Document:

EX-10.15

 Exhibit 10.15 

ARTHUR J. GALLAGHER & CO. 

SUPPLEMENTAL SAVINGS and THRIFT PLAN 

As Amended and Restated Effective January 21, 2014 

 TABLE OF CONTENTS 

 

									
	 ARTICLE 1 INTRODUCTION
	  	 	1	  
				
		  	1.1.	    	 Purpose of the Plan
	  	 	1	  
		  	1.2.	    	 Status of Plan
	  	 	1	  
		
	 ARTICLE 2 DEFINITIONS
	  	 	1	  
				
		  	2.1.	    	 “Accounts”
	  	 	1	  
		  	2.2.	    	 “Board”
	  	 	1	  
		  	2.3.	    	 “Cause”
	  	 	1	  
		  	2.4.	    	 “Change of Control”
	  	 	1	  
		  	2.5.	    	 “Code”
	  	 	2	  
		  	2.6.	    	 “Company”
	  	 	2	  
		  	2.7.	    	 “Compensation”
	  	 	2	  
		  	2.8.	    	 “Effective Date”
	  	 	2	  
		  	2.9.	    	 “Elective Deferral”
	  	 	2	  
		  	2.10.	    	 “Eligible Employee”
	  	 	2	  
		  	2.11.	    	 “Employer”
	  	 	3	  
		  	2.12.	    	 “ERISA”
	  	 	3	  
		  	2.13.	    	 “Funding Trust”
	  	 	3	  
		  	2.14.	    	 “Funding Trustee”
	  	 	3	  
		  	2.15.	    	 “Gallagher”
	  	 	3	  
		  	2.16.	    	 “Hour of Service”
	  	 	3	  
		  	2.17.	    	 “Insolvent”
	  	 	3	  
		  	2.18.	    	 “LTIC Program”
	  	 	3	  
		  	2.19.	    	 “Matching Deferral”
	  	 	3	  
		  	2.20.	    	 “Participant”
	  	 	3	  
		  	2.21.	    	 “Performance Deferral”
	  	 	3	  
		  	2.22.	    	 “Plan”
	  	 	3	  
		  	2.23.	    	 “Plan Administrator”
	  	 	3	  

									
		  	2.24.	    	 “Plan Year”
	  	 	3	  
		  	2.25.	    	 “Qualified Plan”
	  	 	3	  
		  	2.26.	    	 “Retirement”
	  	 	4	  
		  	2.27.	    	 “Scheduled Distribution Account”
	  	 	4	  
		  	2.28.	    	 “Separation from Service”
	  	 	4	  
		  	2.29.	    	 “Separation from Service Account”
	  	 	4	  
		  	2.30.	    	 “Unforeseeable Emergency”
	  	 	4	  
		
	 ARTICLE 3 PARTICIPATION
	  	 	4	  
				
		  	3.1.	    	 Commencement of Participation
	  	 	4	  
		  	3.2.	    	 Continued Participation
	  	 	4	  
		
	 ARTICLE 4 ELECTIVE, MATCHING AND PERFORMANCE DEFERRALS
	  	 	4	  
				
		  	4.1.	    	 Elective Deferrals
	  	 	4	  
		  	4.2.	    	 Matching Deferrals
	  	 	6	  
		  	4.3.	    	 Performance Deferrals
	  	 	7	  
		
	 ARTICLE 5 ACCOUNTS
	  	 	7	  
				
		  	5.1.	    	 Accounts
	  	 	7	  
		  	5.2.	    	 Investments
	  	 	11	  
		
	 ARTICLE 6 VESTING
	  	 	12	  
				
		  	6.1.	    	 General
	  	 	12	  
		  	6.2.	    	 Change of Control
	  	 	12	  
		  	6.3.	    	 Retirement, Death or Disability
	  	 	12	  
		  	6.4.	    	 Insolvency
	  	 	12	  
		
	 ARTICLE 7 PAYMENTS
	  	 	12	  
				
		  	7.1.	    	 Election as to Time and Form of Payment
	  	 	12	  
		  	7.2.	    	 Termination of Employment
	  	 	14	  
		  	7.3.	    	 Death
	  	 	14	  

									
		  	7.4.	    	 Withdrawal Due to Unforeseeable Emergency
	  	 	14	  
		  	7.5.	    	 Restrictive Covenants; Clawback
	  	 	14	  
		  	7.6.	    	 Taxes
	  	 	16	  
		
	 ARTICLE 8 PLAN ADMINISTRATOR
	  	 	16	  
				
		  	8.1.	    	 Plan Administration and Interpretation
	  	 	16	  
		  	8.2.	    	 Powers, Duties, Procedures, Etc.
	  	 	16	  
		  	8.3.	    	 Information
	  	 	16	  
		  	8.4.	    	 Indemnification of Plan Administrator
	  	 	16	  
		
	 ARTICLE 9 AMENDMENT AND TERMINATION
	  	 	17	  
				
		  	9.1.	    	 Amendments
	  	 	17	  
		  	9.2.	    	 Termination of Plan
	  	 	17	  
		  	9.3.	    	 Existing Rights
	  	 	17	  
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	17	  
				
		  	10.1.	    	 No Funding
	  	 	17	  
		  	10.2.	    	 Non-assignability
	  	 	18	  
		  	10.3.	    	 Limitation of Participant’s Rights
	  	 	18	  
		  	10.4.	    	 Participants Bound
	  	 	18	  
		  	10.5.	    	 Receipt and Release
	  	 	18	  
		  	10.6.	    	 Compliance With Section 409A of Code
	  	 	18	  
		  	10.7.	    	 Governing Law
	  	 	19	  
		  	10.8.	    	 Headings and Subheadings
	  	 	19	  

 ARTICLE 1 

Introduction 
 1.1. Purpose
of the Plan 
 The Company has adopted the Plan to provide a means by which certain employees may elect to defer receipt of portions of
their compensation and to provide opportunities for such individuals to save for retirement on the terms and conditions set forth herein. 

1.2. Status of Plan 
 The Plan
is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections
201(2), 301(a)(3) and 401(a)(I) of ERISA, and is further intended to comply with the requirements of Section 409A of the Code. The Plan shall be interpreted and administered consistently with such intent. The Plan was initially effective
January 1, 1999, was amended and restated effective January 1, 2008, was further amended effective July 1, 2009, was further amended and restated effective December 1, 2009 for certain clerical corrections, was further amended
and restated December 7, 2012 to allow investment of deferred monies in Gallagher Common Stock (as hereinafter defined) and was further amended and restated January 21, 2014 to make certain administrative clarifications. 

ARTICLE 2 
 Definitions

 Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the
context: 
 2.1. “Accounts” mean, for each Participant, the Separation from Service Accounts and Scheduled Distribution Accounts
established for his or her benefit under Section 5.1. 
 2.2. “Board” means the Board of Directors of Gallagher. 

2.3. “Cause” means a Participant’s gross misconduct or a willful and material breach by a Participant of any agreement between
an Employer and the Participant; provided that no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without a reasonable belief that
the action or omission was in the best interest of the Employer. 
 2.4. “Change of Control” means: (i) any person or group,
as defined in Sections 13(d) and 14(d) (2) of the Securities Exchange Act of 1934, as amended, is or becomes the beneficial owner, directly or indirectly, of securities of Gallagher representing fifty percent (50%) or more of the combined
voting power of Gallagher’s outstanding securities then entitled to vote for the election of directors; or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors
of Gallagher (the “Board”) and any new directors whose election by the Board or nomination for election by Gallagher’s stockholders was approved by at least two-thirds of the directors then still in office who either 

  
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were directors at the beginning of the period or whose election was previously so approved cease for any reason to constitute at least a majority thereof; or (iii) the stockholders of
Gallagher shall approve the sale of all or substantially all of the assets of Gallagher or any merger, consolidation, issuance of securities or purchase of assets, the result of which would be the occurrence of any event described in clause
(i) or (ii) above. 
 2.5. “Code” means the Internal Revenue Code of 1986, as amended from time to time. Reference to
any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

2.6. “Company” means Arthur J. Gallagher & Co. (Illinois), an Illinois corporation, and any successor to all or a
substantial portion of its assets or business that assumes the obligations of the Company (with the consent of the Company if it is still in existence). 

2.7. “Compensation” shall have the meaning set forth in the Qualified Plan (i) increased by the amount of any Elective
Deferrals under this Plan; and (ii) determined without regard to the limit applicable to the Qualified Plan under Section 401(a)(17) of the Code. 

2.8. “Effective Date” means January 1, 1999. 

2.9. “Elective Deferral” means the portion of Compensation which is deferred by a Participant under Section 4.1. 

2.10. “Eligible Employee”, with respect to a Plan Year, means an employee of an Employer if (i) the employee has completed
sixty (60) days of employment with an Employer prior to the first day of such Plan Year and (ii) either (A) the Company determines, in its sole discretion, that the employee has received or is expected to receive Compensation in the
calendar year ending prior to the first day of such Plan Year in an amount equal to or greater than the dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (B) the Company, determines, in its sole discretion,
and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. In addition to the foregoing, an employee who is hired by an Employer after the first day of a Plan Year shall
be an “Eligible Employee” with respect to such Plan Year if (1) the employee has completed sixty (60) days of employment with such Employer after such date of hire and (2) either (x) the Company determines, in its sole
discretion, that the employee is expected to receive annualized Compensation in such Plan Year in an amount equal to or greater than the annual dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (y) the
Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. If an Eligible Employee’s actual Compensation is less than
the applicable dollar amount prescribed by Section 401(a)(17) of the Code for two consecutive Plan Years, such Eligible Employee will be suspended from making any additional Elective Deferrals under the Plan for each subsequent Plan Year, until
the open enrollment period following the Plan Year in which such Eligible Employee’s Compensation is not less than the applicable dollar amount. 

