Document:

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                                                                   EXHIBIT 10(M)

                        SUMMARY OF BANK ONE CORPORATION
                      DIRECTOR DEFERRED COMPENSATION PLAN

                           Effective January 1, 2001

1.  Amendment and Restatement.  The First Chicago NBD Corporation Plan for
Deferring the Payment of Director's Fees is renamed as the Bank One Corporation
Director Deferred Compensation Plan and has been amended and restated effective
January 1, 2001.

2.  Predecessor Plans.  All deferred compensation programs for directors
established by Bank One's predecessors are merged into the Director Deferred
Compensation Plan effective December 31, 2000 or such later date as is
administratively feasible.

3.  Investments.  Directors may elect phantom investments that mirror the
investment choices available under the Savings and Investment Plan (excluding
the Bank One common stock fund), which elections may be changed on a daily basis
(i.e., to the same extent as investments in the SIP).

4.  Distributions.  Distributions under the Plan will commence as soon as
administratively practicable following the close of the calendar year in which
the director retires.  Directors may elect to receive deferred amounts in a lump
sum or in annual installments over a period of up to 15 years, and payments may
be accelerated in the discretion of the Plan administrator.

5.  Beneficiaries.  Beneficiaries will receive payment of all deferred amounts
in a lump sum as soon as practicable following the director's death.

6.  Plan Administrator.  The Plan Administrator will be the Organization,
Compensation and Nominating Committee of the Board of Directors.<PAGE>

                                                                   EXHIBIT 10.16

                           ARTHUR J. GALLAGHER & CO.
                      DEFERRED EQUITY PARTICIPATION PLAN

The purpose of this Deferred Equity Participation Plan (the "Plan") is to
provide a facility through which Arthur J. Gallagher & Co. ("AJG"), on behalf of
its subsidiaries and affiliates (collectively referred to as the "Company") can
encourage key executives to stay with the Company until their normal retirement.
The retention of key executives will promote the interests of the Company and
its shareholders by providing continuity of management and leadership, and
capitalizing on the investment in training and experience the Company has made
in its key executives over the years.

Concurrently with the establishment of the Plan, the Company has formed The
Arthur J. Gallagher & Co. Deferred Equity Trust (the "Trust"), pursuant to the
trust agreement dated March 22, 2001. Between March 15 and June 15 of each
calendar year, beginning in calendar year 2001, the Company will contribute to
the Trust shares of AJG Common Stock in an amount approved by the AJG
Compensation Committee (the "Annual Funding"). The Trust shall reinvest
dividends on an annual basis in AJG Common Stock. The AJG Common Stock acquired
by the Trust in a given year, or from the reinvestment of dividends from AJG
Common Stock originally acquired in that year, shall be referred to as "Trust
Assets". The trustees of the Trust shall have and may exercise all rights of
ownership, including voting control, of the Trust Assets prior to distribution.

On or before June 15 of each year, the Chief Executive Officer of AJG, in
conjunction with the Compensation Committee, will approve a list of the key
executives that will receive an interest in the Trust Assets acquired with the
Annual Funding from that year ("Participant"). The list shall set out a
percentage for each Participant that represents that Participant's interest in
the Trust Assets for that year.

A Participant shall be eligible to receive a distribution from the Plan on the
first day of the month following the month he reaches age sixty-two (the
"Distribution Date"); provided that the Participant has worked continuously for
the Company from the date he first received an interest in the Trust Assets
until the Distribution Date. If a Participant dies, or if a Participant's
employment with the Company is terminated prior to the Distribution Date because
of disability, or in a manner that entitles the Participant to receive
severance, or if there is a change in control, all as defined herein, then the
Participant, or his estate, shall be entitled to receive an immediate
distribution of his interest in the Trust Assets. For purposes of the Plan,
disability shall mean the termination of the Participant's employment
relationship at a time when the Participant's medical condition, upon such
termination, would qualify the Participant to receive long term disability
benefits under the Company's employee benefits plan. "Change in control" shall
have the meaning ascribed to it in the "Change in Control" Agreement between the
Participant and AJG. Termination in a manner that entitles the Participant to
receive severance shall mean that the Participant receives a severance payment
pursuant to AJG's Severance Plan, as then in effect.

