Promissory Note Between James J. Braniff III and Arthur J. Gallagher & Co. Dated February 1, 1999

Summary

James J. Braniff III promises to repay Arthur J. Gallagher & Co. $100,000 on demand, without interest. The Company may deduct the owed amount from any unpaid salary or bonuses after demanding payment. If James J. Braniff III fails to pay, he is responsible for all collection costs, including attorney fees. The agreement waives certain formalities like notice of dishonor and protest. Payments are to be made at the Company's address in Itasca, Illinois, or another specified location.

EX-10.21 7 dex1021.txt PROMISSORY NOTE DATED 02/01 1999 EXHIBIT 10.21 PROMISSORY NOTE $100,000.00 Itasca, Illinois February 1, 1999 James J. Braniff III (the "Maker"), for value received, hereby promises to pay to Arthur J. Gallagher & Co. (the "Company"), or order, on demand, the principal sum of One Hundred Thousand and 00/100 Dollars ($100,000.00), without interest. All payments shall be made at Two Pierce Place, Itasca, Illinois 60143, or at such other address as the holder hereof may from time to time specify in writing. At its sole option, the Company may offset pro tanto any amount of any accrued and unpaid salary or bonus(es) payable to the Maker by the Company after demand for payment of the unpaid principal hereunder has been made upon the Maker by the holder hereof. If default be made in the payment of principal as herein specified, the Maker agrees to pay all costs of collection, including a reasonable attorney's fee, whether suit be brought or not. Presentment for payment, demand or notice of dishonor, protest and notice of protest are hereby waived by the Maker and all endorsers hereof. IN WITNESS WHEREOF, the Maker has set his hand hereunto as of the date above first written. /s/ James J. Braniff III -------------------------------- James J. Braniff III