  
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 2.11. “Employer” means the Company and each other entity that is affiliated with the
Company and adopts the Plan with the Company’s consent. 
 2.12. “ERISA” means the Employee Retirement Income Security Act of
1974, as amended from time to time. Reference to any section or subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation that amends, supplements or replaces such section or subsection. 

2.13. “Funding Trust” means the grantor trust established by the Company to hold assets contributed under the Plan. 

2.14. “Funding Trustee” means the trustee or trustees under the Funding Trust. 

2.15. “Gallagher” means Arthur J. Gallagher & Co., a Delaware corporation, and any successor to all or a substantial
portion of Gallagher’s assets or business that assumes the obligations of Gallagher (with Gallagher’s consent if it is still in existence). 

2.16. “Hour of Service” means an Hour of Service as calculated for purposes of the Qualified Plan. 

2.17. “Insolvent” means either (i) an Employer is unable to pay its debts as they become due, or (ii) the Employer is
subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
 2.18. “LTIC Program” means a long-term
incentive compensation program maintained by Gallagher or the Company. 
 2.19. “Matching Deferral” means a contribution by an
Employer for the benefit of a Participant who is an Eligible Employee, as described in Section 4.2. 
 2.20. “Participant”
means any individual who participates in the Plan in accordance with Article 3. 
 2.21. “Performance Deferral” means a
discretionary contribution by an Employer for the benefit of a Participant who is an Eligible Employee, as described in Section 4.3. 

2.22. “Plan” means the Arthur J. Gallagher & Co. Supplemental Savings and Thrift Plan as provided herein and as amended
from time to time. 
 2.23. “Plan Administrator” means the person, persons or entity designated by the Company to administer the
Plan. If no such person or entity is so serving at any time, the Company shall be the Plan Administrator. 
 2.24. “Plan Year”
means the 12-month period ending on December 31. 
 2.25. “Qualified Plan” means the Arthur J. Gallagher & Co.
Employees’ 401(k) Savings and Thrift Plan, or any successor thereto. 

  
 3 

 2.26. “Retirement” means the retirement of a Participant from employment with an
Employer on or after his or her 65th birthday, or as otherwise determined by the Company in its sole discretion, and excluding terminations for Cause and terminations under such other circumstances as shall be specified by the Participant’s
Employer. 
 2.27. “Scheduled Distribution Account” means a Scheduled Distribution Account established by a Participant pursuant
to Section 5.1. 
 2.28. “Separation from Service” shall have the meaning set forth III Treasury regulations promulgated
under Section 409A of the Code. 
 2.29. “Separation from Service Account” means a Separation from Service Account
established on behalf of a Participant pursuant to Section 5.1. 
 2.30. “Unforeseeable Emergency” means a severe financial
hardship of a Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent (as defined in Section 152(a) of the Code), a loss of the Participant’s property due to casualty (including
the need to rebuild a home following damage not otherwise covered by insurance), or any other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Participant, all within the meaning of
Section 409A of the Code. 
 ARTICLE 3 

Participation 
 3.1.
Commencement of Participation 
 An Eligible Employee shall become a Participant in the Plan as of the date on which he or she begins to
defer compensation in accordance with Section 4.1 or on the date determined by the Plan Administrator with respect to a Matching Deferral under Section 4.2 or a Performance Deferral under Section 4.3. 

3.2. Continued Participation 
 A
Participant in the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account. 
 ARTICLE 4

 Elective, Matching and Performance Deferrals 

4.1. Elective Deferrals 
 (a)
Base Salary. An Eligible Employee may elect to defer a percentage or dollar amount of his or her base salary. An Eligible Employee who desires to elect a deferral described in this Section 4.1(a) shall complete and submit to the Plan
Administrator a deferral election which shall designate either (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of ninety percent (90%) or (B) the whole dollar amount of each payment
to be deferred. Elections pursuant to this Section 4.1(a) to defer base salary earned in a Plan Year must be made prior to the first day of such Plan Year; provided that an 

  
 4 

 
individual who first becomes an Eligible Employee following the commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of
the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to compensation earned after the date of such election. An election
to defer a percentage or dollar amount of base salary for any Plan Year shall apply for subsequent Plan Years (an “Evergreen Base Salary Election”) unless changed or revoked by the Participant by submitting a new deferral election with the
Plan Administrator on or before the date on which elections are due with respect to such Plan Year. 
 (b) Annual Bonuses and
Commissions. An Eligible Employee may elect to defer a percentage or dollar amount of his or her annual bonus or commissioned earnings, to the extent payable to the Eligible Employee in cash. An Eligible Employee who desires to elect a deferral
described in this Section 4.1(b) shall complete and submit to the Plan Administrator a deferral election which shall designate either (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of one
hundred percent (100%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(b) to defer an annual bonus or commissioned earnings earned in a Plan Year must be made prior to the first
day of such Plan Year; provided that (i) an election to defer an annual bonus that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator
that is at least six months prior to the last day of the applicable performance period and (ii) to the extent the election period described in clause (i) is not available, an individual who first becomes an Eligible Employee following the
commencement of a Plan Year and who is in his or her “first year of eligibility,” as defined under Section 409A of the Code, may submit an irrevocable deferral election within 30 days after the date such individual becomes an Eligible
Employee, and such election shall be effective with respect to the portion of the annual bonus or commission earned after the date of such election. An election to defer a percentage or dollar amount of an annual bonus or commission for any Plan
Year shall apply for subsequent Plan Years (an “Evergreen Bonus or Commission Election”) unless changed or revoked by the Participant by submitting a new election with the Plan Administrator on or before the date on which elections are due
with respect to such Plan Year. The annual bonuses that are subject to a bonus deferral election under this Section 4.1(b) shall include all annual, production and performance-based bonuses, but not other types of bonuses, such as sign-on,
retention and educational bonuses. 
 (c) Restricted Stock Awards. An Eligible Employee who has been granted (or is to be granted) a
restricted stock unit award with respect to the common stock of Gallagher (“Gallagher Common Stock”) as part of, or in lieu, of an annual bonus award or an award under an LTIC Program, may elect to defer the receipt of the shares of
Gallagher Common Stock issuable upon the vesting of such award (a “Share Deferral”). An Eligible Employee who desires to elect a Share Deferral shall complete and submit to the Plan Administrator a deferral election which shall designate
the percentage of the award to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%). Share Deferral elections must be made on or prior to the date determined by the Plan Administrator that is both (i) not
later than 30 days after the date on which the applicable restricted stock unit award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest. In his or her Share Deferral election, a Participant
may elect whether restricted stock units, upon vesting, shall remain 

  
 5 

 
credited to the Participant’s Account as notional units representing shares of Gallagher Common Stock or whether such restricted stock units shall be converted to another notional investment
option available under the Plan. After such restricted stock units are credited to a Participant’s Account, the manner in which notional earnings and losses are credited to such Account, including the right of the Participant to change the
notional investment of such Account, shall be determined in accordance with Section 5.2. An election to defer the receipt of all or any number of the shares of Gallagher Common Stock issuable upon the vesting of a restricted stock unit award
shall apply to all subsequent restricted stock unit awards (an “Evergreen RSU Election”) unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which
elections are due with respect to such subsequent restricted stock unit award. For the avoidance of doubt, if a Participant elects to defer a specified number of shares of Gallagher Common Stock issuable upon the vesting of a restricted stock unit
award and the number of shares of Gallagher Common Stock issuable upon the vesting of a subsequent restricted stock unit award is less than the number of shares under the Evergreen RSU Election, then 100% of the shares of Gallagher Common Stock
issuable upon the vesting of such subsequent restricted stock unit award shall be subject to such Evergreen RSU Election. 
 (d)
Long-Term Incentive Compensation Program-Cash Awards. An Eligible Employee who has been granted (or is to be granted) a cash-based award under an LTIC Program may elect to defer the receipt of the amount payable pursuant to such award by
completing and submitting to the Plan Administrator a deferral election which shall designate either (A) the percentage of the award to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%) or
(B) a percentage of the award to be deferred in one percent (1%) increments, but only to the extent the award exceeds a specified dollar amount. Such deferral elections must be made on or prior to the date determined by the Plan
Administrator that is both (i) not later than 30 days after the date on which the applicable award is granted; and (ii) at least 12 months prior to the date on which such award is first scheduled to vest; provided that an election to defer
an award that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable
performance period. An election to defer a percentage or percentage in excess of a specified dollar amount of a cash-based award under an LTIC Program shall apply to all subsequent cash-based awards under an LTIC Program (an “Evergreen LTIC
Election”) unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which elections are due with respect to such subsequent cash-based awards under an LTIC Program.

 (e) Suspension of Deferrals. Any election pursuant to this Section 4.1 shall be irrevocable from and after the deadline for
such election provided that a deferral election may be terminated, or the amount of the deferral may be reduced, after such deadline in the event of (and consistent with) an Unforeseeable Emergency, as determined by the Plan Administrator. 

4.2. Matching Deferrals 
 (a)
Not later than the date required by law for matching contributions under the Qualified Plan (or any later date as of which the need for a contribution hereunder is determined), each Employer shall credit a Matching Deferral to the Account of each
Eligible 

  
 6 

 
Employee who is employed by such Employer on the last day of the Plan Year or who terminated employment during such Plan Year by reason of death, total and permanent disability (as determined by
the Plan Administrator), Retirement, or for any reason other than Cause during the 12-month period immediately following a Change of Control, to the extent described in Section 4.2(b). 

