required to make filings under
Section 13, Section 16 or Rule 144 with respect to their holdings of and
transactions in securities issued by the Company, (b) revocation by the
undersigned in writing delivered to the foregoing attorneys-in-fact or
(c) as to any attorney-in-fact individually,  until such attorney-in-fact is no
longer employed by the Company or its subsidiaries.

IN WITNESS WHEREOF, I have hereunto set my hand this 29th day of October, 2025.

Signature: /s/ Douglas K. Howell
Name: Douglas K. Howell

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>HOWELL DOUGLAS K<br><sub>(Last) (First) (Middle)</sub><br>2850 GOLF ROAD<br><sub>(Street)</sub><br>ROLLING MEADOWS, IL 60008-4002<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-22 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_VP & Chief Financial Officer_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Arthur J. Gallagher & Co. [ AJG ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-12-22 |  | S<sup>(1)</sup> |  | 5000 | D | 258.0485<sup>(2)</sup> | 95776.7558 | D |  |
| Common Stock | 2025-12-22 |  | G |  | 196 | D | $0 | 95580.7558<sup>(3)</sup> | D |  |
| Common Stock |  |  |  |  |  |  |  | 3165 | I | By Spouse<sup>(4)</sup> |
| Common Stock |  |  |  |  |  |  |  | 418.691 | I | Gallagher 401(k) plan account |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Notional Stock Units | 0<sup>(5)</sup> |  |  |  |  |  |  | <sup>(6)</sup> | <sup>(6)</sup> | Common Stock | 208342.081 |  | 208342.081 | D |  |
| Notional Stock Units | 0<sup>(5)</sup> |  |  |  |  |  |  | <sup>(7)</sup> | <sup>(7)</sup> | Common Stock | 177994.9726 |  | 177994.9726 | D |  |
| Non-qualified Stock Option | $127.90 |  |  |  |  |  |  | <sup>(8)</sup> | 2028-03-16 | Common Stock | 31265 |  | 31265 | D |  |
| Non-qualified Stock Option | $86.17 |  |  |  |  |  |  | <sup>(8)</sup> | 2027-03-12 | Common Stock | 17130 |  | 17130 | D |  |
| Non-qualified Stock Option | $158.56 |  |  |  |  |  |  | <sup>(8)</sup> | 2029-03-15 | Common Stock | 14545 |  | 14545 | D |  |
| Non-qualified Stock Option | $79.59 |  |  |  |  |  |  | <sup>(8)</sup> | 2026-03-14 | Common Stock | 14100 |  | 14100 | D |  |
| Non-qualified Stock Option | 337.74<sup>(9)</sup> |  |  |  |  |  |  | <sup>(8)</sup> | 2032-03-01 | Common Stock | 13884 |  | 13884 | D |  |
| Non-qualified Stock Option | $243.54 |  |  |  |  |  |  | <sup>(10)</sup> | 2031-03-01 | Common Stock | 12726 |  | 12726 | D |  |
| Non-qualified Stock Option | $177.09 |  |  |  |  |  |  | <sup>(11)</sup> | 2030-03-15 | Common Stock | 12107 |  | 12107 | D |  |
| Phantom Stock | <sup>(12)</sup> |  |  |  |  |  |  | <sup>(13)</sup> | <sup>(13)</sup> | Common Stock | 4257.047 |  | 4257.047 | D |  |

---

### Footnotes:

(1) This report discloses a sale of shares to cover tax obligations relating to the distribution of 35,739 deferred shares under the company's Supplemental Savings and Thrift Plan (reported on August 4, 2025). In lieu of withholding for taxes, the reporting person was required to receive the full distribution of shares and subsequently sell a portion of such shares to cover his tax obligation.

(2) The price reported is an average weighted price. The shares were sold in multiple transactions on 12/22/2025 at prices ranging from $257.730 to $258.250. The reporting person will provide to the Securities and Exchange Commission staff, the issuer, or any security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in the footnotes to this Form 4.

(3) In the past, Common Stock and Common Stock (Restricted) were reported as two separate line items. In the future, they will be reported as a combined total as is stated on this Form.

(4) The reporting person has no voting or invesment power over these shares and disclaims beneficial ownership.

(5) Each notional stock unit represents a right to receive one share of Gallagher common stock.

(6) The notional stock units become payable following the reporting person's separation from service with Gallagher.

(7) Portions of these notional stock units are payable to the reporting person in shares of common stock in July of 2026, 2028 and 2029 and following the reporting person's separation from service.

(8) One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

(9) Closing price of Gallagher common stock on February 28, 2025.

(10) One-third of this stock option becomes exercisable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

(11) One-third of this stock option becomes exerciseable on each of the 3rd, 4th, and 5th anniversaries of the grant date.

(12) Each share of phantom stock represents a right to receive one share of Gallagher common stock.

(13) 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.

**Remarks:**
This report discloses a sale of shares to cover tax obligations relating to the distribution of 35,739 deferred shares under the company's Supplemental Savings and Thrift Plan (reported on August 4, 2025). In lieu of withholding for taxes, the reporting person was required to receive the full distribution of shares and subsequently sell a portion of such shares to cover his tax obligation.  Exhibit List: Ex-24: Power of Attorney.

**Signature:** /s/ Monica Norzagaray, by power of attorney  
**Date:** 2025-12-29

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**