SEC Form 4 · accession 0001225208-16-032698
BROWN & BROWN, INC. · BRO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
J Powell Brown
Officer — President and CEO · Director
Period of report
May 3, 2016
Accepted (ET)
May 5, 2016 · 5:00 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 (PSP)F1,F2 | May 3, 2016 | A | 4,000 | $0.00 | A | 49,192 | D | |
| Common Stock, $.10 par value (SIP)F3,F4 | May 3, 2016 | A | 37,408 | $0.00 | A | 226,128 | D | |
| Common Stock, $.10 par valueF5 | holding | — | — | — | 1,113,235 | D | ||
| Common Stock, $.10 par valueF6 | holding | — | — | — | 18,214 | I | By 401k | |
| Common Stock, $.10 par valueF7 | holding | — | — | — | 9,171 | I | Children |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF8 | $18.48 | holding | — | — | — | Mar 7, 2013 | Feb 26, 2018 | Common Stock, $.10 par value | 35,000 | 35,000 | D |
| Stock OptionsF8 | $18.48 | holding | — | — | — | Aug 1, 2013 | Feb 26, 2018 | Common Stock, $.10 par value | 35,000 | 35,000 | D |
| Stock OptionsF8,F9 | $18.48 | holding | — | — | — | Nov 26, 2017 | Feb 26, 2018 | Common Stock, $.10 par value | 35,000 | 35,000 | D |
Explanation of responses
- F1These securities were granted pursuant to the Company's Performance Stock Plan ("PSP"). The initial grant was made on July 21, 2009, but was subject to the satisfaction of performance-based conditions established in connection with the grant. On May 3, 2016, the Company confirmed the satisfaction of certain 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. Full ownership will not vest until the satisfaction of additional service-based conditions.
- F2These securities were granted pursuant to the Company's PSP. Based on the satisfaction of conditions established pursuant to the PSP, the Reporting Person has voting rights and dividend entitlement with respect to a portion of these shares based on the satisfaction of certain performance-based criteria, but full ownership will not vest until the satisfaction of additional conditions.
- F3These securities were granted pursuant to the Company's Stock Incentive Plan ("SIP"). The initial grant was made on April 28, 2010, but was subject to the satisfaction of performance-based conditions established in connection with the grant. On May 3, 2016, the Company confirmed the satisfaction of certain 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. Full ownership will not vest until the satisfaction of additional service-based conditions.
- F4These securities were granted pursuant to the Company's SIP. Full ownership will not vest until the satisfaction of additional conditions established in connection with this grant. This amount does not include 69,789 shares that were granted on July 1, 2013 pursuant to the SIP that have not yet satisfied the performance-based conditions established in connection with this grant.
- F5A total of 939 of these shares were acquired through the Company's Employee Stock Purchase Plan in July 2015. Number of shares may vary due to dividend reinvestment.
- F6Based upon information supplied by the plan recordkeeper as of December 31, 2015. Number of shares varies periodically based on contributions to plan.
- F7Reporting Person disclaims beneficial ownership of securities 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.
- F8Granted by the Compensation Committee of the Board of Directors pursuant to the Company's 2000 Incentive Stock Option Plan (the "Plan").
- F9These options vest and become exercisable on November 26, 2017, unless accelerated based on satisfaction of conditions established pursuant to the Plan.