(b) For each Plan Year beginning on or after January 1, 2006, the Matching Deferral for each Eligible Employee shall be equal to the
excess of (i) 100% of his or her Elective Deferrals under Sections 4.1(a) and 4.1(b) of the Plan for such Plan Year but taking into account only Elective Deferrals which in the aggregate do not exceed 5% of such Eligible Employee’s
Compensation for such Plan Year, minus (ii) the maximum amount of matching contributions the Eligible Employee could have received under the Qualified Plan for such Plan Year if he or she had elected to defer the maximum amount permitted under
such plan for the full Plan Year; provided, however, that in no event shall such Matching Deferral exceed 100% of the amount of such Eligible Employee’s Elective Deferrals under Sections 4.1(a), 4.1(b), 4.1(c) and 4.1(d) of the Plan and a
Performance Deferral Award(s) received under Section 4.3 of the Plan for such Plan Year. 
 4.3. Performance Deferrals 

Any Eligible Employee may also receive a Performance Deferral in an amount to be determined by the Employer in its sole discretion. All
determinations by the Employer with regard to the amount or timing of or the eligibility for a Performance Deferral shall be final. 

ARTICLE 5 
 Accounts

 5.1. Accounts 
 (a) The
Plan Administrator shall establish deferral Accounts for each Participant reflecting the Elective Deferrals, Matching Deferrals and Performance Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss
and any payments from the Accounts. Upon the commencement of an Eligible Employee’s participation in the Plan, the Plan Administrator shall establish for the benefit of such Participant one or more Separation from Service Accounts, which in
accordance with Section 7.1 shall be distributed following the Participant’s Separation from Service. In addition, at the time a Participant submits an Elective Deferral election pursuant to Section 4.1 with respect to any Plan Year,
the Participant may in his or her discretion establish a Scheduled Distribution Account to which such Elective Deferrals shall be credited and which, in accordance with Section 7.1, shall be distributed in the calendar year designated by the
Participant at the time such Scheduled Distribution Account is established. The Plan Administrator may limit the number of Scheduled Distribution Accounts or Separation from Service Accounts maintained on behalf of a Participant at any time. If the
distribution of a Scheduled Distribution Account is scheduled to begin during a Plan Year, then no further Elective Deferrals shall be credited to such Scheduled Distribution Account with respect to such Plan Year, and such Scheduled Distribution
Account shall be disregarded for purposes of the limit on the number of Scheduled Distribution Accounts that may be maintained at any time. To illustrate the foregoing, Elective Deferrals with respect to the 2010 Plan Year may not be credited to a
2010 Scheduled Distribution Account. 

  
 7 

 (b) At the time a Participant submits an Elective Deferral election with respect to a Plan Year,
the Participant shall elect that such Elective Deferrals be credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account, a Scheduled Distribution Account previously established by
such Participant, a new Scheduled Distribution Account at that time established by such Participant, or a combination of such Accounts; provided that any new Scheduled Distribution Account elected by a Participant must provide for distributions of
base salary or annual bonus or commissioned earnings to commence more than two years after the last day of such Plan Year and must provide for distributions of restricted stock unit awards or cash-based awards under an LTIC Program to commence no
sooner than the Plan Year following the Plan Year during which such restricted stock unit award or cash-based award under an LTIC Program would otherwise have been issued or paid. If a Participant does not affirmatively elect the Account to which
any portion of his or her Elective Deferrals shall be credited with respect to any Plan Year, such Elective Deferrals shall be credited as follows: 

(i) Base Salary. A Participant’s Evergreen Base Salary Election shall be automatically applied to the Participant’s base salary
earned in the current Plan Year as follows: 
 (A) If an Evergreen Base Salary Election provides for contribution into either a Separation
from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the current Plan Year, then the base salary deferred for the current Plan Year shall be credited to the
Participant’s Account in accordance with the Evergreen Base Salary Election; or 
 (B) If an Evergreen Base Salary Election provides
for contribution into a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin during the current Plan Year, then the base salary deferred for the current Plan Year shall be credited to a new Scheduled
Distribution Account that provides for distributions to be paid in a lump sum payment during the first Plan Year that is more than two years after the last day of the current Plan Year. 

(ii) Annual Bonus or Commissions. A Participant’s Evergreen Bonus or Commission Election shall be automatically applied to the
Participant’s annual bonus and/or commissions earned in the current Plan Year as follows: 
 (A) If an Evergreen Bonus or Commission
Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the first Plan Year after the current Plan Year,
then the annual bonus and/or commissions deferred for the current Plan Year shall be credited to the Participant’s Account in accordance with the Evergreen Bonus or Commission Election; or 

  
 8 

 (B) If an Evergreen Bonus or Commission Election provides for contribution into a Scheduled
Distribution Account pursuant to which distributions are scheduled to be made or begin during the first Plan Year after the current Plan Year, then the annual bonus and/or commissions deferred for the current Plan Year shall be credited to a new
Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the first Plan Year that is more than three years after the last day of the current Plan Year. 

(iii) Restricted Stock Unit Awards. A Participant’s Evergreen RSU Election shall be automatically applied to the Participant’s
subsequent restricted stock unit awards as follows: 
 (A) If an Evergreen RSU Election provides for contribution into either a Separation
from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the Plan Year in which the shares underlying such subsequent restricted stock unit award would otherwise have
been issued (absent such Evergreen RSU Election), then the subsequent restricted stock unit award shall be credited to the Participant’s Account in accordance with the Evergreen RSU Election. 

(B) If an Evergreen RSU Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are
scheduled to be made or begin during the Plan Year in which the shares underlying such subsequent restricted stock unit award would otherwise have been issued (absent such Evergreen RSU Election), then the subsequent restricted stock unit award
shall be credited to a new Scheduled Distribution Account that provides for shares to be issued during the Plan Year following the Plan Year during which the shares underlying such subsequent restricted stock unit award would otherwise have been
issued (absent such Evergreen RSU Election). 
 (iv) Cash Awards under LTIC Programs. A Participant’s Evergreen LTIC Election shall be
automatically applied to the Participant’s subsequent cash awards under an LTIC Program as follows: 
 (A) If an Evergreen LTIC
Election provides for contribution into either a Separation from Service Account or to a Scheduled Distribution Account pursuant to which distributions are scheduled to be made or begin later than the Plan Year in which such subsequent cash award
under an LTIC Program would otherwise have been paid (absent such Evergreen LTIC Election), then the subsequent cash award under an LTIC Program shall be credited to the Participant’s Account in accordance with such Evergreen LTIC Election.

 (B) If an Evergreen LTIC Election provides for contribution into a Scheduled Distribution Account pursuant to which distributions are
scheduled to be made or begin during the Plan Year in which such subsequent cash award under an LTIC Program would otherwise have been paid (absent such Evergreen LTIC Election), then the subsequent cash award under an LTIC Program shall be credited
to a new Scheduled Distribution Account that provides for distributions to be paid in a lump sum payment during the Plan Year following the Plan Year during which such subsequent cash award under an LTIC Program would otherwise have been paid
(absent such Evergreen LTIC Election). 

  
 9 

 (v) In all other cases, the Elective Deferrals for the current Plan Year shall be credited to
the Separation from Service Account initially established by the Participant, or if none, to a new Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum. 

(c) All Matching Deferrals credited to the Account of a Participant pursuant to Section 4.2 shall be credited to the Separation from
Service Account initially established by the Participant, or if none, to a new Separation from Service Account for such Participant that provides for distributions to be paid in a lump sum. 

(d) At the time an Employer credits a Performance Deferral to a Participant’s Account, the Employer shall specify whether the Performance
Deferral shall be credited to a Separation from Service Account previously established by the Participant or an Employer, a new Separation from Service Account at that time established by the Employer, a Scheduled Distribution Account previously
established by the Participant or the Employer, a new Scheduled Distribution Account at that time established by the Employer, or a combination of such Accounts. Alternatively, the Employer may permit Participants to elect the Account to which such
Performance Deferrals shall be credited, provided that such election is made in accordance with one of the following permissible deferral election rules: 

(i) not later than 30 days after the date on which such Performance Deferral is awarded and at least 12 months prior to the date on which
such award is first scheduled to vest; 
 (ii) for the deferral of a particular annual contribution with respect to a Performance Deferral
that consists of a series of annual contributions that require the Participant to remain employed by the Employer for the applicable year, by December 31st of the calendar year preceding the
calendar year in which the annual contribution is earned; 
 (iii) with respect to a Performance Deferral that is considered
performance-based compensation within the meaning of Section 409A of the Code, as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period; or 

(iv) in accordance with any other permissible deferral election rule under Section 409A of the Code. 

(e) Elective Deferrals shall be credited to the Account of a Participant as soon as administratively practicable after the Elective Deferrals
are withheld from the Participant’s Compensation. Matching Deferrals and Performance Deferrals shall be credited to the Account of a Participant as of the later of the date related trust contributions are received by the Funding Trustee or the
date the Funding Trustee receives from the Plan Administrator such instructions as the Funding Trustee may reasonably require to allocate the amount received among the asset accounts maintained by the Funding Trustee. The Plan Administrator shall
make available to each Participant periodic statements of his or her Account reflecting the income, gain and loss, amounts of deferrals, and payments from such Account. 

  
 10 

 5.2. Investments 

(a) The assets of the Funding Trust shall be invested in such investments as are designated by the Plan Administrator. The Plan Administrator
shall provide each Participant with the opportunity to indicate how each of his or her Accounts is apportioned to the investments designated by the Plan Administrator in one percent (1%) increments. A Participant’s Account is solely a
device for the measurement and determination of the amounts to be paid to the Participant pursuant to the Plan and shall not constitute or be treated as a trust fund of any kind. 

