Document:

Deferral Plan for Nonemployee Directors

 Exhibit 10.12 
 ARTHUR J. GALLAGHER & CO. 
 DEFERRAL PLAN FOR NONEMPLOYEE
DIRECTORS 
 AMENDED AND RESTATED AS OF JANUARY 1, 2011 

ARTICLE I 

Purpose 
 The
purpose of this Arthur J. Gallagher & Co. Deferral Plan for Nonemployee Directors is to provide Nonemployee Directors with the opportunity to defer the receipt of all or a portion of the Annual Retainer or Restricted Stock Awards which they
earn as directors of the Company. All capitalized terms used in the Plan shall have the meanings set forth in Article II. 

ARTICLE II  

Definitions 

“Annual Retainer” means the annual cash retainer earned by a Nonemployee Director for his or her service on the Board or
any committee thereof. Annual Retainer does not include the portion, if any, of the annual cash retainer earned by a Nonemployee Director that he or she elected to receive in the form of a nonqualified stock option pursuant to the terms of the
Arthur J. Gallagher & Co. 2009 Long-Term Incentive Plan, as amended from time to time, or any successor plan thereto. 

“Board” means the Board of Directors of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Compensation Committee of the Board. 

“Common Stock” means the common stock of the Company, par value $1.00 per share. 

“Company” means Arthur J. Gallagher & Co., a Delaware corporation. 

“Deferral” shall have the meaning set forth in Section 4.2. 

“Deferral Account” means a bookkeeping account in the name of a Nonemployee Director who elects to defer, pursuant to
the Plan, all or a portion of his or her Annual Retainer or Restricted Stock Awards. 
 “Deferral Election”
shall have the meaning set forth in Section 4.2. 
 “Distribution Date” shall have the meaning set forth
in Section 6.1. 
 “Effective Date” means January 1, 2011. 

“Fair Market Value” means the closing transaction price of a share of Common Stock as reported on the New York Stock
Exchange on the date as of which such value is being determined or, if the Common Stock is not listed on the New York Stock Exchange, the closing transaction price of a share of Common Stock on the principal national stock exchange on which the
Common Stock is traded on the date as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported; provided, however, that if the
Common Stock is not listed on a national stock exchange or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the Committee, in the good faith exercise of
its discretion, shall at such time deem appropriate. 

 “Nonemployee Director” means any director serving on the Board, other than
a director who is an officer or employee of the Company or any Subsidiary. 
 “Plan” means this Arthur J.
Gallagher & Co. Deferral Plan for Nonemployee Directors, as amended from time to time. 
 “Plan Year”
means the 12-month period coinciding with the calendar year. 
 “Restricted Stock Award” means an award of
restricted stock units granted to a Nonemployee Director for his or her service on the Board or any committee thereof. 

“Separation Date” means the date on which a Nonemployee Director separates from service as a director of the Company,
within the meaning of Section 409A of the Code. 
 “Share Unit” means a bookkeeping unit credited to a
Nonemployee Director’s Deferral Account and having a value equal to one share of Common Stock. 

“Subsidiary” means any corporation or other business entity, the majority of the outstanding voting stock or other
equity interests of which are owned, directly or indirectly, by the Company. 
 “Trust” shall have the meaning
set forth in Article IX. 
 “Unforeseeable Emergency” means (i) a severe financial hardship to a
Nonemployee Director resulting from an illness or accident of the Nonemployee Director, or the spouse or a dependent (as defined in Section 152(a) of the Code) of the Nonemployee Director, (ii) the loss of a Nonemployee Director’s
property due to casualty or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Nonemployee Director, within the meaning of Section 409A of the Code. 

ARTICLE III  
 Administration 
 The Plan shall be administered by the Committee. The Committee
shall, subject to the terms of this Plan, interpret this Plan and the application thereof, and establish rules and regulations it deems necessary or desirable for the administration of this Plan. All such interpretations, rules and regulations shall
be final, binding and conclusive. The Committee may delegate administrative duties under the Plan to one or more employees or agents of the Company or its Subsidiaries, as it shall deem necessary or advisable. The Company shall indemnify and hold
harmless the members of the Committee, and any agent to whom duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to the Plan, except in
the case of willful misconduct by the Committee or any of its members or any such agent. 

