Document:

First Amendment to Supplemental Savings and Thrift Plan

 Exhibit 10.15.1 
  
 FIRST AMENDMENT 
 TO 
 ARTHUR J. GALLAGHER & CO. 
 SUPPLEMENTAL SAVINGS AND THRIFT PLAN 
  
 WHEREAS, Arthur J. Gallagher & Co. (the “Company”) maintains the Arthur J. Gallagher & Co. Supplemental Savings and Thrift Plan (the “Deferred Compensation Plan”), for the
benefit of its eligible employees; and 
  
 WHEREAS,
Section 9.1 of the Deferred Compensation Plan reserves to the Company the right to amend the Deferred Compensation Plan from time to time; and 
  
 WHEREAS, the Company desires to amend the Deferred Compensation Plan; 
  
 NOW, THEREFORE, the Deferred Compensation Plan is hereby amended, effective [date], in the following respects:

  

	 	1.	Section 2.5 of the Plan is amended to read as follows: 

  
 “2.5 Compensation means in the case of a Participant who is an Eligible Employee, (i) the total cash compensation of such
Participant paid by the Employer during any year, including salary and annual bonuses (paid with respect to performance in 1999 and later years), and also including overtime pay and commissioned earnings (whether paid as a draw against commissions
or as a settlement of earned commissions), before reductions for contributions made to this Plan, the Qualified Plan, or a cafeteria plan under Code Section 125; and (ii) a cash or stock distribution from another deferred compensation
arrangement of the Company or an affiliate that is attributable to an annual bonus, but not including any bonus actually paid during 2002 under the AJG Financial Services, Inc. Bonus Plan. Notwithstanding the foregoing, or any other provision of the
Plan, Compensation shall not include (A) relocation pay or related payments; (B) severance pay; (C) Matching Deferrals and Performance Deferrals under this Plan; or (D) amounts related to stock options.” 
  

	 	2.	Section 2.9 of the Plan is amended to read as follows: 

  
 “2.9 Eligible Employee means, on the Effective Date or on any Entry Date thereafter, each employee of the Employer
(i) whose total annual Compensation is not less than the dollar amount then in effect under Section 401(a)(17) of the Code based upon such employee’s current salary or Compensation for the prior year; and (ii) who has completed
sixty (60) days of employment with the Employer. If an Eligible Employee’s actual Compensation is (i) less than the applicable dollar amount during 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 Plan Year following the Plan Year such Eligible Employee’s Compensation is not less than the applicable dollar amount; or (ii) less than $150,000 for two
consecutive Plan Years, such Eligible Employee’s Account shall be distributed in accordance with the terms of 

  

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Section 7.7 unless, prior to such distribution, such Eligible Employee’s Compensation is not less than the applicable dollar amount in a Plan
Year.” 
  

	 	3.	A new Section 4.1(c) is added to the Plan (and subsequent subsections are redesignated accordingly) and shall read as follows: 

  
 “(c) An Eligible Employee who has received (or is to
receive) a Restricted Share of common stock of Gallagher or an affiliate who is specifically designated by the Plan Administrator for such purpose may elect to defer such Restricted Share to the Plan (a “Share Deferral”). An Eligible
Employee who desires to elect a Share Deferral shall complete and file an Enrollment Form with the Plan Administrator. Cash dividends paid on deferred Shares shall be credited to the Participant’s Account, subject to Section 5.2. The
Funding Trustee shall not be required to hold on behalf of a Participant any Share deferred in accordance with this paragraph. Instead, the Funding Trustee shall credit to the Participant’s Account an amount equal to the fair market value
thereof on the date that the Share would otherwise be vested. The Participant may request, in accordance with Section 5.2, that amounts credited to his or her Account following a Share Deferral be invested in Shares, provided that the Funding
Trustee shall have no obligation to comply with such request.” 
  

	 	4.	Redesignated Section 4.1(e) of the Plan is amended to read as follows: 

  

“(d) Except as provided in the penultimate sentence of this paragraph, elections pursuant to Section 4.1(a) to defer
Compensation paid in a Plan Year must be made prior to the first day of such Plan Year. Notwithstanding the foregoing: (i) the election to defer the salary portion of Compensation pursuant to Section 4.1(a)(i) for the 1999 Plan Year must
be made prior to January 7, 1999; (ii) except as provided in (iii), an election to defer the bonus portion of Compensation pursuant to Section 4.1(a)(i) must be made on or prior to September 30 of the Plan Year prior to the Plan
Year in which the bonus is paid; and (iii) an election to defer a distribution from a deferred compensation arrangement attributable to a bonus must be made no less than six months before the date the distribution would otherwise occur, or by
October 31, 2002 if later. Except as provided in the penultimate sentence of this paragraph, Share Deferral elections must be made on or prior to the date determined by the Plan Administrator that is in the prior calendar year and at least six
months before the Restricted Share is scheduled to vest. Notwithstanding the foregoing, in the case of an individual who first becomes an Eligible Employee following the commencement of a Plan Year, the election to defer must be made within 30 days
after the date the individual becomes an Eligible Employee, and will be effective with respect to Compensation earned or Restricted Shares that vest after the Enrollment Form is filed. Any election pursuant to this paragraph shall be irrevocable
from and after the deadline for such election provided that it may be changed after such deadline in the event of (and consistent with) an Unforeseeable Emergency, as determined by the Plan Administrator.” 
  