                                       1
<PAGE>

In the event a Participant's employment relationship with the Company terminates
before the Distribution Date for any reason other than death, disability, or in
a manner that entitles the Participant to receive severance, then any and all
interests in Trust Assets previously received by the Participant pursuant to the
Plan shall be forfeited. Forfeited Trust Assets shall be returned to the
Company, and not subject to claim by any Participant.

A Participant may elect to receive his distribution either in a lump sum on the
Distribution Date; or in ten equal annual installments commencing on the
Distribution Date, and due on the next nine anniversaries of the Distribution
Date; or in five equal annual installments commencing on the Distribution Date,
and due on the next four anniversaries of the Distribution Date. If a
Participant dies before all installments are distributed, the Participant's
estate may elect to receive the remaining distribution in a lump sum. All
distributions shall be made in the unrestricted Common Stock of AJG. The
distribution to which a Participant is entitled shall equal the aggregate of the
Participant's percentage of Trust Assets for each year the Participant was
granted an interest in the Trust Assets, and shall include any increase in such
interest due to stock splits, stock dividends, the exercise of stock options or
the reinvestment of cash dividends.

The Company reserves the right to terminate the Plan, or suspend the Plan for
any given calendar year. Receiving an interest in Trust Assets in any year does
not in any way entitle the Participant to receive interests in future year Trust
Assets.

                                       2
<PAGE>

                           ARTHUR J. GALLAGHER & CO.

                             Deferred Equity Trust

                                March 22, 2001
<PAGE>

<TABLE>
<CAPTION>
Contents
--------------------------------------------------------------------------------

                                                                            Page
<S>                                                                         <C>
Article 1. Establishment and Administration of the Trust and
           Company Contributions                                               1

Article 2. Payments to Plan Participants and Their Beneficiaries               3

Article 3. Trustee Responsibility Regarding Payments to Trust
           Beneficiary When Company is Insolvent                               4

Article 4. Payments to Company                                                 5

Article 5. Management of the Trust Fund                                        5

Article 6. Resignation or Removal of Trustee                                   7

Article 7. Amendment, Division or Termination                                  7

Article 8. Liability and Indemnification                                       8

Article 9. Miscellaneous                                                       8
</TABLE>
<PAGE>

                           Arthur J. Gallagher & Co.
                             Deferred Equity Trust

     This Deferred Equity Trust (this "Trust") is effective this 22nd day of
March, 2001 (the "Effective Date"), by and between Arthur J. Gallagher & Co., a
Delaware corporation (the "Company"), and Robert E. Gallagher (the "Trustee").

                                  WITNESSETH:

     WHEREAS, the Company has adopted a nonqualified plan known as the Arthur J.
Gallagher & Co. Deferred Equity Participation Plan (the "Plan"); and

     WHEREAS, the Company expects to incur liability under the terms of the Plan
with respect to the individuals participating in the Plan; and

     WHEREAS, the Company wishes to establish a grantor trust (the "Trust") and
to contribute to the Trust assets that shall be held therein, subject to the
claims of the Company's creditors in the event of the Company's Insolvency, as
herein defined, until paid to Plan participants and their beneficiaries
(collectively, the "Participants") in such manner and at such times as specified
in the Plan; and

     WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement and shall not affect the status of the Plan
as an unfunded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;
and

     WHEREAS, it is the intention of Company to make contributions to the Trust
to provide itself with a source of funds to assist it in meeting its liabilities
under the Plan.

     NOW, THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held, and disposed of as follows:

Article 1. Establishment and Administration of the Trust and Company
Contributions

     1.1. Establishment. This Trust is hereby established for the benefit of
Participants in the Plan, as determined in accordance with the applicable
provisions of the Plan, to provide for the payment of Plan benefits on an
unfunded, nonqualified basis.