(b) Each investment fund’s operating expenses will be netted against such investment fund’s return for purposes of measuring the
earnings and losses credited to each Participant’s Account. Other Plan legal, trustee and administrative expenses will be paid by the Employers. 

(c) To the extent a Participant’s Account is credited with notional units representing shares of Gallagher Common Stock, each such
notional unit shall have a value equal to the fair market value of a share of Common Stock. Upon the payment of a dividend by Gallagher on issued and outstanding shares of Common Stock, an amount equal to such per share dividend amount multiplied by
the number of notional share units credited to each Participant’s Account shall be credited to the Account within 10 days after the dividend payment date and shall be deemed invested in an investment fund designated by the Plan Administrator
for this purpose. Unless the Plan Administrator determines otherwise, and subject to the restrictions set forth in Section 5.2(d), notional units representing shares of Gallagher Common Stock shall be offered as a permissible investment of a
Participant’s Account under the Plan. Each Participant whose Account has been credited with notional units representing shares of Gallagher Common Stock shall be permitted, in accordance with such procedures, conditions and limitations as may
be prescribed by the Plan Administrator, to elect that such units be converted to one or more other notional investment alternatives available under the Plan, and vice versa. 

(d) A Participant’s transactions involving notional units representing shares of Gallagher Common Stock are subject to Gallagher’s
Insider Trading Policy, as such policy may be amended from time to time, including, if applicable, pre-clearance and blackout restrictions. If applicable, Participants are responsible for ensuring that their transactions in Gallagher Common Stock
are properly reported under the provisions of Section 16 of the Exchange Act of 1934, as amended (the “Exchange Act”). It is the intention of the Board that transactions involving notional units representing shares of Gallagher Common
Stock under the Plan, and the issuance or distribution of any Gallagher Common Stock to Participants, may be deemed transactions which are exempt from the provisions of Section 16(b) of the Exchange Act, as provided under Rule 16b-3(d)(I)
promulgated under the Exchange Act. 

  
 11 

 ARTICLE 6 

Vesting 
 6.1. General 

A Participant shall at all times have a fully vested and nonforfeitable right to all Elective Deferrals and Matching Deferrals credited to his
or her Account, adjusted for income, gain and loss attributable thereto. Subject to earlier vesting as provided in Sections 6.2, 6.3 and 6.4, a Participant shall be or become vested in the portion of his or her Account attributable to Performance
Deferrals, adjusted for income, gain and loss attributable thereto, as determined by the Employer at the time the Performance Deferral is made. If the vesting or vested percentage is based on the Participant’s “Years of Service,” the
Participant shall receive credit for a Year of Service for each Plan Year (including Plan Years before the date as of which the Performance Deferral is made and the Effective Date only to the extent determined by the Employer) during which he or she
completed at least 1,000 of Hours of Service. 
 6.2. Change of Control 

Any unvested portion of a Participant’s Account shall become fully vested upon a Change of Control. 

6.3. Retirement, Death or Disability 

Any unvested portion of a Participant’s Account shall become fully vested upon a termination of such Participant’s employment by
reason of the Participant’s Retirement, death or total and permanent disability (as determined by the Plan Administrator). 
 6.4.
Insolvency 
 Any unvested portion of a Participant’s Account shall become fully vested immediately prior to the Employer’s
becoming Insolvent, in which case the Participant will have the same rights as a general creditor of the Employer with respect to his or her Account balance. 

ARTICLE 7 
 Payments

 7.1. Election as to Time and Form of Payment 

(a) In the deferral election submitted by a Participant for each Plan Year in which such Participant makes Elective Deferrals under the Plan,
the Participant shall elect that such Elective Deferrals be credited to a Separation from Service Account previously established by such Participant, a new Separation from Service Account at that time established by such Participant, a Scheduled
Distribution Account previously established by such Participant, a new Scheduled Distribution Account at that time established by such Participant, or any combination of such Accounts. At the time a Participant establishes a new Separation from
Service Account, the Participant shall elect the form in which the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10
years. At the time a Participant establishes a new 

  
 12 

 
Scheduled Distribution Account, the Participant shall elect (i) the year in which such Scheduled Distribution Account is to be payable, which must provide for distributions of base salary or
annual bonus or commissioned earnings to commence more than two years after the last day of the Plan Year in which such election must be made and must provide for distributions of restricted stock unit awards or cash-based awards under an LTIC
Program to commence no sooner than the Plan Year following the Plan Year during which such restricted stock unit award or cash-based award under an LTIC Program would otherwise have been issued or paid and not later than the year in which the
Participant will attain age 70 and (ii) the form in which the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10
years. If a Participant fails to elect the form in which any Account is to be distributed, such Account shall be distributed in a single lump sum payment. 

(b) A Participant who is actively employed by an Employer may change the time at which and/or the form in which any of the Participant’s
Accounts is to be distributed or commence to be distributed by submitting a new election to the Plan Administrator; provided that (i) such new election is submitted at least one year prior to the date on which such Account was previously
scheduled to be distributed or commence to be distributed, (ii) such new election shall not take effect for 12 months after it is submitted to the Plan Administrator and (iii) the distribution subject to such new election is scheduled to
be made or commence at least five years later than the date on which such distribution was previously scheduled to have been made or commence. Such new election shall be void if it would result in any payment being made later than the year in which
the Participant will attain age 70. 
 (c) Each of a Participant’s Separation from Service Accounts shall be distributed or commence to
be distributed on the six-month anniversary of such Participant’s Separation from Service. Each Participant’s Scheduled Distribution Account shall be distributed or commence to be distributed on July 1st of the year of distribution designated by the Participant at the time such Scheduled Distribution Account is established, or at such later date designated pursuant to Section 7.1(b). Each
Account shall be distributed in the form elected by the Participant pursuant to Section 7.1(a), (b) or (c), with annual installments distributed on July 1st of each year; provided, however, that if the value of such account is $25,000
or less at the time that distribution of such account is scheduled to commence in the form of installments, then such account instead shall be paid in the form of a single lump sum payment. If one of a Participant’s Separation from Service
Accounts is payable in installments, the first installment shall be paid on the six-month anniversary of the Participant’s Separation from Service, and each subsequent installment shall be paid on July 1st of each year in the installment
period, beginning with the July 1st next following the date of such first installment. 
 (d) Amounts credited to a Participant’s
Account in the form of notional units representing shares of Gallagher Common Stock shall be distributed in shares of Gallagher Common Stock, which may be purchased in the open market. All other Distributions from a Participant’s Account shall
be in cash. 

  
 13 

 7.2. Termination of Employment 

Upon the termination of a Participant’s employment, the unvested portion of the Participant’s Account (excluding any portion that
becomes vested pursuant to Section 6.2, 6.3 or 6.4) shall be forfeited and any related amounts held in the Funding Trust shall be used to satisfy the Employer’s obligation to make contributions to the Funding Trust under the Plan. 

7.3. Death 
 (a) If a
Participant dies prior to the complete distribution of his or her Accounts, the balance of each such Account shall be paid to the Participant’s beneficiary or beneficiaries, designated in accordance with Section 7.3(b), in a single lump
sum payment within 60 days following the date of the Participant’s death. 
 (b) A Participant may designate a beneficiary at any time
before the Participant’s death, in the manner prescribed by the Plan Administrator for that purpose. Subject to the last sentence hereof, a Participant may revoke any beneficiary designation or designate a new beneficiary at any time without
the consent of a beneficiary or any other person. If no beneficiary is designated or no designated beneficiary survives the Participant, payment shall be made to the Participant’s surviving spouse, or, if none, to the Participant’s issue
per stirpes, in a single payment. If no spouse or issue survives the Participant, payment shall be made in a single lump sum to the Participant’s estate. If a Participant is married, any designation of a beneficiary other than such
Participant’s spouse shall be effective only if the Participant’s spouse consents to such designation in writing. 
 7.4.
Withdrawal Due to Unforeseeable Emergency 
 If a Participant requests an immediate payment on account of an Unforeseeable Emergency, the
Plan Administrator shall pay to the Participant only that portion, if any, of the vested portion of his or her Account which the Plan Administrator determines is necessary to satisfy the emergency need, including any amounts necessary to pay the
federal, state or local income taxes reasonably anticipated to result from the distribution. A Participant requesting an emergency payment shall apply for the payment in writing using a form prescribed by the Plan Administrator for that purpose and
shall provide such additional information as the Plan Administrator shall decide. If a Participant elects an immediate payment on account of an Unforeseeable Emergency, such Participant’s Elective Deferral election shall be cancelled for the
remainder of the Plan Year in which such payment is made. 
 7.5. Restrictive Covenants; Clawback 

(a) If, at any time within the later to occur of (i) ten years after a Participant’s Separation from Service; or (ii) two years
after the final payment of any installment due to the Participant from a Participant’s Accounts, the Participant, in the determination of the management of Gallagher, engages in any activity in competition with any activity of Gallagher, or
inimical, contrary or harmful to the interests of Gallagher, including, but not limited to: (1) conduct related to his employment for which either criminal or civil penalties against him may be sought, (2) violation of Gallagher policies,
including, without limitation, Gallagher’s Insider Trading Policy, (3) directly or indirectly, soliciting, placing, accepting, aiding, counseling or 

