Form 4: Brown & Brown EVP, CFO and Treasurer R. Andrew Watts Reports Changes in Beneficial Ownership
SEC Form 4 Filing
R. Andrew Watts, EVP, CFO and Treasurer of Brown & Brown, Inc., reports transactions involving common stock, including shares withheld for tax obligations and grants under the 2019 Stock Incentive Plan.
Summary
- On February 21, 2025, 9,938 common stock shares were withheld by Brown & Brown, Inc. to cover income tax withholding requirements related to the vesting of 25,251 shares under the 2019 Stock Incentive Plan (SIP) at a price of $111.65.
- On February 24, 2025, R. Andrew Watts acquired 15,874 shares and 2,909 shares of common stock under the 2019 SIP.
- Watts directly owns 101,741 shares of common stock following the reported transactions.
- Watts also indirectly owns 2,728 shares through the Watts Family Trust.
Sentiment
Score: 7
Explanation: The sentiment is neutral as the filing reflects standard executive compensation practices and stock ownership adjustments.
Positives
- The grant of shares under the 2019 SIP indicates continued alignment of executive compensation with company performance.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.
Stakeholder Impact
- The transactions may have a minor positive impact on shareholder sentiment due to the alignment of executive interests with company performance.
Key Dates
| Date | Description |
|---|---|
| 02/21/2022 | Initial grant date of securities pursuant to the 2019 SIP. |
| July 2024 | 357 shares acquired through the Company's Employee Stock Purchase Plan. |
| 02/21/2025 | Shares withheld for tax obligations related to vesting of stock under the 2019 SIP. |
| 02/24/2025 | 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. |
| 02/24/2025 | Grant of securities pursuant to the 2019 SIP. |
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