Form 4: Brown & Brown Executive Reports Stock Transactions

Jerome Scott Penny, EVP Chief Acquisitions Officer at Brown & Brown, reports changes in beneficial ownership of company stock due to tax withholding and employee stock purchase plan activity.

Summary

• On February 25, 2024, Jerome Scott Penny, EVP Chief Acquisitions Officer of Brown & Brown, Inc., reported transactions involving the company's common stock.
• 10,503 shares were withheld by the company to cover income tax withholding requirements related to the vesting of 26,684 shares under the 2010 Stock Incentive Plan.
• Penny directly owns 249,243 shares of common stock, with 395 shares acquired through the Employee Stock Purchase Plan in July 2023.
• He also holds 71,006 shares under the 2019 Stock Incentive Plan, which are subject to service-based vesting conditions.
• Additionally, Penny jointly owns 357,056 shares with his spouse.
• Penny has an indirect ownership of 19,385 shares through a 401k plan and 192 shares held by children in his household, but he disclaims beneficial ownership of the latter.
• The reporting person has voting rights and dividend entitlement with respect to these shares, but full ownership will not vest until the satisfaction of service-based conditions.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.

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 impact on shareholders due to the change in the executive's stock ownership.

Key Dates