Document:

Supplemental Savings and Thrift Plan

 Exhibit 10.15 
 ARTHUR J. GALLAGHER & CO. 
 SUPPLEMENTAL SAVINGS and
THRIFT PLAN 
 As Amended and Restated Effective January 1, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	 	 	 Page

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

					
	        2.21.	  	“Performance Deferral”	 	3
			
	        2.22.	  	“Plan”	 	3
			
	        2.23.	  	“Plan Administrator”	 	3
			
	        2.24.	  	“Plan Year”	 	3
			
	        2.25.	  	“Qualified Plan”	 	3
			
	        2.26.	  	“Retirement”	 	3
			
	        2.27.	  	“Scheduled Distribution Account”	 	4
			
	        2.28.	  	“Separation from Service”	 	4
			
	        2.29.	  	“Separation from Service Account”	 	4
			
	        2.30.	  	“Unforeseeable Emergency”	 	4
		
	ARTICLE 3 PARTICIPATION	 	4
			
	        3.1.	  	Commencement of Participation	 	4
			
	        3.2.	  	Continued Participation	 	4
		
	ARTICLE 4 ELECTIVE, MATCHING AND PERFORMANCE DEFERRALS	 	4
			
	        4.1.	  	Elective Deferrals	 	4
			
	        4.2.	  	Matching Deferrals	 	6
			
	        4.3.	  	Performance Deferrals	 	7
		
	ARTICLE 5 ACCOUNTS	 	7
			
	        5.1.	  	Accounts	 	7
			
	        5.2.	  	Investments	 	8
		
	ARTICLE 6 VESTING	 	8
			
	        6.1.	  	General	 	8
			
	        6.2.	  	Change of Control	 	9
			
	        6.3.	  	Retirement, Death or Disability	 	9
			
	        6.4.	  	Insolvency	 	9

  

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	ARTICLE 7 PAYMENTS	 	9
			
	        7.1.	  	Election as to Time and Form of Payment	 	9
			
	        7.2.	  	Termination of Employment	 	11
			
	        7.3.	  	Death	 	11
			
	        7.4.	  	Withdrawal Due to Unforeseeable Emergency	 	11
			
	        7.5.	  	Restrictive Covenants; Clawback	 	11
			
	        7.6.	  	Taxes	 	13
		
	ARTICLE 8 PLAN ADMINISTRATOR	 	13
			
	        8.1.	  	Plan Administration and Interpretation	 	13
			
	        8.2.	  	Powers, Duties, Procedures, Etc.	 	13
			
	        8.3.	  	Information	 	13
			
	        8.4.	  	Indemnification of Plan Administrator	 	13
		
	ARTICLE 9 AMENDMENT AND TERMINATION	 	14
			
	        9.1.	  	Amendments	 	14
			
	        9.2.	  	Termination of Plan	 	14
			
	        9.3.	  	Existing Rights	 	14
		
	ARTICLE 10 MISCELLANEOUS	 	14
			
	        10.1.	  	No Funding	 	14
			
	        10.2.	  	Non-assignability	 	15
			
	        10.3.	  	Limitation of Participant’s Rights	 	15
			
	        10.4.	  	Participants Bound	 	15
			
	        10.5.	  	Receipt and Release	 	15
			
	        10.6.	  	Compliance With Section 409A of Code	 	15
			
	        10.7.	  	Governing Law	 	15
			
	        10.8.	  	Headings and Subheadings	 	16

  

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 ARTICLE 1 
 Introduction 
 1.1. Purpose of Plan 
 The Company has adopted the Plan to provide a means by which certain employees may elect to defer receipt of portions of their compensation and to
provide opportunities for such individuals to save for retirement on the terms and conditions set forth herein. 
 1.2. Status of Plan

 The Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, and is further intended to comply with the requirements of Section 409A of the Code.
The Plan shall be interpreted and administered consistently with such intent. The Plan was initially effective January 1, 1999, and is amended and restated, as set forth herein, effective January 1, 2008. 
 ARTICLE 2 
 Definitions 
 Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context: 

2.1. “Accounts” mean, for each Participant, the Separation from Service Account and Scheduled Distribution Accounts established for his or
her benefit under Section 5.1. 
 2.2. “Board” means the Board of Directors of Gallagher. 
 2.3. “Cause” means a Participant’s gross misconduct or a willful and material breach by a Participant of any agreement between an Employer
and the Participant; provided that no act or failure to act on the Participant’s part shall be deemed “willful” unless done, or omitted to be done, by the Participant not in good faith and without a reasonable belief that the action
or omission was in the best interest of the Employer. 
 2.4. “Change of Control” means: (i) any person or group, as defined
in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended, is or becomes the beneficial owner, directly or indirectly of securities of Gallagher representing fifty percent (50%) or more of the combined voting power of
Gallagher’s outstanding securities then entitled to vote for the election of directors; or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of Gallagher (the
“Board”) and any new directors whose election by the Board or nomination for election by Gallagher’s stockholders was approved by at least two-thirds of the directors then still in office who either were directors at the beginning of
the period or whose election was previously so approved cease for any reason to constitute at least a majority thereof; or (iii) the stockholders of Gallagher shall approve the sale of all or substantially all of the assets of Gallagher or any
merger, consolidation, issuance of securities or purchase of assets, the result of which would be the occurrence of any event described in clause (i) or (ii) above. 

 2.5. “Code” means the Internal Revenue Code of 1986, as amended from time to time. Reference to
any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 
 2.6. “Company” means Arthur J. Gallagher & Co. (Illinois), an Illinois corporation, and any successor to all or a substantial portion
of its assets or business that assumes the obligations of the Company (with the consent of the Company if it is still in existence). 
 2.7.
“Compensation” shall have the meaning set forth in the Qualified Plan (i) increased by the amount of any Elective Deferrals under this Plan; and (ii) determined without regard to the limit applicable to the Qualified Plan under
Section 401(a)(17) of the Code. 
 2.8. “Effective Date” means January 1, 1999. 
 2.9. “Elective Deferral” means the portion of Compensation which is deferred by a Participant under Section 4.1. 
 2.10. “Eligible Employee,” with respect to a Plan Year, means an employee of an Employer if (i) the employee has completed sixty
(60) days of employment with an Employer prior to the first day of such Plan Year and (ii) either (A) the Company determines, in its sole discretion, that the employee has received or is expected to receive Compensation in the
calendar year ending prior to the first day of such Plan Year in an amount equal to or greater than the dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (B) the Company, determines, in its sole discretion,
and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. In addition to the foregoing, an employee who is hired by an Employer after the first day of a Plan Year shall
be an “Eligible Employee” with respect to such Plan Year if (1) the employee has completed sixty (60) days of employment with such Employer after such date of hire and (2) either (x) the Company determines, in its sole
discretion, that the employee is expected to receive annualized Compensation in such Plan Year in an amount equal to or greater than the annual dollar amount in effect for such Plan Year under Section 401(a)(17) of the Code or (y) the
Company, determines, in its sole discretion, and specifies in a written notice to the employee that such employee is otherwise eligible to participate in the Plan for such Plan Year. If an Eligible Employee’s actual Compensation is less than
the applicable dollar amount prescribed by Section 401(a)(17) of the Code for two consecutive Plan Years, such Eligible Employee will be suspended from making any additional Elective Deferrals under the Plan for each subsequent Plan Year, until
the open enrollment period following the Plan Year in which such Eligible Employee’s Compensation is not less than the applicable dollar amount. 
 2.11. “Employer” means the Company and each other entity that is affiliated with the Company and adopts the Plan with the Company’s consent. 
 2.12. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to any section or subsection
of ERISA includes reference to any comparable or succeeding provisions of any legislation that amends, supplements or replaces such section or subsection. 
  

