---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-003474"
form_type: "8-K"
ticker: "BRO"
cik: "0000079282"
company_name: "BROWN & BROWN, INC."
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T07:32:19.769840+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Brown & Brown sets 2023 cash incentive targets for named executive officers; CEO target $3M

## Summary
- 2023 cash incentive for NEOs based 40% on organic revenue growth, 40% on adjusted EBITDAC margin, 20% on personal objectives.
- CEO J. Powell Brown target $3M; other NEO targets: P. Barrett Brown $1.4M, R. Andrew Watts $850K, J. Scott Penny $900K, Chris L. Walker $1M.
- Payout range 0% to 200% of target; Compensation Committee may adjust for unusual items.
- Adjusted EBITDAC margin defined as income before taxes less amortization, depreciation, interest, and change in earn-out payables, further adjusted for certain acquisition costs and FX.

## SEC filing metadata
- accession: 0000950170-23-003474
- form_type: 8-K
- ticker: BRO
- cik: 0000079282
- company_name: BROWN & BROWN, INC.
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/79282/000095017023003474/0000950170-23-003474-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/79282/000095017023003474/bro-20230220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-003474
- JSON: https://secwatch.observer/filing/0000950170-23-003474.json
- Plain text: https://secwatch.observer/filing/0000950170-23-003474.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.