8-KLeadership ChangesExhibits & Filings

BROWN & BROWN, INC. 8-K Report, Executive Changes (Mar 23, 2016)

Filed March 23, 2016For Securities:BRO

Summary

Brown & Brown, Inc. (BRO) filed an 8-K on March 23, 2016, to report on compensation arrangements for its named executive officers. The Compensation Committee approved grants of performance-based restricted stock (PSA Shares) and time-based restricted stock (RSA Shares) under the company's 2010 Stock Incentive Plan. These awards are subject to various conditions, including performance, employment, change of control, and death/disability clauses, with vesting scheduled for March 23, 2021. The disclosed grants indicate a significant incentive alignment between the company's leadership and its shareholders, as a substantial portion of compensation is tied to future performance and continued employment. Investors can view the specific grant amounts for key executives, including J. Powell Brown, R. Andrew Watts, Charles H. Lydecker, J. Scott Penny, and Anthony T. Strianese, in the filing.

Key Highlights

  • 1Brown & Brown's Compensation Committee approved grants of performance-based restricted stock (PSA Shares) and time-based restricted stock (RSA Shares to named executive officers.
  • 2These awards are granted under the company's 2010 Stock Incentive Plan.
  • 3All PSA and RSA shares are subject to vesting conditions, including performance, employment, change of control, and death/disability clauses.
  • 4The vesting date for all granted shares is set for March 23, 2021.
  • 5Specific grant amounts are detailed for key executives: J. Powell Brown, R. Andrew Watts, Charles H. Lydecker, J. Scott Penny, and Anthony T. Strianese.
  • 6The filing includes forms of the Performance Stock Award Agreement and Restricted Stock Award Agreement as exhibits.

Frequently Asked Questions

Brown & Brown granted two types of stock awards: performance-based restricted stock (PSA Shares) and time-based restricted stock (RSA Shares) to certain named executive officers.

Both the performance-based restricted stock (PSA Shares) and the time-based restricted stock (RSA Shares) are scheduled to vest on March 23, 2021.

The stock awards are subject to several conditions, including performance targets, continued employment, change of control events, and death or disability of the executive.

Yes, the filing includes Exhibit 10.1 (Form of Performance Stock Award Agreement) and Exhibit 10.2 (Form of Restricted Stock Award Agreement) which provide the terms and conditions of these grants.