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 2.13. “Funding Trust” means the grantor trust established by the Company to hold assets
contributed under the Plan. 
 2.14. “Funding Trustee” means the trustee or trustees under the Funding Trust. 
 2.15. “Gallagher” means Arthur J. Gallagher & Co., a Delaware corporation, and any successor to all or a substantial portion of
Gallagher’s assets or business that assumes the obligations of Gallagher (with Gallagher’s consent if it is still in existence). 
 2.16. “Hour of Service” means an Hour of Service as calculated for purposes of the Qualified Plan. 
 2.17.
“Insolvent” means either (i) an Employer is unable to pay its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
 2.18. “LTIC Program” means a long-term incentive compensation program maintained by Gallagher or the Company. 
 2.19. “Matching Deferral” means a contribution by an Employer for the benefit of a Participant who is an Eligible Employee, as described in
Section 4.2. 
 2.20. “Participant” means any individual who participates in the Plan in accordance with Article 3.

 2.21. “Performance Deferral” means a discretionary contribution by an Employer for the benefit of a Participant who is an
Eligible Employee, as described in Section 4.3. 
 2.22. “Plan” means the Arthur J. Gallagher & Co. Supplemental
Savings and Thrift Plan as provided herein and as amended from time to time. 
 2.23. “Plan Administrator” means the person,
persons or entity designated by the Company to administer the Plan. If no such person or entity is so serving at any time, the Company shall be the Plan Administrator. 
 2.24. “Plan Year” means the 12-month period ending on December 31. 
 2.25. “Qualified
Plan” means the Arthur J. Gallagher & Co. Employees’ 401(k) Savings and Thrift Plan, or any successor thereto. 
 2.26.
“Retirement” means the retirement of a Participant from employment with an Employer on or after his or her 65th birthday, or as otherwise determined by the Company in its sole discretion, and excluding terminations for Cause and
terminations under such other circumstances as shall be specified by the Participant’s Employer. 
  

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 2.27. “Scheduled Distribution Account” means a Scheduled Distribution Account established by a
Participant pursuant to Section 5.1. 
 2.28. “Separation from Service” shall have the meaning set forth in Treasury
regulations promulgated under Section 409A of the Code. 
 2.29. “Separation from Service Account” means the Separation from
Service Account established on behalf of a Participant pursuant to Section 5.1. 
 2.30. “Unforeseeable Emergency “means a
severe financial hardship of a Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent (as defined in Section 152(a) of the Code), a loss of the Participant’s property due to
casualty (including the need to rebuild a home following damage not otherwise covered by insurance), or any other similar extraordinary and unforeseeable circumstance arising as a result of events beyond the control of the Participant, all within
the meaning of Section 409A of the Code. 
 ARTICLE 3 
 Participation 
 3.1. Commencement of Participation 
 An Eligible Employee shall become a Participant in the Plan as of the date on which he or she begins to defer compensation in accordance with
Section 4.1 or on the date determined by the Plan Administrator with respect to a Matching Deferral under Section 4.2 or a Performance Deferral under Section 4.3. 
 3.2. Continued Participation 
 A Participant
in the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account. 
 ARTICLE 4 

Elective, Matching and Performance Deferrals 
 4.1. Elective Deferrals 
 (a) Base Salary. An Eligible Employee may elect to defer a percentage or dollar amount of his or her base
salary. An Eligible Employee who desires to elect a deferral described in this Section 4.1(a) shall complete and submit to the Plan Administrator a deferral election which shall designate either (A) the percentage of each payment to be
deferred in one percent (1%) increments to a maximum of ninety percent (90%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to this Section 4.1(a) to defer base salary earned in a Plan Year must
be made prior to the first day of such Plan Year; provided that an individual who first becomes an Eligible Employee following the commencement of a Plan Year and who does not at that time participate in any other deferred compensation plan that is
aggregated with the Plan under Section 409A of the Code may submit a deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with 

  

 4 

 
respect to compensation earned after the date of such election. An election to defer a percentage or dollar amount of base salary for any Plan Year shall
apply for subsequent Plan Years unless changed or revoked by the Participant by submitting a new deferral election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year. 
 (b) Annual Bonuses and Commissions. An Eligible Employee may elect to defer a percentage or dollar amount of his or her annual bonus or commissioned
earnings, to the extent payable to the Eligible Employee in cash. An Eligible Employee who desires to elect a deferral described in this Section 4.1(b) shall complete and submit to the Plan Administrator a deferral election which shall
designate either (A) the percentage of each payment to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%) or (B) the whole dollar amount of each payment to be deferred. Elections pursuant to
this Section 4.1(b) to defer an annual bonus or commissioned earnings earned in a Plan Year must be made prior to the first day of such Plan Year; provided that (i) an election to defer an annual bonus that is considered performance-based
compensation within the meaning of Section 409A of the Code may be made as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period and (ii) to the extent the
election period described in clause (i) is not available, an individual who first becomes an Eligible Employee following the commencement of a Plan Year and who does not at that time participate in any other deferred compensation plan that is
aggregated with the Plan under Section 409A of the Code may submit a deferral election within 30 days after the date such individual becomes an Eligible Employee, and such election shall be effective with respect to the portion of the annual
bonus or commission earned after the date of such election. An election to defer a percentage or dollar amount of an annual bonus or commission for any Plan Year shall apply for subsequent Plan Years unless changed or revoked by the Participant by
submitting a new election with the Plan Administrator on or before the date on which elections are due with respect to such Plan Year. The annual bonuses that are subject to a bonus deferral election under this Section 4.1(b) shall include all
annual, production and performance-based bonuses, but not other types of bonuses, such as sign-on, retention and educational bonuses. 
 (c)
Restricted Stock Awards. An Eligible Employee who has been granted (or is to be granted) a restricted stock unit award with respect to the common stock of Gallagher (“Gallagher Common Stock”) as part of, or in lieu, of an annual bonus
award or an award under an LTIC Program, may elect to defer the receipt of the shares of Gallagher Common Stock issuable upon the vesting of such award (a “Share Deferral”). An Eligible Employee who desires to elect a Share Deferral shall
complete and submit to the Plan Administrator a deferral election which shall designate the percentage of the award to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%). Share Deferral elections must be made
on or prior to the date determined by the Plan Administrator that is not later than 30 days after the date on which the applicable restricted stock unit award is granted or 12 months prior to the date on which such award is first scheduled to vest.
In his or her Share Deferral election, a Participant may elect whether restricted stock units, upon vesting, shall remain credited to the Participant’s Account as units representing shares of Gallagher Common Stock or whether such restricted
stock units shall be converted to other investment options available under the Plan; provided, however, that the Plan Administrator in its sole discretion may restrict the conversion of any Account from or into units representing Gallagher Common
Stock. A Participant’s Account shall be credited with dividend equivalents pursuant to Section 5.2. 
  

