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MRSH

MARSH & MCLENNAN COMPANIES, INC.

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1501
SEC CIK
0000062709
Parsed reports
821

Last 12 months

Inside the activity.

0 purchase rows · 11 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 202500
Dec 202501
Jan 202600
Feb 202600
Mar 202603
Apr 202600
May 202600
Jun 202601
Jul 202603
Aug 202601
Sep 202602
Oct 202600

Latest available

Insider transactions

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
May 15, 2023 Filed May 17, 2023 20:29 UTC
Lute Jane HDirector
OtherRestricted Stk. Units-Dir. Stk. Plan · Derivative 8.53 $180.64 $1,540.86
Disclosure

SEC source: 0001127602-23-015936 · form4.xml · derivative · entry 1

Lute Jane H · CIK 0001671434 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,620.05

Underlying: Common Stock · 8.53 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F2 · kind: Acquired with dividend equivalents credited to the reporting person's account under the Marsh & McLennan Companies Directors Stock Compensation Plan.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
May 15, 2023 Filed May 17, 2023 20:27 UTC GrantCommon Stock 214 $180.64 $38,656.96
Disclosure

SEC source: 0001127602-23-015932 · form4.xml · nonDerivative · entry 1

MILLS STEVEN A · CIK 0001180459 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 46,396.75

F1 · kind: Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

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May 15, 2023 Filed May 17, 2023 20:26 UTC
FANJUL OSCARDirector
Tax withholdingCommon Stock 14.46 $180.64 $2,612.05
Disclosure

SEC source: 0001127602-23-015928 · form4.xml · nonDerivative · entry 2

FANJUL OSCAR · CIK 0001194447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,781.957

F2 · kind: Reflects shares withheld to cover applicable taxes on award received under the Marsh & McLennan Companies Directors Stock Compensation Plan.

F3 · balance_after: Includes a total of .403 shares acquired pursuant to the Marsh & McLennan dividend reinvestment plan on May 15, 2023.

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May 15, 2023 Filed May 17, 2023 20:26 UTC
FANJUL OSCARDirector
GrantCommon Stock 179.92 $180.64 $32,500.75
Disclosure

SEC source: 0001127602-23-015928 · form4.xml · nonDerivative · entry 1

FANJUL OSCAR · CIK 0001194447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,796.417

F1 · kind: Acquired in connection with director fees pursuant to the Marsh & McLennan Companies Directors Stock Compensation Plan.

Read SEC document
May 03, 2023 Filed May 4, 2023 20:04 UTC
FANJUL OSCARDirector
SaleCommon Stock 5,500 $179.72 $988,460.00
Disclosure

SEC source: 0001127602-23-014454 · form4.xml · nonDerivative · entry 1

FANJUL OSCAR · CIK 0001194447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 64,616.094

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.69 to 179.765. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

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April 25, 2023 Filed Apr 26, 2023 20:03 UTC
FANJUL OSCARDirector
SaleCommon Stock 5,500 $179.38 $986,595.50
Disclosure

SEC source: 0001127602-23-013565 · form4.xml · nonDerivative · entry 1

FANJUL OSCAR · CIK 0001194447 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,116.094

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $179.27 to 179.58. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

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March 06, 2023 Filed Mar 7, 2023 21:22 UTC
Klisura Dean MichaelPresident & CEO, Guy Carpenter
SaleCommon Stock 3,140 $165.22 $518,790.80
Disclosure

SEC source: 0001127602-23-009292 · form4.xml · nonDerivative · entry 1

Klisura Dean Michael · CIK 0001901304 · President & CEO, Guy Carpenter

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,935.48

F1 · kind: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.220 to 165.224. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $165.220 to 165.224. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

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March 03, 2023 Filed Mar 7, 2023 21:27 UTC
MCGIVNEY MARK CChief Financial Officer
SaleCommon Stock 11,531 $162.41 $1,872,749.71
Disclosure

SEC source: 0001127602-23-009296 · form4.xml · nonDerivative · entry 1

MCGIVNEY MARK C · CIK 0001269360 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,678

F1 · kind: This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.