  
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 ARTICLE IV  
 Deferral Elections 
 Section 4.1. Eligibility for Deferral Elections.
Each Nonemployee Director shall be eligible to participate in the Plan. A Nonemployee Director shall be eligible to make a Deferral Election pursuant to Section 4.2 if he or she serves as a Nonemployee Director or has been elected to serve as a
Nonemployee Director on the date such election is made. 
 Section 4.2. Election Procedures. Prior to the first day
of a Plan Year, each Nonemployee Director may make an election to defer the receipt of all or any portion of the Annual Retainer to be earned by such Nonemployee Director or the Restricted Stock Awards to be granted to such Nonemployee Director in
such Plan Year (each such election shall be referred to as a “Deferral Election” and the amounts deferred pursuant to such an election the “Deferral”). Notwithstanding the foregoing, a Nonemployee Director who is
elected for the first time to serve as a Nonemployee Director later than the first day of a Plan Year may make a Deferral Election for such Plan Year within 30 days after such election to the Board. All Deferral Elections must be made in accordance
with procedures prescribed by the Committee. Any Deferral Election shall apply only to the Annual Retainer earned or the Restricted Stock Awards granted in the Plan Year for which the Deferral Election is made. In no event shall a Deferral Election
under the Plan apply to the Annual Retainer payable or the Restricted Stock Awards granted to the Nonemployee Director with respect to the period prior to the date on which such election is received by the Company. 

Section 4.3. Changes in Deferral Election. A Nonemployee Director must make a new Deferral Election with respect to each Plan
Year by submitting a new election prior to the first day of such Plan Year in accordance with Section 4.2. A Nonemployee Director may elect to suspend his or her Deferrals during a Plan Year only if the Nonemployee Director demonstrates to the
satisfaction of the Committee that he or she has incurred an Unforeseeable Emergency. No other changes may be made during a Plan Year to a Nonemployee Director’s Deferral Election. 

Section 4.4. Effect of Deferral Election. The submission of an election form pursuant to Section 4.2 shall evidence the
Nonemployee Director’s authorization of the Company to withhold the payment of the Annual Retainer otherwise payable to the Nonemployee Director or the shares of Common Stock otherwise issued to the Nonemployee Director upon the vesting of a
Restricted Stock Award, to the extent such Annual Retainer or Restricted Stock Award is deferred pursuant to such election, and to credit such amounts to the Nonemployee Director’s Deferral Account in accordance with Article V. 

  
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 ARTICLE V  
 Deferral Accounts 
 Section 5.1. Deferral Account. As of each date on
which a Nonemployee Director otherwise would be entitled to receive payment of an Annual Retainer from the Company, the Nonemployee Director’s Deferral Account under the Plan shall be credited with a number of Share Units determined by dividing
the amount of such Annual Retainer that has been deferred pursuant to Article IV by the Fair Market Value of a share of Common Stock as of such date. As of each date on which a Nonemployee Director otherwise would be entitled to receive shares of
Common Stock upon the vesting of a Restricted Stock Award, the Nonemployee Director’s Deferral Account under the Plan shall be credited with a number of Share Units equal to the number of shares of Common Stock that have been deferred pursuant
to Article IV. A Nonemployee Director shall be fully vested in all amounts credited to his or her Deferral Account. 

Section 5.2. Dividend Equivalents. Upon the payment of a dividend by the Company on issued and outstanding shares of Common
Stock, an amount equal to such per share dividend amount multiplied by the number of Share Units credited to each Nonemployee Director’s Deferral Account shall be credited to the Nonemployee Director’s Deferral Account within 10 days after
the dividend payment date and shall be deemed invested in additional Share Units as though such dividend credit was a Deferral for such year. 
 Section 5.3. Alternative Investment Funds. If shares of Common Stock shall at any time cease to be traded on an established stock exchange or national market system, the Committee, in its sole
discretion, may transfer the Fair Market Value of the Share Units accumulated in each Nonemployee Director’s Deferral Account to alternative investment funds maintained for the benefit of such Nonemployee Director, as the Committee deems
appropriate. 
 ARTICLE VI  
 Payment of Deferral Accounts 
 Section 6.1. Time and Method of
Payment. A Nonemployee Director shall make an election at the same time he or she files a Deferral Election for a Plan Year to have amounts credited to his or her Deferral Account with respect to such Deferrals for such Plan Year, including all
dividend equivalents pursuant to Section 5.2 and other earnings pursuant to Section 5.3, distributed: 
 (a) upon the
Nonemployee Director’s Separation Date; or 
 (b) upon the earlier to occur of (i) the Nonemployee Director’s
Separation Date; and (ii) the first day of any Plan Year which is at least three years after the first day of the Plan Year for which the Deferral Election is being made (the “Distribution Date”). 