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 (d) Long-Term Incentive Compensation Program—Cash Awards. An Eligible Employee who has been granted
(or is to be granted) a cash-based award under an LTIC Program may elect to defer the receipt of the amount payable pursuant to such award by completing and submitting to the Plan Administrator a deferral election which shall designate either
(A) the percentage of the award to be deferred in one percent (1%) increments to a maximum of one hundred percent (100%) or (B) a percentage of the award to be deferred in one percent (1%) increments, but only to the extent
the award exceeds a specified dollar amount. Such deferral elections must be made on or prior to the date determined by the Plan Administrator that is not later than 30 days after the date on which the applicable award is granted or 12 months prior
to the date on which such award is first scheduled to vest; provided that an election to defer an award that is considered performance-based compensation within the meaning of Section 409A of the Code may be made as of a date specified by the
Plan Administrator that is at least six months prior to the last day of the applicable performance period. An election to defer a percentage or dollar amount of an award under this Section 4.1(d) for any Plan Year shall apply only to the award
for which such election is made and shall not apply to subsequent awards. 
 (e) Suspension of Deferrals. Any election pursuant to this
Section 4.1 shall be irrevocable from and after the deadline for such election provided that a deferral election may be terminated, or the amount of the deferral may be reduced, after such deadline in the event of (and consistent with) an
Unforeseeable Emergency, as determined by the Plan Administrator. 
 4.2. Matching Deferrals 
 (a) Not later than the date required by law for matching contributions under the Qualified Plan (or any later date as of which the need for a
contribution hereunder is determined), each Employer shall credit a Matching Deferral to the Account of each Eligible Employee who is employed by such Employer on the last day of the Plan Year or who terminated employment during such Plan Year by
reason of death, total and permanent disability (as determined by the Plan Administrator), Retirement, or for any reason other than Cause during the 12-month period immediately following a Change of Control, to the extent described in
Section 4.2(b). 
 (b) For each Plan Year beginning on or after January 1, 2006, the Matching Deferral for each Eligible Employee
shall be equal to the excess of (i) 100% of his or her Elective Deferrals under Sections 4.1(a) and 4.1(b) of the Plan for such Plan Year but taking into account only Elective Deferrals which in the aggregate do not exceed 5% of such Eligible
Employee’s Compensation for such Plan Year, minus (ii) the maximum amount of matching contributions the Eligible Employee could have received under the Qualified Plan for such Plan Year if he or she had elected to defer the maximum amount
permitted under such plan for the full Plan Year; provided, however, that in no event shall such Matching Deferral exceed 100% of the amount of such Eligible Employee’s Elective Deferrals under Sections 4.1(a) and 4.1(b) of the Plan for such
Plan Year. 
  

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 4.3. Performance Deferrals 
 Any Eligible Employee may also receive a Performance Deferral in an amount to be determined by the Employer in its sole discretion. All determinations by the Employer with regard to the amount or timing of or the
eligibility for a Performance Deferral shall be final. 
 ARTICLE 5 
 Accounts 
 5.1. Accounts 
 (a) The Plan Administrator shall establish deferral Accounts for each Participant reflecting the Elective Deferrals, Matching Deferrals and Performance
Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Accounts. Upon the commencement of an Eligible Employee’s participation in the Plan or, if later, January 1,
2008, the Plan Administrator shall establish for the benefit of such Participant a Separation from Service Account, which in accordance with Section 7.1 shall be distributed following the Participant’s Separation from Service. In addition,
at the time a Participant submits an Elective Deferral election pursuant to Section 4.1 with respect to any Plan Year, the Participant may in his or her discretion establish a Scheduled Distribution Account to which such Elective Deferrals
shall be credited and which, in accordance with Section 7.1, shall be distributed in the calendar year designated by the Participant at the time such Scheduled Distribution Account is established. No more than three Scheduled Distribution
Accounts shall be maintained on behalf of a Participant at any time; provided that as of the first day of the Plan Year in which the distribution of a Scheduled Distribution Account is scheduled to begin, no further Elective Deferrals shall be
credited to such Account and such Account shall be disregarded for purposes of the limit on the number of Scheduled Distribution Accounts that may be maintained at any time. 
 (b) At the time a Participant submits an Elective Deferral election with respect to a Plan Year, such Participant shall elect that such Elective
Deferrals be credited to such Participant’s Separation from Service Account, a Scheduled Distribution Account previously established by such Participant, a new Scheduled Distribution Date at that time established by such Participant, or a
combination of such Accounts. If a Participant fails to elect the Account to which any portion of his or her Elective Deferrals shall be credited, such Elective Deferrals shall be credited to the Participant’s Separation from Service Account.

 (c) All Matching Deferrals credited to the Account of a Participant pursuant to Section 4.2 shall be credited to such
Participant’s Separation from Service Account. 
 (d) At the time an Employer credits a Performance Deferral to a Participant’s
Account, the Employer shall specify whether the Performance Deferral shall be credited to such Participant’s Separation from Service Account, a Scheduled Distribution Account previously established by the Participant or the Employer, a new
Scheduled Distribution Account at that time established by the Employer, or a combination of such Accounts. Alternatively, the Employer may permit Participants to elect the Account to which such Performance Deferrals shall be credited, provided that
such election is made (i) not later than 30 days after the date on which 

  

 7 

 
such Performance Deferral is awarded or 12 months prior to the date on which such award is first scheduled to vest or (ii) with respect to a Performance
Deferral that is considered performance-based compensation within the meaning of Section 409A of the Code, as of a date specified by the Plan Administrator that is at least six months prior to the last day of the applicable performance period.