Read SEC document
March 03, 2023 Filed Mar 7, 2023 21:24 UTC
Mills StacyVice President and Controller
SaleCommon Stock 1,276 $162.41 $207,235.16
Disclosure

SEC source: 0001127602-23-009294 · form4.xml · nonDerivative · entry 1

Mills Stacy · CIK 0001726937 · Vice President and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,923.098

F1 · kind: This transaction was effected pursuant to a Rule 10b5-1 trading plan previously adopted by the Reporting Person.

Read SEC document
March 03, 2023 Filed Mar 7, 2023 21:20 UTC
Beswick PaulSVP, Chief Information Officer
GiftCommon Stock 1,250 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-009291 · form4.xml · nonDerivative · entry 1

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,142

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:04 UTC
Jones John JudeChief Marketing Officer
Exercise / conversionRestricted Stock Units · Derivative 3,406 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008427 · form4.xml · derivative · entry 5

Jones John Jude · CIK 0001959460 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,686

Underlying: Common Stock · 3,406 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 3,406 shares underlying restricted stock units of which 1,395 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,406 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 638 restricted stock units that were granted on February 22, 2021, 523 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:04 UTC
Jones John JudeChief Marketing Officer
Tax withholdingCommon Stock 1,395 $162.83 $227,147.85
Disclosure

SEC source: 0001127602-23-008427 · form4.xml · nonDerivative · entry 2

Jones John Jude · CIK 0001959460 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,978

F1 · kind: Vesting and distribution to reporting person of 3,406 shares underlying restricted stock units of which 1,395 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,406 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 638 restricted stock units that were granted on February 22, 2021, 523 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:04 UTC
Jones John JudeChief Marketing Officer
Exercise / conversionCommon Stock 3,406 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008427 · form4.xml · nonDerivative · entry 1

Jones John Jude · CIK 0001959460 · Chief Marketing Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,373

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 3,406 shares underlying restricted stock units of which 1,395 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,406 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 638 restricted stock units that were granted on February 22, 2021, 523 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:02 UTC
MCGIVNEY MARK CChief Financial Officer
Exercise / conversionRestricted Stock Units · Derivative 23,558 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008425 · form4.xml · derivative · entry 3

MCGIVNEY MARK C · CIK 0001269360 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 23,558 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 23,558 shares underlying restricted stock units of which 12,027 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 23,558 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:02 UTC
MCGIVNEY MARK CChief Financial Officer
Tax withholdingCommon Stock 12,027 $162.83 $1,958,356.41
Disclosure

SEC source: 0001127602-23-008425 · form4.xml · nonDerivative · entry 2

MCGIVNEY MARK C · CIK 0001269360 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,209

F1 · kind: Vesting and distribution to reporting person of 23,558 shares underlying restricted stock units of which 12,027 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 23,558 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:02 UTC
MCGIVNEY MARK CChief Financial Officer
Exercise / conversionCommon Stock 23,558 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008425 · form4.xml · nonDerivative · entry 1

MCGIVNEY MARK C · CIK 0001269360 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,236

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 23,558 shares underlying restricted stock units of which 12,027 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 23,558 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:01 UTC
Mills StacyVice President and Controller
Exercise / conversionRestricted Stock Units · Derivative 2,859 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008424 · form4.xml · derivative · entry 3

Mills Stacy · CIK 0001726937 · Vice President and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,560

Underlying: Common Stock · 2,859 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 2,859 shares underlying restricted stock units of which 1,583 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 2,859 shares underlying restricted stock units relate to 449 restricted stock units that were granted on February 19, 2020, 567 restricted stock units that were granted on February 22, 2021, 495 restricted stock units that were granted on February 23, 2022 and 1,348 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:01 UTC
Mills StacyVice President and Controller
Tax withholdingCommon Stock 1,583 $162.83 $257,759.89
Disclosure

SEC source: 0001127602-23-008424 · form4.xml · nonDerivative · entry 2

Mills Stacy · CIK 0001726937 · Vice President and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,199.098

