SEC Form 4 · accession 0001180023-18-000007
BROWN & BROWN, INC. · BRO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jerome Scott Penny
Officer — EVP Chief Acquisitions Officer
Period of report
Aug 3, 2018
Accepted (ET)
Aug 6, 2018 · 5:01 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000079282
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, $.10 par value (SIP)F1,F2 | Aug 3, 2018 | A | 49,628 | $0.00 | A | 190,264 | D | |
| Common Stock, $.10 par valueF1,F3,F4 | Aug 3, 2018 | F | 3,255 | $29.19 | D | 140,921 | D | |
| Common Stock, $.10 par value (PSP)F1,F5 | holding | — | — | — | 34,632 | D | ||
| Common Stock, $.10 par valueF1,F6 | holding | — | — | — | 192 | I | Children | |
| Common Stock, $.10 par valueF1 | holding | — | — | — | 18,980 | I | By 401k | |
| Common Stock, $.10 par value (Jointly Owned)F1,F7 | holding | — | — | — | 297,978 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On March 28, 2018, Brown & Brown, Inc. effected a 2-for-1 stock split. The number of shares reported throughout this Form 4 have been adjusted to reflect the stock split.
- F2These securities were granted pursuant to the Company's 2010 Stock Incentive Plan ("SIP"). The initial grant was made on July 1, 2013, but was subject to the satisfaction of performance-based conditions established in connection with this grant. On August 3, 2018, the Company confirmed the satisfaction of the performance-based conditions established in connection with this grant, and the Reporting Person has voting rights and dividend entitlement with respect to these shares, but full ownership will not vest until the satisfaction of additional service-based conditions.
- F3Shares were withheld by the Company solely to cover the income tax withholding requirements associated with the vesting of 8,270 shares of stock under the Company's SIP.
- F4A total of 1,120 of these shares were acquired through the Company's Employee Stock Purchase Plan in July 2018. Number of shares may vary due to dividend reinvestment.
- F5These securities were granted pursuant to the Company's Performance Stock Plan ("PSP"). Based on the satisfaction of conditions established pursuant to the PSP, the Reporting Person has voting rights and dividend entitlement with respect to these shares based on the satisfaction of certain performance-based criteria, but full ownership will not vest until the satisfaction of additional conditions.
- F6Reporting Person disclaims beneficial ownership in shares owned by children who share Reporting Person's household. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for the purpose of Section 16 or for any other purpose.
- F7Owned jointly with spouse.