  
 14 

 
consulting in the renewal, discontinuance or replacement of any insurance or reinsurance by, or handling self-insurance programs, insurance claims or other insurance administrative functions
(“insurance services”) for, any existing Gallagher account or any actively solicited prospective account of Gallagher for which he performed any of the foregoing functions during the two-year period immediately preceding such termination
or providing any employee benefit brokerage, consulting, or administration services, in the areas of group insurance, defined benefit and defined contribution pension plans, individual life, disability and capital accumulation products, investment
advisory services and all other employee benefit areas (“benefit services”) Gallagher is involved with, for any existing Gallagher account or any actively solicited prospective account of Gallagher for which he performed any of the
foregoing functions during the two-year period immediately preceding such termination or, if the Participant has not terminated employment, the date of the prohibited activity (the term Gallagher account as used in this Section shall be construed
broadly to include all users of insurance services or benefit services including commercial and individual consumers, risk managers, carriers, agents and other insurance intermediaries), (4) the rendering of services for any organization which
is competitive with Gallagher, (5) employing or recruiting any current or former employee of Gallagher, (6) disclosing or misusing any confidential information or material concerning Gallagher, or (7) participating in a hostile
takeover attempt of Gallagher, then all Matching Deferrals and Performance Deferrals in the Participant’s Accounts, including any income, gain or loss thereon, shall be forfeited, unless terminated sooner by operation of another term or
condition of this Plan, and any payments made from a Participant’s Accounts consisting of Matching Deferrals and Performance Deferrals to such Participant, including any income, gain or loss thereon, shall be repaid by the Participant to
Gallagher. Repayment of any Matching Deferrals and Performance Deferrals by the Participant shall include interest measured from the date of payments made from the Participant’s Accounts at the highest rate allowable under Delaware law. 

(b) By participating in the Plan, each Participant acknowledges that the Participant’s engaging in activities and behavior in violation
of Section 7.5(a) above will result in a loss to Gallagher which cannot reasonably or adequately be compensated in damages in an action at law, that a breach of Section 7.5(a) will result in irreparable and continuing harm to Gallagher and
that therefore, in addition to and cumulative with any other remedy which Gallagher may have at law or in equity, Gallagher shall be entitled to injunctive relief for a breach of Section 7.5(a) by the Participant. By participating in the Plan
each Participant acknowledges and agrees that the requirement in Section 7.5(a) above that Participant disgorge and pay over to Gallagher any payments received from the Participant’s Accounts by such Participant is not a provision for
liquidated damages. The Participant agrees to pay any and all costs and expenses, including reasonable attorneys’ fees, incurred by Gallagher in enforcing any breach of any covenant in this Plan. 

(c) The provisions of Section 7.5 shall only apply to (i) Matching Deferrals credited to a Participant’s Accounts with respect
to Elective Deferrals made by the Participant for the 2009 Plan Year and succeeding Plan Years; and (ii) Performance Deferrals first granted and credited to a Participant’s Accounts by the Employer in the 2009 Plan Year or succeeding Plan
Years. 

  
 15 

 7.6. Taxes 

All deferrals and payments under the Plan shall be subject to all applicable federal, state and local tax withholding requirements. 

ARTICLE 8 
 Plan
Administrator 
 8.1. Plan Administration and Interpretation 

The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall have complete control and authority to
determine the rights and benefits and all claims, demands and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to have any interest under the Plan. The Plan
Administrator shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any
Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote or act on any matter relating solely to
himself or herself. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant, a beneficiary, the Employer or the Funding Trustee. The Plan Administrator shall have the
responsibility for complying with any reporting and disclosure requirements of ERISA. 
 8.2. Powers, Duties, Procedures, Etc. 

The Plan Administrator shall have such powers and duties, may adopt such rules and tables, may act in accordance with such procedures, may
appoint such officers or agents, may delegate such powers and duties, and shall follow such claims and appeal procedures with respect to the Plan as it may establish. 

8.3. Information 
 To enable the
Plan Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator on all matters relating to the compensation of Participants, their employment, Retirement, death, termination of employment,
and such other pertinent facts as the Plan Administrator may require. 
 8.4. Indemnification of Plan Administrator 

The Employer agrees to indemnify and to defend to the fullest extent permitted by law any of its officer(s) or employee(s) who serve as Plan
Administrator (including any such individual who formerly served as Plan Administrator) against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Employer)
occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith. 

  
 16 

 ARTICLE 9 

Amendment and Termination 

9.1. Amendments 
 The Company
shall have the right to amend the Plan from time to time, subject to Section 9.3, by an instrument in writing which has been executed on its behalf by a duly authorized officer. 

9.2. Termination of Plan 
 The
Plan is strictly a voluntary undertaking on the part of each Employer and shall not be deemed to constitute a contract between the Employer and any Eligible Employee (or any other employee), as consideration for, or an inducement or condition of
employment for, the performance of the services by an Eligible Employee (or other employee). The Company reserves the right to terminate the Plan at any time, subject to Section 9.3, by an instrument in writing which has been executed on its
behalf by a duly authorized officer. Upon termination, the Company shall continue to maintain the Funding Trust to pay benefits hereunder as they become due as if the Plan had not terminated; provided, however, that if the Plan is terminated in
connection with a Change in Control Event, within the meaning of regulations or other guidance promulgated under Section 409A of the Code, Gallagher’s Compensation Committee, as constituted immediately prior to such Change in Control
Event, may elect, in its sole discretion, to pay out all Accounts to Participants and beneficiaries within 12 months after the occurrence of such Change in Control Event to the extent permitted under Section 409A of the Code. For purposes of
the preceding sentence, the Account balance of each Participant who is in the employ of the Employer at the time the Funding Trustee is directed to pay such balance shall become fully vested and nonforfeitable. After Participants and their
beneficiaries are paid all Plan benefits to which they are entitled, all remaining assets of the Funding Trust attributable to Participants who terminated employment with the Employer before they were fully vested in their Accounts under Article 6
at that time shall be returned to the Employer. 
 9.3. Existing Rights 

No amendment or termination of the Plan shall adversely affect the rights of any Participant with respect to amounts that have been credited
to his or her Account prior to the date of such amendment or termination except as provided in Section 9.2 or to comply with the requirements of applicable law. 

ARTICLE 10 

Miscellaneous 
 10.1. No
Funding 
 The Plan constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan and Participants
and beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to give any employee or any other person rights to any specific assets of the Employer or of any other person. In all
events, it is the intent of the Employer that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA. 

  
 17 

 10.2. Non-assignability 

None of the benefits, payments, proceeds or claims of any Participant or beneficiary shall be subject to any claim of any creditor of any
Participant or beneficiary and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any creditor of such Participant or beneficiary, nor shall any Participant or beneficiary have any right to alienate,
anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he or she may expect to receive, contingently or otherwise under the Plan. 

10.3. Limitation of Participant’s Rights 

Nothing contained in the Plan shall confer upon any person a right to be employed or to continue in the employ of the Employer, or interfere
in any way with the right of the Employer to terminate the employment of a Participant in the Plan at any time, with or without cause. 

10.4. Participants Bound 
 Any
action with respect to the Plan taken by the Plan Administrator or the Funding Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Company or the Funding Trustee shall be conclusive upon all Participants and
beneficiaries entitled to benefits under the Plan. 
 10.5. Receipt and Release 

Any payment to any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full
satisfaction of all claims against the Employer, the Plan Administrator and the Funding Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to execute a receipt
and release to such effect. If any Participant or beneficiary is determined by the Plan Administrator to be incompetent by reason of physical or mental disability or other legal disability (including minority) to give a valid receipt and release,
the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person for his or her benefit without responsibility on the part of the Plan Administrator, the Employer or the Funding Trustee to follow the
application of such funds. 
 10.6. Compliance With Section 409A of Code 

This Plan is intended to comply with the provisions of Section 409A of the Code, and shall be interpreted and construed accordingly, and
the timing of all payments under the Plan shall be modified as necessary to comply therewith. 

  
 18 

 10.7. Governing Law 

The Plan shall be construed, administered, and governed in all respects under and by the laws of the State of Illinois. If any provision shall
be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 

10.8. Severability 
 If a
provision of the Plan shall be held to be illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 10.9. Headings and Subheadings 

Headings and subheadings in this Plan are inserted for convenience only and are not to be considered in the construction of the provisions
hereof. 

  
 19EX-10.16

 Exhibit 10.16 

ARTHUR J. GALLAGHER & CO. 

DEFERRED EQUITY PARTICIPATION PLAN 

(as amended and restated on January 22, 2014) 

Purpose 
 The purpose of
this Deferred Equity Participation Plan (the “Plan”) is to encourage key executives of Arthur J. Gallagher & Co. (together with its subsidiaries and affiliates, the “Company”), to remain employed with the
Company until at least age 62. The retention of key executives promotes the interests of the Company and its stockholders by providing continuity of management and leadership and by capitalizing on the investments the Company has made in its key
executives over the years. 
 In the event that a Participant’s Account is deemed invested in shares of the Company’s common
stock, par value $1.00 per share (“Common Stock”), such shares of Common Stock will either be contributed to the trustee of the Trust (as defined below) by the Company, in which case they will be deemed to have been distributed
under the Arthur J. Gallagher & Co. 2011 Long-Term Incentive Plan, as amended from time to time, or any successor plan adopted by the Company and approved by its stockholders (the “LTIP”), and will count against the limit
on the number of shares of Common Stock available for distribution thereunder, or such shares shall have been purchased by the trustee of the Trust on the open market or in privately negotiated transactions, as a result of an irrevocable election by
the Participant, and shall not be deemed to have been distributed under the LTIP. 
 Section 1. Trust and Trust Funding. 