                                       1
<PAGE>

     1.2. Irrevocable. The Trust hereby established shall be irrevocable,
subject to the provisions of Article 7 herein.

     1.3. Status of the Trust. The Trust is intended to be a grantor trust, of
which the Company is the grantor, within the meaning of subpart E, part I,
subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as
amended, and shall be construed accordingly. The principal of the Trust, and any
earnings thereon, shall be held separate and apart from other funds of the
Company and shall be used exclusively for the uses and purposes of Participants
and general creditors as herein set forth. Participants shall have no preferred
claim on, or any beneficial ownership interest in, any assets of the Trust. Any
rights created under the Plan and this Trust shall be mere unsecured contractual
rights of Participants against the Company. Any assets held by the Trust will be
subject to the claims of the Company's general creditors under federal and state
law in the event of Insolvency, as defined in Section 3.1 herein.

     1.4. Company Contributions. Prior to a Change in Control (as defined in the
Plan) of the Company, the Company will make deposits of cash or other property,
within the period of March 15 through June 15 of each calendar year, in trust
with the Trustee to augment the principal to be held, administered and disposed
of by the Trustee as provided in this Trust Agreement.

     Upon a Change in Control, the Company shall, as soon as possible, but in no
event later than fifteen (15) calendar days following the Change in Control,
make an irrevocable contribution to the Trust in an amount that is sufficient to
pay each Participant or beneficiary to which the Participants or their
beneficiaries would be entitled pursuant to the terms of the Plan as of the date
on which the Change in Control occurs.

     1.5. Trustee's Acceptance. The Trustee accepts its duties and obligations
as Trustee hereunder, agrees to accept delivery of funds delivered to it by the
Company pursuant to this Article 1, and agrees to hold such funds (and any
proceeds from the investment of such funds) in trust in accordance with the
terms and conditions of this Trust.

     1.6. The Committee. The Board of Directors of the Company shall designate a
committee (the "Committee") which shall have the powers, rights, and duties
described herein and in the Plan. The Board of Directors will certify to the
Trustee from time to time the person or persons who are acting as the members of
the Committee. The Trustee may rely on the latest certificate received from the
Board of Directors without further inquiry or verification. The Committee may
delegate such of its powers, rights and duties hereunder as it deems appropriate
to the plan administrator designated in the Plan.

     If for any period no persons are acting as members of the Committee, the
Board of Directors of the Company shall act on behalf of, and shall have all of
the powers, rights, and duties otherwise reserved to, the Committee. The Company
warrants that all directions or authorizations by the Committee, whether for the
payment of money or otherwise, will comply with the provisions of the Plan and
this Trust.

                                       2
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Article 2. Payments to Plan Participants and Their Beneficiaries

     2.1. Payment Schedule. The Committee shall deliver to the Trustee a
schedule (the "Payment Schedule") that: (i) indicates the amounts payable in
respect of the Participants under the Plan; (ii) provides a formula or other
instructions acceptable to the Trustee for determining the amounts so payable;
(iii) designates the manner and form in which such amount is to be paid (as
provided for or available under the Plan); and (iv) designates the time of
commencement for payment of such amounts.

     Except as otherwise provided herein, the Trustee shall make payments to the
Participants in accordance with such Payment Schedule. Prior to a Change in
Control, the Committee shall have the right to modify such schedule during the
Plan Year, which modification, upon delivery to the Trustee, shall be binding
upon the Trustee.

     In the event the Trustee determines that there are insufficient funds in
the Trust to make full payments to all Participants as provided in the Payment
Schedule or as otherwise determined hereunder, the Trustee shall immediately
make a request to the Company for an infusion of sufficient additional assets
into the Trust to fully fund the obligations. If no such Company asset
contribution is made within a period deemed reasonable by the Trustee, the
Trustee shall make payments to each Participant in an amount equal to the full
payment due to such Participant under the Plans multiplied by a fraction, the
numerator of which is the total amount available for distribution in the Trust,
and the denominator of which is the total amount of aggregate liabilities to all
Participants under the Plan. The Company will then be required to pay the
balance of the Participant's benefits out of general Company assets.