Except as otherwise specifically provided herein, amounts credited to a Nonemployee Director’s Deferral Account with respect to each
Deferral, including all dividend equivalents pursuant to Section 5.2 and other earnings pursuant to Section 5.3, shall be paid to such Nonemployee Director in a single lump sum payment as soon as administratively practicable after the
Nonemployee Director’s Distribution Date with respect to such Deferral, but in no event later than 90 days thereafter. For the avoidance of doubt, if a Nonemployee Director elects a Distribution Date for one or more Deferrals other than his or
her Separation Date, and if the Nonemployee Director’s Separation Date occurs prior to such date(s) elected by the Nonemployee Director, the Distribution Date for all such Deferrals shall be the Nonemployee Director’s Separation Date.

  
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 Section 6.2. Change in Payment Election. If a Nonemployee Director elects a
Distribution Date for one or more Deferrals other than his or her Separation Date, such Nonemployee Director may elect in accordance with procedures prescribed by the Committee to change such Distribution Date; provided, that, subject to
Section 409A of the Code, such new election shall not be effective unless it (i) is received by the Company at least one year prior to the previously scheduled Distribution Date; (ii) does not take effect for 12 months after it is
received by the Company; and (iii) extends the Distribution Date by at least five years; and provided, further, that if the Nonemployee Director’s Separation Date occurs prior to the date elected by the Nonemployee Director,
the Distribution Date shall be the Nonemployee Director’s Separation Date. 
 Section 6.3. Form of Payment. To
the extent Restricted Stock Awards were deferred, a Nonemployee Director’s Deferral Account shall be paid to the Nonemployee Director in the form of whole shares of Common Stock equal to the number of whole shares of Common Stock originally
deferred. The remaining value of the Deferral Account, calculated as the Fair Market Value of the Share Units credited to the Deferral Account less the Fair Market Value of any whole shares of Common Stock delivered in accordance with the first
sentence of this Section, shall be paid in the form of cash. 
 Section 6.4. Unforeseeable Emergency. In the event
of an Unforeseeable Emergency, a Nonemployee Director may file a written request with the Committee to receive all or any portion of the vested balance of such Nonemployee Director’s Deferral Account in an immediate lump sum cash payment. A
Nonemployee Director’s written request for such a payment shall describe the circumstances which the Nonemployee Director believes justify the payment and an estimate of the amount necessary to eliminate the Unforeseeable Emergency. An
immediate payment to satisfy an Unforeseeable Emergency will be made only to the extent necessary to satisfy the emergency need, plus an amount necessary to pay any taxes reasonably anticipated as a result of such payment, and will not be made to
the extent the need is or may be relieved through reimbursement or compensation, by insurance or otherwise or by liquidation of the Nonemployee Director’s assets (to the extent such liquidation itself would not cause severe financial hardship).
Any payment from a Nonemployee Director’s Deferral Account on account of an Unforeseeable Emergency shall be deemed to cancel any Deferral Election of the Nonemployee Director then in effect and the Nonemployee Director shall be suspended from
making further Deferral Elections under the Plan for the remainder of the Plan Year in which such payment is made. 

Section 6.5. Distributions to Minor and Incompetent Persons. If a payment is to be made to a minor or to an individual who,
in the opinion of the Committee, is unable to manage his or her financial affairs by reason of illness or mental incompetency, such distribution may be made to or for the benefit of any such individual in such of the following ways as the Committee
shall direct: (a) directly to any such minor individual if, in the opinion of the Committee, he or she is able to manage his or her financial affairs, (b) to the legal representative of any such individual, (c) to a custodian under a
Uniform Gifts to Minors Act for any such minor individual or (d) to some near relative of any such individual to be used for the latter’s benefit. Neither the Committee nor the Company shall be required to see to the application by any
third party of any payment made to or for the benefit of a Nonemployee Director or beneficiary pursuant to this Section. 

  
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 ARTICLE VII  
 Payment Upon Death of a Nonemployee Director 
 Section 7.1. Payment to
Beneficiary. In the event a Nonemployee Director dies before all amounts credited to his or her Deferral Account have been paid, payment of the Nonemployee Director’s Deferral Account shall be made in a lump sum payment as soon as
practicable, but not later than 90 days, after the date of such death. 
 Section 7.2. Designation of Beneficiary.
Each Nonemployee Director may file with the Company a written designation of one or more persons as such Nonemployee Director’s beneficiary or beneficiaries (both primary and contingent) in the event of the Nonemployee Director’s death.
Each beneficiary designation shall become effective only when filed in writing with the Company during the Nonemployee Director’s lifetime on a form prescribed by the Company. The filing with the Company of a new beneficiary designation shall
cancel all previously filed beneficiary designations. If a Nonemployee Director fails to designate a beneficiary, or if all designated beneficiaries of a Nonemployee Director predecease the Nonemployee Director, then the Deferral Account shall be
paid to the Nonemployee Director’s estate. 
 ARTICLE VIII  