F1 · kind: Vesting and distribution to reporting person of 2,859 shares underlying restricted stock units of which 1,583 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 2,859 shares underlying restricted stock units relate to 449 restricted stock units that were granted on February 19, 2020, 567 restricted stock units that were granted on February 22, 2021, 495 restricted stock units that were granted on February 23, 2022 and 1,348 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:01 UTC
Mills StacyVice President and Controller
Exercise / conversionCommon Stock 2,859 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008424 · form4.xml · nonDerivative · entry 1

Mills Stacy · CIK 0001726937 · Vice President and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,782.098

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 2,859 shares underlying restricted stock units of which 1,583 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 2,859 shares underlying restricted stock units relate to 449 restricted stock units that were granted on February 19, 2020, 567 restricted stock units that were granted on February 22, 2021, 495 restricted stock units that were granted on February 23, 2022 and 1,348 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:00 UTC
South MartinPresident & CEO, Marsh
Exercise / conversionRestricted Stock Units · Derivative 7,171 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008423 · form4.xml · derivative · entry 3

South Martin · CIK 0001901227 · President & CEO, Marsh

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,584

Underlying: Common Stock · 7,171 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 7,171 shares underlying restricted stock units of which 3,967 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,171 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,560 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:00 UTC
South MartinPresident & CEO, Marsh
Tax withholdingCommon Stock 3,967 $162.83 $645,946.61
Disclosure

SEC source: 0001127602-23-008423 · form4.xml · nonDerivative · entry 2

South Martin · CIK 0001901227 · President & CEO, Marsh

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,686.395

F1 · kind: Vesting and distribution to reporting person of 7,171 shares underlying restricted stock units of which 3,967 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,171 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,560 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F2 · balance_after: Includes 181.3 shares acquired under the Marsh & McLennan Companies Employee Stock Purchase Plan for the quarters ended March 31, June 30, September 30 and December 31, 2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 22:00 UTC
South MartinPresident & CEO, Marsh
Exercise / conversionCommon Stock 7,171 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008423 · form4.xml · nonDerivative · entry 1

South Martin · CIK 0001901227 · President & CEO, Marsh

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,653.395

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 7,171 shares underlying restricted stock units of which 3,967 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,171 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,560 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:59 UTC
Studer Nicholas MarkPresident and CEO of OWG
Exercise / conversionRestricted Stock Units · Derivative 3,008 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008422 · form4.xml · derivative · entry 3

Studer Nicholas Mark · CIK 0001871327 · President and CEO of OWG

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,091

Underlying: Common Stock · 3,008 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 3,008 shares underlying restricted stock units of which 1,415 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,008 shares underlying restricted stock units relate to 617 restricted stock units that were granted on February 19, 2020, 539 restricted stock units that were granted on February 22, 2021 and 1,852 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:59 UTC
Studer Nicholas MarkPresident and CEO of OWG
Tax withholdingCommon Stock 1,415 $162.83 $230,404.45
Disclosure

SEC source: 0001127602-23-008422 · form4.xml · nonDerivative · entry 2

Studer Nicholas Mark · CIK 0001871327 · President and CEO of OWG

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,427

F1 · kind: Vesting and distribution to reporting person of 3,008 shares underlying restricted stock units of which 1,415 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,008 shares underlying restricted stock units relate to 617 restricted stock units that were granted on February 19, 2020, 539 restricted stock units that were granted on February 22, 2021 and 1,852 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:59 UTC
Studer Nicholas MarkPresident and CEO of OWG
Exercise / conversionCommon Stock 3,008 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008422 · form4.xml · nonDerivative · entry 1

Studer Nicholas Mark · CIK 0001871327 · President and CEO of OWG

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,842

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 3,008 shares underlying restricted stock units of which 1,415 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,008 shares underlying restricted stock units relate to 617 restricted stock units that were granted on February 19, 2020, 539 restricted stock units that were granted on February 22, 2021 and 1,852 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:57 UTC
Fernandez CarmenSVP, Chief People Officer
Exercise / conversionRestricted Stock Units · Derivative 1,544 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008421 · form4.xml · derivative · entry 4