     2.2. Committee Determination of Benefits. The entitlement of a Participant
to benefits under the Plan shall be determined by the Committee, and any claim
for such benefits shall be considered and reviewed under the procedures set out
in the Plan. If no such provision is contained in the underlying plan document,
the procedures contained in Section 2.4 herein shall be followed.

     2.3. Direct Payment of Benefits by the Company. The Company may make
payment of benefits directly to Participants as they become due under the terms
of the Plan. To the extent administratively practicable, the Company shall
notify the Trustee of its decision to make payment of benefits directly to
Participants prior to the time amounts are payable to Participants. In addition,
if the principal of the Trust, and any earnings thereon, are not sufficient to
make payments of benefits in accordance with the terms of the Plan, the Company
shall make the balance of each such payment as it falls due. The Trustee shall
notify the Committee where principal and earnings are not sufficient.

     The Committee may direct the Trustee in writing to reimburse the Company
from the Trust Fund, as defined in Section 5.1 herein, for Plan benefits paid
directly to a Participant by the Company upon receipt by the Trustee of
satisfactory evidence of such payment(s); provided, however, that the Trustee
shall not reimburse the Company for such payment if the Trustee determines that,
after making such reimbursement, the Trust Fund assets are insufficient to
satisfy anticipated distributions therefrom.

                                       3
<PAGE>

     2.4. Participants' Claim Procedure.

     (a) If a payment required under the terms of the Plan has not been made to
a Participant (whether due to the failure of the Committee to notify the Trustee
as required by this Trust or otherwise), then the Participant may notify the
Trustee in writing that a benefit payment is then due, the amount (or a
reasonable estimate of the amount) owed to the Participant pursuant to the Plan,
and the date such amount was due and payable. The Trustee shall notify the
Committee within fifteen (15) calendar days of the receipt of such a payment
request. Within fifteen (15) calendar days of the date the Trustee notified the
Committee of the payment request, the Committee shall provide the Trustee with a
statement that has been certified as being accurate by an independent party
agreed to by the Trustee as to the proper amount due and payable to the
Participant and, if applicable, a certification as to whether a benefit payment
should have been made. The Trustee shall promptly make payment of such amount,
if any, to the Participant, and shall provide the Participant with an
explanation of how such amount was calculated. If no such certified statement is
received by the Trustee, then the Trustee shall make the payment requested by
the Participant from the assets of the Trust Fund.

     The Trustee may conclusively rely on any payment or payments paid pursuant
to the preceding sentence as being the appropriate amount due to such
Participants. The Trustee also shall notify the Committee of any such
payment(s). The Trustee shall be authorized to employ agents, attorneys,
accountants, or other persons to perform such functions referenced in this
Section 2.4(a), and the Company hereby consents to such employment.

     (b) If Trust Fund assets are not sufficient to make full distributions as
provided hereunder and in accordance with the Plan, the Company shall be
obligated to make the balance of each such payment when due. The Trustee shall
be fully protected in acting without Committee direction under this Section 2.4.

Article 3. Trustee Responsibility Regarding Payments to Trust Beneficiary When
Company is Insolvent

     3.1. Insolvency. The Trustee shall cease payment of benefits to
Participants and their beneficiary if the Company is Insolvent. The Company
shall be considered "Insolvent" for purposes of this Trust if (i) the Company is
unable to pay its debts as they become due; or (ii) the Company is subject to a
pending proceeding as a debtor under the United States Bankruptcy Code.

     3.2. Claims of General Creditors. At all times during the continuance of
this Trust, as provided in Articles 1 and 7 herein, the principal and income of
the Trust shall be subject to the claims of general creditors of the Company
under federal and state law as set forth below.