Funding 

Benefits payable under the Plan to any Nonemployee Director shall be paid by the Company. The Company shall not be required to fund, or
otherwise segregate assets to be used for payment of benefits under the Plan. Notwithstanding the foregoing, the Company, in the discretion of the Committee, may maintain one or more grantor trusts (each, a “Trust”) to hold assets
to be used for payment of benefits under the Plan. The assets of the Trust shall remain the assets of the Company subject to the claims of its general creditors. Any payments by a Trust of benefits provided to a Nonemployee Director under the Plan
shall be considered payment by the Company and shall discharge the Company of any further liability under the Plan for such payments. 
 ARTICLE IX  
 General 

Section 9.1. Effective Date; Termination. This Plan shall be effective as of the Effective Date. The Committee may terminate
this Plan at any time. Termination of this Plan shall not affect the payment of any amounts credited to a Nonemployee Director’s Deferral Account; provided, that the Board may, in its discretion, terminate the Plan and accelerate the
payment of all Deferral Accounts: 
 (a) within 12 months of a corporate dissolution taxed under Section 331 of the Code,
or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the payments with respect to each such Deferral Account are included in the Nonemployee Director’s gross income in the later of (i) the
calendar year in which the Plan termination occurs or (ii) the first calendar year in which the payments are administratively practicable; 

  
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 (b) in connection with a “change in control event,” as defined in, and to the
extent permitted under, Treasury regulations promulgated under Section 409A of the Code; or 
 (c) upon any other
termination event permitted under Section 409A of the Code. 
 Section 9.2. Amendments. The Committee may amend
this Plan as it shall deem advisable. No amendment may impair the rights of a Nonemployee Director to payment of his or her Deferral Account without the consent of such Nonemployee Director. 

Section 9.3. Nontransferability of Benefits. No benefit payable at any time under the Plan shall be subject in any manner to
alienation, sale, transfer, assignment, pledge, attachment, or other legal process, or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such benefits, whether currently or thereafter payable,
shall be void. No person shall, in any manner, be liable for or subject to the debts or liabilities of any person entitled to such benefits. If any person shall attempt to, or shall alienate, sell, transfer, assign, pledge or otherwise encumber his
benefits under the Plan, or if by any reason of his bankruptcy or other event happening at any time, such benefits would devolve upon any other person or would not be enjoyed by the person entitled thereto under the Plan, then the Committee, in its
discretion, may terminate the interest in any such benefits of the person entitled thereto under the Plan and hold or apply them for or to the benefit of such person entitled thereto under the Plan or his spouse, children or other dependents, or any
of them, in such manner as the Committee may deem proper. 
 Section 9.4. Adjustment. In the event of any stock
split, stock dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than a
regular cash dividend, the number of Share Units credited to each Deferral Account under the Plan shall be appropriately adjusted by the Committee. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive.

 Section 9.5. Forfeitures and Unclaimed Amounts. Unclaimed amounts shall consist of the amounts of the Deferral
Account of a Nonemployee Director that are not distributed because of the Company’s inability, after a reasonable search, to locate a Nonemployee Director or his or her beneficiary, as applicable, within a period of two (2) years after the
distribution date upon which the payment of any benefits becomes due. Unclaimed amounts shall be forfeited at the end of such two-year period. These forfeitures will reduce the obligations of the Company under the Plan and the Nonemployee Director
or beneficiary, as applicable, shall have no further right to his or her Deferral Account. 

  
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 Section 9.6. 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. The Committee shall have the discretion and authority to amend the Plan at any time to satisfy any requirements of Section 409A of
the Code or guidance provided by the U.S. Treasury Department to the extent applicable to the Plan. Notwithstanding any other provision in this Plan, if as of a Nonemployee Director’s Separation Date the Nonemployee Director is a
“specified employee,” as defined in Section 409A of the Code, then to the extent any amount under this Plan is payable upon such Separation Date, such payment shall be delayed until the earlier to occur of (i) the six-month
anniversary of such Separation Date or (ii) the date of such Nonemployee Director’s death. 
 Section 9.7.
Governing Law. This Plan and all determinations made and actions taken pursuant thereto 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.

