Douglas K. Howell, VP and Chief Financial Officer of Arthur J. Gallagher & Co. (NYSE:AJG), filed a Form 4 on November 4, 2026, disclosing the exercise of expiring stock options and subsequent sale of common stock on November 2, 2026.

Key Highlights

  • Option exercise: Howell exercised 17,130 non-qualified stock options at an exercise price of $86.17 per share on November 2, 2026.
  • Share sales: A total of 30,996 shares of common stock were disposed of across three separate sale transactions on November 2, 2026, at prices of $275, $275.303 (weighted average), and $275.912 (weighted average).
  • Remaining direct ownership: Following all reported transactions, Howell directly held 92,961.323 shares of common stock.
  • Stated purpose: The filing states the transactions disclose "the reporting person's exercise and sale of expiring stock options and the sale of additional shares to cover the reporting person's tax obligations and for other purposes."
  • Indirect holdings: Howell also holds 3,165 shares indirectly through a spouse and 491.131 shares through a Gallagher 401(k) plan account.
  • Derivative securities: Howell retains multiple non-qualified stock options and notional stock unit positions, including 208,342.081 and 185,953.9256 notional stock units, plus options with exercise prices ranging from $127.90 to $337.74.

Howell's November 2026 Option Exercise and Share Disposition at Arthur J. Gallagher

According to the Form 4 filing, Douglas K. Howell, identified as VP and Chief Financial Officer of Arthur J. Gallagher & Co. (NYSE:AJG), executed a series of transactions on November 2, 2026. He first exercised 17,130 non-qualified stock options carrying an exercise price of $86.17 per share, using transaction code "M," which brought his direct share total to 123,957.323 shares before the subsequent sales.

The filing reports three separate disposals of common stock on the same date. First, 17,130 shares were sold at $275 per share. Second, 13,374 shares were sold at a weighted average price of $275.303, with individual transaction prices ranging from $274.84 to $275.465. Third, 492 shares were sold at a weighted average price of $275.912, with individual prices ranging from $275.91 to $275.92. The filing notes that full price-by-price detail is available upon request to the SEC, the issuer, or any security holder. After these three sales, Howell's direct beneficial ownership stood at 92,961.323 shares.

The filing also details Howell's remaining derivative positions. These include non-qualified stock options with exercise prices of $127.90 (covering 31,265 shares), $158.56 (14,545 shares), $177.09 (12,107 shares), $228.20 (20,737 shares), $243.54 (12,726 shares), and $337.74 (13,884 shares), as well as two notional stock unit positions totaling over 394,000 units and 6,889.431 phantom stock shares under the company's Age 62 Plan. The filing was signed by Monica Norzagaray by power of attorney on November 4, 2026.

What Was Disclosed

The Form 4 discloses that CFO Douglas K. Howell exercised 17,130 expiring non-qualified stock options at $86.17 and sold a combined 30,996 shares at prices near $275 on November 2, 2026, reducing his direct stake to 92,961.323 shares.