Brown & Brown, Inc. 2023 Notice of Annual Meeting of Shareholders and Proxy Statement

Page 1

2023 Notice of Annual Meeting of Shareholders and Proxy Statement

Message From Our Chairman and Our Lead Independent Director

DearFellowShareholders:

OnbehalfofBrown&Brown,Inc.’sBoardofDirectors,wearepleasedtoinviteyouto attendourAnnualMeetingofShareholdersonWednesday,May3,2023.Againthisyear, wewillholdthemeetingvirtuallyviaaliveaudiowebcasttomakethemeetingmore accessibletoourshareholdersacrosstheworld,whileminimizingthecostsofaninpersonmeeting.TheattachedNoticeofAnnualMeetingofShareholdersandProxy Statementincludeimportantinformationaboutthematterstobevotedonatthemeeting. TheproxymaterialsfortheAnnualMeeting,whichincludetheProxyStatementand2022 AnnualReport,areavailableonlinetoexpeditereceiptofproxymaterialswhilelowering thecostsandreducingtheenvironmentalimpactofthemeeting.

Fiscal2022wasanothersuccessfulyearforourteam,aswedeliveredstrongfinancial results;executedonourdisciplinedcapitalallocationstrategy,includinggrowingour footprintbothdomesticallyandinternationallyviastrategicacquisitions;andenhanced ourgovernancepractices.

In2022wegrewourtotalannualrevenuestoover$3.5billion,fueledbystrongorganic revenuegrowthinourthreelargestoperatingsegments,andwemaintainedourindustryleadingoperatingmargins,despiteslightmoderationascomparedto2021.Onceagain, wedeliveredgrowthinourcashgeneration,netincomeandearningspershare.

Supportedbyourdisciplinedapproachtomanagingourcapital,wecompleted30highqualityacquisitionsduringtheyearwithcombinedannualrevenuesofapproximately $435million.Amongthesetransactionswasourmilestoneacquisitionoftheinsurance operationsofGlobalRiskPartners(GRP),whichbolsteredourinternationalfootprintby 110+officesand2,100+teammatesintheUnitedKingdomandIreland.Wealsoincreased ourdividendforthe29thconsecutiveyear,returningapproximately$120milliontoour shareholders,andwecompletedasuccessfulpublicdebtoffering,whichincludedour debut30-yearbondissuance,tohelpfinancetheacquisitionsofGRPandcertainother keybusinesses.

OurBoardofDirectorsremainsfocusedonmaintainingandenhancingourgovernance practices,andwetakeprideinlisteningregularlytofeedbackfromourinvestors.Asa resultofongoingconversationswithshareholdersthatbeganinpreviousyears,inearly 2023,weadoptedproxyaccessandalsoenhancedourCorporateGovernancePrinciples toformalizesomeoffactorsweconsiderwhenidentifyingandrecruitingthemosthighly qualifieddirectornominees.

Finally,withgreatsadness,wemourntherecentpassingofourdearfriend,SamBell,who servedusasadirectorfrom1993until2021andthereafterasaDirectorEmeritus.An accomplishedattorneyandformerlegislatorknownforhisdistinctive,thoughtful approach,SamhelpedsteerusthroughnumerousinflectionpointsinourCompany’s history,andwecredithisleadershiptoourgrowthandsuccessovertheyears.

Whetherornotyouattendthevirtualmeeting,weencourageyoutovoteonline,by phoneorbysigningandreturningyourproxycardpromptlyintheenclosedenvelopeto assureyourshareswillberepresentedatthemeeting.Ifyoudecidetoattendthevirtual meetingandvoteyourshareselectronically,youwill,ofcourse,havethatopportunity.

2022OrganicRevenueGrowth

+8.1% ProxyStatementHighlights

1 ProxySummary

4 BoardandCorporate GovernanceMatters

48 ExecutiveCompensationTables

OnbehalfofourBoardofDirectors, ourleadershipteamandour teammates,thankyouforyour investmentinandcommitmentto Brown&BrownInsurance.Welook forwardtoyourparticipationatthe AnnualMeeting.

Sincerely, H.PALMERPROCTOR,JR. LeadIndependentDirector

“Supportedbyourdisciplinedapproachto managingourcapital,wecompleted30high-quality acquisitionsduringtheyearwithcombinedannual revenuesofapproximately$435million.”

Notice of Annual Meeting of Shareholders

TheAnnualMeetingofShareholdersofBrown&Brown,Inc.will beheldvirtuallyonWednesday,May3,2023,at9:00a.m. (EDT),forthefollowingpurposes:

1

Toelecttwelve(12)nomineestotheCompany’sBoard ofDirectors;

FOR eachdirectornominee

2

ToratifytheappointmentofDeloitte&ToucheLLPas Brown&Brown,Inc.’sindependentregisteredpublic accountantsforthefiscalyearendingDecember31,2023; FOR

YourVoteisImportant

3

Toapprove,onanadvisorybasis,thecompensationof namedexecutiveofficers; FOR 4

5

Toconductanadvisoryvoteonthedesiredfrequencyof holdinganadvisoryvoteonthecompensationofnamed executiveofficersand ONEYEAR

Totransactsuchotherbusinessasmayproperlycome beforethemeetingoranyadjournmentthereof.

TheBoardofDirectorshasfixedthecloseofbusinesson February27,2023,astherecorddateforthedeterminationof shareholdersentitledtonoticeofandtovoteatthemeeting andanypostponementsoradjournments.

DaytonaBeach,Florida

YouwillbeabletoattendtheAnnualMeetingonline,voteyour shareselectronicallyandsubmityourquestionsduringthe AnnualMeetingviaaliveaudiowebcastbyregisteringathttp:// www.viewproxy.com/bbinsurance/2023/htype.aspby11:59p.m. (EDT)onApril30,2023.Ifyouholdyoursharesbeneficially throughabankorbroker,youmustprovidealegalproxyfrom yourbankorbrokerduringregistration,andyouwillbeassigned aVirtualControlNumberinordertovoteyoursharesduringthe AnnualMeeting.Ifyouareunabletoobtainalegalproxytovote yourshares,youwillstillbeabletoattendtheAnnualMeeting (butwillnotbeabletovoteyourshares)solongasyou demonstrateproofofstockownership.Instructionsonhowto connectandparticipateviatheInternet,includinghowto demonstrateproofofstockownership,arepostedathttp:// www.viewproxy.com/bbinsurance/2023/htype.asp.Formore information,see“AttendingtheVirtualAnnualMeeting”below. Areplayofthewebcastwillbeavailableinthe“Investor Relations”sectionofourwebsite(www.bbinsurance.com) beginningtheafternoonofMay3,2023,andcontinuingfor 30daysthereafter.

HowtoVote

ByInternet

PriortotheAnnualMeeting,youcanvoteyourshares onlineviathewebsiteonyourproxycardorvoting instructionform.DuringtheAnnualMeeting,youcan voteyoursharesonlineatwww.AALvote.com/BRO.See “AttendingtheVirtualAnnualMeeting”formoredetails.

ByTelephone

IntheU.S.orCanada,youcanvoteyoursharestoll-free bycalling1-866-804-9616.

ByMail

Pleasevote,date,signandpromptlyreturntheenclosed proxyintheenvelopeprovidedforthatpurpose,whether ornotyouintendtobepresentatthemeeting.

IMPORTANTNOTICEREGARDINGTHEAVAILABILITYOF PROXYMATERIALSFORTHESHAREHOLDERMEETING TOBEHELDONMAY3,2023

TheProxyStatementandAnnualReporttoShareholdersare availableat:www.viewproxy.com/bbinsurance/2023.

Table of Contents MESSAGEFROMOURCHAIRMANANDOUR LEADINDEPENDENTDIRECTOR NOTICEOFANNUALMEETINGOF SHAREHOLDERS PROXYSUMMARY1 BOARDANDCORPORATEGOVERNANCE MATTERS4 Proposal1:ElectionofDirectors4 DirectorNominees5 TheBoard’sRoleandResponsibilities13 BoardStructureandProcess16 MeetingsandAttendance18 DirectorCompensation19 AUDITMATTERS21 Proposal2:RatificationoftheAppointmentof Deloitte&ToucheLLPastheCompany’s IndependentRegisteredPublicAccountants21 ReportoftheAuditCommittee22 INFORMATIONCONCERNINGINDEPENDENT REGISTEREDPUBLICACCOUNTANTS23 FeesPaidtoDeloitte&ToucheLLP23 AuditCommitteePolicyforPre-Approvalof IndependentRegisteredPublicAccountant Services23 COMPENSATIONMATTERS25 Proposal3:AdvisoryVotetoApproveNamed ExecutiveOfficerCompensation25 CompensationCommitteeReport26 COMPENSATIONDISCUSSIONANDANALYSIS27 ExecutiveSummary27 OurCompensationPhilosophy29 CompensationComponents29 HowWeSetCompensation30 2022Compensation31 2023Compensation41 OtherCompensation42 EmploymentandDeferredCompensation Arrangements 44 HedgingandPledgingPolicies;StockOwnership Requirements;ClawbackPolicy 45 Proposal4:Approval,onanAdvisoryBasis,of OneYearastheIntervalatwhichanAdvisory VoteontheCompensationoftheNamed ExecutiveOfficerswillbeConducted 47 EXECUTIVECOMPENSATIONTABLES48 PAYRATIO53 PAYVERSUSPERFORMANCE54 OTHERIMPORTANTINFORMATION58 SecurityOwnershipofManagementandCertain BeneficialOwners 58 AnnualMeetingandProxySolicitationInformation59 NoticeofInternetDelivery59 AttendingtheVirtualAnnualMeeting60 VotingYourShares;RequiredVotes60 ProposalsofShareholders62 OTHERMATTERS63 ANNEXA—INFORMATIONREGARDINGNONGAAPFINANCIALMEASURES 64 BROWN&BROWN,INC.| I

Proxy Summary

Thissummaryhighlightsinformation containedelsewhereinthisProxy Statement.Thissummarydoesnot containalloftheinformationyoushould consider.Youshouldreadtheentire ProxyStatementcarefullybeforevoting.

MeetingInformation

TIMEANDDATE

9:00a.m.(EDT)on

Wednesday,May3,2023

LOCATION

TheAnnualMeetingwillbeheld virtually.Pleaseregisterat http://www.viewproxy.com/ bbinsurance/2023/htype.asp

RECORDDATE Monday,February27,2023

DirectorNominees

J.HYATT BROWN,85 DIrectorSince:1993

J.POWELL BROWN,55 DirectorSince:2007

JAMESS. HUNT,67 DirectorSince:2013

TONI JENNINGS,1 73 Directorsince:2007

TIMOTHYR.M. MAIN,57 Directorsince:2010

LAWRENCEL. GELLERSTEDTIII,66 DirectorSince:2018

JAMESC. HAYS,65 DirectorSince:2018

THEODOREJ. HOEPNER,81 DirectorSince:1994

JAYMINB. PATEL,55 DirectorSince:2023

H.PALMER PROCTOR,JR.,2 54 DirectorSince:2012

CommiteeChair AuditCommittee CompensationCommittee AcquisitionCommittee

1Ms.JenningspreviouslyservedonourBoardofDirectorsfrom1999untilApril2003.

2LeadIndependentDirector

WENDELLS. REILLY,65 DirectorSince:2007

CHILTOND. VARNER,80 DirectorSince:2004

Nominating/CorporateGovernanceCommittee

MeetingAgenda
PROPOSAL Board Recommendation ForMore Information 1 ElectionofDirectors FOR eachnominee page4 2 Ratificationofthe Appointmentof Deloitte&ToucheLLP FORpage21 3 AdvisoryVotetoApprove ExecutiveCompensation FORpage25 4 AdvisoryResolutionontheFrequency ofFutureAdvisoryVotetoApprove ExecutiveCompensation
ONEYEARpage46
BROWN&BROWN,INC.| 1

DirectorSkillsandDiversityHighlights

CorporateGovernanceHighlights

SHAREHOLDERRIGHTS

•Annualelectionofdirectors

•Majorityvotingfordirectors,withdirector resignationpolicy

BOARDINDEPENDENCE

•StrongroleforLeadIndependentDirector

•Periodicrotationofcommitteemembers, committeechairsandLeadIndependent Director

•Executivesessionsateveryin-person Boardmeetingandvirtually,when necessary

GOODGOVERNANCE

•Stronganti-hedgingandanti-pledging provisions

•AnnualBoardandcommitteeself evaluations

•Strongexecutiveanddirectorstock ownershipguidelines

•Robustclawbackpolicy

•Committeemeetingsgenerallyopento, andattendedby,alldirectors

75% ofOurDirectorsAre Independent

8% ofOurDirectors AreEthnically/ RaciallyDiverse

14 AverageTenure ofOurDirectors

17% ofOurDirectors AreFemale

PROXYSUMMARY
NAME GENDER RACE/ ETHNICITY Board of Directors Industr y Management International Human Capital Management Executive Compensation Finance Accounting and/or Audit Legal Government Environmental Education Risk Management Corporate Governance Technolog y Mergers/Acquisitions MaleFemaleWhiteAsian J.HyattBrown ŠŠŠŠŠŠŠŠŠ J.PowellBrown ŠŠŠŠŠŠŠŠ LawrenceL.GellerstedtIII ŠŠŠŠŠŠŠŠ JamesC.Hays ŠŠŠŠŠ TheodoreJ.Hoepner ŠŠŠŠŠŠŠŠŠ JamesS.Hunt ŠŠŠŠŠŠŠŠŠŠŠ ToniJennings ŠŠŠŠŠŠŠ TimothyR.M.Main ŠŠŠŠŠŠŠŠŠŠŠ JayminB.Patel ŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠŠ H.PalmerProctor,Jr. ŠŠŠŠŠŠŠŠŠŠŠ WendellS.Reilly ŠŠŠŠŠŠŠŠ ChiltonD.Varner ŠŠŠŠŠŠ Independent
DirectorNominees
2 |BROWN&BROWN,INC.

OurStrategyandPerformance

TheCompany’sstrategyisfocusedonprofitablygrowingourtotalandorganicrevenueswhiledeliveringstrong,industry-leading operatingmarginsandcashconversion.Aspartofourgoaltomanagecapitalinthelong-terminterestsofourshareholders,we generallyinvestourearningsinthefollowingways:(1)internallybyhiringnewteammates,expandingourcapabilitiesandinvestingin innovation,(2)makinghigh-qualityacquisitionsand(3)returnstoshareholdersthroughthepaymentofdividendsandperiodicshare repurchases.Aspartofouroverallcapitalallocationstrategy,weremainfocusedonpreservingalevelofflexibilityanda conservativeleverageprofile,whichenablesustodeployourcapitalinwayswebelieveoptimizelong-termshareholdervalue.

HOWWEINVESTOUREARNINGS

1 Hiringnewteammatesand expandingourcapabilities

PerformanceHighlights

2 Makinghigh-quality acquisitions

3 Returnstoshareholders throughthepaymentof dividendsandperiodic sharerepurchases

Infiscal2022,wedeliveredstrongresults,asreflectedinthefollowingfinancialandoperationalhighlights:

Strongtotaland ORGANIC REVENUEGROWTH companywide

MAINTAINED our industry-leadingoperating margins

29TH consecutiveannual dividendincrease,returning approximately $120 MILLION toshareholders

(1) See AnnexA foradditionalinformationregardingOrganicRevenue,OrganicRevenuegrowthandAdjustedEBITDAC Margin,whicharenon-GAAPfinancialmeasures,includingareconciliationtothemostcloselycomparableGAAP financialmeasure.

(2) IncomebeforeincometaxesmarginiscalculatedastheCompany’sincomebeforeincometaxes,asreported,divided bytotalrevenues,asreported.

ROBUSTGROWTH innet cashprovidedbyoperating activities 30STRATEGIC ACQUISITIONS with aggregateannualrevenuesof approximately $435MILLION

PROXYSUMMARY
2022 PERFORMANCE 2021 PERFORMANCE
Totalrevenue $3.573billion $3.051billion NetIncome $672million $587million Dilutedearningspershares $2.37 $2.07 Companytotalcommissionsandfeesgrowth 16.9% 16.9% Retailsegmenttotalcommissionsandfeesgrowth 17.9% 20.1% NationalProgramssegmenttotalcommissionsandfeesgrowth 22.4% 15.0% WholesaleBrokeragesegmenttotalcommissionsandfeesgrowth 12.5% 14.3% Servicessegmenttotalcommissionsandfeesgrowth (3.9)% 2.8% CompanyOrganicRevenue1 growth 8.1% 10.4% RetailsegmentOrganicRevenue1 growth 6.5% 11.0% NationalProgramssegmentOrganicRevenue1 growth 15.7% 12.4% WholesaleBrokeragesegmentOrganicRevenue1 growth 7.6% 8.1% ServicessegmentOrganicRevenue1 growth (2.9)% 3.1% Incomebeforeincometaxesmargin3 24.5% 25.0% AdjustedEBITDACMargin1 32.9% 33.3% Netcashprovidedbyoperatingactivities $881.4million $808.8million
BROWN&BROWN,INC.| 3

Board and Corporate Governance Matters

Proposal1: ElectionofDirectors

AttheMeeting,12directorswillstandforreelectionforatermexpiringatthe2024AnnualMeetingofShareholders.Information abouteachnominee’sexperienceandqualificationsappearsbelow.

AllnomineeshaveconsentedtobeingnamedintheProxyStatementandhaveagreedtoserveifelected.Ifanydirectornominee becomesunableorunwillingtoserve,proxieswillbevotedforanysubstitutenominee(s)astheBoardofDirectors(the“Board”)may nominateontherecommendationoftheNominating/CorporateGovernanceCommittee.

VoteRequired;MajorityVoting;BoardRecommendation

OurBy-Lawsprovideforamajorityvotingstandardforthe electionofourdirectorsinuncontestedelections.Ifthedirector electionwerecontested,thepluralitystandardwouldapply, whichmeansthenomineesreceivingthegreatestnumbersof voteswouldbeelectedtoserveasdirectors.

Tobeelected,anomineemustreceivetheaffirmativevoteof morethan50%ofthevotescast,presenteitherinpersonorby proxy,attheMeeting.Ifanincumbentdirectordoesnotreceive morethan50%ofthevotescastwithrespecttohisorher election,heorshemustpromptlytenderaconditional resignationfollowingcertificationofthevote.TheNominating/ CorporateGovernanceCommitteewillthenconsiderthe resignationandrecommendtotheBoardwhethertoacceptit, andtheBoardwouldbeexpectedtoactonthe recommendationwithin90days.Thereafter,theBoardwill

promptlypubliclydiscloseitsdecisionconcerningwhetherto acceptthedirector’sresignationoffer(and,ifapplicable,the reasonsforrejectingtheoffer).IftheBoarddoesnotacceptthe resignation,thedirectorwillcontinuetoserveuntilthenextannual meetinganduntilasuccessorhasbeenelectedandqualified.If theBoardacceptstheresignation,thentheBoardmayfillany resultingvacancyormaydecreasethesizeoftheBoard.

4 |BROWN&BROWN,INC.
TheBoardunanimously recommendsavote “FOR” eachofthe 12directornominees

DirectorNominees

DirectorNomineesandQualifications

Setforthbelowiscertaininformationconcerningourcurrentdirectors,allofwhomaredirectornominees.Alldirectorsholdofficefor one-yeartermsoruntiltheirsuccessorsareelectedandqualified.

J.HYATTBROWN

ChairmanoftheBoard

SkillsandExperience

Age: 85

DirectorSince: 1993

Mr.HyattBrownwasourChiefExecutiveOfficerfrom1993to2009andourPresidentfrom1993to December2002andservedasPresidentandChiefExecutiveOfficerofourpredecessorcorporationfrom 1961to1993.HewasamemberoftheFloridaHouseofRepresentativesfrom1972to1980andSpeakerof theHousefrom1978to1980.Mr.BrownservedontheBoardofDirectorsofInternationalSpeedway Corporation,apubliclyheldcompany,until2019,andhepreviouslyservedontheBoardofDirectorsof VeriskAnalytics,Inc.(formerlyInsuranceServicesOffice).Mr.BrownisamemberoftheBoardofTrustees ofStetsonUniversity,ofwhichheisapastChairman,andtheFloridaCouncilof100.Mr.HyattBrown’s sons,J.PowellBrownandP.BarrettBrown,areemployedbyusasPresidentandChiefExecutiveOfficer, andasExecutiveVicePresidentandPresident–RetailSegment,respectively.Hisson,J.PowellBrown, hasservedasadirectorsinceOctober2007.

NomineeAttributes

Mr.HyattBrown’sextensivebusinessandindustryexperience,knowledgeofourcompany,serviceon boardsofotherpubliclytradedcompaniesandprovenleadershipabilityarejustafewoftheattributes thatmakehimuniquelyqualifiedtoserveonandchairourBoard.

Age: 55

DirectorSince: 2007

J.POWELLBROWN DirectorandChiefExecutiveOfficer

SkillsandExperience

Mr.PowellBrownwasnamedChiefExecutiveOfficerinJuly2009.HehasbeenourPresidentsince January2007andwasappointedtobeadirectorinOctober2007.Priorto2007,heservedasoneofour RegionalExecutiveVicePresidentsstartingin2002.Mr.Brownwaspreviouslyresponsibleforoverseeing certainorallpartsofoursegmentsandworkedinvariouscapacitiesthroughouttheCompanysince joiningusin1995.Mr.BrownhasservedontheBoardofDirectorsofWestRockCompany(formerly RockTennCompany),apubliclyheldcompany,sinceJanuary2010.HeisthesonofourChairman,J.Hyatt Brown,andthebrotherofP.BarrettBrown,ourExecutiveVicePresidentandPresident–RetailSegment.

NomineeAttributes

Mr.PowellBrown’sworkinallsegmentsofourCompany,leadershipexperienceateverylevelofour Company,currentpositionasPresidentandChiefExecutiveOfficerandexperienceonotherboardsare amongthequalitiesconsideredinconnectionwithhisnominationforreelectiontotheBoard.

BOARDANDCORPORATEGOVERNANCEMATTERS
BROWN&BROWN,INC.| 5

Age: 66

DirectorSince: 2018

CommitteesServed:

•Audit

•Acquisition

LAWRENCEL.GELLERSTEDTIII IndependentDirector SkillsandExperience

Mr.GellerstedthasbeenapartnerofSweetwaterHoldingsCompany,anAtlanta-basedrealestate investmentfirm,sinceMarch2019.HepreviouslyservedasChairmanoftheBoardandChiefExecutive OfficerofCousinsPropertiesIncorporated(Cousins)fromJuly2017untilJanuary2019andasCousins’ ExecutiveChairmanoftheBoardfromJanuary2019untilhisretirementinApril2020.Heservedas PresidentandChiefExecutiveOfficerofCousinsfromJuly2009toJuly2017.Priortothistime,heheld otherrolesatCousins,includingPresidentandChiefOperatingOfficer,ExecutiveVicePresidentandChief DevelopmentOfficer,andSeniorVicePresidentandPresidentoftheOffice/Multi-FamilyDivision.Mr. GellerstedtjoinedCousinsin2005followingtheacquisitionofhisfirm,TheGellerstedtGroup.He currentlyservesasadirectorofGeorgiaPowerCo.,apubliclyheldcompany,andpreviouslyservedasa directorofWestRockCompany(formerlyRockTennCompany)from2000to2017.

NomineeAttributes

Mr.Gellerstedt’sbreadthanddepthofexperiencerunningbusinessesandservingonboardsofboth privatelyheldandpubliclytradedcompanies,aswellashissignificantknowledgeinrealestate development,constructionandprojectmanagement,wereallconsideredinconnectionwithhis nominationforreelectiontotheBoard.

JAMESC.HAYS DirectorandViceChairman

SkillsandExperience

Mr.JamesHaysjoinedusasViceChairmaninNovember2018followingBrown&Brown’sacquisitionofThe HaysGroup,Inc.andcertainofitsaffiliates(collectively,HaysCompanies).Heco-foundedHaysCompaniesin 1994andservedasitsChiefExecutiveOfficerandPresidentandasaDirectorsinceitsinception.Mr.JamesC. HaysservesontheBoardofDirectorsofSkywardSpecialtyInsuranceGroup,Inc.,apubliclyheldcompany.

Age: 65

DirectorSince: 2018

CommitteesServed:

•Acquisition

NomineeAttributes

Mr.JamesHays’extensiveexperiencein,andknowledgeof,theinsuranceindustry,aswellashis impressivetrackrecordasanentrepreneurandinvestorinbusinesses,wereamongthefactors consideredinconnectionwithhisnominationforreelectiontotheBoard.

THEODOREJ.HOEPNER

IndependentDirector

SkillsandExperience

Mr.HoepnerservedasViceChairmanofSunTrustBank,Inc.fromJanuary2000toDecember2004and asViceChairmanofSunTrustBankHoldingCompanyfromJanuary2005untilJune2005,whenhe retired.From1995to2000,Mr.HoepnerwasExecutiveVicePresidentofSunTrustBank,Inc.and ChairmanoftheBoard,PresidentandChiefExecutiveOfficerofSunTrustBanksofFlorida,Inc.

Age: 81

DirectorSince: 1994

CommitteesServed:

•Audit

•Nominating/ Corporate Governance

NomineeAttributes

Mr.Hoepner’syearsofexperienceinthebankingindustry,includingextensiveexperiencein management,makehimavaluableadditiontotheBoard.HepreviouslychairedourAudit,Compensation andAcquisitionCommittees.Theseattributeswereamongthefactorsconsideredinconnectionwithhis nominationforreelectiontotheBoard.

BOARDANDCORPORATEGOVERNANCEMATTERS
6 |BROWN&BROWN,INC.

Age: 67

DirectorSince: 2013

CommitteesServed:

•Acquisition

•Audit(Chair)

JAMESS.HUNT IndependentDirector

SkillsandExperience

Mr.Huntheldvariousseniorfinancepositions,includingExecutiveVicePresidentandChiefFinancial Officer,withWaltDisneyParksandResortsWorldwideuntilhisretirementin2012.Duringhisemployment withDisney,hewasamemberoftheBoardsofDirectorsofDisney’soperatingsubsidiariesinHongKong andShanghai,ChinaandDisney’stwoinsurancecompanysubsidiaries.Priortothat,hewasaPartnerwith Ernst&Young.Mr.HuntservesontheBoardofDirectorsofSubwayWorldwide,Inc.,aprivatecompany andtheworld’slargestsingle-brandrestaurantchain;theBoardofTrusteesofPennMutualLife,amutual lifeinsurancecompany,whereheisamemberoftheInvestmentCommitteeandChairoftheAudit Committee;andtheBoardofDirectorsoftheNemoursFoundation,whereheisamemberofthe NominatingandGovernanceCommitteeandChairmanoftheAudit,FinanceandComplianceCommittee. Mr.Huntpreviouslyservedasadirectoroftwootherpubliclytradedcompanies–CaesarsEntertainment Corporation,wherehewasChairmanoftheBoard,andTheSt.JoeCompany,wherehewasamemberof theCompensationCommitteeandChairoftheAuditCommittee.MrHuntisamemberoftheStandards andEmergingIssuesAdvisoryGroup,ofthePublicCompanyAccountingOversightBoard,towhichhe wasappointedin2022.HeisaCertifiedPublicAccountant(CPA)andaNationalAssociationofCorporate Directors-designatedBoardLeadershipFellow.

NomineeAttributes

Mr.Hunt’sextensiveexperienceinexecutiveandseniorexecutivefinance,strategyandrelated operationalroles,financialexpertiseandsignificantinternationalexperience,alongwithhispastserviceas amemberoftheCompensationCommittee,werefactorsconsideredinconnectionwithhisnominationfor reelectiontotheBoard.

TONIJENNINGS

IndependentDirector

SkillsandExperience

Age: 73

DirectorSince: 2007

CommitteesServed:

•Compensation

•Nominating/ Corporate Governance

Ms.JenningsservesasChairmanoftheBoardofJackJennings&Sons,Inc.,acommercialconstruction firmbasedinOrlando,Florida,andJennings&Jennings,Inc.,anarchitecturalmillworkfirmbasedin Orlando,Florida.SheservedasPresidentofJackJennings&Sons,Inc.from1982until2003.Ms. JenningspreviouslyservedonourBoardofDirectorsfrom1999untilApril2003.From2003through 2006,Ms.JenningsservedasLieutenantGovernoroftheStateofFlorida.Ms.Jenningswasamemberof theFloridaSenatefrom1980to2000andPresidentoftheFloridaSenatefrom1996to2000.Sheserved intheFloridaHouseofRepresentativesfrom1976to1980.SheisamemberoftheBoardofDirectorsof Mid-AmericaApartmentCommunities,Inc.,apubliclytradedrealestateinvestmenttrust(REIT),andthe FoundationforFlorida’sFuture.Ms.JenningspreviouslyservedontheBoardofDirectorsofNextEra Energy,Inc.,apubliclyheldcompany,until2021.In2019,Ms.JenningswasnamedoneoftheMost InfluentialCorporateDirectorsbyWomenInc.magazine.

NomineeAttributes

Ms.Jennings’experienceasownerandoperatorofasuccessfulbusiness,andheryearsofserviceinthe legislativeandexecutivebranchesoftheStateofFlorida,alongwithherpastserviceasamemberofthe AuditCommitteeandtheChairoftheCompensationCommittee,arefeaturesconsideredinconcluding thatsheshouldcontinuetoserveasadirectoroftheCompany.

BOARDANDCORPORATEGOVERNANCEMATTERS
BROWN&BROWN,INC.| 7

Age: 57

DirectorSince: 2010

CommitteesServed: •Acquisition(Chair)

TIMOTHYR.M.MAIN

IndependentDirector

SkillsandExperience

Mr.MainhasservedasHeadofInvestmentBankingEMEA(UK,Europe,MiddleEast&Africa)atBarclays PlcsinceOctober2022andfromSeptember2016untilOctober2022asGlobalHeadoftheFinancial InstitutionsGroup.FromOctober2011untilSeptember2016,hewasaSeniorManagingDirectorof EvercorePartners.PriortojoiningEvercore,Mr.MainworkedatJPMorganChase,aglobalinvestment bank,for23years,mostrecentlyasaManagingDirectorandHeadoftheFinancialInstitutionsGroup.

NomineeAttributes

Mr.Main’sextensiveexperiencewithcomplexfinancialtransactionsandacquisitions,aswellashisbroad knowledgeoftheinsuranceindustryacquiredthroughouthiscareer,arekeycomponentsconsideredin nominatingMr.MainforreelectiontotheBoard.

JAYMINB.PATEL

IndependentDirector

SkillsandExperience

Age: 55

DirectorSince: 2023

Mr.PatelhasservedastheExecutiveChairmanofPerennialClimateInc.,aleadingplatformmeasuring, reportingandverifyingsoil-basedcarbonremovalandclimate-smartagriculture,sinceMarch2019.From March2015toAugust2018,hewasChiefExecutiveOfficerandadirectorofBrightstarCorporation,a globalwirelessdeviceservicescompanybackedbySoftbank(duringthattime).From1994toMarch2015, Mr.PatelservedinvariousexecutiveandfinancialleadershiprolesatGTECH(nowIGT),including PresidentandChiefExecutiveOfficerofGTECHCorporation,from2007to2015,andSeniorVice PresidentandChiefFinancialOfficerofthepubliclytradedGTECHHoldingsCorporationfrom2000to 2006.Mr.PatelhasservedasadirectorofBally’sCorporationsinceJanuary2021andSpartanNash CompanysinceFebruary2022.HepreviouslywasadirectorofWillisTowersWatsonandClarim AcquisitionCorp.,aspecial-purposeacquisitioncompany,wherehealsoserveditsPresidentandChief FinancialOfficerfromJanuary2021untilDecember2022.

NomineeAttributes

Mr.Patel’sextensivebackgroundoperatingbusinessesinregulatedindustries,combinedwithhisunique combinationofinternationalexperience,insuranceknowledgeandfinancialacumen,areamongthe attributesthatmakehimwellqualifiedtoserveonourBoard.

Age: 55

DirectorSince: 2012

CommitteesServed: •Nominating/ Corporate Governance(Chair)

H.PALMERPROCTOR,JR. LeadIndependentDirector SkillsandExperience

Mr.ProctorhasservedasChiefExecutiveOfficerofAmerisBancorp,apubliclyheldcompany(“Ameris”), andAmeris’swhollyownedbanksubsidiary,AmerisBank,sinceJuly2019.Healsoservesasadirectorof Ameris.HepreviouslyservedasPresidentandChiefExecutiveOfficerandaDirectorofFidelityBankand itsholdingcompany,FidelitySouthernCorporation,untiltheirmergerwithAmerisBankandAmeris, respectively,inJuly2019.HeisamemberoftheAdvisoryBoardofAlliedFinancial.Mr.Proctorpreviously servedasChairmanoftheGeorgiaBankersAssociation.

NomineeAttributes

Mr.Proctor’sbusinessexperience,leadershipabilitiesandmanagementexpertise,alongwithhispast serviceasamemberoftheAuditandCompensationCommitteesandChairoftheAcquisitionCommittee, werefactorsconsideredinconnectionwithhisnominationforreelectiontotheBoard.

BOARDANDCORPORATEGOVERNANCEMATTERS
8 |BROWN&BROWN,INC.

Age: 65

DirectorSince: 2007

CommitteesServed:

•Compensation (Chair)

•Nominating/ Corporate Governance

WENDELLS.REILLY IndependentDirector SkillsandExperience

Mr.ReillyisManagingPartnerofGrapevinePartners,LLC,ofAtlanta,Georgia,aprivateinvestment company.HeisalsoaGeneralPartnerofPeachtreeEquityPartnersII.Previously,hewasChairmanof BermanCapitalAdvisors,aswellasChairmanandChiefExecutiveOfficerofGrapevineCommunications, LLC,agroupoflocaltelevisionstations.Earlier,hewastheChiefFinancialOfficerofTheLamar CorporationandHaasPublishingCompanies.Mr.ReillycurrentlyservesontheBoardofDirectorsof LamarAdvertisingCompany,apubliclytradedcompany.HeisTrustee Emeritus ofEmoryUniversityandis pastChairoftheGovernanceCommitteeofEmoryUniversity’sBoardofTrustees,andheservesonthe BoardofTrusteesofTheCarterCenterandtheBoardofDirectorsoftheInternationalCenterfor Journalists.Mr.ReillyisagraduateofEmoryUniversityandearnedhisMBAinFinancefromVanderbilt University.

NomineeAttributes

Mr.Reilly’sbusinessbackgroundandexperienceenhancehisabilitytoanalyzeandcontributevaluable anduniqueinsightsonmatters,includingthoserelatingtocapitalstructure,financingandacquisition structure.Mr.Reilly’scontributionsasapastChairmanofourAcquisitionCommitteeandNominating/ CorporateGovernanceCommittee,aswellashispastserviceasLeadIndependentDirector,werealso takenintoconsiderationinconnectionwithhisnominationforreelectiontotheBoard.

CHILTOND.VARNER IndependentDirector

SkillsandExperience

Age: 80

DirectorSince: 2004

CommitteesServed:

•Compensation

•Nominating/ Corporate Governance

Ms.VarnerhasbeenamemberofthelawfirmofKing&SpaldinginAtlanta,Georgia,since1976andwas partnerfrom1983to2017.SinceJanuary2018,shehasservedasSeniorCounselatKing&Spalding.A graduateofSmithCollege,whereshewasnamedtomembershipinPhiBetaKappa,andEmoryUniversity SchoolofLaw,Ms.VarnerwashonoredwithEmoryUniversitySchoolofLaw’sDistinguishedAlumni Awardin1998.In2001,theNationalLawJournalprofiledMs.Varnerasoneofthenation’stoptenwomen litigators.Withmorethan30yearsofcourtroomexperience,shespecializesindefendingcorporationsin productliability,commercialandothercivildisputes.ShewasaTrusteeofEmoryUniversityfrom1995until 2014andcurrentlycontinuesherservicesasaTrustee Emeritus. In2019,Ms.Varnerwasnamedoneof theMostInfluentialCorporateDirectorsbyWomenInc.magazine.

NomineeAttributes

Asapracticingattorneyatoneofthenation’spremierlawfirmsandacounselortobusinesses,their directorsandmanagementconcerningriskandriskcontrol,Ms.Varnerbringsadepthofexperienceanda wealthofuniqueandvaluableperspectivestoourBoard.Ms.VarnerpreviouslychairedtheCompensation CommitteeandservedasourLeadIndependentDirector.

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DirectorsEmeritus

Fromtimetotime,ourBoardmaydesignateoneormoreofitsformerdirectorsas“DirectorEmeritus”basedontheirpast meritoriousservicetotheCompany.OurDirectorsEmeritusareentitledtoattendBoardmeetingsinanadvisorycapacity,butdonot voteonBoardmatters,andtheyreceivecompensationandfeesasmaybedeemedappropriatebytheCompanyinviewoftheir servicestotheCompany.

HUGHM.BROWN

DirectorEmeritus

SkillsandExperience

Age: 87

Directorfrom: 2004until2023

Mr.Brown,whoisunrelatedtoMr.HyattBrownandMr.PowellBrown,foundedBAMSI,Inc.,afull-service engineeringandtechnicalservicescompany,in1978andservedasitsPresidentandChiefExecutive Officeruntilhisretirementin1998.In2017and2021,Mr.BrownwasnamedoneoftheMostInfluential BlackCorporateDirectorsbySavoyMagazine.TheBoarddesignatedMr.HughBrownasaDirector EmeritusoftheCompany,effectiveimmediatelyfollowingthe2023AnnualMeetingofShareholders.

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DirectorIndependence

TheNewYorkStockExchange(“NYSE”)listedcompanymanualrequiresdirectorstosatisfycertaincriteriatobedeemed “independent.”TheBoardappliesthesestandardsindeterminingwhetheranydirectorhasamaterialrelationshipwiththeCompany thatwouldimpairhisorherindependence,asdiscussedbelow.AsrequiredbytheNYSElistedcompanymanual,theBoard considersallmaterialrelevantfactsandcircumstancesknowntoitinmakinganindependencedeterminationfromthestandpointsof boththedirectorandpersonsororganizationswithwhichthedirectorhasanaffiliation.

TheBoardhasconsideredtheindependenceofournomineesinlightofthese NYSEstandardsandhasaffirmativelydeterminedthatthefollowing9ofthe12 directornomineeshavenomaterialrelationshipwithusotherthanserviceasa director,andarethereforeindependent:LawrenceL.GellerstedtIII;TheodoreJ. Hoepner;JamesS.Hunt;ToniJennings;TimothyR.M.Main;JayminB.Patel;H. PalmerProctor,Jr.;WendellS.ReillyandChiltonD.Varner.Thefollowingfactors wererelevanttotheBoard’sdeterminationofindependence:

•TheBoardconsideredtherelationshipsdescribedbelowin“RelationshipsandTransactionswithAffiliatedParties.”

•Ineachcase,theBoardconsideredthefactthatfromtimetotime,intheordinarycourseofbusinessandonusualcommercial terms,weandoursubsidiariesmayprovideservicesinourcapacitiesasinsuranceintermediariestovariousdirectorsofthe Company,andtoentitiesinwhichvariousdirectorsoftheCompanyhavedirectorindirectinterests.

•InthecaseofMr.Main,theBoardconsideredthefactthatMr.MainisHeadofInvestmentBankingEMEA(UK,Europe,MiddleEast &Africa)atBarclaysPlc.TheBoardconsideredthat(i)Mr.Main’sownershipinterestinBarclaysdoesnotexceedtenpercent,and heisnotanexecutiveofficerofBarclays;(ii)therearenoexistingprojectsortransactionsbetweenBarclays’investmentbanking division(i.e.,thedivisioninwhichMr.Mainholdshisposition)andtheCompany;(iii)inhisroleatBarclays,Mr.Main(a)isnot permittedtocovertheinsurancebrokeragesector,(b)isrequiredtorecusehimselffromanyconversationswithclientsorBarclays employeesregardingtheinsurancebusinesssector,(c)isprohibitedfromappearingasthecoveragepersonfortheCompanyon anyBarclaysbooks,recordsorsystems,andmaynotsuperviseanyactivityinrelationtotheCompanyortheinsurancebrokerage sectorgenerallyand(d)isprohibitedfromsellingtheCompany’scommonstockwhileitisonBarclays’“watch”or“restricted”list, exceptinaccordancewithBarclays’personalinvestmentpolicyand(iv)duringeachyearbetween2016and2022,theinterest amountstheCompanypaidtoBarclaysinconnectionwiththeCompany’sborrowingsfromBarclayswerelessthanonepercentof theCompany’sannualrevenue,andlessthanonepercentofBarclays’sannualrevenue.

•InthecaseofMr.Hoepner,theBoardconsideredthefactthatheisaninvestorinabankholdingcompanyinwhichMessrs.Hyatt BrownandPowellBrownalsoareinvestors,inwhichabankaccountwithabalanceofapproximately$1.6millionwasmaintained bytheCompanyin2022andforwhichasubsidiaryoftheCompanyprovidesinsuranceservicesandconcludedthatthe investment,whichintheaggregatecomprisedlessthanfivepercentoftheoutstandingstockofthebankholdingcompany,was notmaterial.

•InthecaseofMr.Proctor,theBoardconsideredthefactthattheCompanymaintainsamoneymarketaccountwithabalanceof approximately$10.2millionwithAmerisBank,ofwhichMr.ProctorisChiefExecutiveOfficer,aswellasChiefExecutiveOfficer andadirectorofitsparentcompany,andtobothofwhichasubsidiaryoftheCompanyprovidesinsuranceservices,and concludedthattherelationshipwasnotmaterial.

•InthecaseofMessrs.ProctorandGellerstedt,theBoardconsideredthefactthatMessrs.HyattBrown,PowellBrownandProctor areinvestorsinafundmanagedbyanentityinwhichMr.Gellerstedtisapartnerandconcludedthattheamountsinvestedwere notmaterialtoMessrs.HyattBrown,PowellBrownorProctor,ortotheentityinwhichMr.Gellerstedtisapartner.

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DirectorNomineeSelectionProcess

TheNominating/CorporateGovernanceCommitteeisresponsibleforidentifyingandevaluatingdirectornomineesandfor recommendingtotheBoardaslateofnomineesforelectionateachAnnualMeetingofShareholders.TheCommitteehasnot established“minimumqualifications”fordirectornomineesbecauseitbelievesthatrigid“minimumqualifications”mightprecludethe considerationofotherwisedesirablecandidatesforelectiontotheBoard.

•theneedordesirabilityofmaintainingorexpandingthesizeoftheBoard;

•independence;

•credentials,including,withoutlimitation,businessexperience,technologyacumen, experiencewithintheinsuranceindustry,educationalbackground,professional training,designationsandcertifications;

•interestin,andwillingnesstoserveon,theBoard;

1

TheCommitteeevaluates directorcandidatesbased onanumberoffactors, including:

•abilitytocontributebywayofparticipationasamemberofBoardcommittees;

•financialexpertiseandsophistication;

•basicunderstandingoftheCompany’sprincipaloperationalandfinancialobjectives, plansandstrategies,resultsofoperationsandfinancialcondition,andrelative standinginrelationtotheCompany’scompetitorsand

•willingnesstocommitrequisitetimeandattentiontoBoardservice,including preparationforandattendanceatregularquarterlymeetings,specialmeetings, committeemeetingsandperiodicBoard“retreats”anddirectoreducationprograms.

2 Boarddiversity

TheCommitteeactivelyseeksdiverse,highlyqualifiedcandidatesformembershipon theBoard,includinggender-diversecandidatesandcandidatesthatareraciallyor ethnicallydiverse,aswellascandidateswithdiversebackgrounds,pointsofview, experienceandcredentials.

Sourcesforidentifying potentialBoardmembers

TheCommitteeandtheBoardconsideravarietyofsourceswhenidentifying individualsaspotentialBoardmembers,includingotherenterpriseswithwhichcurrent Boardmembersareorhavepreviouslybeeninvolvedandthroughwhichtheyhave becomeacquaintedwithqualifiedcandidates.TheCompanydoesnotpayanythird partyafeetoassistintheidentificationorevaluationofcandidates.

TheCommitteewillconsiderdirectornominationsthataresubmittedinwritingby shareholdersinaccordancewithourproceduresforshareholderproposals.See “ProposalsofShareholders”below.Suchproposalsmustcontainallinformationwith respecttoaproposedcandidateasrequiredbytheSEC’sproxyrules,mustaddressthe mannerinwhichtheproposedcandidatemeetsthecriteriadescribedabove,andmustbe accompaniedbytheconsentofsuchproposedcandidatetoserveasadirector,ifelected.

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TheBoard’sRoleandResponsibilities Overview

TheroleoftheBoardofDirectorsistooverseetheaffairsoftheCompanyforthebenefitofourshareholdersandother constituencies,includingourteammates,customers,suppliers,carrierpartnersandthecommunitiesinwhichwedobusiness.The BoardstrivestopropelthesuccessandcontinuityoftheCompany’sbusinessthroughtheselectionofqualifiedmanagementand throughongoingmonitoringdesignedtoassuretheCompany’sactivitiesareconductedinalegal,responsibleandethicalmanner.

RiskOversight

TheBoardanditscommitteesactivelyoverseethemanagementoftheCompany’srisks.Theyreceiveregularreportsfromsenior managementonareasofmaterialrisktotheCompany,includingoperational,financial,strategic,acquisition-related,technological, competitive,reputational,legalandregulatoryrisks.

TheBoardbelievesriskoversightisaresponsibilityoftheentireBoard,anditdoesnotlooktoanyindividualdirectororcommittee toleaditindischargingthisresponsibility.However,ourBoardcommitteeshavespecificoversightresponsibilitiesrelatingtocertain aspectsofriskmanagement:

OurAuditCommittee

Regularlyreviewsourfinancial statements,certainfinancial disclosures,ourfinancialandother internalcontrols,andregularly receivesreportsfrommanagement, includingtheCompany’sChief InformationOfficerandthe Company’sChiefInformationSecurity Officer,ontheCompany’s cybersecurityrisks.Additionally,our InternalAuditTeamandindependent registeredpublicaccountants regularlyidentifyanddiscusswiththe Committeerisksandrelated mitigationmeasuresthatmayarise duringtheirregularreviewsofthe Company’sfinancialstatementsand auditwork,asapplicable.

OurCompensationCommittee

Regularlyreviewsourexecutive compensationpoliciesandpractices, andotherrelatedemployeebenefits, andtherisksassociatedwitheach.

Webelieveourcompensation policiesandprinciples,inconjunction withourinternaloversightofthose policiesandprinciples,reducethe possibilityofimprudentrisk-taking. Wedonotbelieveourcompensation policiesandprinciplesare reasonablylikelytohaveamaterial adverseeffectontheCompany.

OurNominating/Corporate GovernanceCommittee

Considersissuesassociatedwiththe independenceofourBoard, corporategovernanceandpotential conflictsofinterest.Additionally,the Committeeoverseesour environmental,socialand governance(ESG)policiesand initiatives.

Whileeachcommitteeisresponsibleforevaluatingcertainrisksandoverseeingthemanagementofsuchrisks,theentireBoardof Directorsisregularlyinformedthroughattendanceatcommitteemeetingsorthroughcommitteereportsaboutsuchrisks.

WebelievetheBoard’sapproachtoriskoversight,asdescribedabove,helpsassessvariousrisks,makeinformeddecisionsand proactivelyevaluateemergingrisksfortheCompany.

Further,ourFinancialInternalAuditTeamisresponsiblefortheperformanceoftheinternalauditfunctionandfortestingcompliance withpoliciesandproceduresrelatingtoourfinancialreportingandcontrolenvironment.OurInformationTechnologyAuditTeamis responsiblefortestingoursystemsanddatasecurity,aswellasinformationtechnologycontrols.OurInsuranceOperationsAudit Teamisresponsibleforthetestingofouroperationalinternalcontrols.OurTeamResourcesAuditTeamtestscompliancewith internalguidelinesandapplicableemploymentlawrequirementsrelatingtocompensationandhumanresourcesandregularly assessesrisksandpotentialrisksassociatedwithouroperations.Theseteamsevaluateandsupporttheduediligenceand integrationofouracquisitionsandreport,throughourDirectorofInternalAudit,toourAuditCommitteequarterly,unlessmore frequentreportsarenecessary.OurDirectorofInternalAuditregularlyreportsdirectlytotheAuditCommitteeandregularlyreviews theauditsofourbusinessesandrelatedcontrolenvironment.

OurGeneralCounselisprimarilyresponsibleforenterpriseriskmanagementfortheCompany.Onaquarterlybasis,ourGeneral CounselpresentsanenterpriseriskmanagementanalysistoourAuditCommittee,whichincludesanassessmentofoverallrisk,risk mitigationandeliminationpriorities,anonymousethicshotlinereportsandclaimsliabilities.Also,ourChiefExecutiveOfficerand

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GeneralCounselannuallydeliveradetailedpresentationtoourBoardofDirectorsaboutrisksassociatedwithourbusiness.This presentationincludesextensivediscussion,analysisandcategorizationofriskswithrespecttothelikelihoodofoccurrence,severity andfrequency,aswellasconsiderationofmitigatingfactorsthatcontributetolesseningthepotentialadverseconsequences associatedwithsuchrisks(whichcannever,inanybusiness,befullyeliminated).Thispresentationispreparedwithinputfromthe Company’sseniorleaders,aswellasourChiefInformationSecurityOfficer.

TalentManagementandSuccessionPlanning

TheChairmanoftheBoard,aswellasourChiefExecutiveOfficer,routinelydiscusswiththeBoard,generallyinexecutivesessions, theCompany’smanagementdevelopmentandsuccessionactivities.

CommunicationwithDirectors

Interestedparties,includingshareholders,maycommunicatewithourBoardofDirectors,withspecifiedmembersorcommitteesof ourBoard,withnon-managementdirectorsasagrouporwiththeLeadIndependentDirector,H.PalmerProctor,Jr.,bysending correspondencetoourCorporateSecretaryat300NorthBeachSt.,DaytonaBeach,Florida32114,andspecifyinginsuch correspondencethatthemessageisforourBoardoroneormoreofitsmembersorcommittees.Communicationswillberelayedto directorsnolaterthanthenextregularlyscheduledquarterlymeetingoftheBoardandBoardCommittees.

CorporateGovernancePrinciples;CodeofBusinessConductandEthics;CodeofEthicsforChiefExecutive OfficerandSeniorFinancialOfficers

TheBoardofDirectorshasadoptedCorporateGovernancePrinciples,aCodeofBusinessConductandEthicsandaCodeofEthics forChiefExecutiveOfficerandSeniorFinancialOfficers,thefulltextofeachofwhichcanbefoundinthe“CorporateGovernance” sectionofthe“InvestorRelations”tab,under“KeyDocuments”onourwebsite(www.bbinsurance.com),andeachofwhichis availableinprinttoanyshareholderwhorequestsacopybywritingtoourCorporateSecretaryat300NorthBeachSt.,Daytona Beach,Florida32114.

RelatedPartyTransactionsPolicy

UnderourwrittenRelatedPartyTransactionsPolicy,ourGeneralCounsel(orourChiefExecutiveOfficeriftherelatedpartyisour GeneralCounseloranimmediatefamilymemberofourGeneralCounsel)willreviewanypotentialRelatedPartyTransactionto determineifitissubjecttothePolicy.Ifso,thetransactionwillbereferredtotheNominating/CorporateGovernanceCommitteefor approvalorratification.If,however,theGeneralCounseldeterminesthatitisnotpracticaltowaituntilthenextmeetingofthe Nominating/CorporateGovernanceCommittee,theChairoftheNominating/CorporateGovernanceCommitteeshallhavethe authoritytoactonbehalfoftheNominating/CorporateGovernanceCommitteeonwhethertoapproveorratifyaRelatedParty Transaction(unlesstheChairoftheNominating/CorporateGovernanceCommitteeisaRelatedPartyintheRelatedParty Transaction).IndeterminingwhethertoapproveorratifyaRelatedPartyTransaction,theNominating/CorporateGovernance Committee(or,asapplicable,theChairoftheNominating/CorporateGovernanceCommittee)willconsider,amongotherthings,the benefitsofthetransactiontotheCompany,thepotentialeffectofenteringintothetransactiononadirector’sindependence,the availabilityofothersourcesfortheproductsorservices,thetermsofthetransactionandthetermsavailabletounrelatedthird partiesgenerally.TheNominating/CorporateGovernanceCommitteehasauthoritytoadministerthePolicyandtoamenditas appropriatefromtimetotime.

ForpurposesofourPolicy,“RelatedPartyTransactions”aretransactionsinwhichtheCompanyisaparticipant,theamountinvolved exceeds$120,000whenallsuchtransactionsareaggregatedwithrespecttoanindividual,anda“relatedparty”had,hasorwill haveadirectorindirectmaterialinterest.“Relatedparties”areourdirectors(includinganynomineesforelectionasdirectors),our executiveofficers,anyshareholderwhobeneficiallyownsmorethanfivepercent(5%)ofouroutstandingcommonstock,andany firm,corporation,charitableorganizationorotherentityinwhichanyofthepersonslistedaboveisanofficer,generalpartneror principalorinasimilarpositionorinwhichthepersonhasabeneficialownershipinterestoftenpercent(10%)ormore.

RelationshipsandTransactionswithAffiliatedParties

Zambezi,LLC(“Zambezi”),aFloridalimitedliabilitycompanywhoseMembersandManagersareJ.HyattBrownandhiswife,Cici Brown,ownsaCessnaCitationSovereignaircraft(the“Aircraft”),whichtheCompanyleasespursuanttoanAircraftDryLease Agreement(the“Agreement”)withZambezi.In2022,theCompanypaidZambezi$157,865undertheAgreementtoleasethe Aircraft.PursuanttotheAgreement,subjecttoavailabilityoftheAircraftandotherspecifiedconditions,Mr.HyattBrownhastheright tousetheAircraftforpersonaluse,subjecttoreimbursementpaidtotheCompanyatthemaximumratepermittedbylaw.Mr.Hyatt Brownpaid$246,904totheCompanyforsuchpersonaluseoftheAircraftin2022.TheCompanyandZambezialsoarepartytoan

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AirsideSub-LeaseAgreementandServicesAgreement,pursuanttowhichZambezileaseshangarspacefromtheCompanyand pursuanttowhichpilotsandmechanicsemployedbytheCompanyareavailabletopilotandservicetheAircraftasprovidedtherein. In2022,ZambezipaidtheCompany$19,937fortheleaseofhangarspacefortheAircraftand$291,087fortheservicesofpilotsand mechanicsemployedbytheCompanyandforparts,equipmentandsuppliesrelatedtotheAircraft’smaintenanceandoperation.

OnJuly27,2020,theCompany,HaysCompanies,Inc.,aFloridacorporationf/k/aBBHG,Inc.andwhollyownedsubsidiaryofthe Company(“Buyer”or“HCI”),TheHGGroup,Inc.,f/k/aTheHaysGroup,Inc.,aMinnesotacorporation(“THG”),TheHaysGroupOf WisconsinLLC,aMinnesotalimitedliabilitycompany(“THGW”),TheHaysBenefitsGroup,LLC,aMinnesotalimitedliabilitycompany (“THBG”),PlanIT,LLC,aMinnesotalimitedliabilitycompany(“PlanIT”),TheHaysBenefitsGroupofWisconsin,LLC,aMinnesota limitedliabilitycompany(“THBGW”),andTheHaysGroupofIllinois,LLC,aMinnesotalimitedliabilitycompany(“THGI”);andClaims ManagementofMissouri,LLC,aMissourilimitedliabilitycompany(dbaMMMAClaimsManagement)(“MMMA,”andtogetherwith THG,THGW,THBG,PlanIT,THBGWandTHGI,eacha“Seller”andcollectively,the“Sellers”),andTHG,astheSellers’Representative (the“Sellers’Representative”),enteredintoanamendment(the“Amendment”)totheassetpurchaseagreementdatedOctober22, 2018(the“PurchaseAgreement”),pursuanttowhichBuyerpurchasedcertainassetsandassumedcertainliabilitiesoftheSellers (the“Acquisition”).ThePurchaseAgreementprovidedthattheSellersmayreceiveadditionalconsiderationfromBuyer,ifearned,in theformofearn-outpayments(the“Earn-OutPayments”)intheaggregateamountofupto$25,000,000incashoverthreeyears, subjecttocertainconditionsandthesuccessfulachievementofaverageannualEBITDAcompoundannualgrowthratetargetsfor theacquiredbusinessduring2019,2020and2021(the“Earn-OutPeriod”).PursuanttotheAmendment,thepartiestothePurchase Agreementagreedthat(a)basedonthefinancialperformanceoftheacquiredbusinessfromtheperiodfromJanuary1,2019, throughJune30,2020,BuyerdeterminedthattheacquiredbusinessachievedsufficientaverageannualEBITDAthatthecalculated Earn-OutPaymentswillexceedthemaximumEarn-OutPaymentsamountof$25,000,000,(b)theSellersweredeemedtohave achievedthemaximumEarn-OutPaymentsof$25,000,000asofthedateoftheAmendment,(c)theoperationalcovenantsofBuyer withrespecttotheoperationoftheacquiredbusinessduringtheremainderoftheEarn-OutPeriodwereterminatedand(d)theEarnOutPaymentsof$25,000,000wouldbepaidinaccordancewiththePurchaseAgreementinthefirstquarterofcalendaryear2022. Mr.JamesHays,whoisoneofourdirectorsandalsoservesasViceChairmanoftheCompany,hadtherighttoreceivecash considerationintheamountofapproximately$5,200,000uponpaymentoftheEarn-OutPaymentspursuanttotheAmendment.In March2022,theCompanypaidtoSellerstheEarn-OutPaymentsof$25,000,000.

TheownersofTheHaysFinancialGroup,Inc.(“HFG”),aMinnesotacorporationandregisteredinvestmentadvisor,includeBrian Whinnery,whoistheson-in-lawofMr.JamesHays,andwhoindividuallyownsapproximately15%oftheoutstandingstockofHFG, andTHG,whichownsapproximately65%oftheoutstandingstockofHFGandofwhichMr.JamesHaysindividuallyowns approximately21%oftheoutstandingstock.During2022,HFGpaidHCI,asubsidiaryoftheCompany,approximately$360,137in connectionwithbusinessreferralsmadefromHCItoHFG.

During2022,TGHpaidtoHCI,asubsidiaryoftheCompany,approximately$108,000inrentpaymentsforofficespaceusedbyHCI.

JeffreyL.Hays,whoisthesonofMr.JamesHays,wasthemajorityownerofRLAInsuranceIntermediaries,LLC,awholesale insurancebrokeragefirmheadquarteredinBoston,Massachusetts(“RLA”).EffectiveMarch1,2020,PeachtreeSpecialRiskBrokers, LLC,awhollyownedsubsidiaryoftheCompany(“Peachtree”),acquiredsubstantiallyalloftheassets,andassumedcertainliabilities, ofRLA,pursuanttothatcertainassetpurchaseagreement(the“AssetPurchaseAgreement”),byandamongtheCompany, Peachtree,RLAandRLA’sindividualowners.PursuanttotheAssetPurchaseAgreement,PeachtreepaidtoRLAaninitialpurchase priceof$50,725,000attheclosingofthetransaction,andanadditionalamountofupto$22,500,000maybepaidbasedonthe performanceoftheacquiredassetsduringthethree-yearperiodfollowingtheeffectivedateofthetransaction.TheAssetPurchase Agreementincludescertainfive-yearnon-competitionandnon-solicitationcovenantsapplicabletoMr.JeffreyHays.

Inaddition,effectiveasofMarch1,2020,Mr.JeffreyHaysbecameemployedbyPeachtreeasanExecutiveVicePresidentandoffice leaderofournew“RLAInsuranceIntermediaries”office,andheenteredintoanEmploymentAgreementwithPeachtreethat providesforpaymentofthefollowingcompensationforathree-yeartermofemployment:(i)anannualbasesalaryof$400,000, (ii)anannualbonusbasedupontheperformanceoftheRLAInsuranceIntermediariesofficeand(iii)additionalcommissionsbased uponthegrowthofhisindividualbookofbusiness.Duringtheinitialthree-yearemploymentterm,Peachtreemayonlyterminatethe EmploymentAgreement“withcause.”Mr.JeffreyHays’EmploymentAgreementincludesaprohibitionondirectlyorindirectly solicitingorservicingourcustomersorsolicitingouremployeestoleavetheiremploymentwithus.For2022,Mr.JeffreyHays receivedcompensationof$502,053,consistingof$489,853forservicesrenderedin2021and$12,200inmatchingcontributions madebytheCompanytohis401(k)Planaccount.

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AndrewM.Walker,whoisthesonofChrisL.Walker,isemployedbyasubsidiaryoftheCompanyasanunderwriterinthe Company’sSanDiego,Californiaofficeandreceivedcompensationof$252,094,consistingof$242,014forservicesrenderedin 2022,$576incashdividendspaidonrestrictedstockgrantedunderour2010StockIncentivePlan(“2010SIP”)andour2019Stock IncentivePlan(“2019SIP”)forwhichconditionsofvestingotherthantime-basedconditionshavebeensatisfied,and$9,504in matchingcontributionsmadebytheCompanytohis401(k)Planaccount.Inaddition,Mr.AndrewWalkerreceivedgrantsunderour 2019SIPinFebruary2022andFebruary2023withgrantdatefairvaluesof$14,948and$14,995,respectively.

AlexanderJ.Walker,whoisthesonofChrisL.Walker,isemployedbyasubsidiaryoftheCompanyasaseniorbusiness developmentmanagerintheCompany’sSanDiego,Californiaofficeandreceivedcompensationof$191,716,consistingof$184,421 forservicesrenderedin2022,$18incashdividendspaidonrestrictedstockgrantedunderour2019SIPforwhichconditionsof vestingotherthantime-basedconditionshavebeensatisfied,and$7,277inmatchingcontributionsmadebytheCompanytohis 401(k)Planaccount.Inaddition,Mr.AlexanderWalkerreceivedgrantsunderour2019SIPinFebruary2022andFebruary2023with grantdatefairvaluesof$14,948and$19,954,respectively.

BoardStructureandProcess BoardLeadership

OurBoardhastheflexibilitytodeterminewhethertherolesofChairmanoftheBoardandChiefExecutiveOfficershouldbe separatedorcombined.TheBoardmakesthisdecisionbasedonitsevaluationofthecircumstancesandthespecificneedsofthe Company.Mr.HyattBrown,whoretiredfromthepositionofChiefExecutiveOfficerin2009,continuestoserveasChairmanofthe Board,whileMr.PowellBrownservesasChiefExecutiveOfficer.

WebelieveourleadershipstructureisdesirablebecauseitallowsMr.PowellBrowntofocushiseffortsonrunningourbusinessand managingtheCompanyinthebestinterestsofourshareholderswhilewecontinuetorealizethebenefitsofMr.HyattBrown’s extensivebusinessandindustryexperience,knowledgeofourcompany,currentandpastserviceonboardsofotherpubliclytraded companiesandprovenleadershipability.

TheBoardconductsexecutivesessionsofnon-managementdirectorsinconnectionwitheachregularlyscheduledmeetingofthe Board.OurLeadIndependentDirector,H.PalmerProctor,Jr.,presidesovertheseexecutivesessions.

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BoardandBoardCommitteeMatters

OurBoardofDirectorshasanAuditCommittee,CompensationCommitteeandNominating/CorporateGovernanceCommittee.The chartersofeachoftheseBoardcommitteesareavailableinthe“CorporateGovernance”sectionofthe“InvestorRelations”tab, under“KeyDocuments”onourwebsite(www.bbinsurance.com)andarealsoavailableinprinttoanyshareholderwhorequestsa copyfromtheCorporateSecretaryat300NorthBeachSt.,DaytonaBeach,Florida32114.Ourcommitteemeetingsaregenerally attendedbyallBoardmembers,subjecttotheavailabilityofeachdirector,whichwebelieveenablesourBoardtofunctioninamore collaborative,transparentandeffectivemanner,andwhichwebelievepromotescollegialityamongtheBoardandenhancesour directors’knowledgeabouteachareaofourbusiness.

AUDITCOMMITTEE

Members

JamesS.Hunt(Chair)

TheodoreJ.Hoepner

LawrenceL.GellerstedtIII

MeetingsHeldin2022: 6

TheAuditCommitteeiscomposedofindependentdirectorsasdefinedintheNYSElisted companymanualandincludestwoauditcommitteefinancialexperts,TheodoreJ.Hoepner andJamesS.Hunt,amongitsmembers.ThedutiesoftheAuditCommitteearetorecommend totheBoardofDirectorstheselectionofindependentregisteredpublicaccountants,tomeet withourindependentregisteredpublicaccountantstoreviewanddiscussthescopeand resultsoftheannualaudit,andtoconsidervariousaccounting,auditingandtechnology mattersrelatedtotheCompany,includingoursystemsofinternalcontrolsandfinancial managementpractices.

COMPENSATIONCOMMITTEE

Members

WendellS.Reilly(Chair)

HughM.Brown

ToniJennings

ChiltonD.Varner

MeetingsHeldin2022: 6

EachmemberoftheCompensationCommitteeisindependentasdefinedintheNYSElisted companymanual.TheCompensationCommitteesetsthecompensationforourChief ExecutiveOfficerandreviewsandapprovesthecompensationforourotherexecutiveofficers, includingtheNamedExecutiveOfficers.See“ExecutiveCompensation–Compensation CommitteeReport”and“CompensationDiscussionandAnalysis.”TheCompensation Committeealsoreviews,makesrecommendationswithrespectto,andapprovesourexisting andproposedcompensationplansandisresponsibleforadministeringour1990Employee StockPurchasePlan(“ESPP”),our2008SharesavePlan,ourPerformanceStockPlan(“PSP”), whichwassuspendedinApril2010,our2000IncentiveStockOptionPlan,whichexpired December31,2008,our2010SIP,whichwassuspendedinMay2019,andour2019SIP.The CompensationCommitteeisauthorizedbyitschartertoformanddelegateauthorityto subcommitteeswhenappropriate.

NOMINATING/CORPORATEGOVERNANCECOMMITTEE

Members

H.PalmerProctor,Jr.(Chair)

TheodoreJ.Hoepner

ToniJennings

WendellS.Reilly

ChiltonD.Varner

MeetingsHeldin2022: 5

EachmemberoftheNominating/CorporateGovernanceCommitteeisindependentasdefined intheNYSElistedcompanymanual.ThisCommittee’sdutiesincluderesponsibilities associatedwithcorporategovernance,aswellasthenominationofpersonstostandfor electiontotheBoardatourAnnualMeetingofShareholdersandrecommendationofnominees totheBoardofDirectorstofillvacancieson,orasadditionsto,theBoard.

BOARDANDCORPORATEGOVERNANCEMATTERS
BROWN&BROWN,INC.| 17

DirectorTenureandBoardRefreshment

TheNominating/CorporateGovernanceCommitteeregularlyconsidersthecompositionoftheBoard.However,wehavenot establishedamandatoryretirementageorothertermlimitsbecausewebelievelonger-tenureddirectorscanbringimportant experienceandinstitutionalknowledgethatarecriticaltothesuccessofourBoardandthelong-terminterestsofourshareholders. Considerationisgiventorotatingcommitteemembers,committeechairsandtheLeadIndependentDirectorpositiongenerally everythreetofiveyearsbecausewebelievewebenefitfromhavingalevelofconsistencyinourcommitteecompositionsand committeechairs,butthatfreshperspectiveslikewisefacilitateenhancedBoardandcommitteeperformance.OurNominating/ CorporateGovernanceCommitteeevaluatestheperformanceofeachincumbentdirectoratleastannuallybeforerecommending suchdirector’snominationforanadditionalterm.Inaddition,anydirectorwhohasajobchangemustsubmitaletterofresignation resigningfromtheBoard.ThesubmissionofaletterofresignationprovidesanopportunityfortheBoardtoreviewthecontinued appropriatenessofthedirector’smembershipontheBoardunderthecircumstances.

BoardEvaluations

TheNominating/CorporateGovernanceCommitteeconductsanannualevaluationoftheBoardanditscommittees,aswellasthe individualperformanceofeachdirector.Aspartofthisprocess,alldirectorscompletedetailedconfidentialquestionnairestoprovide feedbackontheeffectivenessoftheBoard,thecommitteesandtheperformanceofindividualdirectors.Theresultsofthe questionnairesarecompiledanonymouslybytheChairoftheNominating/CorporateGovernanceCommitteeintheformof summaries,andthefeedbackisreviewedanddiscussedbytheNominating/CorporateGovernanceCommitteeandsubsequently reportedtothefullBoard.WebelievetheseassessmentsallowustocontinuallyimprovetheeffectivenessofourBoardand committeemeetingsthroughouttheyear.

MeetingsandAttendance

During2022,ourBoardofDirectorsheldeightmeetings.Eachincumbentdirectorservingduring2022attendedatleast75%ofthe totalnumberofBoardmeetings,and75%ofthetotalnumberofmeetingsofcommitteesofwhichsuchdirectorisorwasamember. TheBoardexpects,butdoesnotrequire,directors,allofwhom,otherthanHughM.Brownaredirectornominees,toattendthe AnnualMeetingofShareholders.Allthen-currentmembersoftheBoardattendedthe2022AnnualMeetingofShareholders.

ShareholderEngagement

Weregularlymeetwithinvestors,prospectiveinvestorsandinvestmentanalystsonabroadrangeoftopics,includingourstrategy, financialperformanceandtechnologyinitiatives.Wealsoroutinelyengagewithshareholdersaftereachquarterlyearningscalland materialnewsannouncement,aswellasinconnectionwithconferencesandotherevents.Weviewtheseconversations,which typicallyincludeourChiefFinancialOfficer,andmayalsoincludeourChiefExecutiveOfficerand/ortheleadersofouroperating segments,asopportunitiesforustoreceiveanddiscussvaluableinsightsintoourshareholders’prioritiesandperspectives throughouttheyear.

Wealsoengagewithshareholdersoncorporategovernancematters.Asaresultofdiscussionswithshareholdersthatbeganin 2022,werecentlyadoptedproxyaccessandalsoformalizedourlong-standingpracticetoconsiderdiversityinseekingthemost highlyqualifieddirectorcandidates.

BOARDANDCORPORATEGOVERNANCEMATTERS
18 |BROWN&BROWN,INC.

DirectorCompensation

2022DirectorCompensation

OurBoardofDirectorsreviewsthecompensationofournon-employeedirectorsatleasteverytwoyearsorassuchothertimeas circumstancesmaywarrant.Therewerenochangestothecompensationofournon-employeedirectorsfor2022.

During2022,non-employeedirectorswerepaidanannualretainerof$90,000,payableinquarterlyinstallments.Inaddition,the ChairsoftheAcquisition,AuditandCompensationCommitteesareeachpaida$20,000retainer,theChairoftheNominating/ CorporateGovernancereceivesa$15,000retainerandtheCompany’sLeadIndependentDirectorreceivesa$15,000retainer,in eachcaseforservicesassociatedwiththosepositions.Alldirectorsreceivereimbursementofreasonableout-of-pocketexpenses incurredinconnectionwithmeetingsoftheBoard.

Also,eachdirectorwhoisnotanemployeeoftheCompanyreceivedinMay2022agrantoffullyvestedsharesofourcommon stockunderour2019SIP,valuedat$100,000,valuedasofthecloseofbusinessonthelastbusinessdaybeforetheregularMay meetingoftheCompensationCommittee.

Nodirectorwhoisanemployeereceivesseparatecompensationforservicesrenderedasadirector.

Thefollowingtablesetsforthcashandothercompensationearnedduring2022bydirectorswhoarenotNamedExecutiveOfficers.

2022DIRECTORCOMPENSATION

(1) During2022,J.HyattBrown,whoisthefatherofJ.PowellBrown,adirectorandPresidentandChiefExecutiveOfficeroftheCompany,andP.BarrettBrown,an ExecutiveVicePresidentandPresident–RetailSegment,receivedcompensationof$218,744,consistingof$180,000forservicesrenderedtotheCompanyin2022, includingassistancewithacquisitionsandrecruitment,$6,480inmatchingcontributionsmadebytheCompanytohis401(k)Planaccount,$27,819forreimbursement ofamountsearnedbytheCompanyforpersonallinesinsurancehepurchasedthroughtheCompanyoritssubsidiariesand$4,445forthecostofcertainclub membershipdues.Mr.HyattBrownservesasChairmanoftheBoardoftheCompany.

(2) During2022,JamesC.Haysreceivedcompensationof$1,364,078,consistingof$1,358,000forservicesrenderedtotheCompanyin2022and$6,078inmatching contributionsmadebytheCompanytohis401(k)Planaccount.Mr.JamesHays,whoservesasViceChairmanoftheCompany,isapartytoanEmploymentAgreement withtheCompany,effectiveasofNovember16,2018,thatprovidesforpaymentofanannualbasesalaryof$517,000forathree-yeartermofemployment, afterwhich timethisamountwillbeasmutuallyagreeduponbetweenMr.JamesHaysandtheCompany,andwhichprovidesthattheCompanywillterminatetheagreementonly “withcause”duringtheinitialthree-yearterm.PursuanttohisEmploymentAgreement,Mr.JamesHaysisalsoeligibleduringtheinitialthree-year termtoparticipatein theCompany’sSeniorLeaderBonusProgramineffectfromtimetotime,andhisbonustargetundertheSeniorLeaderBonusProgramis$700,000.TheCompanyhas determinedthatMr.JamesHaysisnotanexecutiveofficer.

BOARDANDCORPORATEGOVERNANCEMATTERS
Name FeesEarnedor PaidinCash ($) Stock Awards ($) AllOther Compensation ($) Total ($) HughM.Brown 90,00099,953—189,953 J.HyattBrown ——218,744(1) 218,744 LawrenceL.GellerstedtIII 90,00099,953—189,953 JamesC.Hays ——1,364,078(2) 1,364,078 TheodoreJ.Hoepner 90,00099,953—189,953 JamesS.Hunt 110,00099,953—209,953 ToniJennings 90,00099,953—189,953 TimothyR.M.Main 110,00099,953—209,953 H.PalmerProctor,Jr. 120,00099,953—219,953 WendellS.Reilly 110,00099,953—209,953 ChiltonD.Varner 90,00099,953—189,953
BROWN&BROWN,INC.| 19

2023DirectorCompensation

InMarch2023,FredericW.Cook&Co.,Inc.(“FWCook”),anindependentoutsidecompensationconsultingfirmretainedbythe CompensationCommittee,conductedacomprehensiveanalysisoftheCompany’snon-employeedirectorcompensation,as describedbelow.

SURVEYCOMPARISON

AspartofFWCook’sanalysis,theCompensationCommitteereviewedandconsidereddatafromthe

2021–2022NACDDirector CompensationReport,whichconsistedofdatafromgeneralindustrycompanieswithablendofmediumandlargecompanydata withannualrevenuesbetween$2.5and$10billion.

PEERCOMPARISONGROUP

FWCookalsoreviewedthecompensationpracticesofsevenpubliclytradedinsurance carriersandseveralothercompaniesinthecapitalmarketsindustry(the“PeerComparison Group”).ThePeerComparisonGroup,whichFWCookalsousesforconductinganalysesof ourpaypracticesandexecutivecompensationlevels,wasasfollows:

Ourtotalrevenueisatthe 46thpercentile andour marketcapitalizationisatthe 56thpercentile ofthepeer comparisongroup.

PeerCompanyBusinessFocus

ArchCapitalGroupLtd.Property&CasualtyInsuranceCarrier

AXISCapitalHoldingsLimitedProperty&CasualtyInsuranceCarrier

AonplcInsuranceIntermediary

ArgoGroupInternationalHoldingsProperty&CasualtyInsuranceCarrier

ArthurJ.Gallagher&Co.InsuranceIntermediary

CBIZ,Inc.Research&ConsultingServices

Crawford&CompanyInsuranceIntermediary

ErieIndemnityCompanyProperty&CasualtyInsuranceCarrier

Marsh&McLennanCompaniesInc.InsuranceIntermediary

Primerica,Inc.Life&HealthInsuranceCompany

RaymondJamesFinancial,Inc.InvestmentBanking&Brokerage

RLICorp.Property&CasualtyInsuranceCarrier

SelectiveInsuranceGroupInc.Property&CasualtyInsuranceCarrier

WillisTowersWatsonPLCInsuranceIntermediary

ResultsofFWCook’sAnalysis

BasedupontheresultsofFWCook’sanalysis,theCompensationCommitteeconcludedthat:

•thetotalpayforournon-employeedirectors(excludingretainersforourcommitteechairsandourLeadIndependentDirector)was belowthemarketmedian,

•thepaymixforournon-employeedirectorcompensationwasmoreheavilyweightedtowardequitythancash,whichwas consistentwithmarketpractice,

•theretainerspaidtoourAuditCommitteechairandourLeadIndependentDirectorwerebelowthemarketmedian,

•theretainerspaidtoourNominating/CorporateGovernanceCommitteechairandCompensationCommitteechairweregenerally alignedwiththemarketmedianand

•theCompany’sstockownershipguidelines,whichrequirenon-employeedirectorsaccumulateBrown&Browncommonstock valuedatleastfivetimesthecurrentannualcashretainerwithinfiveyearsofjoiningtheBoard,werealignedwithmarketpractices.

BaseduponFW’sCook’sanalysisandtheCompensationCommittee’srecommendation,inMarch2023,theBoardapprovedthe followingchangestothecompensationforournon-employeedirectors,tobeeffectiveimmediatelyfollowingthe2023Annual MeetingofShareholders:

•anincreasetothesizeoftheannualcashretainerfrom$90,000to$100,000,and

•anincreasetothesizeoftheannualgrantoffullyvestedcommonstockfrom$100,000to$120,000,valuedasofthecloseof businessonthelastbusinessdaybeforetheregularMaymeetingoftheCompensationCommittee.

BOARDANDCORPORATEGOVERNANCEMATTERS
20 |BROWN&BROWN,INC.

Audit Matters

PROPOSAL2: RATIFICATIONOFTHEAPPOINTMENT OFDELOITTE&TOUCHELLPASTHECOMPANY’S INDEPENDENTREGISTEREDPUBLICACCOUNTANTS

TheAuditCommitteeoftheBoardofDirectorshasselectedDeloitte&ToucheLLPastheCompany’sindependentregisteredpublic accountingfirmforthefiscalyearendingDecember31,2023.Deloitte&ToucheLLPhasservedasourindependentregistered publicaccountingfirmsincethefiscalyearendedDecember31,2002.

TheCommitteeandtheBoardarerequestingthatshareholdersratifythisappointmentasameansofsolicitingshareholders’ opinionsandasamatterofgoodcorporategovernance.Iftheshareholdersdonotratifytheselection,theappointmentofthe independentregisteredpublicaccountantswillbereconsideredbytheCommittee.Eveniftheselectionisratified,theCommittee,in itsdiscretion,maydirecttheappointmentofadifferentindependentregisteredpublicaccountingfirmatanytimeduringtheyearifit determinesthatsuchchangewouldbeinthebestinterestsoftheCompanyanditsshareholders.

OneormorerepresentativesofDeloitte&ToucheLLPareexpectedtobepresentattheMeeting,willhavetheopportunitytomake astatement,andwillbeavailabletorespondtoappropriatequestionsfromshareholders.

VoteRequired;BoardRecommendation

Inordertoberatified,thisProposal2mustreceivethe affirmativevoteofamajorityofthevotescastontheProposal. TheBoardofDirectorsbelievesthattheratificationofProposal 2isinthebestinterestsoftheCompanyanditsshareholders.

BROWN&BROWN,INC.| 21
TheBoardunanimously recommendsavote “FOR” thisproposal.

ReportoftheAuditCommittee

TheAuditCommitteeoftheBoardofDirectorsoperatespursuanttoanAuditCommitteeCharter,whichwasmostrecentlyreviewed bytheCommitteeinOctober2022andlastamendedinJanuary2021.TheCharterispostedontheCompany’swebsite (www.bbinsurance.com)inthe“CorporateGovernance”sectionofthe“InvestorRelations”tab,under“KeyDocuments.”

EachmemberoftheAuditCommitteequalifiesas“independent”(asthattermisdefinedintheNYSElistedcompanymanual,aswell asotherstatutory,regulatoryandotherrequirementsapplicabletotheCompany’sAuditCommitteemembers).

WithrespecttothefiscalyearendedDecember31,2022,theAuditCommittee:

1.hasreviewedanddiscussedtheCompany’sauditedfinancialstatementswithmanagementandtheindependentregistered publicaccountants;

2.hasdiscussedwiththeindependentregisteredpublicaccountantsoftheCompanythemattersrequiredtobediscussedbythe standardsofthePublicCompanyAccountingOversightBoard,includingthosedescribedinAuditingStandardNo.16, CommunicationswithAuditCommittees,andtheSecuritiesandExchangeCommission;

3.hasreceivedandreviewedthewrittendisclosuresandtheletterfromtheindependentregisteredpublicaccountantsrequired bytheapplicablerequirementsofthePublicCompanyAccountingOversightBoardregardingtheindependentregisteredpublic accountants’communicationswiththeAuditCommitteeconcerningindependence,andhasdiscussedwiththeindependent registeredpublicaccountantstheindependentregisteredpublicaccountants’independenceand

4.basedonthereviewanddiscussionswithmanagementandtheindependentregisteredpublicaccountantsreferencedabove, recommendedtotheBoardofDirectorsthattheauditedfinancialstatementsbeincludedintheCompany’sAnnualReporton Form10-KforthefiscalyearendedDecember31,2022,forfilingwiththeSecuritiesandExchangeCommission.

ItisnotthedutyorresponsibilityoftheAuditCommitteetoconductauditingoraccountingreviewsorprocedures.Inperformingits oversightresponsibility,membersoftheAuditCommitteerelywithoutindependentverificationontheinformationprovidedtothem andontherepresentationsmadebymanagementandtheindependentregisteredpublicaccountants.Accordingly,theAudit Committee’sconsiderationsanddiscussionsdonotassurethattheauditoftheCompany’sfinancialstatementshasbeencarriedout inaccordancewiththestandardsofthePublicCompanyAccountingOversightBoardorthatthefinancialstatementsarepresented inaccordancewithgenerallyacceptedaccountingprinciplesintheUnitedStatesofAmerica(“GAAP”).

AUDITCOMMITTEE

JamesS.Hunt (Chair)

TheodoreJ.Hoepner

LawrenceL.GellerstedtIII

AUDITMATTERS
22 |BROWN&BROWN,INC.

Information Concerning Independent Registered Public Accountants

FeesPaidtoDeloitte&ToucheLLP

WeincurredthefollowingfeesforservicesperformedbyDeloitte&ToucheLLPforfiscalyears2022and2021:

(1) AuditFeesweretheaggregatefeesbilledtousbyDeloitte&ToucheLLPforprofessionalauditservicesrenderedfortheauditofourannualfinancialstatements,the reviewoffinancialstatementsincludedinourForms10-QandtheauditofourinternalcontroloverfinancialreportingforthefiscalyearsendedDecember31,2022 and2021,includinganyout-of-pocketexpense.

(2) Audit-RelatedFeesarefeesforassuranceandrelatedservicesreasonablyrelatedtotheperformanceoftheauditorreviewofourfinancialstatementsthatarenot reportedaboveunderthecaption“AuditFees”forthefiscalyearendedDecember31,2022and2021.Deloitte&ToucheLLPdidnotprovideanysuchservicesduring thefiscalyearendedDecember31,2021.

(3) ThesefeeswerebilledinconnectionwithduediligenceservicesperformedinconnectionwiththeCompany’sacquisitionofGRPin2022.

(4) TaxFeesarefeesfortaxcompliance,taxadviceandtaxplanningforthefiscalyearsendedDecember31,2022or2021.Deloitte&ToucheLLPdidnotprovideany suchservicesduringtheperiods.

(5) Deloitte&ToucheLLPdidnotprovideany“otherservices”duringtheperiods.

AuditCommitteePolicyforPre-ApprovalofIndependentRegisteredPublic AccountantServices

OurpolicyrequiresthattheAuditCommitteeconsiderandapproveinadvanceanyproposedengagementoftheindependent registeredpublicaccountantstoperformservicesinadditiontothoseapprovedinconnectionwiththeirannualengagementletter, exceptforcertainlimitednon-auditservices.Duringfiscalyears2022and2021,allserviceswereapprovedbytheAuditCommittee inaccordancewiththispolicy.

NegotiationofFeesPayabletotheIndependentRegisteredPublicAccountant

Eachyear,theCompany’smanagementbeginsarobust,good-faithnegotiation,overseenbytheAuditCommittee,withthe independentregisteredpublicaccountantregardingtheindependentregisteredpublicaccountants’proposedfeesforthe engagement.Thisnegotiationincludesareviewforreasonablenessoffeesincurredduringthepreviousyear,aswellasareviewfor reasonablenessoffeesfortheproposedengagement,withconsiderationofanyenhancementstotheCompany’sfinancialandother internalcontrolsasaresultoftheCompany’syear-over-yeargrowthandexpansionintonewinternationaljurisdictions.

AuditCommitteeAuditPartnerSelection

Inconjunctionwiththerequiredrotation,theAuditCommitteeisinvolved,togetherwiththeCompany’smanagementteam,inthe evaluationandselectionofthenewleadauditpartner.

20212022 AuditFees(1) $2,185,154$2,702,480 Audit-RelatedFees(2) $0$699,450(3) TaxFees(4) $0$0 AllOtherFees(5) $0$0 Total $2,185,154$3,401,930
BROWN&BROWN,INC.| 23

EvaluationofIndependentRegisteredPublicAccountant

Onatleastanannualbasis,theAuditCommittee,togetherwiththeCompany’smanagement,evaluatestheperformanceofthe independentregisteredpublicaccountantsinconnectionwithitsdecisiontore-engagetheindependentregisteredpublic accountants.Aspartofthisevaluation,whichisbased,inpart,upontheCenterforAuditQuality’sexternalauditorassessmenttool, theAuditCommitteeandtheCompany’smanagementconsider,amongotherthings,thequalityofservicesperformedbythe independentregisteredpublicaccountants;theskillandresponsivenessoftheengagementteam;theindependentregistered publicaccountants’understandingoftheCompany,includingtheCompany’soperationalandfinancialrisks;andtheindependent registeredpublicaccountants’tenure.

INFORMATIONCONCERNINGINDEPENDENTREGISTEREDPUBLICACCOUNTANTS
24 |BROWN&BROWN,INC.

Compensation Matters

PROPOSAL3: ADVISORYVOTETOAPPROVE NAMEDEXECUTIVEOFFICERCOMPENSATION

AttheMeeting,wewillaskourshareholderstoapprove,onanonbinding,advisorybasis,underSection14AoftheExchangeAct,the compensationofourNamedExecutiveOfficersasdisclosedinthisProxyStatement.Thisproposal,commonlyknownasa“say-onpay”proposal,givesourshareholderstheopportunitytoexpresstheirviewsonourexecutivecompensation.Wehaveheldasimilar shareholdervoteeveryyearsince2011andexpecttoholdasimilarvoteatthe2024AnnualMeeting.

Asdescribedindetailbelowunder“CompensationDiscussionandAnalysis,”ourexecutivecompensationprogramisdesignedtoattract, motivateandretainourNamedExecutiveOfficers,whoarecriticaltooursuccess.Accordingly,ourNamedExecutiveOfficersarerewardedto theextentweachievespecificannualgoalsanddeliverfinancialperformanceintendedtoincreaselong-termshareholdervalue.

OurCompensationCommitteehasadoptedanapproachtoexecutivecompensationthatwebelieveenablestheCompanytoretain itsexecutivetalentwhileremainingcommittedtoourcorecompensationphilosophyofpayingforperformanceandaligning executivecompensationwithshareholderinterests.TheCommitteecontinuallyreviewsthecompensationprogramsforourNamed ExecutiveOfficerswiththegoalofmosteffectivelyaligningourexecutivecompensationstructurewithourshareholders’interests andcurrentmarketpractices.Forexample,(1)asignificantportionofpayisperformance-based,(2)compensationisincentive-driven withbothshort-andlong-termfocusand(3)webelievecomponentsofcompensationarelinkedtoincreasingshareholdervalue.

Weareagainaskingourshareholderstoindicatetheirsupportforourexecutiveofficercompensation.Thisvoteisnotintendedto addressanyspecificitemofcompensation,butrathertheoverallcompensationofourNamedExecutiveOfficersandthephilosophy, programandpracticesdescribedinthisProxyStatementinaccordancewiththeSEC’scompensationdisclosurerules.Accordingly, weaskourshareholderstovote“FOR”theapproval,onanadvisorybasis,ofexecutivecompensation.

Thesay-on-payvoteisadvisoryandthereforenotbindingontheCompany,theCompensationCommitteeorourBoard.However, ourBoardandCompensationCommitteevaluetheopinionsofourshareholders,andtotheextentthereisanysignificantvote againsttheexecutivecompensationasdisclosedinthisProxyStatement,wewillconsiderourshareholders’concerns,andthe CompensationCommitteewillevaluatewhetheranyactionsarenecessarytoaddressthoseconcerns.

Accordingly,weaskourshareholderstovoteonthefollowingresolutionattheMeeting:

“RESOLVED,thatthecompensationpaidtotheCompany’sNamedExecutiveOfficers,asdisclosedpursuanttoItem402of RegulationS-K,includingtheCompensationDiscussionandAnalysis,compensationtablesandnarrativediscussion,ishereby APPROVED.”

VoteRequired;BoardRecommendation

Inordertobeapproved,thisProposal3mustreceivethe affirmativevoteofamajorityofthevotescastontheProposal. TheBoardofDirectorsbelievesthattheadvisoryapprovalof Proposal3isinthebestinterestsoftheCompanyandits shareholders.

BROWN&BROWN,INC.| 25
TheBoardunanimously recommendsavote “FOR” thisproposal.

CompensationCommitteeReport

NotwithstandinganythingtothecontrarysetforthinanyofourpreviousfilingsundertheSecuritiesActof1933,asamended,orthe SecuritiesExchangeActof1934,asamended,thatmightincorporatefuturefilings,includingthisProxyStatement,inwholeorinpart, thefollowingBoardCompensationCommitteeReportshallnotbeincorporatedbyreferenceintoanysuchfilings.

TheCompensationCommitteehasreviewedanddiscussedtheCompensationDiscussionandAnalysiswithmanagementand basedonthisreviewandthosediscussions,hasrecommendedtotheBoardofDirectorsthattheCompensationDiscussionand AnalysisbeincludedinthisProxyStatement.

COMPENSATIONCOMMITTEE

WendellS.Reilly (Chair)

HughM.Brown

ToniJennings

ChiltonD.Varner

COMPENSATIONMATTERS
26 |BROWN&BROWN,INC.

Compensation Analysis and Discussion

EXECUTIVESUMMARY

OurCompensationCommitteehasresponsibilityforthedesign,implementation,reviewandapprovalofthecompensationofour executiveofficers.Weseektoprovideanexecutivecompensationpackagethatsupportsourbusinessstrategyandisdrivenbyour overallfinancialperformance,thesuccessoftheoperatingsegmentsandcorrespondingfinancialperformancethataredirectly impactedbytheexecutive’sleadershipandtheperformanceoftheindividualexecutive.TheCompensationCommitteeperiodically reviews,withthesupportofanindependentcompensationconsultant,thepaypracticesofothercompanieswiththegoalof confirmingthattheCompany’sexecutivecompensationprogramremainscompetitivebutdoesnottargetcompensationdecisionsor levelstoaspecificpercentileorotherabsolutemeasuresrelatedtocomparisongroupdata.

Atlastyear’sAnnualMeetingofShareholders,96%ofthevotescastwereinfavoroftheadvisoryvotetoapproveexecutive compensation.Inviewofthisfavorablevote(aswellasasimilarfavorablevotein2021)andthesuccessofour2021executive compensationpoliciesinincentivizingresultsthatwerealignedwiththelong-terminterestsofourshareholders,aswellasother factors(includingregulatoryrequirements,marketconsiderationsandCompanyandindividualperformance),ourexecutive compensationpoliciesandpracticesremainedsubstantiallyunchangedfromtheprioryear.

NamedExecutiveOfficers

For2022,ourNamedExecutiveOfficerswereasfollows:

WebelieveourcompensationsystemcontinuestoeffectivelyincentivizeourexecutiveofficerstodeliverresultsfortheCompanythat arealignedwiththelong-terminterestsofourshareholders.Asreflectedinthetablebelow,wedeliveredanotheryearofstrong performancein2022,andasaresult,theannualcashincentivesforourNamedExecutiveOfficerswerecalculatedandpaidabove thetargetamounts:

J.POWELLBROWN ChiefExecutiveOfficer andPresident R.ANDREWWATTS ChiefFinancialOfficer, ExecutiveVicePresident andTreasurer P.BARRETTBROWN ExecutiveVicePresident andPresident–Retail Segment J.SCOTTPENNY ExecutiveVicePresident andChiefAcquisitions Officer CHRISL.WALKER ExecutiveVicePresident andPresident–National ProgramsSegment
BROWN&BROWN,INC.| 27

1

PerformanceHighlights

(1) See AnnexA foradditionalinformationregardingOrganicRevenue,OrganicRevenuegrowthandAdjustedEBITDAC Margin,whicharenon-GAAPfinancialmeasures,includingareconciliationtothemostcloselycomparableGAAP financialmeasure.

(2) IncomebeforeincometaxesmarginiscalculatedastheCompany’sincomebeforeincometaxes,asreported,divided bytotalrevenues,asreported.

Strongtotaland ORGANIC REVENUEGROWTH companywide

MAINTAINED our industry-leadingoperating margins

29TH consecutiveannual dividendincrease,returning approximately $120 MILLION toshareholders

ROBUSTGROWTH innet cashprovidedbyoperating activities

30STRATEGIC ACQUISITIONS with aggregateannualrevenuesof approximately $435MILLION

COMPENSATIONDISCUSSIONANDANALYSIS
TOTALSHAREHOLDERRETURN(1) BRO S&P 500 (18.5%) (18.4%) 23.0% 47.5% 1 Yr.3 Yr.5 Yr.10 Yr.15 Yr.20 Yr. 52.8% 131.1% 208.2% 399.3% 223.6% 482.4% 475.3% 780.6%
Source:CapIQasof12/31/2022
2022 PERFORMANCE 2021 PERFORMANCE
Calculatedaschangeinsharepriceplustotaldividendspaid
Totalrevenue$3.573billion$3.051billion NetIncome$672million$587million Dilutedearningspershares$2.37$2.07 Companytotalcommissionsandfeesgrowth16.9%16.9% Retailsegmenttotalcommissionsandfeesgrowth 17.9%20.1% NationalProgramssegmenttotalcommissionsandfeesgrowth 22.4%15.0% WholesaleBrokeragesegmenttotalcommissionsandfeesgrowth 12.5%14.3% Servicessegmenttotalcommissionsandfeesgrowth (3.9)%2.8% CompanyOrganicRevenue1 growth8.1%10.4% RetailsegmentOrganicRevenue1 growth 6.5%11.0% NationalProgramssegmentOrganicRevenue1 growth 15.7%12.4% WholesaleBrokeragesegmentOrganicRevenue1 growth 7.6%8.1% ServicessegmentOrganicRevenue1growth (2.9)%3.1% Incomebeforeincometaxesmargin3 24.5%25.0% AdjustedEBITDACMargin1 32.9%33.3% Netcashprovidedbyoperatingactivities$881.4million$808.8million
28 |BROWN&BROWN,INC.

OurCompensationPhilosophy

Ourcompensationsystemisintendedto: 1

AttractandRetain High-qualitypeoplethatarecrucial toboththeshort-termandlong-

CreateaCommonInterest

Betweenourexecutiveofficersand shareholdersthroughcompensation structuresthatpromotethesharing oftherewardsandrisksofstrategic decision-making

Insupportofthesegoals,for2022,ourincentivecompensationprogramincludedbothlong-andshort-termcompensation componentsthatweretiedtoincreasesinouradjusteddilutedearningspershare,OrganicRevenuegrowth,AdjustedEBITDAC Marginandpredeterminedpersonalobjectivesforeachofourexecutiveofficers.Webelieveourcompensationprogramrewarded ourexecutivesfordeliveringstrongfinancialresultsthatalignedwiththelong-terminterestsofourshareholders.

CompensationComponents

Ourcompensationphilosophyisreflectedinthefollowingshort-termandlong-termcompensationcomponents:

Rationale

1 BaseSalary

2 AnnualCash Incentives andBonuses

•Providecompetitivelevelsofcompensationtoourexecutiveofficersbasedonscopeofresponsibilities andduties

•Recruitandretainexecutiveofficers

HowAmountsAreDetermined

•Basedonawiderangeoffactors,includingbusinessresults,individualperformanceandresponsibilities, andcomparativemarketassessments

Rationale

•Alignexecutiveofficers’performancewithannualgoalsandobjectives

•Createadirectlinkbetweenpayandcurrentyearfinancialandoperationalperformance

HowAmountsAreDetermined

•Targetpayoutsbaseduponcomparativemarketassessments,recommendationsbyChiefExecutive Officer,andinputfromtheCompensationCommittee’sindependentcompensationconsultant,subjectto theapprovalofCompensationCommitteeor,inthecaseoftheChiefExecutiveOfficer,recommendations fromtheCompensationCommittee’sindependentcompensationconsultant,subjecttotheapprovalof CompensationCommitteebaseduponitsannualChiefExecutiveOfficerperformancereview

•ActualpayoutbaseduponacombinationofCompanyand/orsegmentperformanceandachievementof personalperformanceobjectives

•AdditionaldiscretionarybonusavailableasdeterminedbyChiefExecutiveOfficer,subjecttotheapprovalof CompensationCommittee,or,inthecaseofChiefExecutiveOfficer,asdeterminedbyCompensationCommittee

Rationale

•Rewardeffectivelong-termcapitalmanagementanddecision-making

•Focusattentiononfuturereturnstoshareholders

•Retainexecutiveofficerswhohavethepotentialtoimpactbothourshort-termandlong-termprofitability throughacombinationoftime-andperformance-basedawards

•Recognizeandrewardspecificachievementsand/orthepreviousyear’sperformance

•Generallygrantedannuallyduringfirstquarter

IncentiveAwards

3 Long-TermEquity

HowAmountsAreDetermined

•Awardamountdeterminedbaseduponablendofquantitativemeasuresandconsiderationofpersonal performance,aswellascomparativemarketassessments

•Forawardswithaperformance-basedvestingcondition,numberofawardedsharesmaybehigheror lowerthantarget,subjecttospecifiedthresholdandmaximumamounts,basedupontheCompany’s performanceduringtheperformanceperiod

•ActualvaluerealizedbasedupontheCompany’sstockpriceovermeasurementandvestingperiods

COMPENSATIONDISCUSSIONANDANALYSIS
termsuccessoftheCompany
Linkedtoourstrategicobjectives throughtheuseofincentive compensationprograms
2 CompensateforPerformance
3
BROWN&BROWN,INC.| 29

Thechartbelowshowsthe2022mixofcompensationforourChiefExecutiveOfficerandfortheotherNamedExecutiveOfficersas agroup.

HowWeSetCompensation RoleofManagement

Base Salary Cash Incentive Equity

TheCompensationCommitteeconsidersinputfromourChiefExecutiveOfficerinmakingdeterminationsregardingthecompensation ofourexecutiveofficers,otherthanourChiefExecutiveOfficer.Aspartoftheannualplanningprocess,ourChiefExecutiveOfficer recommendsandpresentstotheCompensationCommitteeforconsideration,basesalaryadjustments,frameworkandtargetsforour annualcashincentiveprogram,andlong-termequityincentiveawardamounts,ineachcasebaseduponanindividual’sperformance andresponsibilities,aswellascomparativemarketdata,asdescribedbelow,forourexecutiveofficers,otherthanourChiefExecutive Officer.Inaddition,ourChiefExecutiveOfficerperiodicallypresentstotheCompensationCommitteeandtheBoardhisevaluationof eachexecutiveofficer’sperformanceandreviewssuccessionplansforeachofourexecutiveofficers.

RoleoftheCompensationConsultant

BeginninginAugust2015,theCompensationCommitteeengagedFWCooktoassistwithareviewofthecomponents,structureand designofthelong-termequityincentivearrangementswithourexecutiveofficersandotherkeyemployees.Theprimarygoalofthis engagementwastohelpdesignlong-termequityincentivearrangementsthatcontinuetobecompetitiveandalignedwith shareholderinterests.FWCookhasremainedengagedbytheCompensationCommitteetoadviseandassistwithothermatters relatedtoexecutiveandnon-employeedirectorcompensation.TheCompensationCommitteeconsidersFWCooktobe independentbecauseFWCookperformednoservicesfortheCompany’smanagementunrelatedtoservicesperformedforthe CompensationCommittee,andtherewasnoconflictofinterestraisedasaresultofanyworkperformedbyFWCook,directlyor indirectly,fortheCompensationCommitteeduringfiscalyears2015-2022.

ComparativeMarketAssessments

TheCompensationCommitteedoesnottargetcompensationdecisionsorlevelstoaspecificpercentileorotherabsolutemeasures relatedtocomparisongroupdatabutdoesperiodicallyreviewthepaypracticesofothercompanieswiththegoalofseeingthatthe Company’sexecutivecompensationprogramremainscompetitive.Historically,theseanalyseshavebeencompletedapproximately everytwoorthreeyears,unlesstherehasbeenamaterialchangeinourbusinessorinoneofoursegments,ascomparativemarket ratesdonottypicallymateriallychangeovertheshortterm.

COMPENSATIONDISCUSSIONANDANALYSIS
Other* All
NEOs 58% 23% 16% 80% AT RISK 81% AT RISK 3% CEO* 16% 32% 48% 5%
Other
*Totalofallpercentagesdoesnotequal100%duetorounding.
* Other pay includes those amounts shown in the Summary Compensation Table under the “All Other Compensation” column.
30 |BROWN&BROWN,INC.

2022Compensation

January2022ComparativeMarketAssessments

InJanuary2022,FWCookconductedanalysesofourcompensationlevelsforourChiefExecutiveOfficerandChiefFinancialOfficer (the“January2022CEO/CFOComparativeMarketAssessment”)andinFebruary2022forourexecutiveofficerswithresponsibility fortheCompany’soperatingsegments(the“January2022SegmentHeadComparativeMarketAssessment”),ineachcaseas comparedtoagroupofourpeers(the“January2022ComparativeMarketAssessments”),asdescribedbelow.

PeerComparisonGroup

FortheJanuary2022CEO/CFOComparativeMarketAssessment,FWCookfocusedonourPeerComparisonGroup.

FortheJanuary2022SegmentHeadComparativeMarketAssessment,FWCookfocusedononlythosepeerswithinthePeer ComparisonGroupthatareinsurancebrokersandforwhichcompensationinformationwasavailableforexecutiveofficerswith directresponsibilityforoperatingsegmentssimilartothoseoverseenbyourexecutiveofficers(the“SelectSegmentHeadPeers”). ForadiscussionofthePeerComparisonGroup,includingalistofpeerscomprisingthePeerComparisonGroup,see“2023Director Compensation.”

SurveyComparison

AspartoftheJanuary2022ComparativeMarketAssessments,theCompensationCommitteealsoreviewedandconsidereddata fromcertainthird-partysurveys.

ResultsoftheJanuary2022ComparativeMarketAssessments

BasedupontheresultsoftheJanuary2022CEO/CFOComparativeMarketAssessment,theCompensationCommitteedetermined that,amongotherthings,thetotal2021directcompensationforMessrs.PowellBrownandWatts,whichincludestheirbasesalary, targetcashincentiveamountandtargetlong-termequityincentives,wasgenerallyalignedwiththemarketmedian.Asaresult,the CompensationCommitteedidnotapplyanypayrateadjustmentsforMessrs.PowellBrownorWattsfor2022.

BasedupontheresultsoftheJanuary2022SegmentHeadComparativeMarketAssessment,theCompensationCommittee determinedthat,amongotherthings,thetotal2021directcompensationforMessrs.BarrettBrown,PennyandWalker,which includestheirbasesalary,targetcashincentiveamountandtargetlong-termequityincentives,wasbelowthe50thpercentileofthe SelectSegmentHeadPeers.

ConsiderationofLastYear’s“Say-On-Pay”Vote

InaccordancewiththerequirementsoftheDodd-FrankWallStreetReformandConsumer ProtectionActof2010(the“Dodd-FrankAct”),weprovideourshareholderswithanopportunityto approve,onanonbinding,advisorybasis,thecompensationofnamedexecutiveofficers.Atour annualmeetingsofshareholdersinboth2021and2022,ourshareholdersvotedtoapprove compensationbyasignificantmargin.

Inviewofthefavorablevotein2022(aswellasasimilarfavorablevotein2021),aswellasother factors(includingregulatoryrequirements,marketconsiderationsandCompanyandindividual performance),wedidnotsubstantiallychangeourexecutivecompensationpoliciesfor2022.

Atour2022Annual MeetingofShareholders ourexecutive compensationprogram wassupportedby

96% ofvotescast.

COMPENSATIONDISCUSSIONANDANALYSIS
BROWN&BROWN,INC.| 31

2022BaseSalaries

TheCompensationCommitteechangedthe2022basesalariesofcertainofourNamedExecutiveOfficers,asfollows:

(1) ThedecisiontoincreaseMr.BarrettBrown’s2022basesalaryfrom$700,000to$800,000wasbasedupon(a)theincreaseinhisresponsibilitiesresultingfromthe Retailsegment’stotalrevenuesincreasingin2021by20%toapproximately$1.8billionand(b)theJanuary2022SegmentHeadComparativeMarketAssessmentand theconclusionthathis2021targettotaldirectcompensationwasbelowthe50thpercentileoftheSelectSegmentHeadPeers.

(2) ThedecisiontoincreaseMr.Penny’s2022basesalaryfrom$600,000to$700,000wasbasedupon(a)hisincreasedoperationalresponsibilityduring2021,andhis expectedincreasedoperationalresponsibilityin2022,forcertainofficeswithintheCompany’sRetailsegment,inadditiontohisongoingroleasChiefAcquisitions Officerand(b)theJanuary2022SegmentHeadComparativeMarketAssessmentandtheconclusionthathis2021targettotaldirectcompensationwasbelowthe 50thpercentileoftheSelectSegmentHeadPeers.

(3) ThedecisiontoincreaseMr.Walker’s2022basesalaryfrom$700,000to$800,000wasbasedupon(a)theincreaseinhisresponsibilitiesresultingfromtheNational Programssegment’stotalrevenuesincreasingin2021by15%toapproximately$700millionand(b)theJanuary2022SegmentHeadComparativeMarketAssessment andtheconclusionthathis2021targettotaldirectcompensationwasbelowthe50thpercentileoftheSelectSegmentHeadPeers.

2022AnnualCashIncentives

Ourannualcashincentivesaredesignedtofurtheralignexecutiveofficercompensationwithourannualgoalsandobjectives,andto createadirectlinkbetweencompensationandfinancialandoperationalperformance.Duringthefirstquarterofeachyear,the CompensationCommitteeapprovestheannualcashincentivecomponents,consistingoffinancialperformancemeasures,individual targetcashincentiveamountsandpersonalobjectives,foreachexecutiveofficer,includingtherelativeweightingsandgoalsagainst whichperformanceismeasuredandpayoutsaredeterminedforsuchfiscalyear.

TargetAmounts. InFebruary2022,theCompensationCommitteedeterminednottochangethecomponentsofourannual executiveofficercashincentives,theweightingofeachcomponentorthetargetcashincentiveamountsforourNamedExecutive Officers,exceptforthetargetcashincentiveamountsforMr.BarrettBrown,asfollows:ForMr.BarrettBrown,theCompensation Committeeincreasedhis2022targetcashincentiveamountfrom$1,000,000to$1,400,000basedupon(a)theincreaseinhis responsibilitiesresultingfromtheRetailsegment’stotalrevenuesincreasingin2021by20%toapproximately$1.8billionand(b)the January2022SegmentHeadComparativeMarketAssessmentandtheconclusionthathis2021targettotaldirectcompensation wasbelowthe50thpercentileoftheSelectSegmentHeadPeers:

(1) ThedecisiontoincreaseMr.BarrettBrown’s2022targetcashincentiveamountfrom$1,000,000to$1,400,000wasbasedupon(a)theincreaseinhisresponsibilities resultingfromtheRetailsegment’stotalrevenuesincreasingin2021by20%toapproximately$1.8billion,and(b)theJanuary2022SegmentHeadComparative MarketAssessmentandtheconclusionthathis2021targettotaldirectcompensationwasbelowthe50thpercentileoftheSelectSegmentHeadPeers.

Payoutscanrangefrom0%to200%oftheaggregatetargetcashincentivedependingonthefinancialperformanceoftheCompany orthesegment,asapplicable,andtheNamedExecutiveOfficer’sperformanceagainstpersonalobjectives.

COMPENSATIONDISCUSSIONANDANALYSIS
ExecutiveOfficer2022BaseSalary2021BaseSalaryChange J.PowellBrown $1,000,000$1,000,000— R.AndrewWatts $600,000$600,000— P.BarrettBrown $800,000$700,000$100,000(1) J.ScottPenny $700,000$600,000$100,000(2) ChrisL.Walker $800,000$700,000$100,000(3)
ExecutiveOfficer 2022TargetCash IncentiveAmount 2021TargetCash IncentiveAmountChange J.PowellBrown $2,000,000$2,000,000— R.AndrewWatts $700,000$700,000— P.BarrettBrown $1,400,000$1,000,000400,000(1) J.ScottPenny $900,000$900,000— ChrisL.Walker $1,000,000$1,000,000—
32 |BROWN&BROWN,INC.

For2022,theCompensationCommitteeselectedthefollowingcomponentsandweightingsfortheannualcashincentivesforthe

(1) TheCompensationCommitteeselectedthesefinancialperformancemeasuresinfurtheranceofourstrategytoincreaseourOrganicRevenuegrowthwhile maintaining,amongotherthings,ourstrong,industry-leadingoperatingmargins.

(2) See AnnexA foradditionalinformationregardingOrganicRevenue,OrganicRevenuegrowthandAdjustedEBITDACMargin,whicharenon-GAAPfinancialmeasures, includingareconciliationtothemostcloselycomparableGAAPfinancialmeasure.

(3) NationalProgramssegmentOrganicRevenuegrowthwasadjusted(i)for2021,toexcludetheimpactofcertainofficeswithintheNationalProgramssegmentforwhich ChrisL.Walker,ExecutiveVicePresidentandPresident–NationalProgramssegment,didnothaveresponsibilityin2021andtoincludetheimpactofcertainoffices withintheServicesandWholesaleBrokeragesegmentsforwhichMr.Walkerhadresponsibilityin2021;and(ii)for2022,toincludetheimpactofcertainofficeswithin theServicessegmentforwhichMr.Walkerhadresponsibilityin2022.See AnnexA foradditionalinformationregardingNationalProgramssegmentOrganicRevenue growth–adjusted,whichisanon-GAAPfinancialmeasure,includingareconciliationtothemostcloselycomparableGAAPfinancialmeasure.

(4) ThepersonalobjectivesforeachofourNamedExecutiveOfficerswereapprovedbytheCompensationCommitteeinFebruary2022.

Thetargetamountsforeachfinancialperformancemeasurewerediscussedoverseveralmonthsandthenreviewedandapproved bytheCompensationCommitteeinFebruary2022.Toensureourperformancetargetsarerigorousandchallenging,yetrealisticfor ourexecutiveofficers,thetargetamountsfortheOrganicRevenuegrowthfortheCompany,theOrganicRevenuegrowthofour operatingsegments,andourAdjustedEBITDACMarginwerebasedonour2022budget.Our2022budgetwasapprovedbythe BoardinDecember2021andreflectsamulti-monthprocessthatincludesthoroughandthoughtfuldiscussionsamongmanagement andtheleadersofourbusinesses,andbetweenmanagementandourBoard.Indeterminingour2022budget,whichservedasthe basisforthetargetsforeach2022financialperformancemeasure,considerationwasgivento,amongotherthings:

•ourexpectationthattheeconomywouldcontinuetogrow,butataslowerpacethantheprioryear,astheeconomyreturnedto morenormalgrowthratesfollowingthevolatilityin2020and2021causedbytheCOVID-19pandemic;

•ourexpectationthatinsurancepremiumrateswouldeitherremainrelativelystableorincreasemoderatelyin2022;

•ourexpectationthat“insurableexposureunits,”whichareunitsthatinsurancecompaniesusetomeasureorexpressinsurance exposedtorisk(suchaspropertyvalues,salesandpayrolllevels)todeterminewhatpremiumtochargetheinsured,would increasemodestlybutatthesamerateasGDPduetoyear-on-yearcomparisons;

•ourexpectationthattravelandrelatedcostswouldincreaseascomparedto2021asaresultofbeingabletoseemorecustomers andprospectsinpersonversusremotely,aswellasourcontinuedinvestmentsintechnologyanddatatohelpimprovethe customerandteammateexperienceand

•ourexpectationthatcertainbusinessesweacquiredinthepreviousthreeyears,whichhadloweroperatingmarginsversusother comparablebusinessesweoperate,wouldfurthergrowprofitablyandhaveapositiveimpactonouroverall2022operating margins.

COMPENSATIONDISCUSSIONANDANALYSIS
FinancialPerformanceMeasures(1) PersonalObjectives ExecutiveOfficerWeightingMeasureWeightingMeasureWeightingMeasure J.PowellBrown R.AndrewWatts J.ScottPenny 40% CompanyOrganic Revenue(2) growth 40% AdjustedEBITDAC Margin(2) (applicable toallNamed ExecutiveOfficers) 20% Personalobjectives establishedfor eachNamed ExecutiveOfficer(4) P.BarrettBrown 40% Retailsegment Organic Revenue(2) growth 40% AdjustedEBITDAC Margin(2) (applicable toallNamed ExecutiveOfficers) 20% Personalobjectives establishedfor eachNamed ExecutiveOfficer(4) ChrisL.Walker 40% NationalPrograms segmentOrganic Revenue(2) growth –adjusted(3) 40% AdjustedEBITDAC Margin(2) (applicable toallNamed ExecutiveOfficers) 20% Personalobjectives establishedfor eachNamed ExecutiveOfficer(4)
NamedExecutiveOfficers:
BROWN&BROWN,INC.| 33

Foreachfinancialperformancemeasure,wemakenopayoutforperformancebelowacertainthreshold.Aspartofourpay-forperformanceframework,theCompensationCommitteeadoptedpayoutcurvesthatareintendedtoincentivizeperformancegenerally withina“targetpayoutcorridor”andthatprovideforincrementallyhigherandlowerpayoutsforperformanceoutsideofthetarget payoutcorridor.Payoutpercentagesforeachfinancialperformancemeasurewerecalculatedbasedonthefollowingtables:

COMPENSATIONDISCUSSIONANDANALYSIS
ORGANIC REVENUE GROWTH – COMPANY PAYOUT PERCENTAGE 200% 150% 100% 50% 0% 3.1%5.3% Target Payout Corridor Threshold Payout Target Maximum Performance 6.1%6.9%9.2% ORGANIC REVENUE GROWTH – RETAIL PAYOUT PERCENTAGE 200% 150% 100% 50% 0% 3.0%5.3% Target Payout Corridor Threshold Payout Target Maximum Performance 6.0%6.8%9.0% ORGANIC REVENUE GROWTH – ADJUSTED PAYOUT PERCENTAGE 200% 150% 100% 50% 0% 3.1%5.4% Target Payout Corridor Threshold Payout Target Maximum Performance 6.2%7.0%9.3% ADJUSTED EBITDAC MARGIN ACHIEVEMENT PAYOUT PERCENTAGE 200% 150% 100% 50% 0% 31.6%33.2% Target Payout Corridor Threshold Payout Target Maximum Performance 33.6%34.0%35.6% 34 |BROWN&BROWN,INC.

Determinationof2022AnnualCashIncentivePayouts. Inthefirstquarterof2023,theCompensationCommitteereviewedactual 2022performanceofeachfinancialperformancemeasureagainstthetargetperformanceforeachsuchmeasureassetforthinthe followingtable:

—75% CompanyOrganicRevenuegrowth6.1%8.1%133%175% RetailsegmentOrganicRevenuegrowth6.0%6.5%108%105% NationalProgramssegmentOrganicRevenuegrowth–adjusted6.2%12.2%197%200% (1) IncalculatingtheCompany’sAdjustedEBITDACMargin:

1.TheCommitteeexcludedthenegativeimpactoftheCompany’snon-cashstock-basedcompensationexpenseinexcessofwhatwasreflectedintheCompany’s Board-approved2022budget.TheCommitteebaseditsdecisionuponthefactthatthehigher-than-budgetednon-cashstock-basedcompensationexpensefor 2022wastheresultofabove-targetperformancebytheCompanyforthosegrantsofrestrictedstockmadeinFebruary2019underour2010SIP,whichresultedin theissuanceofadditionalsharesofrestrictedstock.ForadditionalinformationaboutthosegrantsofrestrictedstockmadeinFebruary2019under our2010SIP, see“EquityIncentivePlanOutcomesin2022.”

2.TheCommitteeexcludedthenegativeimpactofapproximately$11.2millionofacquisitionandintegrationcosts(e.g.,costsassociatedwithregulatoryfilings,legal/ accountingservices,duediligenceandthecostsofintegratinginformationtechnologysystems)arisingoutoftheCompany’sacquisitionsofGRP(Jersey)Holdco Limitedanditsbusiness,OrchidUnderwritersAgencyandCrossCoverInsuranceServices,andBdBLimitedcompanies,whicharenotexpectedtooccuronan ongoingbasisinthefuture(“Acquisition/IntegrationCosts”).TheCommitteebaseditsdecisionuponthefactthatthesecostswererelatedtotheCompany’s acquisitionofthesebusiness,andnottheunderlyingperformanceofthebusinessesthemselves,andthefactthattheywerenotexpectedtooccuronan ongoing basisinthefuture.

3.TheCommitteeexcludedthepositiveimpactofthenetgainondisposalresultingfromsalesofbooksofbusinessesin2022.

4.TheCommitteeexcludedtheperiod-over-periodimpactofforeigncurrencytranslation(“ForeignCurrencyTranslation”),whichiscalculatedby applyingcurrentyearforeignexchangeratestothevariousfunctionalcurrenciesinourbusinesstoourreportingcurrencyofUSdollarsforthesameperiodintheprioryear.The CommitteebaseditsdecisionuponthefactthatfluctuationsinForeignCurrencyTranslationarenotrelatedtotheperformanceoftheCompany.

WithrespecttotheachievementofpersonalobjectivesbyeachoftheNamedExecutiveOfficers,whichaccountsfor20%ofthe 2022cashincentiveamountforeachNamedExecutiveOfficer,theCompensationCommitteeevaluatedthelevelofachievementfor eachNamedExecutiveOfficer’spersonalobjectivesinthefirstquarterof2023.TheevaluationforMr.PowellBrown,ourChief ExecutiveOfficer,wasmadebytheCompensationCommittee.FortheotherNamedExecutiveOfficers,theCompensation Committee,afterdiscussion,considerationandreview,acceptedwithoutmodificationtherecommendationsasproposedbythe ChiefExecutiveOfficer.TheCompensationCommitteeevaluatedtheachievementofeachNamedExecutiveOfficer’spersonal objectivesintheirtotalityinsteadofassigningaweighttoeachparticularpersonalobjective.

COMPENSATIONDISCUSSIONANDANALYSIS
FinancialPerformanceMeasureTargetActual Percentage ofTarget Performance Payout Percentage AdjustedEBITDACMargin33.6%32.9%(1)
BROWN&BROWN,INC.| 35

NamePersonalObjectives

J.PowellBrown

•contributiontotheCompany’stalentagenda,includingrecruiting,development, diversityandculture

•contributiontoidentifyingandacquiringcompaniesthatfitculturallyandprovide appropriatefinancialreturns

•contributiontodrivingtheCompany’stechnologyanddatastrategytocreatenew capabilitiesandenhancethecustomerandteammateexperience,aswellas ensuringtheCompany’srobustcyberposture

•contributiontotheCompany’sprofitablegrowth

•contributiontobalancingtheCompany’scapitalallocationtodriveshareholder returns

125%

R.AndrewWatts

•contributiontotheCompany’stalentagenda,includingrecruiting,development, diversityandculture

•contributiontotheCompany’sprofitablegrowththroughenhancedanalyticsand implementationofoptimizationopportunities

•contributiontosupportingtheCompany’stechnologyanddatastrategytocreate newcapabilitiesandenhancethecustomerandteammateexperience

•contributiontomaintaining,streamliningandenhancingtheCompany’scontrol environment

•contributiontobalancingtheCompany’scapitalallocationtodriveshareholder returns

200%

P.BarrettBrown

•contributiontotheCompany’stalentagenda,includingrecruiting,development, diversityandculture

•contributiontodrivingincrementalnewbusinessandenhancingretentionof existingbusiness

•contributiontobalancinginvestmentswithintheRetailsegmenttodeliver incrementalprofitableOrganicRevenuegrowth

•contributiontoleveragingtechnologyanddatatocreatenewcapabilitiesand enhancethecustomerexperience

•contributiontoidentifyingandacquiringcompaniesthatfitculturally,provide appropriatefinancialreturnsandareproperlyintegratedinatimelymanner

•contributiontotheCompany’stalentagenda,includingrecruiting,development, diversityandculture

•contributiontoidentifyingandacquiringcompaniesthatfitculturallyandprovide appropriatefinancialreturns

•contributiontoensuringrobustintegrationplansarecreatedandexecutedforthe Company’sacquisitions

•contributiontoscalingandgrowingtheCompany’sautomobileandrecreational vehicledealerservices(“F&I”)businesses

•contributiontodrivinginitiativeswithintheCompany’sRetailandServices segments

•contributiontotheCompany’stalentagenda,includingrecruiting,development, diversityandculture

•contributiontodrivingincrementalnewbusinessandenhancingretentionof existingbusiness

•contributiontobalancinginvestmentswithintheNationalProgramsegmentto deliverincrementalprofitableOrganicRevenuegrowth

•contributiontoleveragingtechnologyanddatatocreatenewcapabilitiesand enhancethecustomerexperience

•contributiontoidentifyingandacquiringcompaniesthatfitculturally,provide appropriatefinancialreturnsandareproperlyintegratedinatimelymanner

171%

200%

200%

COMPENSATIONDISCUSSIONANDANALYSIS
(0-200%ofTarget)
PersonalObjectivePortionof 2022CashIncentive
J.ScottPenny ChrisL.Walker
36 |BROWN&BROWN,INC.

Asillustratedinthetablebelow,thefinal2022cashincentiveamountswerecalculatedbycombiningthepayoutamountsforeach ofthecomponentsdiscussedaboveandthenroundingtheresultingnumberuptothenearestthousanddollars:

(1) The2022cashincentivepayoutsarealsoshownintheSummaryCompensationTableunderthe“Non-EquityIncentivePlanCompensation”column.

Whilenotexercisedin2022,theCompensationCommitteeexpresslyreservestheright,initssolediscretion,toreducetheannual cashincentiveforanyNamedExecutiveOfficer,ortopaynoannualcashincentiveatall,iftheCompany’sperformanceis unexpectedlypoororiftheintendedrecipientcommitsactsofmalfeasance.

2022DiscretionaryBonuses

EachoftheNamedExecutiveOfficersiseligibletoreceiveanadditionaldiscretionarybonusuponsuchtermsandconditionsas mightbedeterminedbytheChiefExecutiveOfficer,subjecttotheapprovaloftheCompensationCommittee,or,inthecaseofthe ChiefExecutiveOfficer,asmightbedeterminedbytheCompensationCommittee.InJanuary2023,theCompensationCommittee approvedthediscretionarybonusesforcertainNamedExecutiveOfficersbasedupontheiroutstandingindividualperformance during2022,asfollows:

(1) The2022discretionarybonusamountsarealsoshownintheSummaryCompensationTableunderthe“Bonus”column.

(2) Thedecisiontoapproveadiscretionarybonusof$60,000toMr.WattswasbasedupontherecommendationbyMr.PowellBrownandMr.Watts’contributionstothe financingactivitiesassociatedwiththeCompany’sacquisitionofGRPduring2022,including(a)theissuanceinMarch2022of$600.0millionaggregateprincipal amountoftheCompany’s4.200%SeniorNotesdue2032and$600.0millionaggregateprincipalamountoftheCompany’s4.950%SeniorNotesdue2052and (b)theCompany’sentryinMarch2022intoaLoanAgreementevidencingunsecureddelayeddrawtermloansinanaggregateamountofupto$300.0millionand unsecureddelayeddrawtermloansinanamountofupto$500.0million.

(3) Thedecisiontoapproveadiscretionarybonusof$20,000toMr.PennywasbasedupontherecommendationbyMr.PowellBrownandMr.Penny’scontributionsto thenegotiationandconsummationoftheCompany’sacquisitionofGRPduring2022.

COMPENSATIONDISCUSSIONANDANALYSIS
ExecutiveOfficer 2022 Aggregate TargetCash Incentive Amount Organic Revenue Growth Payout Amount Adjusted EBITDAC Margin Payout Amount Personal Objective Payout Amount Total2022 Cash Incentive Payout Amount(1) Payoutvs. Target Cash Incentive Amount J.PowellBrown $2,000,000$1,400,144$600,000$500,000$2,501,000125% R.AndrewWatts $700,000$490,050$210,000$280,000$981,000140% P.BarrettBrown $1,400,000$588,350$420,000$480,000$1,489,000106% J.ScottPenny $900,000$630,065$270,000$360,000$1,261,000140% ChrisL.Walker $1,000,000$800,355$300,000$400,000$1,501,000150%
ExecutiveOfficer 2022Discretionary BonusAmount(1) R.AndrewWatts $60,000(2) J.ScottPenny $20,000(3)
BROWN&BROWN,INC.| 37

2022EquityIncentiveGrants

Weendeavortomakeourlong-termequityincentivearrangements,whicharegenerallygrantedonanannualbasis,competitiveand alignedwithshareholderinterests,asreflectedinthefollowingstructure:

TermsRationale

Ingeneral,75%ofsharesgrantedtoeachexecutiveofficerasa PerformanceStockAward(“PSA”)thatvestbasedon performance(overathree-yearperiod)andtime(overafive-year periodfromthedateofgrant);25%ofsharesgrantedtoeach executiveofficerasaRestrictedStockAward(“RSA”)thatvest ontimeonly(overafive-yearperiodfromthedateofgrant)

VestingofPSAsharestiedtoincreasesintheCompany’s OrganicRevenuegrowth(asfurtherdefinedintheapplicable awardagreement)andcompoundannualgrowthrateofthe Company’scumulativedilutedearningspershare,excludingany impactforchangesinacquisitionearn-outliabilities,ineachcase measuredoverathree-yearperiodbeginningJanuary1,2022

PSAsgrantedtoourexecutiveofficerscontemplateaminimum payoutof0%andamaximumpayoutof200%baseduponthe levelofperformanceofeachperformanceconditionduringthe three-yearmeasurementperiod

PSAsaresubjecttobothperformance-basedandtime-based vestingconditions.Inadditiontotheperformanceconditions describedabove,PSAsgrantedinFebruary2022aresubjectto anadditionaltime-based,cliffvestingconditionrequiringfive yearsofcontinuousemploymentfromthedateofgrant

RSAsaresubjecttoacliffvestingconditionrequiringfiveyears ofcontinuousemploymentfromthedateofgrant;RSArecipients acquiredvotinganddividendrightsatthetimeofgrantbut cannotdisposeoftheshares

Tyingamajorityofourequityawardstopre-established corporatefinancialobjectiveswhichdrivelong-term shareholderreturnsshouldmorecloselyalignthelong-term interestsofourexecutiveofficersandourshareholders

OrganicRevenuegrowthandcumulativedilutedearningsper shareareeasilyunderstandable,directlyinfluencedbyour executiveofficersandareintendedtodriveourlong-term shareholdervalue

Payoutsforabove-targetperformancemotivateourexecutive officerstooverperform;recognitionofperformancethatmay belessthantarget

Acombinationofperformance-andtime-basedvesting conditionsisintendedtoachieveastrongalignmentbetween payandperformanceandincentivizethelong-termretentionof ourexecutiveofficersandkeyemployees

Equityawardswithtime-basedvestingconditionscontinueto operateasacomplementtoourtraditionalequityawards characterizedbybothperformance-basedandtime-based vestingconditionstofurtherincentivizeandrewardkey personnel;continuedinclusionofalonger-termequityaward (e.g.,fiveyears)helpsattract,motivateandretainindividuals whoseperformancedrivesourresults

Forcertainexecutiveofficersaged60andolder,equityawards arestructuredasperformancestockunits(PSUs)andrestricted stockunits(RSUs),ratherthanasPSAsandRSAs,toallowforthe paymentofawardsfollowinganexecutiveofficer’squalified retirement

Allowingforthepaymentofawardsfollowinganexecutive officer’squalifiedretirementmoreeffectivelyrewardsand incentivizesexecutiveofficerswhoareapproachinganageat whichretirementismorelikely

COMPENSATIONDISCUSSIONANDANALYSIS
38 |BROWN&BROWN,INC.
Wedonotgrantequityawardsinanticipationofthereleaseofmaterialnon-publicinformation,andwedonottimethereleaseof materialnon-publicinformationbasedonequityawardgrantdates.

February2022EquityIncentiveGrants

BasedupontherecommendationofourChiefExecutiveOfficerand,withrespecttoourChiefExecutiveOfficer,baseduponthe CompensationCommittee’sannualevaluationofourChiefExecutiveOfficer’sperformance,aswellasinputfromFWCook,the followinglong-termequityincentiveawardsforourNamedExecutiveOfficerswereapprovedbyourCompensationCommitteein February2022:

(1) Thelong-termequityincentiveawardsforMessrs.PowellBrown,Watts,BarrettBrownandPennyarestructuredasPSAsandRSAs,forwhichvestingisconditioned uponthegrantee’scontinuousemploymentforfiveyearsfollowingthedateofgrant.

(2) Mr.Watts’2021long-termequityincentiveawardreflectedaone-timeincrementalincreaseof$150,000inrecognitionofhisleadershipindevelopingtheCompany’s newDaytonaBeach,Florida,campus,whichwascompletedin2021.

(3) TheCompensationCommitteedeterminedthattomoreeffectivelyrewardandretainMr.Walker,whois64yearsold,itwasdesirabletogranthimPSUsand RSUs, whichallowforthepaymentfollowinghisqualifiedretirementofPSUsthatbecomeawardedPSUsandtheRSUs.IfMr.Walker’sretirementoccursbefore thethird anniversaryofthedateofgrant,thePSUsthatbecomeawardedPSUsandtheRSUswillbepaidtoMr.Walkeronthesecondanniversaryofhisretirement,subjectto Mr.WalkerbeingingoodstandingwiththeCompanyasofthedateofsuchpayment;andifMr.Walker’sretirementoccursafterthethirdanniversaryofthedateof grant,thePSUsthatbecomeawardedPSUsandtheRSUswillbepaidtoMr.Walkeronthefifthanniversaryofthedateofgrant,subjecttoMr.Walkerbeingingood standingwiththeCompanyasofthedateofsuchpayment.

January2022EquityIncentiveGrants

Inadditiontotheannuallong-termequityincentivearrangementsdescribedabove,wemayperiodicallygrantotherlong-termequity incentiveawardstoourexecutiveofficersandotherkeyemployeestorecognizeandrewardspecificachievementsand/orthe previousyear’sperformance.InDecember2021,basedupontherecommendationofourChiefExecutiveOfficer,aswellasinput fromFWCook,theCompensationCommitteeapprovedlong-termequityincentiveawards,effectiveasofJanuary1,2022,tothe followingNamedExecutiveOfficers:

J.ScottPenny

ChrisL.Walker(1)

$2,000,000$—

$—$2,000,000

(1) WhiletheCompanyhashistoricallystructuredthelong-termequityincentiveawardsforourexecutiveofficersasRSAs,forwhichvestingisconditioneduponthe grantee’scontinuousemploymentthroughaspecifieddate,theCompensationCommitteedeterminedthattobetterrewardandretainMr.Walker,whowas64years oldatthattime,itwasdesirabletogranthimRestrictedStockUnits(RSUs),whichallowforthepaymentofawardedRSUsfollowinghisqualifiedretirement.

TheCompensationCommittee’sdecisiontoapprovetheselong-termequityincentiveawardswasbasedupontheexceptional performanceduring2021ofeachNamedExecutiveOfficer,theCompanyand/ortheofficesoverwhichourNamedExecutive Officershadoversightresponsibilityduring2021,aswellastheCompany’sstrongtotalshareholderreturnsduringthepastseveral years.Unlikethelong-termequityincentiveawardstheCompensationCommitteegenerallygrantedinFebruaryofeachyear,which typicallyvestfiveyearsfollowingthedateofgrant,theselong-termequitygrantshavea7.5-yearincrementalvestingperiod,as follows,whichisintendedtofurtherincentivizethelong-termretentionofourNamedExecutiveOfficers:

RSAsforMessrs.Watts,BarrettBrownandPenny

TheseRSAswillvestinincrementsof25%,25%and50%onJuly1,2027,July1,2028andJuly1,2029,respectively,assuming continuousemploymentthroughsuchvestingdates,providedthatvestingwillaccelerateintheeventofdeath,disabilityor termination(includingconstructivetermination)withoutcausewithin12monthsfollowingachangeincontroloftheCompany.

COMPENSATIONDISCUSSIONANDANALYSIS
ExecutiveOfficer 2022 Performance StockAward (75%) 2022 Restricted StockAward (25%) Total2022 Long-Term EquityIncentive Awards (100%) Total2021 Long-Term EquityIncentive AwardsChange J.PowellBrown(1) $2,250,000$750,000$3,000,000$3,000,000$— R.AndrewWatts(1) $525,000$175,000$700,000$850,000$(150,000)(2) P.BarrettBrown(1) $375,000$125,000$500,000$500,000$— J.ScottPenny(1) $375,000$125,000$500,000$500,000$— ChrisL.Walker(3) $375,000$125,000$500,000$500,000$—
ExecutiveOfficer Restricted StockAwards Restricted StockUnits
R.AndrewWatts
$2,000,000$— P.BarrettBrown $2,000,000$—
BROWN&BROWN,INC.| 39

RSUsforMr.Walker

TheseRSUswillbeawardedinfiveequalinstallmentsonthefirstfiveanniversariesofthedateofgrantand,onceawarded,willvest inincrementsof25%,25%and50%onJuly1,2027,July1,2028andJuly1,2029,respectively,assumingcontinuousemployment throughsuchvestingdates,providedthatvestingwillaccelerateintheeventofdeath,disabilityortermination(including constructivetermination)withoutcausewithin12monthsfollowingachangeincontroloftheCompany.IfMr.Walker’sretirement occursonorbeforeJuly1,2027,awardedRSUswillbepaidinincrementsof25%onthefirstyearanniversaryofretirementand75% onthesecondanniversaryofretirement,subjecttoMr.WalkerbeingingoodstandingwiththeCompanyasofthedatesofsuch payments;andifMr.Walker’sretirementoccursafterJuly1,2027,awardedRSUswillbepaidpost-retirementontheremaining originalscheduledvestingdates,subjecttoMr.WalkerbeingingoodstandingwiththeCompanyasofthedatesofsuchpayments.

EquityIncentivePlanOutcomesin2022

InFebruary2019,certainofourNamedExecutiveOfficersreceivedgrantsofrestrictedstockunderour2010SIP,whichincluded performanceconditionsofvestingbaseduponthefollowing,ineachcaseexcludingitems(forexample,extraordinary,nonrecurring items)theCompensationCommitteedeterminestobeappropriatelydisregardedforallgrantssubjecttothisvestingcondition:(i)the Company’saverageOrganicRevenuegrowth(“AverageOrganicRevenueGrowth”)and(ii)thecompoundedannualgrowthrate (“CAGR”)ofourearningspershare,excludingtheimpactofthechangeinestimatedacquisitionearn-outpayablesandanyother items(forexample,extraordinary,nonrecurringitems)thattheCompensationCommitteedeterminestobeappropriatelydisregarded forallgrantssubjecttothisvestingcondition(“AdjustedEPS”).Undertheapplicableawardagreements,theperformancecondition issatisfied(i)forone-halfofthesharesgrantedbasedourAverageOrganicRevenueGrowthduringthethree-yearperformance periodendingDecember31,2021,asfollows:

MaximumEqualtoorgreaterthan4.5%200% HighTarget3.5%120% Target 3.0%100% LowTarget2.5%80% Threshold1.5%50% NoPayoutLessthan1.5%0%

and(ii)forone-halfofthesharesgrantedbasedontheCAGRofourAdjustedEPSduringthethree-yearperformanceperiodending December31,2021,asfollows:

PerformanceLevelAdjustedEPSCAGR

AwardedPercentageof Tranche2PerformanceShares

MaximumEqualtoorgreaterthan$4.38Equaltoorgreaterthan11.0%200% HighTarget$4.229.0%120% Target$4.107.5%100% LowTarget$3.986.0%80% Threshold$3.915.0%50% NoPayoutLessthan$3.91Lessthan5.0%0%

Iftheactualperformancelevelforeachperformanceconditionfallsinbetweenanyoftheperformancelevels,thepercentageof sharesthatareawardedisdeterminedbasedonstraight-lineinterpolation.

InFebruary2022,theCompensationCommitteedeterminedthat:

•ourcumulativeAverageOrganicRevenueGrowth,whichin2019excludedaone-time,non-cashincreaseofapproximately$8millionin thecommissionsandfeesearnedbyoneofthebusinessesinourNationalProgramssegmentin2018resultingsolelyfromour implementationof“RevenuefromContractswithCustomers(Topic 606)”andAccountingStandardsCodificationTopic340–Other AssetsandDeferredCost,bothofwhichwereadoptedbytheCompanyeffectiveonJanuary1,2018(the“NewRevenueStandard”), andwhichin2021,excludedtheperiod-over-periodimpactofForeignCurrencyTranslation,duringtheperformanceperiodwas6.1% and,therefore,fellabovethemaximumperformancelevel,resultinginapayoutpercentageof200%ofthetargetand

COMPENSATIONDISCUSSIONANDANALYSIS
PerformanceLevelAverageOrganicRevenueGrowth AwardedPercentageof Tranche1PerformanceShares
40 |BROWN&BROWN,INC.

•ourAdjustedEPS,whichin2019excludedthenegativeafter-taximpactofalegalsettlementpaidbytheCompanyof approximately$4.8millionin2019(the“2019LegalMatter”),andwhichin2020excludedalegaljudgmententeredintoagainst theCompanyin2020forapproximately$6.6millioninconnectionwiththe2019LegalMatter(the“2020LegalMatter”and togetherwiththe2019LegalMatter,the“LegalMatters”),duringtheperformanceperiodwas$5.28and,therefore,fellabovethe maximumperformancelevel,resultinginapayoutpercentageof200%ofthetarget.

TheCompensationCommitteeconcludedthatitwasdesirabletomakecertainadjustmentsinthecalculationsoftheCompany’s actualperformance,asfollows:

•AverageOrganicRevenueGrowthexcludedthepositiveimpactoftheNewRevenueStandardin2019becausetheadoptionof NewRevenueStandardwasnotrelatedtotheperformanceoftheCompanyanddidnotcreateanylong-termeconomicvaluefor theCompany’sshareholders,asitprimarilyimpactsonlythetimingofwhentheCompany’srecognizesrevenuesandexpenses duringtheyearand

•AverageOrganicRevenueGrowthexcludedthenegativeperiod-over-periodimpactofForeignCurrencyTranslationbecause fluctuationsinForeignCurrencyTranslationarenotrelatedtotheperformanceoftheCompanyand

•AdjustedEPSexcludedthenegativeafter-taximpactofthe2019LegalMatterin2019andthe2020LegalMatterin2020because theunderlyinglegalmatterwasrelatedtothepre-acquisitionactivitiesofabusinessweacquiredin2012andwasnotrelatedto theperformanceoftheCompany.

UpontheCompensationCommittee’scertificationoftheseperformanceconditions,thefollowingNamedExecutiveOfficersgained dividendrightsandvotingentitlementwithrespecttotheindicatednumberofshares:Mr.PowellBrown–101,660;Mr.Watts–30,498;Mr.BarrettBrown–15,248;Mr.Penny–22,872andMr.Walker–22,872.Exceptinlimitedcircumstances,theseshareswill becomefullyvestedonFebruary25,2024,provided,thegranteeremainscontinuouslyemployedbyusuntilsuchdate.

See AnnexA foradditionalinformationregardingAdjustedEPS,OrganicRevenuegrowthandOrganicRevenuegrowth–adjusted, whicharenon-GAAPfinancialmeasures,includingareconciliationtothemostcloselycomparableGAAPfinancialmeasure.

2023Compensation

October2022ComparativeMarketAssessment

InOctober2022,FWCookconductedacomprehensiveanalysisofourpaypracticesandexecutivecompensationlevelsas comparedtoagroupofourpeers(the“October2022ComparativeMarketAssessment”),whichtheCompensationCommittee considered,amongotherthings,inconnectionwithcertainpayadjustmentsforourexecutiveofficersin2023,asdescribedbelow.

PeerComparisonGroup

FortheOctober2022ComparativeMarketAssessment,FWCookfocusedonourPeerComparisonGroup.Foradiscussionofthe PeerComparisonGroup,includingalistofpeerscomprisingthePeerComparisonGroup,see“2023DirectorCompensation.”

SurveyComparison

AspartoftheOctober2022ComparativeMarketAssessment,theCompensationCommitteealsoreviewedandconsidereddata fromcertainthird-partysurveys.

Resultsofthe2022ComparativeMarketAssessments

BasedupontheresultsoftheOctober2022ComparativeMarketAssessment,theCompensationCommitteedeterminedthat,inthe aggregate,the2022targettotaldirectcompensationfortheCompany’sexecutiveofficerswasonlyslightlybelowthemarket median,butthatthe2022targettotaldirectcompensationforeachofMessrs.PowellBrownandWattswasmoremeaningfully belowthemarketmedian.

Aspartofitsongoingevaluationofourexecutiveofficers’compensationandbased,inpart,ontherecommendationofFWCook,in early2023,theCompensationCommitteeapprovedtheframeworkforourexecutiveofficers’compensationfor2023,asdescribed below.

COMPENSATIONDISCUSSIONANDANALYSIS
BROWN&BROWN,INC.| 41

2023BaseSalaries

TheCompensationCommitteedidnotincreasethebasesalariesfortheNamedExecutiveOfficersin2023,exceptforMr.Watts. ThedecisiontoincreaseMr.Watts’2023basesalaryfrom$600,000to$650,000wasbasedupontheOctober2022Comparative MarketAssessmentandthefactthat2022targettotalpayforMr.Wattswasbelowthemarketmedian.

2023AnnualCashIncentives

InFebruary2023,theCompensationCommitteedeterminednottochangethecomponentsofourannualexecutiveofficercash incentives,theweightingofeachcomponentorthetargetcashincentiveamountsforourNamedExecutiveOfficers,exceptfor Messrs.PowellBrownandWatts.ForMr.PowellBrown,theCompensationCommitteeincreasedhis2023targetcashincentive amountfrom$2,000,000to$3,000,000basedupontheOctober2022ComparativeMarketAssessmentandthefactthat2022 targettotalpayforMr.PowellBrownwasbelowthemarketmedian.ForMr.Watts,theCompensationCommitteeincreasedhis2023 targetcashincentiveamountfrom$700,000to$850,000basedupontheOctober2022ComparativeMarketAssessmentandthe factthat2022targettotalpayforMr.Wattswasbelowthemarketmedian.

2023EquityIncentiveGrants

BasedupontherecommendationofourChiefExecutiveOfficerand,withrespecttoourChiefExecutiveOfficer,baseduponthe CompensationCommittee’sannualevaluationofourChiefExecutiveOfficer’sperformance,aswellasinputfromFWCook,the followinglong-termequityincentiveawardsforourNamedExecutiveOfficerswereapprovedbyourCompensationCommitteein February2023:

(1) Theamountsreportedinthiscolumndonotincludethelong-termequityincentiveawards,effectiveJanuary1,2022,valuedat$2,000,000andgranted toeachof Messrs.Watts,BarrettBrown,PennyandWalker.Formoreinformationaboutthelong-termequityincentiveawardsapprovedeffectiveJanuary1,2022,see“January 2022EquityIncentiveGrants.”

(2) Thelong-termequityincentiveawardsforMessrs.PowellBrown,Watts,BarrettBrownandPennyarestructuredasPSAsandRSAs,forwhichvestingisconditioned uponthegrantee’scontinuousemploymentforfiveyearsfollowingthedateofgrant.

(3) ThedecisiontoincreaseMr.Watts’2023long-termequityincentiveawardfrom$700,000to$1,000,000wasbasedupontheOctober2022ComparativeMarket Assessmentandthefactthat2022targettotalpayforMr.Wattswas17%belowthemarketmedian.

(4) TheCompensationCommitteedeterminedthattobetterrewardandretainMr.Walker,whois65yearsold,itwasdesirabletogranthimPSUsandRSUs,whichallow forthepaymentfollowinghisqualifiedretirementofPSUsthatbecomeawardedPSUsandtheRSUs.IfMr.Walker’sretirementoccursbeforethethirdanniversaryof thedateofgrant,thePSUsthatbecomeawardedPSUsandtheRSUswillbepaidtoMr.Walkeronthesecondanniversaryofhisretirement,subjecttoMr.Walker beingingoodstandingwiththeCompanyasofthedateofsuchpayment;andifMr.Walker’sretirementoccursafterthethirdanniversaryofthedateofgrant,the PSUsthatbecomeawardedPSUsandtheRSUswillbepaidtoMr.Walkeronthefifthanniversaryofthedateofgrant,subjecttoMr.Walkerbeingingoodstanding withtheCompanyasofthedateofsuchpayment.

OtherCompensation

Wealsoprovidethefollowingcompensationandbenefitstoattractandretainkeyemployees.

BenefitsGenerally

Alongwithallotherfull-timeemployees,eachoftheNamedExecutiveOfficersiseligible:(a)toreceivematchingcontributionstothe Company’s401(k)Plan;(b)toparticipateinourESPP;(c)toparticipateingroupmedical,dentalandotherbenefitplansand(d)tothe extentpermittedbyapplicablelaw,forreimbursementofamountsearnedbytheCompanyonpersonallinesinsurancesuchas homeownersandfloodinsurancepurchasedbysuchNamedExecutiveOfficer.Our401(k)Planprovidesformatchingcontributions ofuptofourpercent(4.0%)ofthecontributionsmadebyeachparticipant.The401(k)Planalsopermitsdiscretionaryprofit-sharing contributions,buttheCompanymadenosuchcontributionstotheaccountsofNamedExecutiveOfficersfor2022.

COMPENSATIONDISCUSSIONANDANALYSIS
ExecutiveOfficer 2023 Performance Award(75%) 2023 Restricted Award (25%) Total2023 Long-Term EquityIncentive Awards(100%) Total2022 Long-Term EquityIncentive Awards(1) Change J.PowellBrown(2) $2,250,000$750,000$3,000,000$3,000,000$— R.AndrewWatts(2) $750,000$250,000$1,000,000$700,000$300,000(3) P.BarrettBrown(2) $375,000$125,000$500,000$500,000$— J.ScottPenny(2) $375,000$125,000$500,000$500,000$— ChrisL.Walker(4) $375,000$125,000$500,000$500,000$—
42 |BROWN&BROWN,INC.

DividendPaymentsonUnvestedStockAwards

TheNamedExecutiveOfficersreceivedividendsonunvestedshares,ordividendequivalentsonunvestedunits,grantedpursuantto theCompany’sequityincentivecompensationplans(i)thathaveexclusivelytime-basedvestingrequirements(e.g.,time-basedRSAs orRSUs)or(ii)forwhichtheapplicableperformanceconditionshavebeensatisfiedinaccordancewiththeapplicableaward agreements,butthetime-basedvestingrequirementshavenotbeensatisfied(e.g.,performance-basedPSAsorPSUs).

DeferredCompensationPlan

TheNamedExecutiveOfficersareeligibletoparticipateintheCompany’snon-qualifieddeferredcompensationplan,whichprovides theopportunitytodeferreceiptofupto75%ofbasesalaryandupto100%ofcashincentiveandbonuscompensation.Participant deferralsarecreditedtotheparticipant’sdeferralcontributionaccount.Theparticipant’saccountiscreditedwithearningsbasedon theperformanceoftheparticipant’sinvestmentallocationamongamenuofinvestmentoptionsdesignatedbytheCompany.The Companyispermitted,butnotrequired,tomakematchingcontributionsandotherdiscretionarycontributionsunderthisplan.The CompanymadenomatchingorotherdiscretionarycontributionstotheaccountsofNamedExecutiveOfficersfor2022.

Aparticipant’saccountundertheCompany’snon-qualifieddeferredcompensationplangenerallyisdistributedinalumpsumor installmentsupontheparticipant’sretirement,otherterminationofemploymentordeath.However,insomecircumstances(including hardship),alloraportionoftheparticipant’sdeferralaccountmaybedistributedononeormorespecifieddatespriortotermination ofemployment.Participantselectatthetimeofdeferraltohavethedistributionsmadeinalumpsumorannualinstallments.

PersonalBenefits

CertaingolforsocialclubmembershipduespaidbytheNamedExecutiveOfficerswhohaveresponsibilityfortheentertainmentof clients,prospectiveclientsandprincipalsofacquisitionprospectsmaybereimbursedbytheCompanyorpaidonbehalfofthe NamedExecutiveOfficer.Additionally,theCompanyreimbursesthecostsofannualphysicalexaminationsthatarenototherwise coveredbyinsurance,certaincarserviceexpenses,andforcertainfinancialandtaxplanningservicesforeachoftheNamed ExecutiveOfficers.

PolicyonTaxDeductibility

Thedeductibilityofcompensationpaymentscandependuponnumerousfactors,includingthenatureofthepaymentandthetime thatincomeisrecognizedundervariousplans,agreementsandprograms.Interpretationsofandchangesinapplicabletaxlawsand regulationsandotherfactorsbeyondtheCompensationCommittee’scontrolalsocanaffectthedeductibilityofcompensation.The CompensationCommitteeconsiderstheanticipatedtaxtreatmentoftheCompany’scompensationprogramsandpayments, includingthepotentialimpactofSection162(m)oftheUnitedStatesInternalRevenueCodeof1986,asamended.Section162(m) disallowsataxdeductionforanypubliclyheldcorporationforindividualcompensationexceedingonemilliondollarsinanytaxable yearforcertainexecutiveofficers.BeforetheeffectivedateoftheTaxCutsandJobsActof2017(the“TaxReformAct”),whichwas signedintolawinDecember2017,amountsinexcessofonemilliondollarsweredeductibleiftheyqualifiedasperformance-based compensationunderaplanthatwasapprovedbytheshareholdersandthatmetcertainothertechnicalrequirements.Withrespect toawardsmadebeforetheTaxReformAct,ourgeneralpolicywastotrytodeliverequity-basedcompensationtoemployeesinas tax-efficientamanneraspossible,takingintoconsiderationtheoverallcosttotheCompany.However,becauseourinterestsand ourshareholders’interestsmaysometimesbebestservedbyprovidingcompensationthatisnotdeductibleinordertoattractand retainhigh-qualitypeoplethatarecrucialtoboththeshort-termandlong-termsuccessoftheCompany,theCompensation Committeehasdeterminedatthistimetoretaintheflexibilitytoprovideforcompensationthatisnotdeductible.

AsaresultoftheTaxReformAct,theexemptionfromtheSection162(m)deductionlimitforperformance-basedcompensationhas beenrepealed,effectivefortaxableyearsbeginningafterDecember31,2017.Therefore,compensationpaidtoourcovered executiveofficersinexcessofonemilliondollarsisnotdeductibleunlessitqualifiesfortransitionreliefapplicabletocertain arrangementsinplaceasofNovember2,2017.Also,theTaxReformActexpandsthenumberofindividualscoveredbythe Section162(m)deductionlimit.Wewillcontinuetomonitorthepre-2018equity-basedawardsandendeavortopreservethe deductibilityofsuchawardsifandwhentheyarepaid.DespitetheCompensationCommittee’seffortstostructuretheseawardsina mannerintendedtobeexemptfromtheSection162(m)deductionlimit,becauseofuncertaintiesastotheapplicationand interpretationofSection162(m)aftertheTaxReformActandtheInternalRevenueServiceregulationsthatgovernthescopeofthe transitionreliefprovidedbythelegislation,noassurancecanbegiventhatcompensationintendedtosatisfytherequirementsfor exemptionfromSection162(m)willdoso.Inaddition,theCompensationCommitteereservestherighttomodifycompensationthat wasinitiallyintendedtobeexemptfromSection162(m)ifitdeterminesthatsuchmodificationsareconsistentwiththeCompany’s businessneeds.

COMPENSATIONDISCUSSIONANDANALYSIS
BROWN&BROWN,INC.| 43

PaymentsUponTerminationorChangeinControl

WiththeexceptionofMr.WalkerandMr.Watts,alloftheNamedExecutiveOfficershaveemploymentagreementswiththe Companythatincludechange-in-controlprovisions.ThetermsofouremploymentagreementswithourNamedExecutiveOfficers aredescribedbelowin“EmploymentandDeferredCompensationAgreements.”

The2010SIPand2019SIPprovidefordouble-triggervestingunderwhichallparticipants,includingalloftheNamedExecutive Officers,wouldbecomevestedinthefollowingamountsiftheparticipant’sservicewithusisinvoluntarilyorconstructivelyterminated (otherthanforspecifiedcauses,assetforthinthe2010SIPand2019SIP)within12monthsafterachange-in-controltransaction,which isdefinedineachplananddesignatedasa“TransferofControl”inthe2010SIPanda“ChangeinControl”the2019SIP:

•forallgrants,exceptthoseperformance-basedrestrictedstockgrantsinorafterFebruary2021,100%ofallunvestedrestricted stockgrantsgrantedpursuanttosuch2010SIPor2019SIPgrantsagreementsand •forallperformance-basedrestrictedstockgrantsinorafterFebruary2021,thegreaterof:(a)100%ofsuchunvestedrestricted stockgrantsor(b)thepercentageofunvestedrestrictedstockgrantsdeterminedinaccordancewiththeapplicableperformance schedulebasedupontheactuallevelofachievement(uptotheapplicablemaximumlevelofachievement)fromthefirstdayofthe performanceperiodtothedateonwhichthechange-in-controltransactionoccurs.

ForinformationconcerningthevalueofthevestedsharesthateachoftheNamedExecutiveOfficerswouldhaveunderthe2010SIP andthe2019SIPintheeventthatterminationofemploymentafterachange-in-controltransactionhadoccurredonthelastbusiness dayof2022,seethetabletitled“PotentialPaymentsUponTerminationorChangeinControl–2022.”

ThePSP(whichwasterminatedin2010)providesthatalloutstandinggrantsofPSPstockshallbecomefullyvestedandnon-forfeitable intheeventof:(i)theCompany’sentryintoanyagreementtosellallorsubstantiallyallofitsassetsortoenterintoanymerger, consolidation,reorganization,divisionorothercorporatetransactioninwhichCompanystockisconvertedintoanothersecurityorinto therighttoreceivesecuritiesorproperty,wheresuchagreementdoesnotprovidefortheassumptionorsubstitutionofPSPstock; (ii)anytenderorexchangeofferfortheCompany’sstockacceptedbyamajorityoftheshareholdersoftheCompany;or(iii)thedeath ofJ.HyattBrownandthesubsequentsalebyhisestate,hiswife,hislinealdescendants,anytrustcreatedforhisbenefitduringhis lifetime,oranycombinationoftheforegoing,oftheCompanystockownedbyJ.HyattBrownpriortohisdeath.ThePSPfurther providesthatifanysharesofPSPstockbecomefullyvestedandnon-forfeitablebecauseoftheoccurrenceoftheseevents,the Companyshallpaytotheholdersofsuchshares,within60daysoftheoccurrenceofsuchevent,thefullamountofanyfederaland stateincometaxliabilityincurredbysuchholderasaresultofsuchvesting,including,withoutlimitation,anyexcisetaxwithrespectto suchvesting(e.g.,underInternalRevenueCodeSection4999andanysuccessorprovision)aswellastheamountofanytaxliability withrespecttosuch“gross-up”payment.Thisexcisetaxgross-upprovisionisalegacyprovisionthatappliesonlytoawardsthatwere grantedunderthePSPpriortoitssuspensionin2010,andnonewagreementsthatcontainexcisetaxgross-upprovisionshavebeen enteredinto,andnopreviousagreementscontainingsuchlegacyprovisionshavebeenmateriallyamended.Additionally,thePSP providesthatintheeventofany“ChangeinControl”(asdefinedinthePSP,andexcludingthetriggeringeventsdescribedabove),the BoardthereaftershallhavetherighttotakesuchactionwithrespecttoanysharesofPSPstockthatareforfeitable,orallsuchshares ofPSPstock,astheBoardinitsdiscretiondeemsappropriateunderthecircumstancestoprotecttheinterestsoftheCompanyin maintainingtheintegrityoftheawardsunderthePSP.ThePSPfurtherstatesthattheBoardshallhavetherighttotakedifferentaction withrespecttodifferent“KeyEmployees”(asdefinedinthePSP)ordifferentgroupsof“KeyEmployees,”astheBoardinitsdiscretion deemsappropriateunderthecircumstances.ForinformationconcerningthevalueofthevestedPSPstockthateachoftheNamed ExecutiveOfficerswouldhaveintheeventthatoneofthetriggeringeventsdescribedaboveoccurredonthelastbusinessdayof 2022,seethetabletitled“PotentialPaymentsUponTerminationorChangeinControl–2022.”

EmploymentandDeferredCompensationArrangements

MESSRS.POWELLBROWN,BARRETTBROWNANDPENNY

Messrs.PowellBrownandPennyenteredintonewemploymentagreementswiththeCompanyin2014,andMr.BarrettBrown enteredintoanewemploymentagreementwiththeCompanyin2015,ineachcasereplacingpreviousemploymentagreementsthat haddifferentterms.Compensationundertheseagreementsisnotspecified,butratheristobeagreeduponbetweenusandthe executivefromtimetotime.See“CompensationDiscussionandAnalysis”forinformationconcerningtheconsiderationsaffecting thecompensationoftheNamedExecutiveOfficers.Theagreementsincludeaprovisionthatstatesthatintheeventofa“Changein Control,”definedasacircumstanceinwhichtheholdersofmorethan50%ofthevotingstockoftheCompanybeforethe transactionclosesholdlessthan50%ofthevotingstockoftheCompanyafterthetransactioncloses,iftheresultingentityemploys executiveswithdutiessimilarincharacter,classificationorresponsibilitiestotheNamedExecutiveOfficer’s,theAgreementshallbe

COMPENSATIONDISCUSSIONANDANALYSIS
44 |BROWN&BROWN,INC.

deemedmodifiedtoprovidetheNamedExecutiveOfficerwith“equivalenttermsandbenefitstothoseofsimilarexecutives.”The newemploymentagreementsinclude,amongotherprovisions,restrictivecovenantsprohibitingthesolicitationordiversionof businessoremployeesforaperiodoftwoyearsfollowingvoluntaryorinvoluntaryseparationfromemploymentandalsoprohibit disclosureofconfidentialinformation.Theseagreementsmaybeterminatedbyeitherpartyatanytime,withorwithoutcauseor advancenotice.

MR.WALKER

Mr.WalkerenteredintoanemploymentagreementwiththeCompanyeffectiveJanuary9,2012,inconnectionwithouracquisitionof ArrowheadGeneralInsuranceAgency,Inc.Theagreementmaybeterminatedbyeitherpartyatanytime,withorwithoutcauseor advancenotice.CompensationundertheagreementisatanamountagreeduponbetweenusandMr.Walkerfromtimetotime,and foraperiodoftwoyearsfollowingtheterminationofemployment,theagreementprohibitsMr.Walkerfromdirectlyorindirectly solicitingorservicingourcustomers,orsolicitingouremployeestoleavetheiremploymentwithus.

MR.WATTS

Inconnectionwithhishiringin2014,Mr.WattsandtheCompanyenteredintoanemploymentagreementwithaninitialtermthat endedonFebruary17,2017(the“Term”),pursuanttowhich,amongotherthings,Mr.Watts:(1)receivedastockgrantwithagrant datefairvalueof$250,002thatfullyvestedonFebruary17,2019(i.e.,fiveyearsafterthedateofgrant);(2)receivedastockgrant withagrantdatefairvalueof$474,991thatfullyvestedonFebruary17,2017(i.e.,threeyearsafterthedateofgrant)and(3)received astockgrantwithgrantdatefairvalueof$800,020,whichincludedafive-year,performance-basedvestingconditionthatthe CompensationCommitteedeterminedinFebruary2019wasachievedandvestedinyearsfive,sixandseven.Followingthe conclusionoftheTermonFebruary17,2017,thetermsoftheemploymentagreementcontinuedineffect,exceptthattheagreement maynowbeterminatedbyeitherpartyatanytime,withorwithoutcauseoradvancenotice.Compensationundertheagreementis atanamountagreeduponbetweenusandMr.Wattsfromtimetotime,andforaperiodoftwoyearsfollowingtheterminationof employment,theagreementprohibitsMr.Wattsfromdirectlyorindirectlysolicitingorservicingourcustomers,orsolicitingour employeestoleavetheiremploymentwithus.

TheabovedescriptionsofouremploymentagreementswithourNamedExecutiveOfficersaresummariesandarequalifiedby referencetothecopiesofsuchagreementsthathavebeenfiledasexhibitstoourSECfilingsasfollows:

•WithrespecttoMessrs.PowellBrown,BarrettBrownandPenny,Exhibit10.2toForm10-QforthequarterendedSeptember30,2014;

•WithrespecttoMr.Watts,Exhibit10.2toForm10-QforthequarterendedMarch31,2014and

•WithrespecttoMr.Walker,Exhibit10.1toForm10-QforthequarterendedMarch31,2013.

HedgingandPledgingPolicies;StockOwnershipRequirements;ClawbackPolicy

TheBoardhasadoptedpoliciesprohibitingthehedging(asdefinedbelow)ofourstockbydirectors,executiveofficersandother membersofourSeniorLeadershipTeamandprohibitingthepledgingofourstockbydirectors,aswellprohibitingthepledgingofour stockheldpursuanttoourstockownershiprequirementsbyourexecutiveofficersandothermembersofourSeniorLeadershipTeam. Forthepurposesofthispolicy,“hedging”includesengaginginshortsalesofCompanystockandengaginginhedgingtransactionsin publiclytradedoptionsthatarebasedonthetradingpriceofCompanystock,suchasputs,callsandotherderivativesecurities.

COMPENSATIONDISCUSSIONANDANALYSIS
BROWN&BROWN,INC.| 45

OurstockownershiprequirementsprovidethatmembersoftheCompany’sSeniorLeadershipTeammustaccumulateCompany stockvaluedatthefollowingmultiplesoftheirbasesalarieswithinthreeyearsofhireorpromotion,andretainsuchstockuntil retirement,separationfromemploymentorremovalfromoneofthecategoriessetforthbelow:

STOCKOWNERSHIPGUIDELINES–NAMEDEXECUTIVEOFFICERCOMPLIANCE ASOFDECEMBER31,2022

(1) Ownershiplevelsinclude:(i)sharesowneddirectlyorindirectly,excludingsharesownedbyimmediatefamilymembersastowhichbeneficialownershipisdisclaimed; (ii)unvestedPSPsharesthathavemettheapplicableperformanceconditionsundertheapplicableawardagreements;and(iii)unvested2010SIPand2019SIPshares orunitsthat(a)aresubjecttoatime-based-onlyvestingconditionor(b)havemettheapplicableperformanceconditionsundertheapplicableaward agreements.For Messrs.PowellBrownandBarrettBrown,ownershiplevelsexclude2,201,877sharesheldbytheJamesHyattBrownNongrantorCharitableLeadAnnuityTrust,of whicheachofthemisatrusteeandaremainderbeneficiary.

(2) Theownershiprequirementsareasfollows:ChiefExecutiveOfficer–sixtimesbasesalary;SeniorLeadershipTeammemberswhoare“officers”pursuanttoSection16 ofSecuritiesExchangeAct1934–threetimesbasesalaryandSeniorLeadershipTeammemberswhoarenot“officers”pursuanttoSection16oftheSecurities ExchangeActof1934–onetimesbasesalary.

Inaddition,eachnon-employeedirectorisrequiredtoaccumulateBrown&Browncommonstockvaluedatleastfivetimesthe currentannualcashretainerwithinfiveyearsofjoiningtheBoard.

Onaverage,eachofour non-employeedirectors ownsBrown&Browncommon stockvaluedat

44x thecurrentannualcashretainer asofDecember31,2022.

TheBoardhasadoptedapolicythatprovidesfortheclawbackofcertainperformance-basedcompensationintheeventofa restatementoftheCompany’sfinancialresults,otherthanarestatementcausedbyachangeinapplicableaccountingrulesor interpretations.Underthepolicy,ifanyperformance-basedequityornon-equitycompensationpaidtoacurrentorformerofficerof theCompanyinthethreeyearspriortothedateofrestatementwouldhavebeenaloweramounthaditbeencalculatedbasedon therestatedresults,theBoard’sCompensationCommitteewillevaluaterecoveryofsuchperformance-basedequityornon-equity compensation.Ifarecoveryisdeterminedtobeappropriate,thentheCompensationCommitteewillseektorecover,forthebenefit oftheCompanyandtotheextentpermittedbyapplicablelaw,theafter-taxportionofthedifferencebetweenthepreviously awardedcompensationandtherecalculatedcompensation.

IndeterminingwhethertoseekrecoveryundertheCompany’sclawbackpolicy,theCompensationCommitteewilltakeintoaccountsuch considerationsasitdeemsappropriate,including,withoutlimitation,whethertheassertionofaclaimmayviolateapplicablelawor prejudicetheinterestsoftheCompanyinanyrelatedproceedingorinvestigation,andthelikelihoodofsuccessunderapplicablelaw.

COMPENSATIONDISCUSSIONANDANALYSIS
Actual Ownership(1) Ownership Requirement(2) 3x3x 3x 3x 57x 100x 14x 23x 6x 187x
J. Powell BrownR. Andrew Watts P. Barrett BrownJ. Scott PennyChris L. Walker
46 |BROWN&BROWN,INC.

APPROVAL,ONANADVISORYBASIS,OF

ONEYEARASTHEINTERVALATWHICHANADVISORY VOTEONTHECOMPENSATIONOFTHENAMED EXECUTIVEOFFICERSWILLBECONDUCTED

WearerequiredunderSection14AoftheExchangeActtoprovideourshareholderswiththeopportunitytovote,onanonbinding, advisorybasis,fortheirpreferenceonhowfrequentlyanadvisoryvoteonthecompensationofournamedexecutiveofficers,such asthe“sayonpay”proposal,above,shouldbeconducted.ByvotingonthisProposal4,shareholdersmayindicatewhetherthey wouldpreferanadvisoryvoteonnamedexecutiveofficercompensationonceeveryone,twoorthreeyears.Weexpecttoholda similarvoteatthe2029AnnualMeeting.

Aftercarefulconsideration,ourBoardhasdeterminedthatanadvisoryvoteonexecutivecompensationthatoccurseveryyearisthe mostappropriatealternativefortheCompany,andthereforeourBoardrecommendsthatyouvoteforaone-yearintervalforthe advisoryvoteonexecutivecompensation.Indeterminingitsrecommendation,ourBoardconsideredthatanannualadvisoryvoteon executivecompensationwillallowourshareholderstoprovideuswiththeirdirectinputonourcompensationphilosophy,policies andpracticesasdisclosedintheProxyStatementeveryyear.

ThisvoteisadvisoryandthereforenotbindingontheCompany,theCompensationCommitteeorourBoard.OurBoardandour CompensationCommitteevaluetheopinionsofourshareholdersandwilltakeintoaccounttheoutcomeofthevote,however,when consideringthefrequencyoffutureadvisoryvotesonexecutivecompensation.TheBoardmaydecidethatitisinthebestinterests ofourshareholdersandtheCompanytoholdanadvisoryvoteonexecutivecompensationmoreorlessfrequentlythantheoption approvedbyourshareholders.

Youmaycastyourvoteonyourpreferredvotingfrequencyofanadvisoryvoteonexecutivecompensationbychoosinganyoneof thefollowingoptions:anadvisoryvoteeveryoneyear;anadvisoryvoteeverytwoyears;anadvisoryvoteeverythreeyears;or abstainingfromvoting.Pleasenotethatwhencastingavoteonthisproposal,youwillnotbevotingtoapproveordisapprovethe Board’srecommendation.

VoteRequired;BoardRecommendation

Theoptionthatreceivesthehighestnumberofvotescastby shareholderswillindicatethefrequencyfortheadvisoryvoteon executivecompensationselectedbyshareholderscastingvotes onthisProposal.Abstentionsandbrokernon-voteswillhaveno effectonthevote.

PROPOSAL4:
BROWN&BROWN,INC.| 47
TheBoardofunanimously recommendsavotefor “ONEYEAR” onthis proposal

Executive Compensation Tables

ThefollowingtablesetsforththecompensationreceivedbyourNamedExecutiveOfficersforservicesrenderedtousinsuch capacityfortheyearsendedDecember31,2022,2021and2020.

SummaryCompensationTable2020-2022

(1) Amountsshownfor2020reflecttheinclusionof27regularpayperiods,ascomparedto26regularpayperiodsin2022and2021.

(2) Amountsshownunderthe“StockAwards”columnreflecttheaggregategrantdatefairvalueofawardscomputedinaccordancewithStatementofFinancial AccountingStandardsASCTopic718(formerly“SFAS123(R)”)withrespecttostockgrantedunderthe2019SIPtoourNamedExecutiveOfficersratherthanthedollar amountrecognizedduringthefiscalyearforfinancialstatementpurposes.TheassumptionsusedforthevaluationsaresetforthinNote12toourauditedconsolidated financialstatementsinourAnnualReportonForm10-KforthefiscalyearendedDecember31,2022.See“CompensationDiscussionandAnalysis”andthe “OutstandingEquityAwardsatFiscalYear-End–2022”tableforinformationwithrespecttostockgrantedunderthePSP,the2010SIPandthe2019SIPpriorto2022. Forawardsthatareperformancebased,theindicatedgrantdatefairvalueamountsassumethatthetargetlevelofperformancewillbeachieved.

Amountsshownunderthe“StockAwards”columnincludetheaggregategrantdatefairvalueofallawards.For2020,2021and2022,aportionoftheshares granted toeachNamedExecutiveOfficerwereeitherPSAsorPSUs,andportionofthesharesgrantedtoeachNamedExecutiveOfficerwereeitherRSAsorRSUs.Assuming thehighestlevelofperformanceconditionswillbeachievedforthePSAsandPSUSsinthiscolumn(200%for2020,2021and2022),thegrantdatefairvalueforeach NamedExecutiveOfficer,includingbothPSAsorPSUs,asapplicable,andRSAsorRSUs,asapplicable,wouldbeasfollows:

*Thelong-termequityincentiveawardsreportedfor2022includethetime-based-onlylong-termequityincentiveawards,effectiveJanuary1,2022,eachwithagrantdatefairvalueof $1,999,958andgrantedtoeachofMessrs.Watts,BarrettBrown,PennyandWalker.Formoreinformationaboutthelong-termequityincentiveawardsapprovedeffectiveJanuary1,2022,see “January2022EquityIncentiveGrants.”

(3) Thesedollaramountsincludetheitemsidentifiedinthetabletitled“AllOtherCompensationTable–2022.”

NameandPrincipalPosition Fiscal Year Salary ($)(1) Bonus ($) Stock Awards ($)(2) Non-Equity IncentivePlan Compensation ($) AllOther Compensation ($)(3) Total ($) J.PowellBrown ChiefExecutiveOfficer andPresident 20221,000,000—2,953,6482,501,000286,9856,741,633 20211,000,0001,020,0002,940,0173,980,000261,0189,201,035 20201,038,462—2,948,0083,017,000250,8307,254,300 R.AndrewWatts ChiefFinancialOfficer ExecutiveVicePresidentandTreasurer 2022600,00060,0002,689,057981,00078,4594,408,516 2021600,000300,000832,9641,393,00066,1033,192,067 2020618,461—687,8301,020,00067,7642,394,055 P.BarrettBrown ExecutiveVicePresidentand President–RetailSegment 2022798,077—2,492,1341,489,000331,1345,110,345 2021700,000500,000489,9571,991,00033,8543,714,811 J.ScottPenny ExecutiveVicePresidentand ChiefAcquisitionsOfficer 2022698,07720,0002,492,1341,261,00089,5834,560,794 2021600,000450,000489,9571,792,00061,3943,393,351 2020618,461—491,2861,240,00089,6902,439,437 ChrisL.Walker ExecutiveVicePresidentand President–NationalProgramsSegment 2022798,077—2,492,1341,501,00041,6664,832,877 2021700,000500,000489,9571,991,00051,4053,732,362 2020724,615—491,2861,801,00056,4923,073,393
NameFiscalYearMaximumValue($)FiscalYearMaximumValue($)FiscalYear*MaximumValue($) J.PowellBrown 20205,146,05120215,130,07120225,157,334 R.AndrewWatts 20201,200,68520211,453,45420223,203,216 P.BarrettBrown 2021854,95120222,859,372 J.ScottPenny 2020857,6112021854,95120222,859,372 ChrisL.Walker 2020857,6112021854,95120222,859,372
48 |BROWN&BROWN,INC.

AllOtherCompensationTable2020-2022

(1) Theseamountsincludereimbursementofthecostofannualphysicalexaminationstotheextentnototherwisecoveredbyinsurance,thereimbursement ofthecostof certainfinancialandtaxplanningservicesandreimbursementofcertainclubmembershipduesandcarserviceexpenses.Foradditionalinformation,see “CompensationDiscussionandAnalysis–OtherCompensation.”

(2) TheseamountsincludeamountsearnedbytheCompanyandreimbursedtotheseemployeesforpersonallinesinsurancepurchasedbytheseemployeesthroughthe Companyoritssubsidiaries.

(3) TheseamountsrepresentcashdividendspaidongrantedPSP,2010SIPand2019SIPsharesforwhichconditionsofvestingotherthantime-basedconditionshave beensatisfied.

(4) AmountreflectscostsassociatedwiththetemporaryrelocationofMr.BarrettBrownandhisfamilytoLondon,EnglandfromJune2022toAugust2022,including approximately$238,487forhousingcosts;$10,825fortransportationcosts,includingcarserviceandrentalcars;$27,844forairlinefarescosts and$8,893fortax grossups.

EXECUTIVECOMPENSATIONTABLES
NameYear Perquisites andOther PersonalBenefits ($)(1) Insurance Commissions ($)(2) Company Contributionsto Retirement and401(k)Plans ($) Cash Dividends ($)(3) Other ($) Total ($) J.PowellBrown 20224,1195912,200270,607—286,985 20211,3655,39511,600242,658—261,018 20204,991—11,400234,439—250,830 R.AndrewWatts 202218,0522,33512,20045,872—78,459 202116,6752,16911,60035,659—66,103 202015,006—11,40041,358—67,764 P.BarrettBrown 2022——12,20032,525286,409(4) 331,134 2021——11,60022,254—33,854 J.ScottPenny 202216,67512,47312,20048,235—89,583 202116,675—11,60033,119—61,394 202015,0355,09711,40058,158—89,690 ChrisL.Walker 202212,670——28,996—41,666 202122,020——29,385—51,405 202017,006——39,486—56,492
BROWN&BROWN,INC.| 49

GrantsofPlan-BasedAwardsinFiscal2022

Thefollowingtableprovidesinformationabouttherangeofpossibleannualincentivecashpayoutsinrespectof2022performance, therangeofsharesthatmaybeearnedpursuanttothestockgrantsmadetoourNamedExecutiveOfficersunderour2019SIPin 2022andthegrantdatefairvalueofthesestockgrantscomputedunderStatementofFinancialAccountingStandardsASCTopic 718(formerly“SFAS123(R)”).

(1) Foradditionalinformationrelatedtotheannualcashincentiveawardsincludingperformancetargetsandmeasures,see“CompensationDiscussionandAnalysis.”

(2) The“EstimatedFuturePayoutsUnderEquityIncentivePlanAwards”columnshowstherangeofsharesthatmaybeearnedpursuanttothestockawardsgranted underour2019SIPin2022.Foradditionalinformationrelatedtothesegrants,see“CompensationDiscussionandAnalysis.”

(3) Foradditionalinformationrelatedtotheannualcashincentiveawardsincludingperformancetargetsandmeasures,see“CompensationDiscussionandAnalysis.”

(4) Foradditionalinformationrelatedtotheannualcashincentiveawardsincludingperformancetargetsandmeasures,see“CompensationDiscussionandAnalysis.”

(5) The“GrantDateFairValueofStockAwards”columnshowsthefullgrantdatefairvalueofthesharesgrantedtoourNamedExecutiveOfficersunderour2019SIPin 2022.ThegrantdatefairvalueoftheawardsisdeterminedunderStatementofFinancialAccountingStandardsASCTopic718(formerly“SFAS123(R)”)andrepresents theamountwewouldexpenseinourfinancialstatementsoverthevestingscheduleforthegrants.InaccordancewithSECrules,theamountsinthiscolumnreflectthe actualASC718accountingcostwithoutreductionforestimatesofforfeituresrelatedtoservice-basedvestingconditions.Theamountsreflectour accountingforthese grantsanddonotcorrespondtotheactualvaluesthatmayberealizedbythegrantees.

EXECUTIVECOMPENSATIONTABLES
UnderNon-EquityIncentive PlanAwards(1) EstimatedFuturePayouts UnderEquityIncentive PlanAwards(2) GrantDate FairValueof StockAwards ($)(5) Name Grant Date Threshold ($)(3) Target ($) Maximum ($)(4) Threshold (#) Target (#) Maximum (#) J.PowellBrown 2/21/2202,000,0004,000,000 2/21/22034,01868,0362,203,686 2/21/22—11,33911,339749,961 R.AndrewWatts 2/21/220700,0001,400,000 1/1/22—28,45728,4571,999,958 2/21/2207,93715,874514,159 2/21/22—2,6452,645174,940 P.BarrettBrown 2/21/2201,400,0002,800,000 1/1/22—28,45728,4571,999,958 2/21/2205,66911,338367,238 2/21/22—1,8891,889124,938 J.ScottPenny 2/21/220900,0001,800,000 1/1/22—28,45728,4571,999,958 2/21/2205,66911,338367,238 2/21/22—1,8891,889124,938 ChrisL.Walker 2/21/2201,000,0002,000,000 1/1/22—28,45728,4571,999,958 2/21/2205,66911,338367,238 2/21/22—1,8891,889124,938
EstimatedFuturePayouts
50 |BROWN&BROWN,INC.

OutstandingEquityAwardsatFiscalYear-End–2022

(1) Themarketvalueshownwasdeterminedbymultiplyingthenumberofsharesofstockthathavenotvestedby$56.97,theclosingmarketpriceofourcommon stock onDecember31,2022.

(2) Themarketvalueshownwasdeterminedbymultiplyingthenumberofunearnedstockshares(attarget)by$56.97,theclosingmarketpriceofourcommonstockon December31,2022.

OptionExercisesandStockVested–2022

(1) Thevaluerealizeduponthevestingofstockawardsisthenumberofsharesmultipliedbythemarketvalue(beingtheclosingmarketpriceasoftheprevioustrading day)oftheunderlyingsharesonthevestingdate.Thevaluerealizedwasdeterminedwithoutconsideringanytaxesthatwereoweduponvesting.

NonqualifiedDeferredCompensationatFiscalYear-End–2022

(1) Ineachinstance,theindicatedexecutivecontributionisincludedinthe amountsreportedforthatNamedExecutiveOfficerintheSummaryCompensationTablefor2022.

EXECUTIVECOMPENSATIONTABLES
StockAwards Name Numberof Securities Underlying Unexercised Options(#) Exercisable Numberof Securities Underlying Unexercised Options(#) Unexercisable Equity Incentive PlanAwards: Numberof Securities Underlying Unexercised Unearned Options (#) Option Exercise Price ($) Option Expiration Date Number ofShares orUnitsof StockThat HaveNot Vested (#) MarketValue ofSharesor UnitsofStock ThatHave NotVested ($)(1) Equity Incentive PlanAwards: Numberof Unearned Shares,Units orOtherRights ThatHaveNot Vested (#) Equity Incentive PlanAwards: Marketor PayoutValue ofUnearned Shares,Units orOtherRights ThatHaveNot Vested ($)(2) J.PowellBrown —————640,41236,484,272129,1227,356,080 R.AndrewWatts —————107,4506,121,42732,5631,855,144 P.BarrettBrown —————75,6414,309,26821,5191,225,937 J.ScottPenny —————114,3086,512,12721,5191,225,937 ChrisL.Walker —————27,4481,563,71351,8652,954,749
OptionAwards
OptionAwards StockAwards Name NumberofShares Acquiredon Exercise (#) ValueRealized onExercise ($) NumberofShares Acquiredon Vesting (#) ValueRealized onVesting ($)(1) J.PowellBrown ——113,3207,278,544 R.AndrewWatts ——37,7712,426,031 P.BarrettBrown ——22,6631,455,644 J.ScottPenny ——24,1701,552,439 ChrisL.Walker ——69,4204,545,425
Name Executive Contributions in2022(1) $ Registrant Contributions in2022 $ Aggregate Earningsin 2022 $ Aggregate Withdrawals/ Distributions $ Aggregate Balanceat 12/31/2022 $ J.PowellBrown 1,250,000—(1,310,389)—5,668,425 R.AndrewWatts 592,550—(217,876)—1,392,766 P.BarrettBrown J.ScottPenny ——(32,048)—113,163 ChrisL.Walker 157,692—(45,232)—263,327
BROWN&BROWN,INC.| 51

PotentialPaymentsUponTerminationorChangeinControl–2022

(1) AllfiguresshownforthevalueofstockgrantedunderthePSP,2010SIPand2019SIPthatwouldvestupondeath,disabilityorfollowingachangeincontrolare calculatedbasedontheassumptionthatthetriggeringevent(s)forsuchvestingtookplaceonDecember31,2022,thelastbusinessdayoftheCompany’slast completedfiscalyear,andthatthepricepershareofourcommonstockis$56.97theclosingmarketpriceasofthatdate.Otherthantheamountsshownin the columncaptioned“ChangeinControl”payableunderthePSP,thefiguresshowninthistabledonotreflecttheimpactoftheexcisetaxunderSections280Gand4999 oftheInternalRevenueCode,whichmayeffectivelyreducetheamountsofchange-in-controlpaymentsthataNamedExecutiveOfficermayreceive,and donotreflect theassignmentofanyvaluetonon-competitionandotherrestrictivecovenantsordeterminationsofreasonablecompensationthatmayreducetheamountsof change-in-controlpaymentssubjecttotheexcisetax.Formoredetailedinformationconcerningthechange-in-controlprovisionsofthePSP,the2010SIPandthe2019 SIP,see“CompensationDiscussionandAnalysis–PaymentsUponTerminationorChangeinControl.”Allfiguresshowninthistablewouldbepaidinlump-sum paymentsbyusinaccordancewiththeapplicablegrantagreements.

(2) Thefiguresshowninthiscolumnweredeterminedasfollows:(a)forallgrants,exceptthoseperformance-basedrestrictedstockgrantsinorafterFebruary2020,the amountcontemplates100%ofallunvestedrestrictedstockgrantsgrantedpursuanttosuch2010SIPand2019SIPgrantagreements,and(b)forthoseperformancebasedrestrictedstockgrantsinorafterFebruary2020,theamountcontemplatesthegreaterof:(i)100%ofsuchunvestedrestrictedstockgrantsor(ii)theestimated percentageofunvestedrestrictedstockgrantsdeterminedinaccordancewiththeapplicableperformanceschedulebasedupontheactuallevelofachievement(upto theapplicablemaximumlevelofachievementandassumingtheapplicableperformancelevelisadjusted,pursuanttotheCompensationCommittee’sexerciseofits discretion,fromthefirstdayoftheperformanceperiodtoDecember31,2022,thedateonwhichtheTransferofControloccurs,asfollows:(w)in2020, toexcludethe negativeimpactofthe2020LegalMatter;(x)in2021and2022,toexcludetheperiod-over-periodimpactofForeignCurrencyTranslation;(y)in2022, toexcludethe positiveimpactofthedecreaseinexpensewerecognizedrelatedtotheLegalMattersandthenegativeimpactofAcquisition/IntegrationCostsand(z)in2022,to includeguaranteedsupplementalcommissionsaspartofcorecommissionsandfeesand,therefore,asacomponentoftheCompany’sOrganicRevenue.

(3) ThesefiguresrepresentamountsthatwouldbepaidpursuanttothetermsofthePSPintheeventofachangeincontrolasdefinedinthePSPandincludethe followingexcisetaxgross-upamounttobepaidbytheCompanyonPSPsharesonbehalfoftheparticipantintheeventofchangeincontrol:Mr.PowellBrown–$1,988,975;Mr.BarrettBrown–$60,656andMr.Penny–$970,718.Theexcisetaxgross-upamounthasbeencalculatedassumingtheexcisetaxrateof20% multipliedbytheexcessofthevalueofthechange-in-controlpaymentsovertheexecutive’saverageW-2earningsforthelastfivecalendaryears,andassuminga blendedeffectivetaxrateofapproximately40%foreachexecutive.However,theexcisetaxgross-upisonlyapplicableifthesumofallpaymentsequalsorexceeds threetimestheexecutive’saverageW-2earningsforthepastfivecalendaryears.Further,theexcisetaxgross-upassumesnovalueisassignedtonon-competition andotherrestrictivecovenantsordeterminationofreasonablecompensationthatmayapplytotheparticipant.Suchexcisetaxgross-upamountsalsoassumea changeincontroldateofDecember31,2022,atourclosingmarketpriceof$56.97asofthatdate.Theexcisetaxgross-upprovisionisalegacyprovisionthatapplies onlytoawardsthatweregrantedunderthePSPpriortoitssuspensionin2010anddoesnotapplytoawardsunderthe2010SIPorthe2019SIP.Nonewagreements thatcontainexcisetaxgross-upprovisionshavebeenenteredinto,andnopreviousagreementscontainingsuchlegacyprovisionshavebeenmateriallyamended.

(4) Thisamountwouldbepaidpursuanttothatcertaingrantunderour2010SIPmadeonApril29,2010for374,080shares.Thisgrantreplaced374,080shares granted underourPSPonJuly21,2009,whichhadinadvertentlyexceededthemaximumnumberofsharespermittedtobeawardedinaparticularcalendaryear.Inorderto assureachievementofthefullintentoftheoriginalPSPgrant,thereplacementgrantunderthe2010SIPhasidenticalperformance-basedandothervestingconditions, includingthoseassociatedwithachangeincontrol,totheoriginalPSPgrant.

EXECUTIVECOMPENSATIONTABLES
NameBenefit(1) BeforeChange inControl Termination w/oCause Resignationfor GoodReason ($) AfterChange inControl Termination w/oCauseor Resignationfor GoodReason ($)(2) Voluntary Termination ($) Death ($) Disability ($) Changein Control ($) J.PowellBrown PSP———4,042,5914,042,5916,031,566(3) 2010SIP12,940,679—29,989,74929,989,74917,049,070(4) 2019SIP15,226,087—7,182,1077,182,107— R.AndrewWatts PSP—————— 2010SIP—3,881,936—3,881,9363,881,936— 2019SIP—5,497,548—3,427,9583,427,958— P.BarrettBrown PSP———123,283123,283183,939(3) 2010SIP—2,156,258—2,156,2582,156,258— 2019SIP—4,158,639—2,818,0502,818,050— J.ScottPenny PSP———1,972,9851,972,9852,943,703(3) 2010SIP—2,509,415—2,509,4152,509,415— 2019SIP—4,185,639—2,818,0502,818,050— ChrisL.Walker PSP—————— 2010SIP—1,262,797—1,262,7971,262,797— 2019SIP—4,158,639—2,818,0502,818,050—
52 |BROWN&BROWN,INC.

Pay Ratio

AsrequiredbySection953(b)oftheDodd-FrankAct,andItem402(u)ofRegulationS-K,weareprovidingthefollowinginformation abouttherelationshipoftheannualtotalcompensationofouremployeesandtheannualtotalcompensationofMr.PowellBrown, ourPresidentandChiefExecutiveOfficer:

ChiefExecutiveOfficerPayRatio

For2022,ourlastcompletedfiscalyear:

•themedianoftheannualtotalcompensationofallemployeesofourcompany,otherthanMr.PowellBrown,was$96,278;and •theannualtotalcompensationofMr.PowellBrown,asreportedintheSummaryCompensationTable,was$6,741,633.

•Basedonthisinformation,for2022,theratiooftheannualtotalcompensationofMr.PowellBrowntothemedianoftheannual totalcompensationofallemployees,otherthanMr.PowellBrown,was70to1.

Methodology

Toidentifythemedianoftheannualtotalcompensationofallouremployees,otherthanMr.PowellBrown,aswellastodetermine theannualtotalcompensationofourmedianemployeeandMr.PowellBrown,wetookthefollowingsteps:

1.Wedeterminedtherewasnochangeinouremployeepopulationoremployeecompensationarrangementsduringthelasttwo completedfiscalyearsthatwebelievewouldsignificantlyimpactthepayratiodisclosurefor2022.Accordingly,weusedthesame medianemployeeweidentifiedin2020forpurposesofcalculatingourpayratiodisclosureforfiscalyears2021and2020.As permittedunderSECrules,wedidnotconsideraspartofourdeterminationemployeesfromour2022acquisitionofGRP(estimated headcountof2,100).

2.Wedeterminedthat,asofDecember26,2020,thelastdayofourlastregularpayperiodin2020,ouremployeepopulation consistedofapproximately11,123full-time,part-time,seasonalandtemporaryemployees,with10,933oftheseindividuals locatedintheUnitedStates,45oftheseindividualslocatedintheUnitedKingdom,132oftheseindividualslocatedinCanada,11 oftheseindividualslocatedinBermuda,andtwooftheseindividualslocatedintheCaymanIslands.

3.AspermittedbySECrules,wechosetoexclude(a)allofthenon-U.S.employeesdescribedfromthedeterminationofthe “medianemployee”becausetheyaccountforlessthan5%ofourtotalemployeesand(b)60employeeshiredinDecember 2020inconnectionwithouracquisitionofsubstantiallyalloftheassetsofSouth&WesternGeneralAgency,Inc.andallissued andoutstandingsharesofitsaffiliate,S&WPremiumFinanceCompany,Inc.Ouremployeepopulation,aftertakinginto considerationtheseadjustments,consistedofapproximately10,873individuals.

4.Toidentifythe“medianemployee”fromouremployeepopulation,wecomparedtheamountofcompensationofouremployeesas reflectedinourpayrollrecordsasreportedtotheInternalRevenueServiceonFormW-2for2020.Inmakingthisdetermination,we annualizedthecompensationofapproximately2,025permanentemployees(full-timeandpart-time)whowerehiredin2020,butdid notworkforusfortheentirefiscalyear.Sincewedonotwidelydistributeannualequityawardstoouremployees,thegrantdatefair valuesofsuchawardswereexcludedfromourcompensationmeasure.Fewerthan10%ofouremployeesreceiveannualequityawards.

5.WeidentifiedourmedianemployeeasofDecember26,2020usingthiscompensationmeasure,whichwasconsistentlyappliedto allouremployeesincludedinthecalculation.Wedidnotmakeanycost-of-livingadjustmentsinidentifyingthe“medianemployee.”

6.Onceweidentifiedourmedianemployee,wecombinedalloftheelementsofsuchemployee’scompensationfor2022in accordancewiththerequirementsofItem402(c)(2)(x)ofRegulationS-K,resultinginannualtotalcompensationof$96,278.The differencebetweensuchemployee’sannualtotalcompensationandsuchemployee’sFormW-2compensationrepresents (a)$3,767inmatchingcontributionsmadebytheCompanytosuchemployee’s401(k)Planaccountand(b)adecreaseof$1,666 intheperformance-basedbonuspaidtosuchemployeeinJanuary2023forservicein2022ascomparedtotheperformancebasedbonuspaidtosuchemployeeinJanuary2022forservicein2021.

7.WithrespecttotheannualtotalcompensationofMr.PowellBrown,weusedtheamountreportedinthe“Total”columnofthe SummaryCompensationTable.

BROWN&BROWN,INC.| 53

Pay Versus Performance

InaccordancewiththeSEC’sdisclosurerequirementsregardingpayversusperformance(“PVP”),thissectionpresentstheSECdefined“CompensationActuallyPaid”(“CAP”).AlsorequiredbySEC’snewPVPrules,thissectioncomparesCAPtovarious measuresusedtogaugeourperformance.

Ourcompensationdecisionsaremadeindependentlyofdisclosurerequirements.CAPisasupplementalmeasuretobeviewed alongsideperformancemeasuresdescribedunder“CompensationDiscussionandAnalysis,”notinreplacement.

PayVersusPerformanceTable

InaccordancewiththeSEC’snewPVPrules,thefollowingtablesetsforthinformationconcerningthecompensationofourNamed ExecutiveOfficersforeachofthefiscalyearsendedDecember31,2022,2021and2020,andourfinancialperformanceforeach suchfiscalyear:

*Theequityawardadjustmentsshowninthiscolumnarecalculatedasfollows:

Year Summary Compensation TableTotalfor CEO($) Compensation ActuallyPaid toCEO($)(1) Average Summary Compensation TableTotalfor Non-CEO NEOs($) Average Compensation ActuallyPaid toNon-CEO NEOs($)(2) ValueofInitialFixed$100 InvestmentBasedon: Net Income (inmillions) Organic Revenue growth rate(4) Total Shareholder Return PeerGroup Total Shareholder Return(3) 20226,741,633(5,295,763)4,728,1332,800,269$147.41$149.06$671.88.1% 20219,201,03532,778,5633,508,1486,939,244$180.65$145.28$587.110.4% 20207,254,30015,105,0432,573,9114,184,212$121.00$106.20$480.53.8%
TheCompensationActuallyPaidtoJ.PowellBrown,PresidentandChiefExecutiveOfficeroftheCompany,foreachofthefiscalyearsendedDecember31,2022,2021
Year Reportedsummary compensation tabletotalforCEO ($)(a) Reportedvalue ofequity awards($)(b) Equity award adjustments ($)(c)* Reportedchange intheactuarial presentvalueof pensionbenefits ($)(d) Pensionbenefit adjustments ($)(e) Compensation actuallypaidto CEO ($)(a-b+c-d+e) 20226,741,6332,953,648(9,083,748)——(5,295,763) 20219,201,0352,940,01726,517,545——32,778,563 20207,254,3002,948,00810,798,751——15,105,043
(1)
and2020,iscalculated,asfollows:
Year Yearendfair valueofequity awardsgranted duringtheyear ($) Yearoveryear changein fairvalue ofoutstanding andunvested equityawards ($) Fairvalueasof vestingdateof equity awardsgranted andvestedin theyear ($) Yearoveryear changeinfair valueofequity awardsgranted inprioryears thatvestedin theyear ($) Fairvalueat theendofthe prioryearof equityawards thatfailedto meetvesting conditionsin theyear ($) Valueof dividendsor other earningspaid onstockor optionawards nototherwise reflectedin fairvalueor total compensation ($) Totalequity award adjustments ($) 20222,506,468(10,904,630)—(685,586)——(9,083,748) 20217,989,71218,728,632—(200,798)——26,517,545 20204,031,4156,639,119—128,217——10,798,751 54 |BROWN&BROWN,INC.

(2) TheaverageCompensationActuallyPaidtoourNamedExecutiveOfficers,otherthanJ.PowellBrown,PresidentandChiefExecutiveOfficeroftheCompany,for eachofthefiscalyearsendedDecember31,2022,2021and2020,iscalculated,asfollows.

($)

Average fairvalue attheend ofthe prioryear ofequity awards thatfailed tomeet vesting conditions inthe year ($)

Average valueof dividendsor other earningspaid onstockor option awardsnot otherwise reflectedin fairvalueor total compensation ($)

(3) PeeraverageamongArthurJ.Gallagher&Co,Aonplc,Marsh&McLennanCompanies,andWillisTowersWatsonPublicLimitedCompany.

Average totalequity award adjustments ($)

(4) See AnnexA foradditionalinformationregardingOrganicRevenuegrowth,whichisanon-GAAPfinancialmeasure,includingareconciliationtothemostclosely comparableGAAPfinancialmeasure.

RelationshipbetweenPayandPerformance

InaccordancewiththeSEC’snewPVPrules,weareprovidingthefollowinggraphsshowingtherelationshipsbetweeninformation presentedinthePVPtable.EquityawardsconstituteasignificantportionofcompensationforourNEOs,andasaresult,CAPwill varybasedonyear-over-yearchangesinourstockpriceresultinginappreciationordepreciationinthevalueofequityawards grantedtoourNEOs.ThevalueofequityawardswillnotberealizedbytheNEOsbeforeanyapplicableperformancegoalsare satisfiedandtheawardsvest.Theultimatevalueofsuchawardsissubjecttochangesinthestockprice.

RELATIONSHIPBETWEENCAP,ANDNETINCOMEANDORGANICREVENUEGROWTH

ThegraphbelowreflectstherelationshipbetweentheCEOandaverageNon-CEONEOCAP,theCompany’snetincomeandthe Company’sOrganicRevenuegrowthforthefiscalyearsendedDecember31,2022,2021and2020:

PAYVERSUSPERFORMANCE
Year Average reported summary compensation tabletotalfor non-CEONEOs ($)(a) Average reported valueof equityawards ($)(b) Average equityaward adjustments ($)(c)* Average reported changein theactuarial presentvalue ofpension benefits($) (d) Average pensionbenefit adjustments($) (e) Average compensation actuallypaidto non-CEONEOs ($)(a-b+c-d+e) 20224,728,1332,541,365613,501——2,800,269 20213,508,148575,7094,006,805——6,939,244 20202,573,911540,4222,150,723——4,184,212 *Theequityawardadjustmentsshowninthiscolumnarecalculatedasfollows: Year Averageyearend fairvalueof equityawards grantedduring theyear ($) Averageyearover yearchangein fairvalueof outstandingand unvestedequity awards ($) Averagefair valueasof vesting dateof equity awards grantedand vestedin theyear ($) Averageyear overyear changein fairvalueof equity awards grantedin prioryears thatvested intheyear
20222,080,633(1,255,815)—(211,317)——613,501 20211,564,5562,529,319—(87,070)——4,006,805 2020739,0391,304,049—107,635——2,150,723
$671.8 $2.8 $587.1 $480.5 3.8% 10.4% 8.1% CEO CAP Average NEO CAP Net Income (in millions) ($5.3) $6.9 $15.1 $4.2 202020212022 $50 $25 CAP ( i n m illi ons) Organic Revenue growth rate $32.8 BROWN&BROWN,INC.| 55

RELATIONSHIPBETWEENCAP,ANDCOMPANYTOTALSHAREHOLDERRETURNANDPEERGROUPTOTALSHAREHOLDER RETURN

ThegraphsbelowreflecttherelationshipbetweentheCEOandaverageNon-CEONEOCAP,theCompany’stotalshareholder return(assuminganinitialfixedinvestmentof$100)andthepeergroup’stotalshareholderreturn(assuminganinitialfixed investmentof$100)forthefiscalyearsendedDecember31,2022,2021and2020:

PAYVERSUSPERFORMANCE
$(5.3) $149.06 $147.41 $180.65 $145.28 $121.00 $32.8 $6.9 $15.1 $4.2 CEO CAP Average NEO CAP Company Total Shareholder Return Peer Group Total Shareholder Return 202020212022 $106.20 $50 $25 CAP ( i n m illi ons) $2.8 56 |BROWN&BROWN,INC.

ListofMostImportantFinancialPerformanceMeasures

InaccordancewiththeSEC’snewPVPrules,thefollowingtabularlistsetsforththefinancialperformancemeasurestheCompany hasdeterminedarethemostimportantfinancialperformancemeasuresusedtolinkcompensationactuallypaidtoCompany performanceduringthelastfiscalyear:

FinancialPerformanceMeasure

OrganicRevenue(1) growthrate

AdjustedEBITDACMargin(1)

AdjustedEPS(1)

TotalShareholderReturn(2)

(1)ForadditionalinformationrelatedtohowwelinkourexecutivecompensationprogramstoAdjustedEBITDACMargin,OrganicRevenuegrowthandAdjustedEPS,see “CompensationDiscussionandAnalysis.”

(2)WhileTotalShareholderReturnisnotusedasoneofthemetricstiedtothepayoutsunderourincentiveplans,theactualvaluerealizedunderourequityincentive awardsisbasedupontheCompany’sTotalShareholderReturn(i.e.,stockpriceanddividendspaid)overtheapplicableperformanceandvestingperiods.

PAYVERSUSPERFORMANCE
BROWN&BROWN,INC.| 57

Other Important Information

SecurityOwnershipofManagementandCertainBeneficialOwners

Thefollowingtablesetsforth,asofFebruary27,2023,therecorddatefortheMeeting,informationastoourcommonstock beneficiallyownedby(1)eachofourdirectors,allofwhom,otherthanHughM.Brown,aredirectornominees,(2)eachNamed ExecutiveOfficernamedintheSummaryCompensationTable,(3)allofourdirectorsandcurrentexecutiveofficersasagroupand (4)anypersonorentitywhomweknowtobethebeneficialownerofmorethanfivepercentoftheoutstandingsharesofour commonstock.

(1) Unlessotherwiseindicated,theaddressofsuchpersonisc/oBrown&Brown,Inc.,300N.BeachSt.,DaytonaBeach,Florida32114.

(2) Beneficialownershipofshares,asdeterminedinaccordancewithapplicableSECrules,includessharesastowhichapersonhasorsharesvotingpower and/or investmentpower,orastowhichapersonhastherighttoacquirebeneficialownershipwithinthenext60days.Wehavebeeninformedthatallsharesshownareheld ofrecordwithsolevotingandinvestmentpower,exceptasotherwiseindicated.

NameofBeneficialOwner(1) AmountandNature ofBeneficialOwnership(2)(3) PercentofTotal J.HyattBrown(4) 37,740,92813.30% HughM.Brown(5) 50,739* J.PowellBrown(6) 5,556,7161.96% LawrenceL.GellerstedtIII 16,284* JamesC.Hays 360,648* TheodoreJ.Hoepner 115,228* JamesS.Hunt 20,253* ToniJennings 50,902* TimothyR.M.Main 29,066* JayminB.Patel 00% H.PalmerProctor,Jr.(7) 41,546* WendellS.Reilly 231,128* ChiltonD.Varner 74,649* P.BarrettBrown(8) 1,413,284* J.ScottPenny(9) 691,637* ChrisL.Walker 164,200* R.AndrewWatts 260,384* Allcurrentdirectorsandexecutiveofficersasagroup(20persons)(10) 47,039,27116.58% BlackRockInc.(11) 55East52ndStreet NewYork,NY10055 16,545,0725.83% TheVanguardGroup,Inc.(12) 100VanguardBoulevard Malvern,PA19355 27,779,1539.79% SelectEquityGroup,L.P.(13) 380LafayetteStreet,6thFloor NewYork,NewYork10003 17,261,7346.08%
*Lessthan1%.
58 |BROWN&BROWN,INC.

(3) Thenumberandpercentageofsharesownedbythefollowingpersonsincludetheindicatednumberofsharesownedthroughour401(k)planasofFebruary27,2023: Mr.PowellBrown–41,904;Mr.Watts–0;Mr.JamesHays–585;Mr.BarrettBrown–10,545;Mr.Penny–19,283;Mr.Walker–0andallcurrentdirectorsand executiveofficersasagroup–72,317.

Thenumberandpercentageofsharesownedbythefollowingpersonsalsoincludetheindicatednumberofunvestedshareswhichsuchpersonshavebeengranted underourPSPasofFebruary27,2023:Mr.PowellBrown–32,000;Mr.Watts–0;Mr.BarrettBrown–0;Mr.Penny–0;Mr.Walker–0andallcurrentdirectorsand executiveofficersasagroup–32,000.ThesePSPshareshavevotinganddividendrightsduetosatisfactionofthefirstconditionofvestingbasedonstockprice performance,buttheholdersthereofcurrentlyhavenopowertosellordisposeoftheshares,andthesharesaresubjecttoforfeiture.

Inaddition,thenumberandpercentageofsharesownedbythefollowingpersonsalsoincludetheindicatednumberofunvestedshareswhichsuchpersonshave beengrantedunderour2010SIPand2019SIPasofFebruary27,2023andforwhichthefirstconditionofvestinghasbeensatisfied:Mr.PowellBrown–493,688; Mr.Watts–52,142;Mr.BarrettBrown–30,708;Mr.Penny–38,332;Mr.Walker–10,756andallcurrentdirectorsandexecutiveofficersasagroup–666,680.These 2010SIPand2019SIPshareshavevotinganddividendrightsduetosatisfactionofthefirstconditionofvesting,buttheholdersthereofcurrentlyhavenopowertosell ordisposeoftheshares,andthesharesaresubjecttoforfeiture.

Inaddition,thenumberandpercentageofsharesownedbythefollowingpersonsincludetheindicatednumberofunvestedshareswhichsuchpersonshavebeen grantedunderour2010SIPand2019SIPintheformoftime-based-onlygrantsasofFebruary27,2023:Mr.PowellBrown–72,987;Mr.Watts–48,728;Mr.Barrett Brown–40,336;Mr.Penny–41,607;Mr.Walker–9,094andallcurrentdirectorsandexecutiveofficersasagroup–303,691.Thesetime-basedonlygrantshave votinganddividendrights,buttheholdersthereofhavenopowertosellordisposeoftheshares,andthesharesaresubjecttoforfeitureintheeventthattherecipient doesnotcontinuetobeemployedwithusforaspecifiednumberofyearsfollowingthedateofgrant.

(4) OfthesharesbeneficiallyownedbyMr.HyattBrown,37,604,928areheldbyOrmondRiverside,LimitedPartnership,ofwhichSwakopmund,Inc.istheGeneralPartner thathasvotingandinvestmentpoweroversuchshares.Swakopmund,Inc.is100%ownedbytheSwakopmundTrustof2009,arevocabletrustcreatedbyMr.Hyatt Brown,whoisthesoletrusteethereofandretainsthesolevotingandinvestmentpowerswithrespecttoallthesharesofSwakopmund,Inc.Anadditional136,000 sharesareheldinanIRAaccount.

(5) Mr.HughBrown’sownershipincludes1,287sharesownedbyhisspouse,astowhichhedisclaimsbeneficialownership.

(6) Mr.PowellBrown’sownershipincludes30,558sharesownedbychildrenlivinginhishousehold,astowhichhedisclaimsbeneficialownership.

(7)

Mr.Proctor’sownershipincludes448sharesownedbyhisspouse,astowhichhedisclaimsbeneficialownership.

(8) Mr.BarrettBrown’sownershipincludes(a)2,324sharesownedbychildrenlivinginhishousehold,astowhichhedisclaimsbeneficialownership,and (b)90,000 sharespledgedascollateralforacreditfacilityextendedbyabanktoMr.BarrettBrown.

(9) Mr.Penny’sownershipincludes192sharesownedbychildrenlivinginhishousehold,astowhichhedisclaimsbeneficialownership,and357,056sharesownedjointly withspouse.

(10) IncludesamountsbeneficiallyownedbyallourcurrentdirectorsandexecutiveofficersasofFebruary27,2023,asagroup.

(11) TheamountshownisderivedfromaSchedule13G/AfiledbyBlackRock,Inc.(“BlackRock”)onFebruary1,2023reportingbeneficialownershipasofDecember31, 2022.AccordingtotheSchedule13G/A,BlackRockhassolevotingpowerover15,083,829shares,sharedvotingpowerover0shares,soledispositivepowerover 16,545,072sharesandshareddispositivepowerover0shares.

(12) TheamountshownisderivedfromaSchedule13G/AfiledbyTheVanguardGroup(“Vanguard”)onFebruary9,2023reportingbeneficialownershipasof December31,2022.AccordingtotheSchedule13G/A,Vanguardhassolevotingpowerover0shares,sharedvotingpowerover329,953shares,soledispositive powerover26,809,710sharesandshareddispositivepowerover969,443shares.

(13) TheamountshownisderivedfromaSchedule13G/AfiledbySelectEquityGroup,L.P.(“SelectEquity”)onFebruary14,2023reportingbeneficialownershipasof December31,2023.AccordingtotheSchedule13G/A,SelectEquityhassolevotingpowerover0shares,sharedvotingpowerover17,261,734shares,soledispositive powerover0sharesandshareddispositivepowerover17,261,734shares.

AnnualMeetingandProxySolicitationInformation

TheseproxymaterialsaremadeavailabletoshareholdersinconnectionwiththesolicitationofproxiesbytheBoardofDirectorsof Brown&Brown,Inc.tobevotedattheAnnualMeetingofShareholders,tobeheldvirtuallyat9:00a.m.(EDT)onWednesday,May3, 2023andatanypostponementsoradjournments.ThecloseofbusinessonFebruary27,2023hasbeenfixedastherecorddatefor thedeterminationofshareholdersentitledtonoticeofandtovoteattheMeeting.Atthecloseofbusinessontherecorddate,we hadoutstanding283,698,194sharesof$0.10parvaluecommonstock,entitledtoonevotepershare.Theseproxymaterialswere firstmailedtoshareholdersofrecordonMarch22,2023.

NoticeofInternetDelivery

AspermittedbySECrules,Brown&Brown,Inc.ismakingthisProxyStatementanditsAnnualReportavailabletoitsshareholders electronicallyviatheInternet.IfyoureceivedaNoticebymail,youwillnotreceiveaprintedcopyoftheproxymaterialsinthemail (unlessyourequestthem,asdescribedbelowandexplainedintheNotice).Instead,theNoticeinstructsyouonhowtoaccessand reviewalloftheimportantinformationcontainedintheProxyStatementandAnnualReport.TheNoticealsoinstructsyouonhow youmayvoteonline.IfyoureceivedaNoticebymailandwouldliketoreceiveaprintedcopyofourproxymaterials,youshould followtheinstructionsintheNoticeforrequestingthematerials.

OTHERIMPORTANTINFORMATION
BROWN&BROWN,INC.| 59

AttendingtheVirtualAnnualMeeting

Bothshareholdersofrecordandshareholderswhoholdtheirsharesin“streetname”willneedtoregistertobeabletoattendthe AnnualMeetingvialiveaudiowebcast,submittheirquestionsduringthemeetingandvotetheirshareselectronicallyattheAnnual Meetingbyfollowingtheinstructionsbelow.

Ifyouareashareholderofrecord,youmust:

•Followtheinstructionsprovidedonyourproxycardtofirstregisterathttp://www.viewproxy.com/bbinsurance/2023/htype.aspby 11:59p.m.(EDT)onApril30,2023.Youwillneedtoenteryourname,phonenumberandemailaddressaspartoftheregistration, followingwhichyouwillreceiveanemailconfirmingyourregistration,aswellasthepasswordtoattendtheAnnualMeeting.

•OnthedayoftheAnnualMeeting,ifyouhaveproperlyregistered,youmayentertheAnnualMeetingbylogginginusingthelink andpasswordyoureceivedviaemailintheregistrationconfirmationyoureceivedwhenyouregisteredathttp:// www.viewproxy.com/bbinsurance/2023/htype.asp.

•IfyouwishtovoteyourshareselectronicallyattheAnnualMeeting,youwillneedtovisitwww.AALvote.com/BROduringthe AnnualMeetingwhilethepollsareopen(youwillneedthevirtualcontrolnumberincludedonyourproxycard).

Ifyoursharesareheldina“streetname,”youmust:

•Registerathttp://www.viewproxy.com/bbinsurance/2023/htype.aspby11:59p.m.(EDT)onApril30,2023.

Youwillneedtoenteryourname,phonenumberandemailaddress,andprovideacopyofthelegalproxy(whichmaybeuploaded totheregistrationwebsiteorsentviaemailtoVirtualMeeting@viewproxy.com)aspartoftheregistrationifyouplantovoteatthe meeting,followingwhichyouwillreceiveanemailconfirmingyourregistrationandavirtualcontrolnumberifyouplantovoteatthe meeting,aswellasthepasswordtoattendtheAnnualMeeting.

Pleasenote,ifyoudonotprovideacopyofthelegalproxy,youmaystillattendtheAnnualMeetingbyshowingproofofownership butwillbeunabletovoteyourshareselectronicallyattheAnnualMeeting.

•OnthedayoftheAnnualMeeting,ifyouhaveproperlyregistered,youmayentertheAnnualMeetingbylogginginusingthelink andpasswordyoureceivedviaemailintheregistrationconfirmationyoureceivedwhenyouregisteredathttp:// www.viewproxy.com/bbinsurance/2023/htype.asp.

•IfyouwishtovoteyourshareselectronicallyattheAnnualMeeting,youwillneedtovisitwww.AALvote.com/BROduringtheAnnual Meetingwhilethepollsareopen(youwillneedthevirtualcontrolnumberassignedtoyouinyourregistrationconfirmationemail).

FurtherinstructionsonhowtoattendtheAnnualMeetingvialiveaudiowebcast,includinghowtovoteyourshareselectronicallyat theAnnualMeetingarepostedonhttp://www.viewproxy.com/bbinsurance/2023/htype.aspunderFrequentlyAskedQuestions (FAQ).TheAnnualMeetingliveaudiowebcastwillbeginpromptlyat9:00a.m.(EDT)onMay3,2023.Weencourageyoutoaccess themeetingpriortothestarttime.Onlinecheck-inwillbeginat8:30a.m.(EDT),andyoushouldallowampletimeforthecheck-in procedures.

TechnicalDifficulties

WewillhavetechniciansreadytoassistyouwithanytechnicaldifficultiesyoumayhaveaccessingtheAnnualMeetingliveaudio webcast.Pleasebesuretocheckinby8:30a.m.(EDT)onMay3,2023,thedayoftheAnnualMeeting,sowemayaddressany technicaldifficultiesbeforetheAnnualMeetingliveaudiowebcastbegins.IfyouencounteranydifficultiesaccessingtheAnnual Meetingliveaudiowebcastduringthecheck-inormeetingtime,pleaseemailVirtualMeeting@viewproxy.comorcall(866)612-8937.

VotingYourShares;RequiredVotes

SharesrepresentedbydulyexecutedproxiesintheaccompanyingformthatwereceivepriortotheMeetingwillbevotedatthe Meeting.Ifyouspecifyintheproxyachoicewithrespecttoanymattertobeactedupon,thesharesrepresentedbysuchproxywill bevotedasspecified.Ifyourproxycardissignedandreturnedwithoutspecifyingavoteoranabstention,thesharesrepresented bysuchproxywillbevotedaccordingtotherecommendationoftheBoardofDirectors.

TheBoardofDirectorsknowsofnoothermattersthatmaybebroughtbeforetheMeeting.However,ifanyothermattersare properlypresentedforaction,itistheintentionofthenamedproxiestovoteonthemaccordingtotheirbestjudgment.

OTHERIMPORTANTINFORMATION
60 |BROWN&BROWN,INC.

Ifyoursharesareheldin“streetname,”astockbrokerageaccountorbyabankorothernominee,youhavetherighttoprovide instructionsonvotingasrequestedbyyourbroker,bankornominee.UndertheNYSE’srules,yourbroker,bankornomineeis permittedtovoteyoursharesonthesecondproposalconcerningtheratificationoftheappointmentofDeloitte&ToucheLLPasour independentregisteredpublicaccountantsforthefiscalyearendingDecember31,2023evenifyourbroker,bankornomineehas notbeengivenspecificvotinginstructionsastothismatter.Yourbroker,bankornomineeisnotpermittedtovoteyourshareson thefirstorthirdproposals.

Afteryouhavereturnedaproxy,youmayrevokeitatanytimebeforeitisvotedbytakingoneofthefollowingactions:(i)giving writtennoticeoftherevocationtoourCorporateSecretaryat300NorthBeachSt.,DaytonaBeach,Florida32114,orbyemail to annualmeeting@bbins.com; (ii)executinganddeliveringaproxywithalaterdate;or(iii)votinginpersonattheMeeting.Votescast byproxyorinpersonattheMeetingwillbetabulatedbyAllianceAdvisors,LLC,andbyoneormoreinspectorsofelectionappointed attheMeeting,whowillalsodeterminewhetheraquorumispresentforthetransactionofbusiness.Aquorumispresentwhena majorityininterestofallthecommonstockoutstandingisrepresentedbyshareholderspresentinpersonorbyproxy.

SharesofthecommonstockrepresentedbyproxiesreceivedbytheCompany(whetherthroughthereturnoftheenclosedproxy card,bytelephoneorovertheInternet),wheretheshareholderhasspecifiedhisorherchoicewithrespecttotheproposals describedinthisProxyStatement(includingtheelectionofdirectors),willbevotedinaccordancewiththespecification(s)somade.If yourproxyisproperlyexecutedbutdoesnotcontainvotinginstructions,orifyouvoteviatelephoneortheInternetwithout indicatinghowyouwanttovotewithrespecttoanyitem,yourshareswillbevoted“FOR”theelectionofallnomineesfortheBoard ofDirectors;“FOR”theratificationoftheappointmentofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublic accountantsforthefiscalyearendingDecember31,2023;“FOR”theadvisoryvotetoapproveNamedExecutiveOfficer compensationand“ONEYEAR,”onanadvisorybasis,asthedesiredfrequencyofholdinganadvisoryvoteonthecompensationof theNamedExecutiveOfficers.

Avalidproxyalsogivestheindividualsnamedasproxiesauthoritytovoteintheirdiscretionwhenvotingthesharesonanyother mattersthatareproperlypresentedforactionattheMeeting.

Ifthesharesyouownareheldin“streetname”byabrokerorothernomineeentityandyouprovideinstructionstothebrokeror nomineeastohowtovoteyourshares,yourbrokerorothernomineeentity,astherecordholderofyourshares,isrequiredtovote yoursharesaccordingtoyourinstructions.UndertheNYSErules,certainproposals,suchastheratificationoftheappointmentofthe Company’sregisteredpublicaccountants,areconsidered“routine”matters,andbrokersandothernomineeentitiesgenerallymay voteonsuchmattersonbehalfofbeneficialownerswhohavenotfurnishedvotinginstructions.For“non-routine”matters,suchas theelectionofdirectors,the“sayonpay”advisoryvote,andtheadvisoryvoteonthedesiredfrequencyofholdinganadvisoryvote onthecompensationoftheNamedExecutiveOfficers,brokersandothernomineeentitiesmaynotvoteunlesstheyhavereceived votinginstructionsfromthebeneficialowner.A“brokernon-vote”occurswhenabrokerorothernomineeentitydoesnotvoteona particularproposalbecauseitdoesnothaveauthorityundertheNYSErulestovoteonthatparticularproposalwithoutreceiving votinginstructionsfromthebeneficialowner.

Brokernon-votes,aswellasproperlyexecutedproxiesmarked“ABSTAIN,”willbecountedforpurposesofdeterminingwhethera quorumispresentattheMeeting.

ForinformationregardingthevotingstandardforProposal1,see“VoteRequired;MajorityVoting;BoardRecommendation.”Inorder topass,eachofProposals2and3mustreceivetheaffirmativevoteofamajorityofthevotescastontheProposal.Abstentionsand brokernon-voteswillnothaveaneffectonProposals1,2or3.

WithrespecttoProposal4,thefrequencyreceivingthegreatestnumberofvotes(one,twoorthreeyears)willbeconsideredthe frequencyapprovedbyshareholders.Abstentionsandbrokernon-voteswillhavenoeffectonProposal4.

Proxiesmaybesolicitedbyourofficers,directorsandregularsupervisoryandexecutiveemployees,noneofwhomwillreceiveany additionalcompensationfortheirservices.Also,AllianceAdvisors,LLCmaysolicitproxiesonourbehalfatanapproximatecostof $12,000,plusreasonableexpenses.Suchsolicitationsmaybemadepersonallyorbymail,facsimile,telephone,messengerorviathe Internet.Wewillpaypersonsholdingsharesofcommonstockintheirnamesorinthenamesofnominees,butnotowningsuch sharesbeneficially,suchasbrokeragehouses,banksandotherfiduciaries,fortheexpenseofforwardingsolicitationmaterialsto theirprincipals.Wewillpayallofthecostsofsolicitationofproxies.

Ourexecutiveofficeislocatedat300N.BeachSt.,DaytonaBeach,Florida32114(telephonenumber(386)252-9601).

OTHERIMPORTANTINFORMATION
BROWN&BROWN,INC.| 61

ProposalsofShareholders

PursuanttoapplicablerequirementsofRule14a-8undertheSecuritiesExchangeActof1934,proposalsofshareholdersintendedto bepresentedatthe2024AnnualMeetingofShareholdersmustbereceivedbyusnolaterthanNovember23,2023,inordertobe consideredforinclusioninourProxyStatementandformofproxy/votinginstructionrelatedtothatmeeting.Suchproposalswill needtobeinwritingandcomplywithSECregulationsregardingtheinclusionofshareholderproposalsinCompany-sponsored proxymaterials.

Forashareholder’snoticeofnominationofoneormoredirectornominationstobeincludedinourProxyStatementandformof proxy/votinginstructionspursuanttotheproxyaccessrightincludedinSection1.9ofourBy-Laws,theCompanymustreceivesuch writtennoticenoearlierthanthecloseofbusinessonDecember5,2023andnolaterthanthecloseofbusinessonJanuary4,2024. ThenoticemustcontaintheinformationrequiredinourBy-Laws,andtheshareholder(s)andnominee(s)mustcomplywiththe informationandotherrequirementinourBy-Lawsrelatingtotheinclusionofnomineesinourproxymaterials.

Inaddition,ourBy-Lawsrequirethatforanyshareholderproposalforotherbusinessordirectornominationtobeproperlybrought beforethe2024AnnualMeetingofShareholders,theshareholderproposalordirectornominationmustcomplywiththeadvance noticerequirementssetforthinourBy-Laws,andtheCompanymustreceivewrittennoticeofthematternoearlierthanthecloseof businessonJanuary4,2024andnolaterthanthecloseofbusinessonFebruary3,2024.Eachsuchwrittennoticemustcontainthe informationsetforthinourBy-Laws.TheadvancenoticerequirementinourBy-LawssupersedesthenoticeperiodinRule14a-4(c)(1) undertheSecuritiesExchangeActof1934regardingdiscretionaryproxyauthoritywithrespecttoshareholderbusiness.

InadditiontosatisfyingtheforegoingrequirementsunderourBy-Laws,tocomplywiththeuniversalproxyrules,shareholderswho intendtosolicitproxiesinsupportofdirectornomineesotherthantheCompany’snomineesmustprovidenoticethatsetsforththe informationrequiredbyRule14a-19undertheExchangeActnolaterthanMarch4,2024.

AnyshareholderproposalsornominationsshouldbesenttoourCorporateSecretaryat300N.BeachSt.,DaytonaBeach,Florida32114.

OTHERIMPORTANTINFORMATION
62 |BROWN&BROWN,INC.

Other Matters

Our2022AnnualReporttoShareholders(the“AnnualReport”)accompaniesthisProxyStatement.Wewillprovidetoany shareholder,uponthewrittenrequestofsuchperson,acopyofourAnnualReportonForm10-K,includingthefinancialstatements andtheexhibitsthereto,forthefiscalyearendedDecember31,2022,asfiledwiththeSECpursuanttoRule13a-1underthe SecuritiesExchangeActof1934,asamended.AnysuchrequestshouldbedirectedtoBrown&Brown,Inc.,300NorthBeachSt., DaytonaBeach,Florida32114Attention:CorporateSecretary.NochargewillbemadeforcopiesofsuchAnnualReportonForm10-K; however,areasonablechargewillbemadeforcopiesoftheexhibits.

OnlyonecopyofthisProxyStatementandtheaccompanyingAnnualReportisbeingdeliveredtoshareholderswhosharean addressunlesswehavereceivedcontraryinstructionsfromoneormoreofsuchshareholders.Wewillpromptlydeliveraseparate copyofthisProxyStatementandtheaccompanyingAnnualReporttoanyshareholderatasharedaddresstowhichasinglecopyof thesedocumentshasbeendelivereduponourreceiptofawrittenororalrequestfromthatshareholderdirectedtotheaddress shownabove,ortousat(386)252-9601.AnyshareholdersharingasinglecopyoftheProxyStatementandAnnualReportwho wishestoreceiveaseparatemailingofthesematerialsinthefuture,oranyshareholderssharinganaddressandreceivingmultiple copiesofthesematerialswhowishtoshareasinglecopyofthesedocuments,shouldalsonotifyusattheaddressandtelephone numbershownabove.

ThematerialreferredtointhisProxyStatementunderthecaptions“CompensationDiscussionandAnalysis,”“Compensation CommitteeReport,”and“ReportoftheAuditCommittee”shallnotbedeemedsolicitingmaterialorotherwisedeemedfiledandshall notbedeemedtobeincorporatedbyanygeneralstatementofincorporationbyreferenceinanyfilingsmadeundertheSecurities Actof1933,asamended,ortheSecuritiesExchangeActof1934,asamended.

DaytonaBeach,Florida

March22,2023

BROWN&BROWN,INC.| 63

Annex A Information Regarding Non-GAAP Financial Measures

ThisProxyStatementcontainsreferencestoOrganicRevenue,OrganicRevenue–adjusted,AdjustedEBITDAC,AdjustedEBITDAC Margin,andAdjustedEPS,whicharenon-GAAPfinancialmeasures.Thesemeasuresarenotinaccordancewith,oranalternativeto theGAAPinformationprovidedinthefinancialstatementscontainedinourAnnualReportonForm10-K.AreconciliationofthisnonGAAPfinancialinformationtoourGAAPinformationiscontainedinthis AnnexA

OrganicRevenue,OrganicRevenue–adjusted,OrganicRevenuegrowthandOrganicRevenuegrowth–adjusted. Weview OrganicRevenue,OrganicRevenue–adjusted,OrganicRevenuegrowthandOrganicRevenuegrowth–adjustedasimportant indicatorswhenassessingandevaluatingourperformanceonaconsolidatedbasisandforeachofoursegmentsbecausethey allowustodetermineacomparable,butnon-GAAP,measurementofrevenuegrowththatisassociatedwiththerevenuesources thatwereapartofourbusinessinboththecurrentandprioryearandthatareexpectedtocontinueinthefuture.Webelieve presentingthesenon-GAAPfinancialmeasuresallowsreadersofourfinancialstatementstomeasure,analyzeandcompareour consolidatedgrowth,andthegrowthofeachofoursegments,inameaningfulandconsistentmanner.

AdjustedEBITDACandAdjustedEBITDACMargin. WeviewAdjustedEBITDACandAdjustedEBITDACMarginasimportant indicatorswhenassessingandevaluatingourperformancebecauseitallowsustodetermineacomparable,butnon-GAAP, measurementofouroperatingmarginsinameaningfulandconsistentmanner.

AdjustedEPS. AdjustedEPSmeansourearningspershare,excludingtheimpactofthechangeinestimatedacquisitionearn-out payablesandanyotheritems(forexample,extraordinary,nonrecurringitems)thattheCompensationCommitteedeterminestobe appropriatelydisregardedforallgrantssubjecttoavestingconditionofAdjustedEPS.WebelievethatAdjustedEPSprovidesa meaningfulrepresentationofouroperatingperformanceandisalsopresentedtoimprovethecomparabilityofourresultsbetween periodsbyeliminatingtheimpactofcertainitemsthathaveahighdegreeofvariability.

Wepresentsuchnon-GAAPsupplementalfinancialinformation,aswebelievesuchinformationprovidesadditionalmeaningful methodsofevaluatingcertainaspectsofouroperatingperformancefromperiodtoperiodonabasisthatmaynotbeotherwise apparentonaGAAPbasis.Ourindustrypeersmayprovidesimilarsupplementalnon-GAAPinformationwithrespecttooneormore ofthesemeasures,althoughtheymaynotusethesameorcomparableterminologyandmaynotmakeidenticaladjustments.This supplementalfinancialinformationshouldbeconsideredinadditionto,notinlieuof,ourConsolidatedFinancialStatements.

64 |BROWN&BROWN,INC.

ReconciliationofTotalCommissionsandFeestoOrganicRevenueGrowthand OrganicRevenueGrowth–Adjusted

Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuefortheyear endedDecember31,2022,isasfollows:

endedDecember31,2021isasfollows:

Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuefortheyear endedDecember31,2020,isasfollows:

ANNEXAINFORMATIONREGARDINGNON-GAAPFINANCIALMEASURES
(inmillions, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents TotalCore Commissions andFees(2) Acquisition Revenues Divested Business Foreign Currency Translation Organic Revenue(3) Organic Revenue Growth Organic Revenue Growth % 20222021202220212022202120222021202120222021 Retail(1) 2,080.41,764.9315.517.9%48.838.92,031.61,726.0205.17.23.91,826.51,714.9111.66.5% NationalPrograms858.1701.1157.022.4%27.635.3830.5665.864.93.30.6765.6661.9103.715.7% WholesaleBrokerage452.8402.650.212.5%12.38.0440.5394.618.62.4—421.9392.229.77.6% Services171.9178.9(7.0)(3.9)%——171.9178.9—1.9—171.9177.0(5.1)(2.9)% TotalCompany3,563.23,047.5515.716.9%88.782.23,474.52,965.3288.614.84.53,185.92,946.0239.98.1% Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuegrowthand OrganicRevenuegrowth–adjusted,whichexcludestheperiod-over-periodimpactofForeignCurrencyTranslation,fortheyear
(inthousands, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents GSCs TotalCore Commissions andFees(2) Acquisition Revenues Divested Business Foreign Currency Translation Organic Revenue(3) Organic Revenue Growth Organic Revenue Growth % 2021202020212020202120202021202020212020202020212020 Retail(1) 1,764.91,470.1294.820.1%38.935.816.515.11,709.51,419.2139.04.4—1,570.51,414.8155.711.0% NationalPrograms701.1609.891.315.0%35.327.31.6(0.2)664.2582.78.20.5(1.2)656.0583.472.612.4% WholesaleBrokerage402.6352.250.414.3%8.07.90.91.3393.7343.023.0——370.7343.027.78.1% Services178.9174.04.92.8%————178.9174.0—0.4—178.9173.65.33.1% TotalCompany3,047.52,606.1441.416.9%82.271.019.016.22,946.32,518.9170.25.3(1.2)2,776.12,514.8261.310.4%
(inmillions, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents GSCs TotalCore Commissions andFees(2) Acquisition Revenues Divested Business Organic Revenue(3) Organic Revenue Growth Organic Revenue Growth % 202020192020201920202019202020192020201920202019 Retail(1) 1,470.11,364.8105.37.7%35.834.215.111.01,419.21,319.679.511.81,339.61,307.831.82.4% NationalPrograms609.8516.992.918.0%27.317.5(0.2)10.6582.7488.834.20.4548.6488.460.212.3% WholesaleBrokerage352.2309.442.813.8%7.97.51.31.4343.0300.525.9—317.1300.516.65.5% Services174.0193.6(19.6)(10.1)%————174.0193.61.5—172.5193.6(21.1)(10.9)% TotalCompany2,606.12,384.7221.49.3%71.059.216.223.02,518.92,302.5141.112.22,377.92,290.387.53.8% BROWN&BROWN,INC.| 65

Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuegrowthand OrganicRevenuegrowth–adjusted,whichexcludesaone-time,non-cashincreaseofapproximately$8millioninthecommissions andfeesearnedbyoneofthebusinessesinourNationalProgramssegmentin2018resultingsolelyfromourimplementationofthe NewRevenueStandard(the“2018ProgramsBusinessNewRevenueStandardAdjustment”),fortheyearendedDecember31,2019 isasfollows:

(1) TheRetailsegmentincludescommissionsandfeesreportedinthe“Other”columnoftheSegmentInformationinNote16oftheNotestotheConsolidatedFinancial Statements,whichincludescorporateandconsolidationitems.

(2) Totalcorecommissionsandfeesisdefinedastotalcommissionsandfeesless(i)profit-sharingcontingentcommissions(revenuesfrominsurancecompaniesbased uponthevolumeandthegrowthand/orprofitabilityofthebusinessplacedwithsuchcompaniesduringtheprioryear(“Contingents”))andless(ii)forallfiscalyears endedDecember31,2021andearlier,guaranteedsupplementalcommissions(commissionsfrominsurancecompaniesbasedsolelyuponthevolumeofthe business placedwithsuchcompaniesduringthecurrentyear(“GSCs”)).

(3) “OrganicRevenue,”whichisanon-GAAPfinancialmeasure,isdefinedastotalcorecommissionsandfeesless(i)thefirsttwelvemonthsofcommission andfee revenuesgeneratedfromacquisitions,less(ii)divestedbusiness(netcommissionsandfeesgeneratedfromoffices,andbooksofbusinesssoldbytheCompany)with theassociatedrevenueremovedfromthecorrespondingperiodoftheprioryear,less(iii)forthecalculationofOrganicRevenuein2021and2022,the period-overperiodimpactofForeignCurrencyTranslation,less(iv)forthecalculationofOrganicRevenuein2018,theimpactoftheNewRevenueStandard.

For2022,NationalProgramssegmentOrganicRevenuegrowthwasadjustedtoincludetheimpactofcertainofficeswithinthe ServicessegmentforwhichMr.Walkerhadresponsibilityin2022(collectively,the“2022Office-BasedAdjustments”).Thegrowth rateforNationalProgramssegmentOrganicRevenue–adjusted,whichisanon-GAAPfinancialmeasure,fortheyearended December31,2022,isasfollows:

(1) Totalcorecommissionsandfees,whichisanon-GAAPfinancialmeasure,isdefinedastotalcommissionsandfees,less(i)Contingents,andless(ii)forallfiscalyears endedDecember31,2021andearlier,GSCs.

(2) “OrganicRevenue,”whichisanon-GAAPfinancialmeasure,isdefinedastotalcorecommissionsandfeesless(i)thefirsttwelvemonthsofcommission andfee revenuesgeneratedfromacquisitions,less(ii)divestedbusiness(netcommissionsandfeesgeneratedfromoffices,andbooksofbusinesssoldbytheCompany)with theassociatedrevenueremovedfromthecorrespondingperiodoftheprioryear,less(iii)forthecalculationofOrganicRevenuein2021and2022,the period-overperiodimpactofForeignCurrencyTranslation,less(iv)forthecalculationofOrganicRevenuein2018,theimpactoftheNewRevenueStandard.

ANNEXAINFORMATIONREGARDINGNON-GAAPFINANCIALMEASURES
(inmillions, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents GSCs TotalCore Commissions andFees(2) Acquisition Revenues Divested Business Organic Revenue(3) Organic Revenue Growth Organic Revenue Growth % 201920182019201820192018201920182019201820192018 Retail(1) 1,364.81,040.6324.231.2%34.224.511.08.51,319.61,007.6272.47.81,047.2999.847.44.7% NationalPrograms516.9493.923.04.7%17.523.910.60.1488.8469.95.70.8483.1469.114.03.0% WholesaleBrokerage309.4286.323.18.1%7.57.51.41.3300.5277.53.61.2296.9276.320.67.4% Services193.6189.04.62.4%————193.6189.016.6—177.0189.0(12.0)(6.3)% TotalCompany2,384.72,009.8374.918.7%59.255.923.09.92,302.51,944.0298.39.82,004.21,934.270.03.6% 2018ProgramsBusinessNewRevenue StandardAdjustment—(8.1)8.1(100)%—————(8.1)———(8.1)8.1 TotalCompany–Adjusted2,384.72,001.7383.019.1%59.255.923.010.02,302.51,935.9298.39.82,004.21,926.178.14.1%
(inthousands, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents TotalCore Commissions andFees(1) Acquisition Revenues Divested Business Foreign Currency Translation Organic Revenue(2) Organic Revenue Growth Organic Revenue Growth % 20222021202220212022202120222021202120222021 NationalProgram858.1701.1157.022.4%27.635.3830.5665.864.93.30.6765.6661.9103.715.7% 2022Office-BasedAdjustments89.9117.5(27.6)(23.5)%(0.9)0.090.8117.5(13.1)4.40.0103.9113.1(9.2) NationalPrograms–Adjusted948.0818.6129.415.8%26.735.3921.3783.351.87.70.6869.5775.094.512.2%
66 |BROWN&BROWN,INC.

For2021,NationalProgramssegmentOrganicRevenuegrowthwasadjustedto(i)excludetheimpactofcertainofficeswithinthe NationalProgramssegmentforwhichChrisL.Walker,ExecutiveVicePresidentandPresident–NationalProgramssegment,didnot haveresponsibilityin2021,and(ii)includetheimpactofcertainofficeswithintheServicesandWholesaleBrokeragesegmentsfor whichMr.Walkerhadresponsibilityin2021(collectively,the“2021Office-BasedAdjustments”).ThegrowthrateforNational ProgramssegmentOrganicRevenue–adjusted,whichisanon-GAAPfinancialmeasure,fortheyearendedDecember31,2021,is asfollows:

(1) Totalcorecommissionsandfees,whichisanon-GAAPfinancialmeasure,isdefinedastotalcommissionsandfees,less(i)Contingents,andless(ii)forallfiscalyears endedDecember31,2021andearlier,GSCs.

(2) “OrganicRevenue,”whichisanon-GAAPfinancialmeasure,isdefinedastotalcorecommissionsandfeesless(i)thefirsttwelvemonthsofcommission andfee revenuesgeneratedfromacquisitions,less(ii)divestedbusiness(netcommissionsandfeesgeneratedfromoffices,andbooksofbusinesssoldbytheCompany)with theassociatedrevenueremovedfromthecorrespondingperiodoftheprioryear,less(iii)forthecalculationofOrganicRevenuein2021and2022,the period-overperiodimpactofForeignCurrencyTranslation,less(iv)forthecalculationofOrganicRevenuein2018,theimpactoftheNewRevenueStandard.

ReconciliationofIncomeBeforeIncomeTaxestoAdjustedEBITDACand ReconciliationofIncomeBeforeIncomeTaxesMargintoAdjustedEBITDACMargin

Thereconciliationofincomebeforeincometaxes,includedintheConsolidatedStatementofIncome,toAdjustedEBITDACforthe yearsendedDecember31,2022and2021,andthereconciliationofIncomeBeforeIncomeTaxesMargin,includedinthe ConsolidatedStatementofIncome,toAdjustedEBITDACMarginfortheyearsendedDecember31,2022and2021isasfollows:

(1) “EBITDAC,”whichisanon-GAAPfinancialmeasure,isdefinedasincomebeforeinterest,incometaxes,depreciation,amortizationandthechangeinestimated acquisitionearn-outpayables.

(2) IncomeBeforeIncomeTaxesMarginiscalculatedastheCompany’sincomebeforeincometaxes,asreported,dividedbytotalrevenues,asreported.

(3) “EBITDACMargin,”whichisanon-GAAPfinancialmeasure,isdefinedasEBITDACdividedbytotalrevenues.

(4) “AdjustedEBITDAC”and“AdjustedEBITDACMargin,”whicharebothnon-GAAPfinancialmeasures,aredefinedasEBITDACandEBITDACMargin,respectively,in eachcaseadjustedtoexclude(i)thepositiveimpactofthenetgainondisposalresultingfromsalesofbooksofbusiness,(ii)thenegativeimpactoftheCompany’s non-cashstock-basedcompensationexpenseinexcessofwhatwasreflectedintheCompany’sBoard-approvedannualbudget,(iii)for2022,thenegativeimpactof theAcquisition/IntegrationCosts,and(iv)theimpactofForeignCurrencyTranslation.

ANNEXAINFORMATIONREGARDINGNON-GAAPFINANCIALMEASURES
(inthousands, exceptpercentages) Total Commissions andFees Total Net Change Total Net Growth % Contingents GSCs TotalCore Commissions andFees(1) Acquisition Revenues Divested Business Organic Revenue(2) Foreign Currency Translation Organic Revenue Growth Organic Revenue Growth % 2021202020212020202120202021202020212020202120202020 NationalPrograms701.1609.891.315.0%35.327.31.6(0.3)664.2582.88.20.5656.0583.51.272.512.4% 2021Office-BasedAdjustments117.5105.911.610.9%————117.5105.9—0.4117.5105.5—12.0 NationalPrograms–Adjusted818.6715.7102.914.4%35.327.31.6(0.3)781.7688.78.20.9773.5689.01.284.512.3%
FortheYearEnded December31, (inmillions,unaudited) 20222021 IncomeBeforeIncomeTaxes 876.1762.8 Amortization 146.6119.6 Depreciation 39.233.3 Interest 141.265.0 Changeinestimatedacquisitionearn-outpayables(38.9)40.4 EBITDAC(1) 1,164.21,021.1 IncomeBeforeIncomeTaxesMargin(2) 24.5%25.0% EBITDACMargin(3) 32.6%33.5% Loss/(Gain)ondisposal (4.5)(9.6) Non-cashstock-basedcompensationexpenseimpactinexcessofbudget3.94.2 Acquisition/IntegrationCosts 11.2— ForeignCurrencyTranslation —(1.4) AdjustedEBITDAC(4) 1,174.81,014.3 AdjustedEBITDACMargin(4) 32.9%33.3%
BROWN&BROWN,INC.| 67

ReconciliationofDilutedNetIncomePerSharetoAdjustedEPS

Thereconciliationofdilutedearningspershare,includedintheConsolidatedStatementofIncome,toAdjustedEPSforthe12-month periodsendedDecember31,2021,2020,and2019,isasfollows:

(inthousands,exceptfordilutednetincomepershareandAdjustedEPS,unaudited)

(1) After-taxeffectofadjustmentscalculatedusingtheCompany’seffectivetaxratefortherespectiveyear.

(2) Theafter-taxadjustmentsare:(1)for2019,anadjustmenttoexcludethenegativeimpactofthe2019LegalMatterin2019and(ii)for2020,anadjustmenttoexclude thenegativeimpactofthe2020LegalMatterin2020.

(3) Anon-GAAPfinancialmeasure.

ANNEXAINFORMATIONREGARDINGNON-GAAPFINANCIALMEASURES
CalendarYear Diluted Net Income PerShare Weighted Average NumberofShares OutstandingDiluted NetIncome Attributable toCommon Shares($) Changein Estimated Acquisition EarnoutPayables (Pre-Tax)($) After-Tax Effectof Adjustment ($)(1) After-Tax Adjustments ($)(2) Adjusted NetIncome Attributable toCommon Shares Adjusted EPS(3) 20191.40274,616385,641(1,366)(1,035)3,599388,2051.41 20201.69275,867465,286(4,458)(3,432)5,043466,8971.69 20212.07277,414574,16240,44531,128605,2902.18 $5.28
68 |BROWN&BROWN,INC.
300 North Beach Street Daytona Beach, FL 32114 (386)252-9601 bbinsurance.com

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