Fernandez Carmen · CIK 0001838241 · SVP, Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,544 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F2 · kind: Vesting and distribution to reporting person of 1,544 shares underlying restricted stock units of which 855 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 1,544 shares underlying restricted stock units relate to 386 restricted stock units that were granted on February 19, 2020, and 1,158 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:57 UTC
Fernandez CarmenSVP, Chief People Officer
Tax withholdingCommon Stock 855 $162.83 $139,219.65
Disclosure

SEC source: 0001127602-23-008421 · form4.xml · nonDerivative · entry 3

Fernandez Carmen · CIK 0001838241 · SVP, Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,534

F2 · kind: Vesting and distribution to reporting person of 1,544 shares underlying restricted stock units of which 855 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 1,544 shares underlying restricted stock units relate to 386 restricted stock units that were granted on February 19, 2020, and 1,158 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:57 UTC
Fernandez CarmenSVP, Chief People Officer
Exercise / conversionCommon Stock 1,544 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008421 · form4.xml · nonDerivative · entry 2

Fernandez Carmen · CIK 0001838241 · SVP, Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,389

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: Vesting and distribution to reporting person of 1,544 shares underlying restricted stock units of which 855 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 1,544 shares underlying restricted stock units relate to 386 restricted stock units that were granted on February 19, 2020, and 1,158 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:56 UTC
Klisura Dean MichaelPresident & CEO, Guy Carpenter
Exercise / conversionRestricted Stock Units · Derivative 7,029 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008420 · form4.xml · derivative · entry 3

Klisura Dean Michael · CIK 0001901304 · President & CEO, Guy Carpenter

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,443

Underlying: Common Stock · 7,029 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 7,029 shares underlying restricted stock units of which 3,889 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,029 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,418 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock unites relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:56 UTC
Klisura Dean MichaelPresident & CEO, Guy Carpenter
Tax withholdingCommon Stock 3,889 $162.83 $633,245.87
Disclosure

SEC source: 0001127602-23-008420 · form4.xml · nonDerivative · entry 2

Klisura Dean Michael · CIK 0001901304 · President & CEO, Guy Carpenter

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,075.48

F1 · kind: Vesting and distribution to reporting person of 7,029 shares underlying restricted stock units of which 3,889 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,029 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,418 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock unites relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F2 · balance_after: Includes a total of 340.48 shares acquired pursuant to the Marsh & McLennan dividend reinvestment plan on February, May and August 15, 2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:56 UTC
Klisura Dean MichaelPresident & CEO, Guy Carpenter
Exercise / conversionCommon Stock 7,029 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008420 · form4.xml · nonDerivative · entry 1

Klisura Dean Michael · CIK 0001901304 · President & CEO, Guy Carpenter

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,964.48

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 7,029 shares underlying restricted stock units of which 3,889 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 7,029 shares underlying restricted stock units relate to 1,403 restricted stock units that were granted on February 19, 2020, 1,418 restricted stock units that were granted on February 22, 2021 and 4,208 restricted stock unites relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:55 UTC
Ferland MartinePresident and CEO, Mercer
Exercise / conversionRestricted Stock Units · Derivative 16,826 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008418 · form4.xml · derivative · entry 3

Ferland Martine · CIK 0001769136 · President and CEO, Mercer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 16,826 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: This security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 16,826 shares underlying restricted stock units of which 9,305 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 16,826 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable.

F3 · derivative.expiration_date: Not Applicable.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:55 UTC
Ferland MartinePresident and CEO, Mercer
Tax withholdingCommon Stock 9,305 $162.83 $1,515,133.15
Disclosure

SEC source: 0001127602-23-008418 · form4.xml · nonDerivative · entry 2

Ferland Martine · CIK 0001769136 · President and CEO, Mercer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,979

F1 · kind: Vesting and distribution to reporting person of 16,826 shares underlying restricted stock units of which 9,305 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 16,826 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:55 UTC
Ferland MartinePresident and CEO, Mercer
Exercise / conversionCommon Stock 16,826 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008418 · form4.xml · nonDerivative · entry 1