     (a) The Board of Directors and the highest ranking officer of the Company
shall have the duty to inform the Trustee in writing of the Company's
Insolvency. If a person claiming to be a

                                       4
<PAGE>

creditor of the Company alleges in writing to the Trustee that the Company has
become Insolvent, the Trustee shall determine whether the Company is Insolvent
and, pending such determination, the Trustee shall discontinue payment of
benefits to Participants.

     (b) Unless the Trustee has actual knowledge of the Company's Insolvency, or
has received notice from the Company or a person claiming to be a creditor
alleging that the Company is Insolvent, the Trustee shall have no duty to
inquire whether the Company is Insolvent. The Trustee may in all events rely on
such evidence concerning the Company's solvency as may be furnished to the
Trustee and that provides the Trustee with a reasonable basis for making a
determination concerning the Company's solvency.

     (c) If at any time the Trustee has determined that the Company is
Insolvent, the Trustee shall discontinue payments to the Participants and shall
hold the assets of the Trust for the benefits of the Company's general
creditors. Nothing in this Trust shall in any way diminish any rights of
Participants to pursue their rights as general creditors of the Company with
respect to benefits due under the Plan or otherwise.

     (d) The Trustee shall resume the payment of benefits to Participants in
accordance with Article 2 of this Trust only after the Trustee has determined
that the Company is not Insolvent (or is no longer Insolvent).

     3.3. Resumption of Payments to Participants. Provided that there are
sufficient assets, if the Trustee discontinues the payment of benefits from the
Trust pursuant to Section 3.2 hereof and subsequently resumes such payments, the
first payment following such discontinuance shall include the aggregate amount
of all payments due to Participants under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payment made to
Participants by the Company in lieu of the payments provided for hereunder
during any such period of discontinuance.

Article 4. Payments to Company

     Except as provided in Section 2.3, Article 3, and Section 7.2 hereof, the
Company shall have no right or power to direct the Trustee to return to the
Company or to divert to others any of the Trust assets before all payments of
benefits have been made to Participants pursuant to the terms of the Plan.

Article 5. Management of the Trust Fund

     5.1. The Trust Fund. Unless the context clearly implies or indicates
otherwise, the term Trust Fund as of any date means all property of every kind
then held under this Trust by the Trustee.

     5.2. Investment Authority.

     (a) The Trustee may invest in securities (including stock or rights to
acquire stock) or obligations issued by the Company or a registered investment
company or mutual fund, by June 15

                                       5
<PAGE>

of each calendar year (or if not reasonably practical to do so by June 15, at
the Trustee's earliest opportunity after June 15.) All rights associated with
assets of the Trust shall be exercised by the Committee, and shall in no event
be exercisable by or rest with Plan Participants. The Committee shall have the
right at any time and from time to time, in its sole discretion, to substitute
assets of equal fair market value for any asset held by the Trust. This right is
exercisable by the Committee in a non-fiduciary capacity without the approval or
consent of any person in a fiduciary capacity.

     (b) Notwithstanding the foregoing provision, the Trustee, without further
prior approval of the Committee or the Company, shall have the power, right and
authority to invest cash balances held by it from time to time in short-term,
cash equivalents having ready marketability and shall have the power, right and
authority to sell such assets of the Trust Fund as may be necessary to carryout
the instructions of the Committee with respect to investment the Trust Fund,
paying expenses or making payments pursuant to this Trust Agreement.

     (c) The Trustee shall follow all directions of the Committee with respect
to the investment or reinvestment of the Trust Fund and shall have no duty or
obligation to review the assets from time to time so acquired, nor to make any
recommendations with respect to the investment, reinvestment or retention
thereof. The Trustee shall vote any proxies associates with the Trust Fund as
directed by the Committee.