(a) Trust. The Company has formed The Arthur J. Gallagher & Co. Deferred Equity Trust (the “Trust”) pursuant
to the trust agreement dated March 22, 2001, as amended. The Trust is intended to be a “grantor trust” under the Code and the establishment of the Trust or the utilization of the Trust for Plan benefits, as applicable, is not intended
to cause any Participant to realize current income on amounts contributed thereto, and the Trust shall be so interpreted. Any such funds will be subject to the claims of all bankruptcy or insolvency creditors of the Company as provided in the Trust
agreement. No Participant will have any vested interest or secured or preferred position with respect to such funds or have any claims against the Company hereunder except as a general creditor. 

(b) Trust Funding. On or before June 15 each year, to the extent permissible under Section 409A of the Internal Revenue Code
of 1986, as amended, and all regulations, interpretations and administrative guidance issued thereunder (collectively, “Section 409A”), the Company may contribute to the Trust either: (i) shares of Common Stock, or
(ii) cash, in either case in an amount approved by the Compensation Committee (the “Committee”) of the Company’s Board of Directors (such contribution, the “Annual Funding”). Alternatively, the Company may
contribute cash to the Trust and instruct the trustee to acquire a specified number of shares or a specified value of shares of Common Stock on the open market or in privately negotiated transactions. The Committee shall exercise all rights of
ownership, including voting control, of the Trust assets prior to distribution under the Plan. 
 (c) Interrelationship of the Plan and
the Trust. The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Company, the Participants and the creditors of the Company
to the assets transferred to the Trust. 

 Section 2. Participant Accounts. 

(a) Accounts. The Company shall maintain an unfunded, bookkeeping account (an “Account”) for the benefit of each
executive who participates in the Plan (a “Participant”). 
 (b) Annual Funding. On or before June 15 of each
year, the Chief Executive Officer of the Company shall provide to the Committee a list of Participants and the proposed allocation (either in dollars or on a percentage basis) of the Annual Funding from that year that may be credited to each such
Participant’s Account (with the exception of the Chief Executive Officer’s allocation). The Committee shall determine the allocation of the Annual Funding to be awarded to the Chief Executive Officer and shall review the list provided by
the Chief Executive Officer of the Company and shall determine, in its sole discretion, whether to adjust the list of Participants and the proposed allocation of the Annual Funding to be credited to each such Participant’s Account. The
Committee shall make the final determination regarding the allocation of the Annual Funding to be credited to each such Participant’s Account. Receiving an allocation under the Plan in any year does not in any way entitle the Participant to
receive an allocation in any future year. 
 (c) Earnings. The Committee shall establish from time to time the hypothetical
investment(s) made available under the Plan from time to time, which may include investments in Common Stock, for purposes of valuing Participant Accounts (each, an “Investment”). At any time, the Committee may, in its discretion,
add one or more additional Investments under the Plan. In addition, the Committee, in its sole discretion, may discontinue any Investment at any time, and provide for the portions of Participants’ Accounts designated to the discontinued
Investment to be reallocated to another Investment. While a Participant’s Account does not represent the Participant’s ownership of, or any ownership interest in, any particular assets, the Participant’s Account shall be adjusted in
accordance with the Investment(s), subject to the conditions and procedures set forth herein or established by the Committee from time to time. Any notional cash earnings generated under an Investment (such as interest and cash dividends and
distributions) shall, at the Committee’s sole discretion, either be deemed to be reinvested in that Investment or reinvested in one or more other Investment(s) designated by the Committee. All notional acquisitions and dispositions of
Investments under a Participant’s Account shall be deemed to occur at such times as the Committee shall determine to be administratively feasible in its sole discretion and the Participant’s Account shall be adjusted accordingly. In
addition, a Participant’s Account may be adjusted from time to time, in accordance with procedures and practices established by the Committee, in its sole discretion, to reflect any notional transactional costs and other fees and expenses
relating to the deemed investment, disposition or carrying of any Investment for the Participant’s Account. 
 Section 3.
Vesting. 
 (a) Initial Allocation. In order to comply with the requirements of the 13-Month Rule (described below in
Section 4(a)), notwithstanding any provision in the Plan to the contrary 

  
 2 

 
and except as set forth in Sections 3(a)(i) - (iii), a Participant’s first allocation under the Plan shall not vest and shall be forfeited unless the Participant provides continuous services
to the Company through the date that is 12 months from the 30th day after the Participant obtains the legally binding right to such allocation (the “13-Month Period”). Notwithstanding
the general forfeiture condition in this Section 3(a), a Participant’s Account shall be immediately vested and the default time and form of payment under Section 4(a)(ii) (or, in the event of death, Section 4(e)) shall apply upon
the first to occur during the 13-Month Period of any of the following events: 
 (i) the death of the Participant; 

(ii) the Participant incurs a 409A Disability (for purposes of this subsection, “409A Disability” means that the Participant is:
(A) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months; or (B) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than three months under an accident and health plan covering employees of the Company; or (iii) determined to be totally disabled by the Social Security Administration); or 

(iii) the Company undergoes a Change in Control. 

For purposes of the Plan, a “Change in Control” shall occur if any person or group, as defined in Sections 13(d) and 14(d)(2) of the
Exchange Act, as amended, is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50 percent of the combined voting power of the Company’s outstanding securities then entitled to vote for
the election of directors, or during any 12-month period, individuals who at the beginning of such period constitute the Board and any new directors whose election by the Board or nomination for election by the Company’s stockholders was
approved by at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election was previously so approved cease for any reason to constitute at least a majority thereof. 

(b) General. Subject to the initial allocation rule in Section 3 (a), a Participant shall become vested in his or her Account upon the
earliest to occur of (each, a “Vesting Date”): 
 (i) The date determined under (A) or (B), as applicable: 

(A) For allocations made to a Participant’s Account at any time on or prior to the date upon which the Participant attains age 61, the
date upon which the Participant attains age 62; 
 (B) For allocations made to a Participant’s Account at any time after the date upon
which the Participant attains age 61, the later of (i) the one-year anniversary of the date that the allocation is credited to the Participant’s Account, or (ii) March 31st of the year following the year in which the Award was
granted; 
 (ii) the date of the Participant’s death; 

  
 3 

 (iii) the date of a termination of the Participant’s employment by the Company because of
Disability (meaning that the Participant’s termination of employment occurs at a time when the Participant is disabled and qualifies to receive benefits under the Company’s long-term disability plan, regardless of whether the Disability is
also a 409A Disability); 
 (iv) the date of a termination of the Participant’s employment by the Company in a manner that entitles
the Participant to receive a severance benefit pursuant to the Company’s Severance Plan, as then in effect; or 
 (v) the date upon
which the Company undergoes a Change in Control; 
 provided, in each case, that such Participant remains employed by the Company from the
date the Participant received the allocation to his or her Account until the date on which such Account becomes vested. 

Section 4. Distributions. 

(a) Initial Distribution Election. 

(i) Within 30 days after a Participant first receives an award under the Plan, the Participant shall make a distribution election for his or
her Account on such forms and subject to such other terms and conditions not inconsistent with this Plan as are required by the Committee. The distribution election shall specify a time of payment pursuant to Section 4( b) and a form of payment
pursuant to Section 4(c). A Participant’s initial distribution election for his or her Account is made in compliance with and in reliance on the rules governing initial deferral elections with respect to certain forfeitable rights under
Section 1.409A-2(a)(5) of the Treasury Regulations (the “13-Month Rule”). A Participant’s distribution election shall not apply to allocations made to the Participant’s Account after the date the Participant attains age 61,
or to a Participant’s initial allocation which becomes entitled to accelerated vesting under Section 3(a)(i), (ii) or (iii), in each case adjusted for investment earnings and losses, and those amounts shall instead be paid in
accordance with Section 4(a)(ii) (or Section 4(e), in the event of the Participant’s death). 
 (ii) Any Participant who
fails to make such elections within such period, or whose elections were not permitted under Section 409A, shall be deemed to have elected to receive a lump-sum payment on the six-month anniversary of the date on which such Participant
separates from service, as defined by Section 409A (a “Separation from Service”), with the Company. This payment rule shall also apply to a Participant’s initial allocation that becomes entitled to accelerated vesting under
Section 3(a)(i), (ii) or (iii), and to any allocation made to a Participant’s Account following the date the Participant attains age 61, except to the extent that Section 4(e) applies due to the Participant’s death. 