Ferland Martine · CIK 0001769136 · President and CEO, Mercer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,284

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 16,826 shares underlying restricted stock units of which 9,305 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 16,826 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:54 UTC
Doyle John QPresident and CEO
Exercise / conversionRestricted Stock Units · Derivative 26,922 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008415 · form4.xml · derivative · entry 3

Doyle John Q · CIK 0001580963 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,762

Underlying: Common Stock · 26,922 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 26,922 shares underlying restricted stock units of which 13,744 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 26,922 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:54 UTC
Doyle John QPresident and CEO
Tax withholdingCommon Stock 13,744 $162.83 $2,237,935.52
Disclosure

SEC source: 0001127602-23-008415 · form4.xml · nonDerivative · entry 2

Doyle John Q · CIK 0001580963 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,085.0205

F1 · kind: Vesting and distribution to reporting person of 26,922 shares underlying restricted stock units of which 13,744 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 26,922 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:54 UTC
Doyle John QPresident and CEO
Exercise / conversionCommon Stock 26,922 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008415 · form4.xml · nonDerivative · entry 1

Doyle John Q · CIK 0001580963 · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,829.0205

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 26,922 shares underlying restricted stock units of which 13,744 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 26,922 shares underlying restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:52 UTC
Brennan KatherineSVP and General Counsel
Exercise / conversionRestricted Stock Units · Derivative 3,568 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008413 · form4.xml · derivative · entry 3

Brennan Katherine · CIK 0001917984 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,902

Underlying: Common Stock · 3,568 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 3,568 shares underlying restricted stock units of which 1,975 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,568 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 745 restricted stock units that were granted on February 22, 2021, 578 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:52 UTC
Brennan KatherineSVP and General Counsel
Tax withholdingCommon Stock 1,975 $162.83 $321,589.25
Disclosure

SEC source: 0001127602-23-008413 · form4.xml · nonDerivative · entry 2

Brennan Katherine · CIK 0001917984 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,593

F1 · kind: Vesting and distribution to reporting person of 3,568 shares underlying restricted stock units of which 1,975 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,568 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 745 restricted stock units that were granted on February 22, 2021, 578 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:52 UTC
Brennan KatherineSVP and General Counsel
Exercise / conversionCommon Stock 3,568 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008413 · form4.xml · nonDerivative · entry 1

Brennan Katherine · CIK 0001917984 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,568

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 3,568 shares underlying restricted stock units of which 1,975 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 3,568 shares underlying restricted stock units relate to 561 restricted stock units that were granted on February 19, 2020, 745 restricted stock units that were granted on February 22, 2021, 578 restricted stock units that were granted on February 23, 2022 and 1,684 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:51 UTC
Beswick PaulSVP, Chief Information Officer
Exercise / conversionRestricted Stock Units · Derivative 4,208 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008411 · form4.xml · derivative · entry 3

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 4,208 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F1 · kind: Vesting and distribution to reporting person of 4,208 shares underlying restricted stock units of which 2,035 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 4,208 shares underlying restricted stock units relate to 1,052 restricted stock units that were granted on February 19, 2020, and 3,156 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

F3 · derivative.exercise_date: Not Applicable

F3 · derivative.expiration_date: Not Applicable

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:51 UTC
Beswick PaulSVP, Chief Information Officer
Tax withholdingCommon Stock 2,035 $162.83 $331,359.05
Disclosure

SEC source: 0001127602-23-008411 · form4.xml · nonDerivative · entry 2

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,392

F1 · kind: Vesting and distribution to reporting person of 4,208 shares underlying restricted stock units of which 2,035 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 4,208 shares underlying restricted stock units relate to 1,052 restricted stock units that were granted on February 19, 2020, and 3,156 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:51 UTC
Beswick PaulSVP, Chief Information Officer
Exercise / conversionCommon Stock 4,208 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-008411 · form4.xml · nonDerivative · entry 1

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,427

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Vesting and distribution to reporting person of 4,208 shares underlying restricted stock units of which 2,035 were withheld by Marsh & McLennan Companies to cover applicable taxes. These 4,208 shares underlying restricted stock units relate to 1,052 restricted stock units that were granted on February 19, 2020, and 3,156 restricted stock units relating to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022.