 (e) Elective Deferrals shall be credited to the Account of a Participant as soon as administratively practicable after the Elective
Deferrals are withheld from the Participant’s Compensation. Matching Deferrals and Performance Deferrals shall be credited to the Account of a Participant as of the later of the date related trust contributions are received by the Funding
Trustee or the date the Funding Trustee receives from the Plan Administrator such instructions as the Funding Trustee may reasonably require to allocate the amount received among the asset accounts maintained by the Funding Trustee. The Plan
Administrator shall make available to each Participant periodic statements of his or her Account reflecting the income, gain and loss, amounts of deferrals, and payments from such Account. 
 5.2. Investments 
 (a) The assets of the
Funding Trust shall be invested in such investments as are designated by the Plan Administrator. The Plan Administrator shall provide each Participant with the opportunity to indicate how each of his or her Accounts is apportioned to the investments
designated by the Plan Administrator in one percent (1%) increments. A Participant’s preference shall not be binding on the Funding Trustee or Plan Administrator. The Plan Administrator has the authority to direct the investment of all the
assets held in the Funding Trust and the Funding Trustee shall invest such assets among the investments designated by the Plan Administrator as it deems appropriate. 
 (b) Each investment fund’s operating expenses will be netted against such investment fund’s return for purposes of measuring the earnings and losses credited to each Participant’s Account. Other Plan
legal, trustee and administrative expenses will be paid by the Employers. 
 (c) To the extent a Participant’s Account is credited with
units representing shares of Gallagher Common Stock, each such unit shall have a value equal to the fair market value of a share of Common Stock. Upon the payment of a dividend by Gallagher on issued and outstanding shares of Common Stock, an amount
equal to such per share dividend amount multiplied by the number of share units credited to each Participant’s Account shall be credited to the Account within 10 days after the dividend payment date and shall be deemed invested in an investment
fund designated by the Plan Administrator for this purpose. 
 ARTICLE 6 
 Vesting 
 6.1. General 
 A Participant shall at all times have a fully vested and nonforfeitable right to all Elective Deferrals and Matching Deferrals credited to his or her
Account, adjusted for income, gain and loss attributable thereto. Subject to earlier vesting as provided in 

  

 8 

 
Sections 6.2, 6.3 and 6.4, a Participant shall be or become vested in the portion of his or her Account attributable to Performance Deferrals, adjusted for
income, gain and loss attributable thereto, as determined by the Employer at the time the Performance Deferral is made. If the vesting or vested percentage is based on the Participant’s “Years of Service,” the Participant shall
receive credit for a Year of Service for each Plan Year (including Plan Years before the date as of which the Performance Deferral is made and the Effective Date only to the extent determined by the Employer) during which he or she completed at
least 1,000 of Hours of Service. 
 6.2. Change of Control 
 Any unvested portion of a Participant’s Account shall become fully vested upon a Change of Control. 
 6.3. Retirement, Death or Disability 
 Any unvested portion of a Participant’s Account shall become fully vested upon a
termination of such Participant’s employment by reason of the Participant’s Retirement, death or total and permanent disability (as determined by the Plan Administrator). 
 6.4. Insolvency 
 Any unvested portion of a
Participant’s Account shall become fully vested immediately prior to the Employer’s becoming Insolvent, in which case the Participant will have the same rights as a general creditor of the Employer with respect to his or her Account
balance. 
 ARTICLE 7 
 Payments 
 7.1. Election as to Time and Form of Payment 
 (a) In the deferral election submitted by an Eligible Employee for the first Plan Year in which such Eligible Employee participates in the Plan (or as
otherwise permitted in accordance with Section 7.1(c)), the Eligible Employee shall elect the form in which amounts credited to such Eligible Employee’s Separation from Service Account are to be distributed, which may be a single lump sum
payment or annual installments over a period of not less than two and not more than 10 years. In addition, in the deferral election submitted by a Participant for each Plan Year in which such Participant makes Elective Deferrals under the Plan, the
Participant shall elect that such Elective Deferrals be credited to the Participant’s Separation from Service Account, a Scheduled Distribution Account previously established by such Participant, a new Scheduled Distribution Account at that
time established by such Participant, or any combination of such Accounts. At the time a Participant establishes a new Scheduled Distribution Account, the Participant shall elect (i) the year in which such Scheduled Distribution Account is to
be payable, which must be more than two years after the end of the Plan Year during which Elective Deferrals are first credited to such Account and not later than the year in which the Participant will attain age 70 and (ii) the form in which
the amounts credited to such Account are to be distributed, which may be a single lump sum payment or annual installments over a period of not less than two years and not more than 10 years. If a Participant fails to elect the form in which any
Account is to be distributed, such Account shall be distributed in a single lump sum payment. 
  

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 (b) A Participant who is actively employed by an Employer may change the time at which and/or the form in
which any of the Participant’s Accounts is to be distributed or commence to be distributed by submitting a new election to the Plan Administrator; provided that (i) such new election is submitted at least one year prior to the date on
which such Account was previously scheduled to be distributed or commence to be distributed, (ii) such new election shall not take effect for 12 months after it is submitted to the Plan Administrator and (iii) the distribution subject to
such new election is scheduled to be made or commence at least five years later than the date on which such distribution was previously scheduled to have been made or commence and not later than the year in which the Participant will attain age 70.

 (c) In accordance with the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in IRS Notices 2006-79 and 2007-86,
which permits the time and form of payment of deferred compensation and short-term deferrals, within the meaning of Section 409A, to be changed pursuant to an election made prior to January 1, 2009, each Participant may change the time or
form of payment of any Account or of any short-term deferral that is deferred under the Plan by making an election on or before December 31, 2008 in accordance with procedures established by the Plan Administrator, provided that (i) no
such change made in 2007 shall cause any amount to be distributed in 2007 or shall apply to any amount that otherwise would be distributable in 2007 and (ii) no such change made in 2008 shall cause any amount to be distributed in 2008 or shall
apply to any amount that otherwise would be distributable in 2008. 
 (d) Each
Participant’s Separation from Service Account shall be distributed or commence to be distributed on the six-month anniversary of such Participant’s Separation from Service. Each Participant’s Scheduled Distribution Account shall be
distributed or commence to be distributed on July 1st of the year of distribution designated by the Participant at the time such Scheduled
Distribution Account is established, or at such later date designated pursuant to Section 7.1(b). Each such account shall be distributed in the form elected by the Participant pursuant to Section 7.1(a), (b) or (c), with annual
installments distributed on July 1st of each year; provided, however, that if the value of such account is $25,000 or less at the time that
distribution of such account is scheduled to commence in the form of installments, then such account instead shall be paid in the form of a single lump sum payment. If a Participant’s Separation from Service Account is payable in installments,
the first installment shall be paid on the six-month anniversary of the Participant’s Separation from Service, and each subsequent installment shall be paid on July 1st of each year in the installment period, beginning with the July 1st next following the date of such first
installment. 
 (e) Amounts credited to a Participant’s Account in the form of deferred shares of Gallagher Common Stock shall be
distributed in shares of Gallagher Common Stock. All other Distributions from a Participant’s Account shall be in cash. 
  