  
 4 

 (b) Time of Payment. The amount allocated to a Participant’s Account under the Plan and not
required to be distributed under the default distribution rules of Section 4(a)(ii) or the death benefit distribution rules of Section 4(e) shall be distributed or commence to be distributed in the form elected by the Participant pursuant
to Section 4(c) at one of the following times occurring on or after the Vesting Date as the Participant shall elect (the “Distribution Date”): 

(i) on the Participant’s Vesting Date; provided, however, that if a Participant elects “Vesting Date” as his or
her Distribution Date, his or her Account shall be payable as follows: 
 (A) If the Participant becomes vested in his or her Account under
Section 3(b)(iii) due to a termination of the Participant’s employment by the Company because of Disability, then no payment shall be made unless such termination of employment constitutes a Separation from Service. In the event that such
termination of employment does not constitute a Separation from Service, then the Participant’s Account shall still fully vest upon such termination of employment, but shall not be payable until the first to occur of the date upon which the
Participant attains age 62, a Change in Control or, in the case of a Participant who Separates from Service prior to the occurrence of either of such events, the six month anniversary of the Participant’s Separation from Service with the
Company. 
 (B) If the Participant becomes vested in his or her Account under Section 3(b)(iv) due to a termination of the
Participant’s employment by the Company in a manner that entitles the Participant to receive a severance benefit pursuant to the Company’s Severance Plan, then no payment shall be made unless such termination of employment constitutes a
Separation from Service. In the event that such termination of employment does not constitute a Separation from Service, then the Participant’s Account shall still fully vest upon such termination of employment, but shall not be payable until
the first to occur of the date upon which the Participant attains age 62, a Change in Control or, in the case of a Participant who Separates from Service prior to the occurrence of either of such events, the six month anniversary of the
Participant’s Separation from Service with the Company. 
 (ii) on the six-month anniversary of the date on which such Participant
undergoes a Separation from Service with the Company after the Vesting Date; or 
 (iii) on the first day of any calendar year beginning
after the year in which the Participant attains age 62 but not later than the calendar year in which the Participant attains age 70. 
 (c)
Form of Payment. The Participant may elect to receive a distribution of his or her Account (excluding amounts required to be distributed under the default distribution rules of Section 4(a)(ii) or the death benefit distribution rules of
Section 4(e)) in the form of: 
 (i) a lump-sum payment; 

(ii) ten equal annual installment payments commencing on the Distribution Date, and due on the next nine anniversaries of the Distribution
Date; or 
 (iii) five equal annual installment payments commencing on the Distribution Date, and due on the next four anniversaries of the
Distribution Date. 
 In the event a Participant elects a lump-sum payment pursuant to Section 4(c)(i), such payment shall be made by
the end of the calendar year in which the Distribution Date occurs, or, if later, the 15th day of the third month following the Distribution Date. In the event a Participant elects annual installment payments pursuant to Section 4(c)(ii) or
Section 4(c)(iii): the first such 

  
 5 

 
installment payment shall be made by the end of the calendar year in which the Distribution Date occurs, or, if later, the 15th day of the third month following the Distribution Date; and each
subsequent installment payment shall be made by the end of the calendar year in which the appropriate anniversary of the Distribution Date occurs, or, if later, the 15th day of the third month following the appropriate anniversary of the
Distribution Date. The amount of each installment payment shall be equal to the value of the Participant’s Account divided by the number of installments remaining to be paid. Under no circumstances will the Participant be permitted to directly
or indirectly designate the year of payment. 
 (d) Subsequent Distribution Elections. Subject to any restrictions that may be
imposed by the Committee, a Participant may change his or her distribution election at any time, and from time to time; provided, however, that: 

(i) the election may not take effect until the first anniversary of the date on which such election change is submitted to the Company on a
form prescribed by the Company; 
 (ii) no such election shall be effective if the Participant is previously scheduled to receive
distributions under the Plan within one year following the date on which such election change is submitted to the Company; 
 (iii) such
election provides for a Distribution Date that is at least five years later than the previous Distribution Date, in accordance with Section 409A; 

(iv) a Participant who elects “Vesting Date” as his or her Distribution Date under Section 4(b) shall only be permitted to
make a subsequent election as to the form of payment pursuant to Section 4(c); 
 (v) a Participant who does not elect “Vesting
Date” as his or her Distribution Date under Section 4(b) shall not be permitted to elect “Vesting Date” as his or her Distribution Date under this Section 4(d). 

For the avoidance of doubt, if a Participant elected to commence payment on the first day of a specific calendar year under
Section 4(b)(iii), then no subsequent distribution election shall be effective if the effect of such election is that payment is made or commences under Section 4(b)(iii) later than the calendar year in which the Participant attains age
70. In the event an election change does not become effective, the prior valid election of such Participant shall govern the form of distribution. 

(e) Death. In the event a Participant dies before such Participant’s distribution has begun or has been paid in full, any unpaid
portion of such Participant’s vested Account under the Plan shall be paid to the beneficiary designated by the Participant, or if no beneficiary has been designated, to the Participant’s estate. Such unpaid portion shall be paid in a lump
sum by the end of the calendar year in which the Participant died or, if later, the 15th day of the third month following the date of the Participant’s death. Under no circumstances will the beneficiary be permitted to directly or indirectly
designate the year of payment. 
 (f) Medium of Payment. The portion of each Account, if any, that is deemed invested in shares of
Common Stock shall be distributed in shares of unrestricted Common Stock, which may have been purchased by the trustee of the Trust on the open market or in privately negotiated transactions, and all other distributions under the Plan shall be paid
in cash. 

  
 6 

 Section 5. Forfeitures. 

(a) Termination Prior to Vesting Date. In the event a Participant’s employment with the Company terminates prior to such
Participant’s Vesting Date, then the Participant’s Account under the Plan shall be forfeited. 
 (b) Violation of Restrictive
Covenants. In the event a Participant violates the provisions of Section 6 prior to the Participant’s Distribution Date or the date(s) any payment are due after a Participant’s Distribution Date, then the unpaid portion of the
Participant’s Account under the Plan shall be forfeited. 
 Section 6. Restrictive Covenants; Clawback. 

(a) If, at any time before the later of (i) ten years after the Vesting Date; or (ii) two years after the final payment of any
installment due to the Participant after the Distribution Date, the Participant, in the sole determination of the management of the Company, engages in any activity in competition with any activity of the Company, or inimical, contrary or harmful to
the interests of the Company, including, but not limited to:(1) conduct related to his or her employment for which either criminal or civil penalties against him may be sought, (2) violation of Company policies, including, without limitation,
the Company’s Insider Trading Policy, (3) directly or indirectly, soliciting, placing, accepting, aiding, counseling or consulting in the renewal, discontinuance or replacement of any insurance or reinsurance by, or handling self-insurance
programs, insurance claims or other insurance administrative functions (“insurance services”) for, any existing Company account or any actively solicited prospective account of the Company for which the Participant performed any of
the foregoing functions during the two-year period immediately preceding such termination or providing any employee benefit brokerage, consulting, or administration services, in the areas of group insurance, defined benefit and defined contribution
pension plans, individual life, disability and capital accumulation products, investment advisory services and all other employee benefit areas (“benefit services”) the Company is involved with, for any existing Company account or
any actively solicited prospective account of the Company for which the Participant performed any of the foregoing functions during the two-year period immediately preceding such termination or, if the Participant has not terminated employment, the
date of the prohibited activity (the term Company account as used in this Section shall be construed broadly to include all users of insurance services or benefit services including commercial and individual consumers, risk managers, carriers,
agents and other insurance intermediaries), (4) the rendering of services for any organization which is competitive with the Company, (5) employing or recruiting any current or former employee of the Company, (6) disclosing or
misusing any confidential information or material concerning the Company, or (7) participating in a hostile takeover attempt of the Company, then the Participant’s Account shall be forfeited effective as of the date on which the
Participant enters into such activity, unless terminated sooner by operation of another term or condition of this Plan, and any payments made from a Participant’s Account to such Participant from and after the Distribution Date shall be repaid
by the Participant to the Company. Such repayment shall include interest measured from the first date the Participant engaged in any of the prohibited activities set forth above at the highest rate allowable under Delaware law. 

  
 7 

 (b) By participating in the Plan, each Participant acknowledges that the Participant’s
engaging in activities and behavior in violation of Section 6(a) above will result in a loss to the Company which cannot reasonably or adequately be compensated in damages in an action at law, that a breach of Section 6(a) will result in
irreparable and continuing harm to the Company and that therefore, in addition to and cumulative with any other remedy which the Company may have at law or in equity, the Company shall be entitled to injunctive relief for a breach of
Section 6(a) by the Participant. By participating in the Plan each Participant acknowledges and agrees that the requirement in Section 6(a) above that the Participant disgorge and pay over to the Company any payments received from the
Participant’s Account by such Participant is not a provision for liquidated damages. The Participant agrees to pay any and all costs and expenses, including reasonable attorneys’ fees, incurred by the Company in enforcing any breach of any
covenant in this Plan. 
 (c) To the extent permitted by Section 409A, by participating in the Plan, each Participant consents to
deductions from any amounts the Company owes the Participant from time to time (including amounts owed as wages or other compensation, fringe benefits or vacation pay, as well as any other amounts owed to the Participant by the Company) to the
extent of the amounts the Participant owes the Company under Section 6(a) above. Whether or not the Company elects to make any set-off in whole or in part, if the Company does not recover by means of setoff the full amount owed, calculated as
set forth above, the Participant agrees to pay immediately the unpaid balance to the Company. 
 Section 7. Adjustment of
Shares. The number of shares of Common Stock allocated to each Participant’s Account shall be appropriately adjusted, in the sole discretion of the Committee, to reflect any stock split, stock dividend, recapitalization, reorganization,
merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, and the reinvestment of cash dividends. 

Section 8. Amendment or Termination of the Plan. 

(a) Plan Amendment. The Company reserves the right to amend the Plan at any time and for any reason, including such amendments as are
necessary to comply with the requirements of Section 409A, by action of the Chief Executive Officer of the Company. The Company also reserves the right to suspend the Plan at any time, for any given calendar year or otherwise; provided,
however, that in the event of a suspension of the Plan, the Participants’ Accounts shall remain payable in accordance with the Participant’s payment election and the terms of this Plan 

(b) Plan Termination. The Company has no obligation to maintain the Plan for any length of time and may terminate the Plan at any time
in a manner that complies with the requirements of Section 409A. The Plan may terminate the Plan and accelerate the time and form of payment under the Plan only as permitted by Treasury Regulation 1.409A-3(j)(4)(ix), which generally permits:

 (i) Change in Control Event. In the event of a Change in Control of the Company, the Plan may be terminated and liquidated
pursuant to irrevocable action taken during the period commencing 30 days before and ending 12 months after the Change in Control, but only if: (A) all arrangements sponsored by the Company that would be aggregated with the Plan pursuant to
Treasury Regulation 1.409A-1(c) are terminated and liquidated with respect to every participant who experienced such Change in Control; and (B) all amounts payable under such plan(s) for such participants are paid within 12 months after the
irrevocable action is taken. 

