Form 4: Brown & Brown EVP P. Barrett Brown Reports Changes in Beneficial Ownership

P. Barrett Brown, EVP and President of Retail Segment at Brown & Brown, Inc., reports changes in beneficial ownership of company stock due to tax withholding, stock incentive plan grants, and employee stock purchase plan activity.

Summary

• On February 21, 2025, shares were withheld to cover income tax withholding requirements related to the vesting of 18,036 shares under the 2019 Stock Incentive Plan.
• On February 24, 2025, 11,338 shares were acquired under the 2019 Stock Incentive Plan after performance-based conditions were met, but full ownership is subject to additional service-based conditions.
• An additional 1,566 shares were acquired under the 2019 Stock Incentive Plan, also subject to service-based vesting conditions.
• The reporting person directly owns 1,350,697 shares of common stock, including shares acquired through the Employee Stock Purchase Plan.
• The reporting person also has indirect ownership through a Charitable Lead Annuity Trust (1,954,590 shares), a 401k plan (10,922 shares), and shares owned by children (2,324 shares), but disclaims beneficial ownership of the children's shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to executive compensation and vesting schedules. There are no explicit positive or negative indicators about the company's performance.

Positives

• The acquisition of shares under the 2019 Stock Incentive Plan indicates confidence in the company's performance and future prospects.

Future Outlook

Full ownership of shares acquired under the 2019 Stock Incentive Plan is subject to the satisfaction of additional service-based conditions.

Industry Context

Form 4 filings are a routine part of executive compensation and provide transparency into the holdings and transactions of company insiders.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in ownership, but the overall impact is likely minimal.

Key Dates