BRANIFF JAMES J III 4

4 · GALLAGHER ARTHUR J & CO · Filed Nov 26, 2003

Form 4

Period: 2003-11-26

DirectorVice President

Transactions

Exercise/Conversion
Common Stock
2003-11-26$7.97/sh+14,000$111,580→ 171,056 total
Sale
Common Stock
2003-11-26$30.99/sh−14,000$433,860→ 157,056 total
Exercise/Conversion
Non-Qualified Stock Option (right to buy)
2003-11-26−14,000→ 12,000 total
Exercise: $7.97From: 1997-01-01Exp: 2006-07-17→ Common Stock (14,000 underlying)

Holdings

Non-Qualified Stock Option (right to buy)
Exercise: $9.25Exp: 2008-08-30→ Common Stock (40,000 underlying)
40,000
Non-Qualified Stock Option (right to buy)
Exercise: $12.36Exp: 2009-07-06→ Common Stock (200,000 underlying)
200,000
Non-Qualified Stock Option (right to buy)
Exercise: $18.50Exp: 2010-06-20→ Common Stock (30,000 underlying)
30,000
Common Stock (restricted)
24,752
Common Stock
(indirect: By Trust)
32,884
Non-Qualified Stock Option (right to buy)
Exercise: $8.59Exp: 2005-06-11→ Common Stock (8,000 underlying)
8,000
Non-Qualified Stock Option (right to buy)
Exercise: $7.31Exp: 2004-07-17→ Common Stock (600 underlying)
600
Non-Qualified Stock Option (right to buy)
Exercise: $22.70Exp: 2012-07-21→ Common Stock (20,000 underlying)
20,000

Footnotes (4)

[F1]Granted pursuant to the Arthur J. Gallagher & Co. Deferred Equity Participation Plan.
[F2]Restricted stock award vesting in equal parts over two-year period.
[F3]The stock option becomes exercisable 10% each year, commencing January 1 after the date of grant.
[F4]The stock option becomes exercisable 20% each year, commencing January 1 after the date of grant, until fully vested.

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