  
 8 

 (ii) Liquidation and Dissolution of the Company. In the event of a complete liquidation
and dissolution of the Company, the Company shall terminate the Plan within 12 months of the liquidation and dissolution of the Company and the value of Participant’s Accounts under the Plan shall be determined as of that date and shall be
distributed to the Participants or their beneficiaries; provided, however, that the benefits payable under the Plan are included in the gross income of the Participants or their beneficiaries in the latest of: (A) the calendar
year in which the Plan termination occurs; (B) the calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (C) the first calendar year in which the payment is administratively practicable. 

(iii) Discretionary Termination. The Company may, at its sole and absolute discretion, determine to terminate the Plan, provided that:
(A) the termination does not occur proximate to a downturn in the financial health of the Company, (B) all arrangements sponsored by the Company that would be aggregated with the Plan pursuant to Treasury Regulation 1.409A-1 (c) if
the same Participant participated in all of the arrangements are terminated; (C) no payments other than the payments that would be payable under the terms of the arrangements if the termination had not occurred are made within 12 months of the
termination of the arrangements; (D) all payments are made within 24 months of the termination of the arrangements; and (E) the Company does not adopt a new arrangement that would be aggregated with any terminated arrangement under
Treasury Regulation 1.409A-1(c) if the same Participant participated in both arrangements, at any time within three years following the date of termination of the arrangements. 

(c) Other Permissible Accelerations. 

(i) Section 409A Failure. An acceleration of the time of payment under the Plan to a Participant shall be permitted at any time
the Plan fails to meet the requirements of Section 409A; provided, however, that the payment made based upon the acceleration for the failure to meet the requirements of Section 409A may not exceed the amount required to be
included in income as a result of the failure to comply with the requirements of Section 409A. 
 (ii) Event of Taxation. If, for
any reason, all or any portion of a Participant’s Account under the Plan becomes taxable to the Participant prior to receipt, a Participant may petition the Committee before a Change in Control, or the trustee after a Change in Control, for a
distribution of the state, local or foreign taxes owed on that portion of his or her benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall, to the extent permissible
under Section 409A, distribute to the Participant immediately available funds in an amount equal to the state, local and foreign taxes owed on the portion of the Participant’s Account that has become taxable. If the petition is granted,
the tax liability distribution shall be made within 90 days of the date that the Participant’s Account under the Plan became taxable. Such a distribution shall affect and reduce the benefits to be paid to the Participant under the Plan. 

  
 9 

 This Section 8 shall be construed and administered in a manner consistent with
Section 409A and Treasury Regulation 1.409A-3 (j)(4) or the corresponding provision in future guidance issued by the Internal Revenue Service or the Treasury. 

Section 9. Compliance with Section 409A. It is intended that any amounts payable under this Plan will comply with
Section 409A, and the regulations promulgated thereunder, so as not to subject any Participant to the payment of any interest and tax penalty which may be imposed under Section 409A. The Plan shall be administered and interpreted to the
extent possible in a manner consistent with that intent and the Company’s Policy Regarding Section 409A Compliance. The Company shall not be responsible for any such interest and tax penalties under Section 409A. To the extent
permissible under Section 409A, the timing of the payments or benefits hereunder may be modified to so comply with Section 409A. Notwithstanding any Plan provision to the contrary, to the extent any Participant is entitled to receive a
payment under the Plan upon such Participant’s Separation from Service, such payment shall be made on the date that is six months after the date of such Separation from Service. 

Section 10. Consent to Transfer Personal Data. By participating in this Plan, a Participant voluntarily acknowledges and consents
to the collection, use, processing and transfer of personal data as described in this Section. Participants are not obliged to consent to such collection, use, processing and transfer of personal data. However, failure to provide the consent may
affect the Participant’s ability to participate in the Plan. The Company holds certain personal information about the Participant, that may include his or her name, home address and telephone number, date of birth, social security number or
other employee identification number, salary grade, hire data, salary, nationality, job title, any shares of stock held in the Company, or details of all awards under the Plan, for the purpose of managing and administering the Plan
(“Data”). The Company will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of Participant’s participation in the Plan, and the Company may each further transfer
Data to any third parties assisting the Company in the implementation, administration and management of the Plan. These recipients may be located throughout the world, including the United States. Each Participant authorizes them to receive,
possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan, including any requisite transfer of such Data as may be required
for the administration of the Plan and/or the subsequent holding of shares of stock on the Participant’s behalf to a broker or other third party with whom the Participant may elect to deposit any shares of stock acquired pursuant to the Plan. A
Participant may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect the Participant’s ability to participate in the
Plan. 
 Section 11. Administration. This Plan shall be administered by the Committee. The Committee shall, subject to the terms
of this Plan, interpret this Plan and the application thereof, establish rules and regulations it deems necessary or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with respect to any
award. All such interpretations, rules, regulations and conditions shall be final, binding and conclusive. Subject to 

  
 10 

 
applicable law, the Committee may delegate some or all of its power and authority hereunder to the Board or the Chief Executive Officer or other executive officer of the Company as the Committee
deems appropriate; provided, however, that the Committee may not delegate its power and authority to the Chief Executive Officer or other executive officer of the Company with regard to the selection for participation in this Plan of
an officer or other person subject to Section 16 of the Securities Exchange Act of 1934, as amended, or decisions concerning the timing or amount of an award to such an officer or other person. No member of the Board or Committee, and neither
the Chief Executive Officer nor any other executive officer to whom the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this
Plan in good faith, and the members of the Board and the Committee and the Chief Executive Officer or other executive officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense
(including attorneys’ fees) arising therefrom to the full extent permitted by law, except as otherwise may be provided in the Company’s Certificate of Incorporation and/or By-laws, and under any directors’ and officers’ liability
insurance that may be in effect from time to time. 
 Section 12. Non-Transferability of Accounts. No Account shall be transferable
other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Except to the extent permitted by the preceding sentence, no Account may be sold, transferred, assigned, pledged,
hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose
of any such Account, such Account and all rights thereunder shall immediately become null and void. 
 Section 13. Tax
Withholding. The Company shall have the right to withhold or require payment by each Participant of any Federal, state, local or other taxes which may be required to be withheld or paid in connection with the vesting or distribution of such
Participant’s Account. 
 Section 14. Restrictions on Shares. Each award made hereunder shall be subject to the requirement that
if at any time the Company determines that the listing, registration or qualification of the shares of Common Stock subject to such award upon any securities exchange or under any law, or the consent or approval of any governmental body, or the
taking of any other action is necessary or desirable as a condition of, or in connection with, the delivery of shares pursuant to an award granted under this Plan, no shares shall be so delivered unless such listing, registration, qualification,
consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing shares of Common Stock delivered pursuant to the Plan bear a legend
indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder. 

Section 15. No Right of Participation or Employment. No person shall have any right to participate in this Plan. Neither this Plan
nor any award made hereunder shall confer upon any person any right to continued employment by the Company or affect in any manner the right of the Company to terminate the employment of any person at any time without liability hereunder. 

  
 11 

 Section 16. No Rights as Stockholder. No person shall have any right as a stockholder
of the Company with respect to any shares of Common Stock or other equity security of the Company which is subject to this Plan unless and until such person becomes a stockholder of record with respect to such shares of Common Stock or equity
security. 
 Section 17. Designation of Beneficiary. If permitted by the Company, a Participant may file with the Company a
written designation of one or more persons as such Participant’s beneficiary or beneficiaries (both primary and contingent) in the event of the Participant’s death. Each beneficiary designation shall become effective only when filed in
writing with the Company during the Participant’s lifetime on a form prescribed by the Company. The spouse of a married Participant domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such
spouse. The filing with the Company of a new beneficiary designation shall cancel all previously filed beneficiary designations. 

Section 18. Governing Law. This Plan and all determinations made and actions taken pursuant thereto, to the extent not otherwise
governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws. 

Section 19. Claims Procedure. The claims procedure of the Arthur J. Gallagher & Co. Employees’ 401(k) Savings and
Thrift Plan shall apply to this Plan; provided, however, that for purposes of the Plan, any reference to the Arthur J. Gallagher & Co. Employees’ 401(k) Savings and Thrift Plan Benefits Committee in such claims procedure shall refer to
the Committee. 
 Section 20. Electronic Documents Permitted. Subject to applicable law, distribution election forms and other
forms or documents may be in electronic format or made available through means of online enrollment or other electronic transmission. 

Section 21. Status of Plan. The Plan is intended to be: (i) a plan that is not qualified within the meaning of
Section 401(a) of the Code and (ii) a plan that “is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within
the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. All Accounts and all credits and other adjustments to such Accounts
shall be bookkeeping entries only and shall be utilized solely as a device for the measurement and determination of amounts to be paid under the Plan. 

Section 22. Foreign Employees. Without amending this Plan, the Chief Executive Officer of the Company and/or the Committee may
grant awards to eligible persons outside the United States on such terms and conditions different from those specified in this Plan as may in their judgment be necessary or desirable to foster and promote achievement of the purposes of this Plan
and, in furtherance of such purposes the Chief Executive Officer and/or the Committee may make such modifications, amendments, procedures, sub-plans and the like as may be necessary or advisable to comply with provisions of laws in other countries
or jurisdictions in which the Company operates or has employees. 

  
 12

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