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:24 UTC
Beswick PaulSVP, Chief Information Officer
GrantRestricted Stock Units · Derivative 3,156 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-007318 · form4.xml · derivative · entry 2

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,208

Underlying: Common Stock · 3,156 shares

Expires not disclosed

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F3 · kind: These restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022. The performance factor for these performance stock units was determined on February 23, 2023.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:24 UTC
Beswick PaulSVP, Chief Information Officer
GrantStock Options (Right to Buy) · Derivative 15,505 $0.00 Strike: $164.15 $0.00
Disclosure

SEC source: 0001127602-23-007318 · form4.xml · derivative · entry 1

Beswick Paul · CIK 0001836104 · SVP, Chief Information Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,505

Underlying: Common Stock · 15,505 shares

Expires 2033-02-22

F1 · derivative.exercise_date: These options were granted on February 23, 2023 and vest in four equal annual installments on February 23rd of 2024, 2025, 2026 and 2027.

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:22 UTC
Brennan KatherineSVP and General Counsel
GrantRestricted Stock Units · Derivative 1,684 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-007317 · form4.xml · derivative · entry 2

Brennan Katherine · CIK 0001917984 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,470

Underlying: Common Stock · 1,684 shares

Expires not disclosed

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F3 · kind: These restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022. The performance factor for these performance stock units was determined on February 23, 2023.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:22 UTC
Brennan KatherineSVP and General Counsel
GrantStock Options (Right to Buy) · Derivative 15,505 $0.00 Strike: $164.15 $0.00
Disclosure

SEC source: 0001127602-23-007317 · form4.xml · derivative · entry 1

Brennan Katherine · CIK 0001917984 · SVP and General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,505

Underlying: Common Stock · 15,505 shares

Expires 2033-02-22

F1 · derivative.exercise_date: These options were granted on February 23, 2023 and vest in four equal annual installments on February 23rd of 2024, 2025, 2026 and 2027.

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:19 UTC
Fernandez CarmenSVP, Chief People Officer
GrantRestricted Stock Units · Derivative 1,158 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-007309 · form4.xml · derivative · entry 2

Fernandez Carmen · CIK 0001838241 · SVP, Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,544

Underlying: Common Stock · 1,158 shares

Expires not disclosed

F2 · derivative.exercise_price: The security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F3 · kind: These restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022. The performance factor for these performance stock units was determined on February 23, 2023.

F4 · derivative.exercise_date: Not Applicable

F4 · derivative.expiration_date: Not Applicable

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:19 UTC
Fernandez CarmenSVP, Chief People Officer
GrantStock Options (Right to Buy) · Derivative 15,505 $0.00 Strike: $164.15 $0.00
Disclosure

SEC source: 0001127602-23-007309 · form4.xml · derivative · entry 1

Fernandez Carmen · CIK 0001838241 · SVP, Chief People Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,505

Underlying: Common Stock · 15,505 shares

Expires 2033-02-22

F1 · derivative.exercise_date: These options were granted on February 23, 2023 and vest in four equal annual installments on February 23rd of 2024, 2025, 2026 and 2027.

Read SEC document
February 23, 2023 Filed Feb 27, 2023 21:21 UTC
Ferland MartinePresident and CEO, Mercer
GrantRestricted Stock Units · Derivative 16,826 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-007313 · form4.xml · derivative · entry 2

Ferland Martine · CIK 0001769136 · President and CEO, Mercer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,826

Underlying: Common Stock · 16,826 shares

Expires not disclosed

F2 · derivative.exercise_price: This security converts to Marsh & McLennan Companies common stock on a 1-for-1 basis.

F3 · kind: These restricted stock units relate to performance stock units that were granted on February 19, 2020 for the performance period 2020-2022. The performance factor for these performance stock units was determined on February 23, 2023.

F4 · derivative.exercise_date: Not Applicable.

F4 · derivative.expiration_date: Not Applicable.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.