 10 

 7.2. Termination of Employment. 
 Upon the termination of a Participant’s employment, the unvested portion of the Participant’s Account (excluding any portion that becomes
vested pursuant to Section 6.2, 6.3 or 6.4) shall be forfeited and any related amounts held in the Funding Trust shall be used to satisfy the Employer’s obligation to make contributions to the Funding Trust under the Plan. 
 7.3. Death. 
 (a) If a Participant dies
prior to the complete distribution of his or her Accounts, the balance of each such Account shall be paid to the Participant’s beneficiary or beneficiaries, designated in accordance with Section 7.3(b), in a single lump sum payment within
60 days following the date of the Participant’s death. 
 (b) A Participant may designate a beneficiary at any time before the
Participant’s death, in the manner prescribed by the Plan Administrator for that purpose. Subject to the last sentence hereof, a Participant may revoke any beneficiary designation or designate a new beneficiary at any time without the consent
of a beneficiary or any other person. If no beneficiary is designated or no designated beneficiary survives the Participant, payment shall be made to the Participant’s surviving spouse, or, if none, to the Participant’s issue per stirpes,
in a single payment. If no spouse or issue survives the Participant, payment shall be made in a single lump sum to the Participant’s estate. If a Participant is married, any designation of a beneficiary other than such Participant’s spouse
shall be effective only if the Participant’s spouse consents to such designation in writing. 
 7.4. Withdrawal Due to Unforeseeable
Emergency. 
 If a Participant requests an immediate payment on account of an Unforeseeable Emergency, the Plan Administrator shall pay to
the Participant only that portion, if any, of the vested portion of his or her Account which the Plan Administrator determines is necessary to satisfy the emergency need, including any amounts necessary to pay the federal, state or local income
taxes reasonably anticipated to result from the distribution. A Participant requesting an emergency payment shall apply for the payment in writing using a form prescribed by the Plan Administrator for that purpose and shall provide such additional
information as the Plan Administrator shall decide. If a Participant elects an immediate payment on account of an Unforeseeable Emergency, such Participant’s Elective Deferral election shall be cancelled for the remainder of the Plan Year in
which such payment is made. 
 7.5. Restrictive Covenants; Clawback. 
 (a) If, at any time within the later to occur of (i) ten years after a Participant’s Separation from Service; or (ii) two years after the
final payment of any installment due to the Participant from a Participant’s Accounts, the Participant, in the determination of the management of Gallagher, engages in any activity in competition with any activity of Gallagher, or inimical,
contrary or harmful to the interests of Gallagher, including, but not limited to: (1) conduct related to his employment for which either criminal or civil penalties against him may be sought, (2) violation of Gallagher policies, including,
without limitation, Gallagher’s Insider Trading Policy, (3) directly or indirectly, soliciting, placing, accepting, aiding, counseling or consulting in the renewal, discontinuance or 

  

 11 

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

 (b) By participating in the Plan, each Participant acknowledges that the Participant’s engaging in activities and behavior in
violation of Section 7.5(a) above will result in a loss to Gallagher which cannot reasonably or adequately be compensated in damages in an action at law, that a breach of Section 7.5(a) will result in irreparable and continuing harm to
Gallagher and that therefore, in addition to and cumulative with any other remedy which Gallagher may have at law or in equity, Gallagher shall be entitled to injunctive relief for a breach of Section 7.5(a) by the Participant. By participating
in the Plan each Participant acknowledges and agrees that the requirement in Section 7.5(a) above that Participant disgorge and pay over to Gallagher any payments received from the Participant’s Accounts by such Participant is not a
provision for liquidated damages. The Participant agrees to pay any and all costs and expenses, including reasonable attorneys’ fees, incurred by Gallagher in enforcing any breach of any covenant in this Plan. 
 (c) The provisions of Section 7.5 shall only apply to (i) Matching Deferrals credited to a Participant’s Accounts with respect to Elective
Deferrals made by the Participant for the 2009 Plan Year and succeeding Plan Years; and (ii) Performance Deferrals first granted and credited to a Participant’s Accounts by the Employer in the 2009 Plan Year or succeeding Plan Years.

  

 12 

 7.6. Taxes. 
 All deferrals and payments under the Plan shall be subject to all applicable federal, state and local tax withholding requirements. 
 ARTICLE 8 
 Plan Administrator 
 8.1. Plan Administration and Interpretation 
 The Plan Administrator shall oversee the administration of the Plan. The Plan Administrator shall have complete control and authority to determine the rights and benefits and all claims, demands and actions arising out of the provisions of
the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to have any interest under the Plan. The Plan Administrator shall have complete discretion to interpret the Plan and to decide all matters under the
Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Plan Administrator acted arbitrarily
and capriciously. Any individual(s) serving as Plan Administrator who is a Participant will not vote or act on any matter relating solely to himself or herself. When making a determination or calculation, the Plan Administrator shall be entitled to
rely on information furnished by a Participant, a beneficiary, the Employer or the Funding Trustee. The Plan Administrator shall have the responsibility for complying with any reporting and disclosure requirements of ERISA. 
 8.2. Powers, Duties, Procedures, Etc. 
 The
Plan Administrator shall have such powers and duties, may adopt such rules and tables, may act in accordance with such procedures, may appoint such officers or agents, may delegate such powers and duties, and shall follow such claims and appeal
procedures with respect to the Plan as it may establish. 
 8.3. Information 
 To enable the Plan Administrator to perform its functions, the Employer shall supply full and timely information to the Plan Administrator on all matters
relating to the compensation of Participants, their employment, Retirement, death, termination of employment, and such other pertinent facts as the Plan Administrator may require. 
 8.4. Indemnification of Plan Administrator 
 The Employer agrees to indemnify and to defend to the fullest extent permitted by law any of its officer(s) or employee(s) who serve as Plan Administrator (including any such individual who formerly served as Plan Administrator) against all
liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Employer) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good
faith. 
  