  
 8Deferred Equity Participation Plan

 Exhibit 10.16 
 ARTHUR J. GALLAGHER & CO. 
 DEFERRED EQUITY PARTICIPATION PLAN

 (as amended and restated) 
 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
shares of the Company’s common stock, par value $1.00 per share (“Common Stock”) are contributed to the Plan, such shares of Common Stock will be deemed to have been distributed under the Arthur J. Gallagher & Co. 2009
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. 
 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. Between March 15 and June 15 of each calendar 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 (the “Code”), 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”). 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 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 Participant shall become
vested in his or her Account upon the earliest to occur of: 
 (a) the date upon which the Participant attains age 62;

 (b) the date of the Participant’s death; 

  
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 (c) the date of a termination of the Participant’s employment by the Company because of
Disability, as defined below; 
 (d) 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 
 (e) the date upon which the Company undergoes a Change in Control, as defined below; 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 (the “Vesting Date”). 

For purposes of the Plan, “Disability” shall mean the termination of the Participant’s employment relationship
at a time when the Participant is disabled and qualifies to receive benefits under the Company’s long-term disability plan, and “Change in Control” shall have the meaning ascribed to it in the LTIP. 

Section 4. Distributions. 
 (a) Form of Payment. The Participant may elect to receive a distribution of his or her Account 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(a)(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(a)(ii) or Section 4(a)(iii): the first such 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. 
 (b)
Initial Distribution Election. 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 Distribution Date pursuant to Section 4(c) and a form of payment pursuant to Section 4(a). Any Participant who fails to make such
elections within such period 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 of the Code (a “Separation
from Service”), with the Company. 

  
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 (c) Distribution Date. The amount allocated to a Participant’s Account under the
Plan shall be distributed or commence to be distributed in the form elected by the Participant pursuant to Section 4(a) 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(c) 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 next following permissible Distribution Date. 

(B) If the Participant becomes vested in his or her Account under Section 3(d) 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 next
following permissible Distribution Date. 
 (C) If the Participant becomes vested in his or her Account due to a Change in
Control of the Company under Section 3(e), then no payment shall be made unless such Change in Control constitutes a “change in the ownership of the corporation,” “a change in effective control of the corporation,” or
“a change in the ownership of a substantial portion of the assets of the corporation” within the meaning of Section 409A of the Code (collectively, a “Section 409A Change in Control”). In the event that such Change in
Control does not constitute a Section 409A Change in Control, then the Participant’s Account shall still fully vest upon such Change in Control, but shall not be payable until the next following permissible Distribution Date. 

(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. 

  
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 (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 of the Code; 
 (iv) a Participant who elects “Vesting Date” as his or her Distribution Date under Section 4(a) shall only be permitted to make a subsequent election as to the form of payment pursuant to
Section 4(a); 
 (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(c)(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(c)(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)
Allocations following Distribution Date. If the Participant receives an allocation to his or her Account at any time after his or her Distribution Date, such allocation shall not be contributed to the Plan, and shall instead be paid in a
lump-sum cash payment as of the date on which such allocation is awarded, but in any case no later than the March 15 immediately following the year during which such allocation is awarded. 

(g) 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 and all other distributions under the Plan shall be paid in cash. 

  
 5 

 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. 

  
 6 

 (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 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 set-off the full amount owed,
calculated as set forth above, the Participant agrees to pay immediately the unpaid balance to the Company. 

Section 7. 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 of the Code, 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 of the Code. 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 Section 409A Change in Control of the Company,
the Plan may be terminated and liquidated pursuant to irrevocable action taken during the period commencing thirty (30) days before and ending twelve (12) months after the Section 409A 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 Section 409A Change in Control; and
(B) all amounts payable under such single plan for such participants are paid within 12 months after the irrevocable action is taken. 

  
 7 

 (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 twelve (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 twelve (12) months of the termination of the arrangements; (D) all payments are made within twenty-four (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 (3) 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. 

  
 8 

 This Section 8 shall be construed and administered in a manner consistent with
Section 409A of the Code and Treasury Regulation 1.409A-3(j)(4)(ix) 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 of the Code, 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 of the Code, and the Plan shall be
interpreted accordingly; provided, however, that the Company shall not be responsible for any such interest and tax penalties. To the extent permissible under Section 409A of the Code, the timing of the payments or benefits
hereunder may be modified to so comply with Section 409A of the Code. 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 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. 

  
 9 

 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.

  
 10 

 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. 

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 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
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.

  
 11 

 Pursuant to the power of amendment contained in Section 8 of the Arthur J.
Gallagher & Co. Deferred Equity Participation Plan (the “Plan”), the Plan is hereby amended and restated in its entirety as set forth above, as of December 22, 2010. 

 

	
	J. PATRICK GALLAGHER, JR.
	
	 /s/ J. Patrick Gallagher, Jr.

	Chief Executive Officer
	Arthur J. Gallagher & Co.

  
 12

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