Brown & Brown 8-K, filed Aug 10, 2026

Summary

P. Barrett Brown, Brown & Brown's Executive Vice President and former President of its Retail Segment, voluntarily resigned for good reason as an officer effective August 10, 2026, under a Transition Agreement that keeps him employed through July 31, 2027 to provide transition services. He will receive his current $1,000,000 base salary, a $1,300,000 bonus in two $650,000 installments, a $130,000 lump sum, and $2,500,000 in severance payable in equal installments in August 2027 and August 2028, and agreed to a one-year non-compete.

Key points

• Brown resigned as an officer and from officer or director positions at Brown & Brown subsidiaries and affiliates effective August 10, 2026, while remaining an employee through July 31, 2027.
• The bonus installments are payable in February 2027 and within 30 days after the Transition Period ends, contingent on continued employment and, for the second, a non-revoked supplemental release of claims.
• The severance is conditioned on continued employment through the Transition Period and execution and non-revocation of the supplemental release.
• Unpaid amounts become payable in a lump sum within 30 days of a Change in Control occurring after the resignation date and before the payments are completed.

Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.