 13 

 ARTICLE 9 
 Amendment and Termination 
 9.1. Amendments 
 The Company shall have the right to amend the Plan from time to time, subject to Section 9.3, by an instrument in writing which has been executed on
its behalf by a duly authorized officer. 
 9.2. Termination of Plan 
 The Plan is strictly a voluntary undertaking on the part of each Employer and shall not be deemed to constitute a contract between the Employer and any
Eligible Employee (or any other employee), as consideration for, or an inducement or condition of employment for, the performance of the services by an Eligible Employee (or other employee). The Company reserves the right to terminate the Plan at
any time, subject to Section 9.3, by an instrument in writing which has been executed on its behalf by a duly authorized officer. Upon termination, the Company shall continue to maintain the Funding Trust to pay benefits hereunder as they
become due as if the Plan had not terminated; provided, however, that if the Plan is terminated in connection with a Change in Control Event, within the meaning of regulations or other guidance promulgated under Section 409A of the Code,
Gallagher’s Compensation Committee, as constituted immediately prior to such Change in Control Event, may elect, in its sole discretion, to pay out all Accounts to Participants and beneficiaries within 12 months after the occurrence of such
Change in Control Event to the extent permitted under Section 409A of the Code. For purposes of the preceding sentence, the Account balance of each Participant who is in the employ of the Employer at the time the Funding Trustee is directed to
pay such balance shall become fully vested and nonforfeitable. After Participants and their beneficiaries are paid all Plan benefits to which they are entitled, all remaining assets of the Funding Trust attributable to Participants who terminated
employment with the Employer before they were fully vested in their Accounts under Article 6 at that time shall be returned to the Employer. 
 9.3. Existing Rights 
 No amendment or termination of the Plan shall adversely affect the rights of any Participant with respect to
amounts that have been credited to his or her Account prior to the date of such amendment or termination except as provided in Section 9.2 or to comply with the requirements of applicable law. 
 ARTICLE 10 
 Miscellaneous 

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

  

 14 

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

 Nothing contained in the Plan shall confer upon any person a right to be employed or to continue in the employ of the Employer, or
interfere in any way with the right of the Employer to terminate the employment of a Participant in the Plan at any time, with or without cause. 
 10.4. Participants Bound 
 Any action with respect to the Plan taken by the Plan Administrator or the Funding Trustee or any action
authorized by or taken at the direction of the Plan Administrator, the Company or the Funding Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under the Plan. 
 10.5. Receipt and Release 
 Any payment to
any Participant or beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Employer, the Plan Administrator and the Funding Trustee under the Plan, and the Plan
Administrator may require such Participant or beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or beneficiary is determined by the Plan Administrator to be incompetent by
reason of physical or mental disability or other legal disability (including minority) to give a valid receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person for his or
her benefit without responsibility on the part of the Plan Administrator, the Employer or the Funding Trustee to follow the application of such funds. 
 10.6. Compliance With Section 409A of Code. 
 This Plan is intended to comply with the provisions of
Section 409A of the Code, and shall be interpreted and construed accordingly, and the timing of all payments under the Plan shall be modified as necessary to comply therewith. 
 10.7. Governing Law 
 The Plan shall be
construed, administered, and governed in all respects under and by the laws of the State of Illinois. If any provision shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue
to be fully effective. 
  

 15 

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

 This Plan is executed on behalf of Arthur J. Gallagher & Co. (Illinois) as of the 21st day of November, 2008. 
  

			
	ARTHUR J. GALLAGHER & CO. (ILLINOIS)
		
	By:	 	 /s/ Susan E. McGrath

		 	Susan E. McGrath
		 	Vice President – Human Resources

  

 16Severance Plan

 Exhibit 10.17 
 ARTHUR J. GALLAGHER & CO. 
 SEVERANCE PLAN 
 (effective September 15, 1997, 
 as
amended and restated effective January 1, 2009) 
 ARTHUR J. GALLAGHER & CO. (ILLINOIS) previously adopted the ARTHUR J.
GALLAGHER & CO. SEVERANCE PLAN (hereinafter the “Plan”), effective September 15, 1997 for the benefit of eligible employees of the Employer. The Plan is hereby amended and restated, effective January 1, 2009. For
purposes of this Plan, “Employer” means Arthur J. Gallagher & Co. (the “Company”), each United States affiliate of the Company, and each wholly-owned United States subsidiary of the Company which adopts this Plan with
the written consent of the President of the Company. 
 The Plan is an unfunded welfare benefit plan for purposes of the Employee Retirement Income Security
Act of 1974, as amended (hereinafter “ERISA”) and a severance pay plan within the meaning of United States Department of Labor regulations section 2510.3-2(b). The Plan supersedes any prior Employer severance plans, programs or policies
covering eligible employees, both formal and informal. 
  

	1.	PURPOSE OF THE PLAN 

 The purpose of the Plan is to provide
an “eligible employee” (as hereinafter defined) with severance pay for a specified period of time in the event that his/her employment is involuntarily terminated by the Employer for lack of work, rearrangement of work, or reduction in
workforce, as determined in the sole discretion of the Company’s Vice President & Chief Human Resources Officer. As used herein, the term “Vice President & Chief Human Resources Officer” shall include any person
serving as the officer of the Company principally responsible for the Company’s human resource or personnel functions. 
  

	2.	ELIGIBLE EMPLOYEES 

 “Eligible employee” means a
person in an employee-employer relationship with the Employer who is classified by the Employer as either a regular full-time employee or a regular part-time employee, but excluding (i) any employee covered by an agreement with the Employer
which provides for the payment of severance or salary continuation (whether such terms are used or not in such agreement) in the event of the termination of the employment of the employee, (ii) any independent contractor, (iii) any
consultant, (iv) any person performing services for the Employer under an independent contractor or consultant agreement, purchase order, supplier agreement or any other form of agreement which the Employer enters into for services,
(iv) any “leased employee” as defined in Section 414(n) of the Internal Revenue Code, (vi) any contract employee, temporary employee, or  any employee classified by the 

  

 Page 1 of 9 

 
Employer other than as a regular full-time employee or regular part-time employee, or (vii) any employee covered by a collective bargaining
agreement unless such collective bargaining agreement provides for their coverage under the Plan. For all purposes of the Plan, “regular part-time employee” means an employee regularly scheduled to work less than thirty
(30) hours per week. 
  