     5.3. Accounting.

     (a) The Trustee shall keep accurate and detailed records of all
investments, receipts, disbursements, and all other transactions required to be
made, including such specific records as shall be agreed upon in writing between
the committee and the Trustee. Within 120 calendar days following the close of
each calendar year and within 120 calendar days after the removal or resignation
of the Trustee, the Trustee shall deliver to the Committee a written account of
its administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation,
setting forth all investments, receipts, disbursements and other transactions
effected by it, including a description of all securities and investments
purchased and sold with the cost or net proceeds of such purchases or sales
(accrued interest paid or receivable being shown separately), and showing all
cash, securities and other property held in the Trust at the end of such year or
as of the date of such removal or resignation, as the case may be.

     (b) In the absence of the filing in writing with the Trustee by the
Committee of exceptions or objections to any such account within 90 calendar
days of receipt by the Committee of such written account from the Trustee, the
Committee shall be deemed to have approved such account, the Trustee shall be
released, relieved and discharged with respect to all matters and things set
forth in such account as though such account has been settled by the decree of a
court of competent jurisdiction.

     5.4. Expenses. All expenses (except those specifically described in the
next sentence) reasonably incurred by the Trustee and the Committee in the
administration of this Trust, including compensation to agents, actuaries,
attorneys, accountants, and other persons employed by the Trustee

                                       6
<PAGE>

or the Committee, as certified by them shall be paid by the Company directly. To
the extent such compensation and expenses are not paid by the Company within
ninety (90) calendar days of delivery of an invoice for same by the Trustee, the
Trustee may pay such compensation and expenses from the Trust Fund. Expenses
solely attributable to investment of the Trust Fund shall be paid from the Trust
Fund to the extent not paid directly by the Company.

Article 6.  Resignation or Removal of Trustee

     6.1.  Resignation of Trustee.  The Trustee may resign at any time by
written notice to the Committee, which shall be effective 30 calendar days after
receipt of such notice unless the Committee and the Trustee agree otherwise.

     6.2.  Removal of Trustee.  The Trustee may be removed by the Committee on
30 calendar days notice or upon shorter notice accepted by the Trustee.

     6.3.  Selection of Successor Trustee.  If the Trustee resigns or is removed
in accordance with Section 6.1 or 6.2 hereof, the Company shall appoint a
successor to replace the Trustee upon resignation or removal.  The appointment
shall be effective when accepted in writing by the new Trustee, who shall have
all of the rights and powers of the former Trustee, including ownership rights
in the Trust assets.  The former Trustee shall execute any instrument necessary
or reasonably requested by the Committee or the successor Trustee to evidence
the transfer.

     6.4.  Transfer of Assets to Successor Trustee.  Upon resignation or removal
of the Trustee and appointment of a successor Trustee, all assets shall
subsequently be transferred to the successor Trustee.   The transfer shall be
completed within 30 calendar days after receipt of notice of resignation,
removal or transfer, unless the Committee extends the time limit.

     6.5.  Failure to Appoint Successor Trustee.  If the Trustee resigns or is
removed, and no successor has been appointed by the effective date of such
resignation or removal, the Trustee may apply to a court of competent
jurisdiction for appointment of a successor or for instructions.  All expenses
of the Trustee in connection with the preceding shall be allowed is
administrative expenses of the Trustee.

Article 7.  Amendment, Division or Termination

     7.1.  Amendment of the Trust.  This Trust Agreement may be amended by a
written instrument executed by the Trustee and the Committee.  Notwithstanding
the foregoing, no such amendment shall conflict with the terms of the Plan or
shall make the Trust revocable.

     7.2.  Termination of the Trust.

     (a) Except as provided for in (b) below, the Trust shall not terminate
until the date on which Plan Participants and their beneficiaries are no longer
entitled to benefits pursuant to the terms of the Plan.  Upon termination of the
Trust, any assets remaining in the Trust shall be returned to the Company.

                                       7
<PAGE>

     (b) Upon written approval of all of the Plan Participants or beneficiaries
entitled to payment of benefits under the terms of the Plan, the Company may
terminate this Trust prior to the time that all benefit payments under the Plan
have been made, in which case, all assets in the Trust at termination shall be
returned to the Company.

