Unfunded Status of Plan. The Company shall not have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan. To the extent any person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than those of an unsecured creditor.

Unfunded Plan Status. All payments pursuant to the Plan shall be made from the general funds of the Company and no special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company as a result of participating in the Plan. Notwithstanding the forgoing, the Company may (but shall not be obligated to) create one or more grantor trusts, the assets of which are subject to the claims of the Company’s creditors, to assist it in accumulating funds to pay its obligations under the Plan.

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a Grantee, a Grantee shall have no rights greater than those of a general creditor of the Company unless the Administrator shall otherwise expressly determine in connection with any Award or Awards. In its sole discretion, the Administrator may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Stock or make payments with respect to Awards hereunder, provided that the existence of such trusts or other arrangements is consistent with the foregoing sentence.

Unfunded Status of Plan. The Plan is unfunded and shall not create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Corporation, any Designated Subsidiary, or the Administrator and a Participant or any other person.

Status of Plan. The Plan is intended to be a plan that is not qualified within the meaning of Code [Section 401(a)] and that “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 ERISA [Sections 201(2), 301(a)(3) and 401(a)(1)])])]. The Plan shall be administered and interpreted # to the extent possible in a manner consistent with the intent described in the preceding sentence, and # in accordance with Code [Section 409A] and related Treasury guidance and Regulations.

Status of Plan. The Committee may authorize the creation of trusts or other arrangements to meet the Company’s obligations to deliver Common Shares or make payments with respect to Awards.

Article # Definitions 1

Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan and all benefits shall be paid from the Company’s general assets.

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)(I)])])] 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, was amended and restated effective January 1, 2008, was further amended effective July 1, 2009, was further amended and restated effective December 1, 2009 for certain clerical corrections, was further amended and restated December 7, 2012 to allow investment of deferred monies in Gallagher Common Stock (as hereinafter defined), was further amended and restated January 21, 2014 to make certain administrative clarifications, was further amended and restated effective January 1, 2015, and was further amended and restated effective July 25, 2018. The Plan is being amended and restated effective as of October 20, 2020 to document the ability to submit deferral elections for quarterly bonuses, to update company match funding procedures and to make certain other administrative clarifications.

Status of Plan. Notwithstanding any contrary provision of the Plan, the Plan is a frozen plan. There shall be # no Deferred Cash Compensation credited to the Deferred Money Account of any Participant with respect to the 2021 Plan Year or any subsequent Plan Year; and # no Restricted Stock Units credited to the Deferred Equity Account of any Participant with respect to the 2021 Plan Year or any subsequent Plan Year.