	3.	CONDITIONS OF INELIGIBILITY 

 An otherwise eligible employee
shall not be eligible for severance pay under the Plan if: 
  

	 	(a)	an eligible employee ceases to be an eligible employee as defined in the Plan; 

  

	 	(b)	the eligible employee’s employment with the Employer terminates by reason of death, conduct leading to immediate termination or discharge for good reason, as determined in
the sole discretion of the Company’s Vice President & Chief Human Resources Officer; 

  

	 	(c)	the eligible employee’s employment with the Employer terminates due to retirement, resignation, job abandonment, or failure to complete three (3) months of employment;

  

	 	(d)	employment with the Employer is involuntarily terminated after the eligible employee refuses a position at the same Employer location at which the eligible employee is then employed
or some other location of the Company or any other Employer provided that such position (i) is located within fifty (50) miles from the Employer location at which the eligible employee is then employed and (ii) pays similar base
pay (i.e., the current base pay level or a greater base pay level or within ten percent (10%) of the current base pay level if the eligible employee is changed to a lesser base pay level); 

  

	 	(e)	the eligible employee is employed in an Employer operation, facility, business segment or part thereof which is sold, leased or otherwise transferred. In each such situation, a
severance arrangement, if any, may be provided in the sole discretion of the Vice President & Chief Human Resources Officer of the Company; 

  

	 	(f)	the eligible employee is entitled to a benefit from a disability benefit plan sponsored by the Company; 

  

	 	(g)	the eligible employee remains on an authorized leave of absence, provided however, that an eligible employee who returns from an authorized leave of absence of three (3) months
or less and who cannot be placed in employment with the Employer shall be eligible for severance pay under the Plan; 

  

	 	(h)	the eligible employee leaves employment with the Employer prior to the date authorized by the Employer; 

  

 Page 2 of 9 

	 	(i)	the eligible employee’s employment with the Employer is terminated under the terms of any form of group reorganization/restructuring benefit plan or program sponsored by the
Employer; or 

  

	 	(j)	the Plan is terminated. 

 The foregoing list of conditions is intended to
be illustrative and may not be all inclusive; the Plan Administrator will determine in the Plan Administrator’s sole discretion whether an eligible employee is eligible for severance pay under the Plan. 
  

	4.	SEVERANCE PAY 

 In exchange for providing the Company with a
valid Waiver and General Release Agreement, an employee who is eligible for severance pay under the Plan will receive severance pay in accordance with the following table; provided that in no event shall the amount of severance pay payable to any
employee exceed 52 weeks of pay: 
  

			
	 Eligible Employee’s Complete Years of Service
	  	 Weeks of Severance Pay

	At least three (3) months, but less than three (3) years	  	Two (2) weeks of pay
	At least three (3) years, but less than five (5) years	  	One (1) week of pay for each year of service
	At least five (5) years, but less than ten (10) years	  	 One and one-half (1 1/2) weeks of pay for each year of service

	Ten (10) or more years	  	Two (2) weeks of pay for each year of service

 An eligible employee’s “years of service” for all purposes of the Plan shall be determined
from the eligible employee’s last date of hire, including the date of hire of the employee by a previous employer that was acquired by the Company, in either case as determined in accordance with the Employer’s personnel records, and equal
to the number of whole years of service between such date and the date of the employee’s termination of employment. 
 For all purposes of the Plan,
(i) a “week of pay” for a regular full-time or regular part-time salaried eligible employee shall be determined by using his/her regular base salary compensation rate on his/her date of termination of employment with the
Employer, and (ii) a “week of pay” for a regular full-time or regular part-time hourly paid eligible employee shall be determined by using his/her hourly pay rate on his/her date of termination of employment with the Employer
multiplied times his/her regularly scheduled number of work hours per week in accordance with the records of the Human Resources Department. 
 The Vice
President & Chief Human Resources Officer of the Company may, in his/her sole discretion, in writing, enhance the amount of severance pay which an eligible employee is eligible to receive over the amount of severance pay described above
and/or make available one or more forms of supplemental severance benefit. 
  

 Page 3 of 9 

 The consideration for the voluntary Waiver and General Release Agreement shall be the severance pay (and, if applicable,
any enhancement thereto and/or any supplemental severance benefit) which the eligible employee would otherwise not be eligible to receive. 
  

	5.	PAYMENT OF SEVERANCE PAY 

 Severance pay generally will be
paid in a lump sum within 60 days after the eligible employee’s date of termination of employment; provided that the seven (7) day revocation period for a signed Waiver and General Release Agreement has passed. The Employer reserves the
right in its sole discretion to pay severance pay in accordance with the Employer’s regular payroll payment schedule beginning within 60 days after the eligible employee’s date of termination of employment and payable only if the seven
(7) day revocation period for a signed Waiver and General Release Agreement has passed; provided that such discretion shall not apply to any portion of severance pay that would be considered deferred compensation within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). All legally required taxes and any sums owing to the Employer shall be deducted from Plan severance pay payments. 
 In the event that an eligible employee who is receiving payment of severance pay under the Plan is reemployed by an Employer, the payment of severance pay under the Plan
shall cease as of the date his/her reemployment begins. Also, if an eligible employee has received his/her severance pay in one lump sum and is reemployed by an Employer during a period of time during which he/she would have been receiving
severance pay if paid to him/her in installments, he/she shall be required to repay to the Employer that portion of the lump sum payment attributable to the period of time from the date his/her reemployment begins to the date he/she would have
received his/her last installment payment of severance pay. 
  

	6.	WAIVER AND RELEASE AGREEMENT 

 In order to receive the
severance pay (and, if applicable, any enhancement to severance pay and/or any supplemental severance benefit) available under the Plan, an eligible employee must submit a signed Waiver and General Release Agreement form to the Plan Administrator on
or within forty-five (45) days of his/her date of termination of employment. The required Waiver and Release Agreement shall be substantially in the form attached hereto as Attachment I. An eligible employee may revoke his/her signed Waiver and
Release Agreement within seven (7) days of his/her signing the Waiver and General Release Agreement. 
 Any such revocation must be made in writing and
must be received by the Plan Administrator within such seven (7) day period. An eligible employee who timely revokes his/her Waiver and General Release Agreement shall not be eligible to receive any severance pay under the Plan. An eligible
employee who timely submits a signed Waiver and General Release Agreement form and who does not exercise his/her right of revocation shall be eligible to receive severance pay under the Plan. 
 Eligible employees shall be advised to contact their personal attorney at their own expense to review the Waiver and General Release Agreement form if they so desire.

  

 Page 4 of 9 

	7.	PLAN ADMINISTRATION 

 The Company’s Vice
President & Chief Human Resources Officer shall serve as the “Plan Administrator” of the Plan and the “named fiduciary” within the meaning of such terms as defined in ERISA. The Plan Administrator
shall have the discretionary authority to make final determinations of eligibility for Plan benefits and to construe the terms of the Plan, including the making of factual determinations. The decisions of the Plan Administrator shall be final
and conclusive with respect to all questions concerning the administration of the Plan. The Plan Administrator may delegate to other persons responsibilities for performing certain of the duties of the Plan Administrator under the terms of the Plan
and may seek such expert advice as the Plan Administrator deems reasonably necessary with respect to the Plan. The Plan Administrator shall be entitled to rely upon the information and advice furnished by such delegates and experts, unless actually
knowing such information and advice to be inaccurate or unlawful. 
 The Plan Administrator shall establish and maintain a reasonable claims procedure,
including a procedure for appeal of denied claims. In no event shall an eligible employee or any other person be entitled to challenge a decision of the Plan Administrator in court or in any other administrative proceeding unless and until the claim
and appeals procedures established under the Plan have been complied with and exhausted. 
 In the event of a group termination, as determined in the sole
discretion of the Plan Administrator, the Plan Administrator or its designee shall furnish affected eligible employees with such additional information as may be required by law. 
  