Article 8.  Liability and Indemnification

     8.1.  Liabilities Mutually Exclusive.  To the extent permitted by law, the
Company, the Trustee, the Committee, and the Board of Directors and each member
thereof, shall be responsible only for its or their own acts or omissions.

     8.2.  Indemnification.  The Company hereby agrees to indemnify and hold
harmless the Trustee from and against any losses, damages, liabilities, claims,
costs, or expenses (including reasonable attorneys' fees) which the Trustee may
incur by reason of the negligence or misconduct of the Company or the Committee
or its authorized agent.  In making any distributions and taking any other
action hereunder, the Trustee may rely upon and shall be fully protected in
relying upon any notice, certificate, or other paper or written document
provided by the Company or the Committee and reasonably believed to be genuine.

     8.3.  Trustee's Actions Conclusive.  Except as otherwise provided by law,
the Trustee's exercise or nonexercise of its powers and discretion in good faith
shall be conclusive on all persons. No one shall be obliged to see to the
application of any money paid or property delivered to the Trustee.  The
certificate of the Trustee that it is acting in accordance with this Trust will
fully protect all persons dealing with the Trustee.  If there is a disagreement
between the Trustee and anyone as to any act or transaction reported in any
accounting, the Trustee shall have the right to a settlement of its account by
any court having jurisdiction over the Trust.

Article 9.  Miscellaneous

     9.1.  Severability.  Any provision of this Trust prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof.

     9.2.  Nonalienation.  Benefits payable to Participants under this Trust may
not be anticipated, assigned (either at law or in equity), alienated, pledged,
encumbered or subjected to attachment, garnishment, levy, execution, or other
legal or equitable process.

     9.3.  Governing Law.  This Trust shall be governed by and construed in
accordance with the laws of the state of Illinois, to the extent not preempted
by federal law.

     9.4.  Evidence.  Evidence required of anyone under this Trust shall be
signed, made, or presented by the proper party or parties and may be by
certificate, affidavit, document, or other information which the person acting
on it considers pertinent and reliable.

                                       8
<PAGE>

     9.5.  Waiver of Notice.  Any notice required under this Trust may be waived
by the person entitled to such notice.

     9.6.  Counterparts.  This Trust and any amendments hereto may be executed
in two or more counterparts, any one of which will be an original without
reference to the others.

     9.7.  Gender and Number.  Except when otherwise indicated by the context,
words denoting the masculine gender shall include the feminine, the singular
shall include the plural, and the plural shall include the singular.

     9.8.  Scope of this Trust.  The Plan and this Trust will be binding on all
persons entitled to benefits hereunder and their respective heirs and legal
representatives, and upon the Company, the Committee, the Trustee and their
successors and assigns.

     9.9.  Statutory References.  Any references in this Trust to a section of
the Internal Revenue Code shall include any comparable section or sections of
any future legislation that amends, supplements, or supersedes that section.

     9.10.  Incorporation by Reference.  The Company shall promptly supply the
Trustee with a copy of the Plan and any amendments thereto.  The Plan is by this
reference expressly incorporated herein and made a part hereof within the same
force and effect as if fully set forth at length herein.

     9.11.  Headings.  The headings contained herein are inserted only as a
matter of convenience and for reference and in no way define, limit, enlarge or
describe the scope or intent of the Trust and in no way shall affect the Trust
or the construction of any provision thereof.

                                       9
<PAGE>

     IN WITNESS WHEREOF, Arthur J. Gallagher & Co. and the Trustee have caused
this Trust to be executed on their behalf and their respective seals to be
hereunto affixed and attested by their respective officers thereunto duly
authorized, as of the day and year first above written.

                              Arthur J. Gallagher & Co.

                              By:       /s/ J. Patrick Gallagher, Jr.
                                   --------------------------------------------
                              Name:       J. Patrick Gallagher, Jr.
                                     ------------------------------------------
                              Its:       President
                                    -------------------------------------------

                              Trustee

                                             /s/ Robert E. Gallagher
                                    -------------------------------------------
                                    Robert E. Gallagher

                                      10

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