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	 	5.	Section 4.2(b)(A) is amended to read as follows: 

  
 “(A) 50% of his Elective Deferrals of Compensation described in Section 2.5(i) of this Plan and the Qualified Plan”

  
 IN WITNESS WHEREOF, the Company hereby adopts this
First Amendment this 1st day of October, 2002. 
  

			
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	 /s/ Elizabeth J. Brinkerhoff

	 Title:
	 	 VP Human Resources

  

	
	ATTEST:
	
	 /s/ Janet A. Hoggay

  

 3Second Amendment to the Supplemental Savings and Thrift Plan

 Exhibit 10.15.2 
  
 SECOND AMENDMENT TO THE 
 ARTHUR J. GALLAGHER & CO. 
 SUPPLEMENTAL SAVINGS AND THRIFT PLAN 
  
 WHEREAS, Arthur J. Gallagher & Co., a Delaware corporation (the
“Company”), maintains the Arthur J. Gallagher & Co. Supplemental Savings and Thrift Plan, effective January 1, 1999 (the “Plan”); 
  
 WHEREAS, pursuant to Section 9.1 of the Plan, the Company has reserved the power to amend the Plan by an instrument in
writing which has been executed on its behalf by a duly authorized officer; 
  
 WHEREAS, the Company desires to amend the Plan to permit employees who receive awards under the Arthur J. Gallagher & Co. Restricted Stock Plan during the 2005 calendar year to elect to defer the receipt of
shares issued upon the vesting of such awards; and 
  
 WHEREAS,
the Company desires to amend the Plan to permit employees who elected to defer their 2005 bonuses to revoke such election. 
  
 NOW, THEREFORE, pursuant to the power of amendment contained in Section 9.1 of the Plan, Section 4.1 of the Plan is hereby amended, effective
January 1, 2005, by adding the following new subsections thereto: 
  
 (f) Each Eligible Employee who is granted an award under the Arthur J. Gallagher & Co. Restricted Stock Plan during the 2005 calendar year may elect, not later than March 10, 2005, to defer the receipt of the shares subject to
such award, pursuant to the terms of this Plan and such other terms and conditions prescribed by the Company. An Eligible Employee may revoke the deferral of some or all of the shares deferred pursuant to such election, by submitting a notice of
revocation not later than December 31, 2005, in accordance with such terms and conditions as are prescribed by the Company. 
  
 (g) Each Eligible Employee who elects to defer his or her annual bonus earned in 2005 may revoke such election by submitting a notice of revocation not
later than December 31, 2005, in accordance with such terms and conditions as are prescribed by the Company. 
  

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 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer
this 17th day of November, 2005. 
  

			
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	 /s/ J. Patrick Gallagher, Jr.

	 	 	 J. Patrick Gallagher, Jr., President
 & Chief Executive Officer

  

 -2-First Amendment to the Deferred Equity Participation Plan

 Exhibit 10.16.1 
  
 FIRST AMENDMENT TO THE 
 ARTHUR J. GALLAGHER & CO. 
 DEFERRED EQUITY PARTICIPATION PLAN 
  
 WHEREAS, Arthur J. Gallagher & Co., a Delaware corporation (the
“Company”), maintains the Arthur J. Gallagher & Co. Deferred Equity Participation Plan (the “Plan”); 
  
 WHEREAS, the Company has reserved the power to amend the Plan; and 
  
 WHEREAS, the Company desires to amend the Plan to permit certain participants to revoke their participation in the Plan on
or before December 31, 2005. 
  
 NOW, THEREFORE, the Plan is
hereby amended, effective January 1, 2005, by adding the following new section at the end thereof: 
  
 Participants who attain age 62 on or before December 31, 2005 shall be permitted to revoke the deferral of some or all of their vested amounts
deferred under the Plan and to receive a full distribution of such amounts prior to December 31, 2005. 
  
 IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer this 17th day of November, 2005. 
  

			
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	 /s/ J. Patrick Gallagher, Jr.

	 	 	 J. Patrick Gallagher, Jr., President
 & Chief Executive Officer

  

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