	8.	AMENDMENT/TERMINATION/VESTING 

 Eligible employees do not
have any vested right to severance pay under the Plan and Arthur J. Gallagher & Co. (Illinois) reserves the right in its sole discretion to amend or terminate the Plan at any time, retroactively or otherwise, either by resolution of
its Board of Directors or in a writing signed by the President or Chief Executive Officer of Arthur J. Gallagher & Co. (Illinois). 
  

	9.	NO ASSIGNMENT 

 Severance pay payable under the Plan shall
not be subject to anticipation, alienation, pledge, sale, transfer, assignment, garnishment, attachment, execution, encumbrance, levy, lien, or charge, and any attempt to cause such severance pay to be so subjected shall not be recognized, except to
the extent required by law. 
  

 Page 5 of 9 

	10.	CONFIDENTIAL INFORMATION 

 Eligible employees may have access
to trade secrets and other confidential and proprietary information (hereinafter “Confidential Information”) with regard to the business of the Employer. Confidential Information includes without limitation, trade secrets, financial
results and other information relating to the Employer’s practices in human resources, personnel, including salary programs, accounting, marketing, advertising, promotion, selling and distributing, price lists, customer lists, and research.
Recognizing that the disclosure or improper use of such Confidential Information will cause serious and irreparable injury to the Employer, eligible employees with such access acknowledge that (i) they will not at any time, directly or
indirectly, disclose Confidential Information to any third party or otherwise use such Confidential Information for their own benefit or the benefit of others, (ii) payment of severance pay under the Plan shall cease if an eligible employee
discloses or improperly uses such Confidential Information, and (iii) retention of severance pay under the Plan is conditioned upon the eligible employee not disclosing or improperly using such Confidential Information. 
  

	11.	RECOVERY OF PAYMENTS MADE BY MISTAKE 

 An eligible employee
shall be required to return to the Employer any severance pay payment, or portion thereof, made by a mistake of fact or law. 
  

	12.	REPRESENTATIONS CONTRARY TO THE PLAN 

 No employee, officer,
or director of the Company or any other Employer has the authority to alter, vary, or modify the terms of the Plan except by means of an authorized written amendment to the Plan. No verbal or written representations contrary to the terms of the Plan
and its written amendments shall be binding upon the Plan, the Plan Administrator, the Company, or any other Employer. 
  

	13.	NO EMPLOYMENT RIGHTS 

 The Plan shall not confer employment
rights upon any person. No person shall be entitled, by virtue of the Plan, to remain in the employ of the Employer and nothing in the Plan shall restrict the right of the Employer to terminate the employment of any eligible employee or other person
at any time. 
  

	14.	PLAN FUNDING 

 No eligible employee shall acquire by reason
of the Plan any right in or title to any assets, funds, or property of the Company or any other Employer. Any severance pay benefits which become payable under the Plan are unfunded obligations of the Employer and shall be paid from the general
assets of the Employer. No employee, officer, director or agent of the Company or any other Employer guarantees in any manner the payment of Plan severance pay. 
  

 Page 6 of 9 

	15.	APPLICABLE LAW 

 The Plan shall be governed and construed in
accordance with ERISA and in the event that any reference shall be made to State law, the internal laws of the State of Illinois shall apply. 
  

	16.	SEVERABILITY 

 If any provision of the Plan is found, held or
deemed by a court of competent jurisdiction to be void, unlawful or unenforceable under any applicable statute or other controlling law, the remainder of the Plan shall continue in full force and effect. 
  

	17.	PLAN YEAR 

 The ERISA plan year of the Plan shall be the
twelve month period commencing on January 1 of each year. 
  

	18.	MANDATED PAYMENTS 

 The severance pay and, if applicable, any
supplemental severance benefit, available under the Plan are the maximum made available by an Employer in the event of involuntary termination of employment. To the extent that a federal, State or local law may mandate an Employer to make a payment
to an eligible employee because of involuntary termination of employment or in accordance with a plant closing law, the severance pay and, if applicable, any supplemental severance benefit, available under the Plan may, in the sole discretion of the
Plan Administrator, be reduced by the amount of such mandated payment. 
  

	19.	MISCELLANEOUS PROVISIONS 

 All Employer property (including,
but not limited to, computers and computer related equipment, Confidential Information, keys, credit cards, documents and records, identification cards, equipment, car/mobile telephones, parking stickers, and Company cars) must be returned by an
eligible employee as of his/her date of termination of employment with the Employer in order for such eligible employee to commence receiving severance pay under the Plan. 
 All pay and other benefits (except Plan severance pay) payable to an eligible employee as of his/her date of termination of employment with the Employer according to the established policies, plans, and procedures of
the Employer shall be paid in accordance with the terms of those established policies, plans, and procedures. In addition, any benefit continuation or conversion rights which an eligible employee has as of his/her date of termination of
employment with the Employer according to the established policies, plans, and procedures of the Employer shall be made available to him/her. 
  

	20.	SECTION 409A 

 The payments pursuant to this Plan are
intended to be exempt from Section 409A of the Code, to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation
§1.409A-1(b)(4), and for such purpose each payment under the Plan shall be considered a separate payment. All references in the Plan to an employee’s “termination of employment” shall be deemed to refer to such employee’s
“separation from 

  

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service,” within the meaning of Section 409A of the Code. Notwithstanding any other provision in the Plan, if an employee is a “specified
employee,” as defined in Section 409A of the Code, as of the date of the employee’s separation from service, then to the extent any amount payable under this Plan (i) constitutes the payment of nonqualified deferred compensation,
within the meaning of Section 409A of the Code, (ii) is payable upon the employee’s separation from service and (iii) under the terms of the Plan would be payable prior to the six-month anniversary of the employee’s
separation from service, such payment shall be delayed until the earlier to occur of (a) the six-month anniversary of the separation from service or (b) the date of the employee’s death. 
  

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 IN WITNESS WHEREOF, this Severance Plan (effective
September 15, 1997, as amended and restated effective January 1, 2009) has been executed the 31st day of December, 2008. 
  

			
	ARTHUR J. GALLAGHER & CO. (ILLINOIS)
		
	By	 	 /s/ J. Patrick Gallagher

		 	J. Patrick Gallagher, Jr.
		 	President

  

 Page 9 of 9

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