secwatch.observer — SEC 8-K summary
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Issuer:     BROWN & BROWN, INC. (BRO)
CIK:        0000079282
Form:       8-K
Filed at:   2023-02-21T23:59:59+00:00
Accession:  0000950170-23-003474
Event type: other
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/79282/000095017023003474/0000950170-23-003474-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/79282/000095017023003474/bro-20230220.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-003474

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer