Brown & Brown, Inc. 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

J.HYATTBROWN ChairmanoftheBoard

“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.

ByOrderoftheBoardofDirectors

ANTHONYM.ROBINSON AssistantSecretary

DaytonaBeach,Florida

March22,2023

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.

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

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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

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

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

Source:CapIQasof12/31/2022

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

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.

* Other pay includes those amounts shown in the Summary Compensation Table under the “All Other Compensation” column.

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.

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.

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.

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

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.

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%

J.ScottPenny

ChrisL.Walker

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.

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

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.

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

•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.

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.

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.

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

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.

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.

J. Powell BrownR. Andrew Watts P. Barrett BrownJ. Scott PennyChris L. Walker

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.

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.”

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.

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.

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.

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.

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.

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:

(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:

RELATIONSHIPBETWEENCAP,ANDCOMPANYTOTALSHAREHOLDERRETURNANDPEERGROUPTOTALSHAREHOLDER RETURN

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

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.

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.

(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.

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.

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).

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.

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.

ByOrderoftheBoardofDirectors

ANTHONYM.ROBINSON AssistantSecretary

DaytonaBeach,Florida

March22,2023

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.

ReconciliationofTotalCommissionsandFeestoOrganicRevenueGrowthand OrganicRevenueGrowth–Adjusted

Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuefortheyear endedDecember31,2022,isasfollows:

endedDecember31,2021isasfollows:

Thereconciliationoftotalcommissionsandfees,includedintheConsolidatedStatementofIncome,toOrganicRevenuefortheyear endedDecember31,2020,isasfollows:

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.

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.

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.