Marsh & McLennan Officer Exercises Stock Options via Stock Swap

Executive Summary

On November 2, 2026, Patrick Tomlinson, President and CEO of Marsh People & Investment at Marsh & McLennan Companies, Inc. ($MRSH), completed an option exercise and stock swap transaction. Mr. Tomlinson exercised 2,500 stock options expiring February 20, 2028, at an exercise price of $83.05 per share, and surrendered 1,775 existing shares at the prevailing market price of $203.47 per share to cover the strike price and related tax liabilities. The transaction resulted in a net increase of 725 shares in his direct holdings.

Transaction Breakdown

1. Option Exercise (Code M):

   • Security: Common Stock
   • Shares Acquired: 2,500
   • Exercise Price: $83.05 per share
   • Value Transacted: $207,625.00

2. Shares Delivered/Withheld for Exercise & Taxes (Code F):

   • Security: Common Stock
   • Shares Disposed: 1,775
   • Fair Market Value: $203.47 per share
   • Value Deducted: $361,159.25

3. Net Ownership Impact:

   • Prior to transactions, direct ownership was 4,256 shares.
   • Net change: +725 shares.
   • Post-transaction direct ownership: 4,981 shares.

Market and Trading Significance

The transaction is classified as Low significance. It represents a routine derivative exercise nearing expiration (originally granted in February 2018 with full vesting by 2022). Utilizing a stock swap to cover exercise costs and withholdings is a standard equity compensation mechanism that did not involve open-market sales, and resulted in a modest net accumulation of common shares.