DEF 14A of Brown & Brown, Inc., Mar 24, 2026

DEF 14A of Brown & Brown, Inc.

Filed Mar 24, 2026 · FY20250001193125-26-122172

Open on EDGAR

  1. Director Nominees

    Director Nominees

  2. Director Nominees

    | | | | | | Committee Chair Audit Committee Compensation Committee Acquisition Committee Nominating/Corporate Governance Committee 1 Ms. Jennings previously served on our Board of Directors from 1999 until April 2003. 2 Lead Independent Director | | J. HYATT BROWN, 88 Director since: 1993 | J. POWELL BROWN, 58 Director since: 2007 | LAWRENCE L. GELLERSTEDT III, 69 Director since: 2018 | THEODORE J. HOEPNER, 84 Director since: 1994 | JAMES S. HUNT, 70 Director since: 2013 | | | | | | | | | | | | | | | | | TONI JENNINGS,(1) 76 Director since: 2007 | JOIA M. JOHNSON, 66 Director since: 2025 | PAUL J. KRUMP, 66 Director since: 2023 | TIMOTHY R.M. MAIN, 60 Director since: 2010 | BRONISLAW E. MASOJADA, 64 Director since: 2023 | | | | | | | | | | | | | | | | | JAYMIN B. PATEL, 58 Director since: 2023 | H. PALMER PROCTOR, JR.,(2) 57 Director since: 2012 | WENDELL S. REILLY, 68 Director since: 2007 | KATHLEEN A. SAVIO, 60 Director since: 2024 | | | | | | | | | |

  3. Director Nominees

    Director Nominees

  4. Director Nominees and Qualifications

    Director Nominees and Qualifications Set forth below is certain information concerning our current directors, all of whom are director nominees. All directors hold office for one-year terms or until their successors are elected and qualified.

  5. Director Nominees and Qualifications

    | Age: 88 Director Since: 1993 | J. HYATT BROWN Chairman of the Board Skills and Experience Mr. Hyatt Brown was our Chief Executive Officer from 1993 to 2009 and our President from 1993 to December 2002 and served as President and Chief Executive Officer of our predecessor corporation from 1961 to 1993. He was a member of the Florida House of Representatives from 1972 to 1980 and Speaker of the House from 1978 to 1980. Mr. Brown is a member of the Board of Trustees of Stetson University, of which he is a past Chairman, and the Florida Council of 100. Mr. Hyatt Brown’s sons, J. Powell Brown and P. Barrett Brown, are employed by us as President and Chief Executive Officer, and as Executive Vice President, respectively. His son, J. Powell Brown, has served as a director since October 2007. Nominee Attributes Mr. Hyatt Brown’s extensive business and industry experience, knowledge of our company, service on boards of other publicly traded companies and proven leadership ability are just a few of the attributes that make him uniquely qualified to serve on and chair our Board. | | Age: 58 Director Since: 2007 | J. POWELL BROWN Director and Chief Executive Officer Skills and Experience Mr. Powell Brown was named Chief Executive Officer in July 2009. He has been our President since January 2007 and was appointed to be a director in October 2007. Prior to 2007, he served as one of our Regional Executive Vice Presidents starting in 2002. Mr. Brown was previously responsible for overseeing certain or all parts of our segments and worked in various capacities throughout the Company since joining us in 1995. Mr. Brown has served on the Board of Directors of WestRock Company (formerly RockTenn Company), a publicly held company, from 2010 until 2024. He is the son of our Chairman, J. Hyatt Brown, and the brother of P. Barrett Brown, an Executive Vice President. Nominee Attributes Mr. Powell Brown’s work in all segments of our Company, leadership experience at every level of our Company, current position as President and Chief Executive Officer and experience on other boards are among the qualities considered in connection with his nomination for reelection to the Board. |

  6. Director Nominees and Qualifications

    | Age: 69 Director Since: 2018 Committees Served: • Acquisition • Compensation (Chair) | LAWRENCE L. GELLERSTEDT III Independent Director Skills and Experience Mr. Gellerstedt has been a partner of Sweetwater Holdings Company, an Atlanta-based real estate investment firm, since March 2019. He previously served as Chairman of the Board and Chief Executive Officer of Cousins Properties Incorporated (Cousins) from July 2017 until January 2019 and as Cousins’ Executive Chairman of the Board from January 2019 until his retirement in April 2020. He served as President and Chief Executive Officer of Cousins from July 2009 to July 2017. Prior to this time, he held other roles at Cousins, including President and Chief Operating Officer, Executive Vice President and Chief Development Officer, and Senior Vice President and President of the Office/Multi-Family Division. Mr. Gellerstedt joined Cousins in 2005 following the acquisition of his firm, The Gellerstedt Group. He currently serves as a director of Georgia Power Co., a publicly held company, and previously served as a director of WestRock Company (formerly RockTenn Company) from 2000 to 2017. Nominee Attributes Mr. Gellerstedt’s breadth and depth of experience running businesses and serving on boards of both privately held and publicly traded companies, as well as his significant knowledge in real estate development, construction and project management, were all considered in connection with his nomination for reelection to the Board. | | Age: 84 Director Since: 1994 Committees Served: • Nominating/Corporate Governance | THEODORE J. HOEPNER Independent Director Skills and Experience Mr. Hoepner served as Vice Chairman of SunTrust Bank, Inc. from January 2000 to December 2004 and as Vice Chairman of SunTrust Bank Holding Company from January 2005 until June 2005, when he retired. From 1995 to 2000, Mr. Hoepner was Executive Vice President of SunTrust Bank, Inc. and Chairman of the Board, President and Chief Executive Officer of SunTrust Banks of Florida, Inc. Nominee Attributes Mr. Hoepner’s years of experience in the banking industry, including extensive experience in management, make him a valuable addition to the Board. He previously chaired our Audit, Compensation and Acquisition Committees. These attributes were among the factors considered in connection with his nomination for reelection to the Board. |

  7. Director Nominees and Qualifications

    | Age: 70 Director Since: 2013 Committees Served: • Acquisition • Audit | JAMES S. HUNT Independent Director Skills and Experience Mr. Hunt held various senior finance positions, including Executive Vice President and Chief Financial Officer, with Walt Disney Parks and Resorts Worldwide until his retirement in 2012. During his employment with Disney, he was a member of the Boards of Directors of Disney’s operating subsidiaries in Hong Kong and Shanghai, China and Disney’s two insurance company subsidiaries. Prior to that, he was a Partner with Ernst & Young. Mr. Hunt serves on the Board of Trustees of Penn Mutual Life Insurance Co., a mutual life insurance company, where he is a member of the Investment Committee and Chair of the Audit Committee; and the Board of Directors of the Nemours Foundation, where he is Chair of the Board of Directors, and a member of the Nominating and Governance Committee. Mr. Hunt previously served as a director of two other publicly traded companies – Caesars Entertainment Corporation, where he was Chairman of the Board, and The St. Joe Company, where he was a member of the Compensation Committee and Chair of the Audit Committee. Mr. Hunt served as a member of the Standards and Emerging Issues Advisory Group, as well as the Emerging Issues in Auditing committee, of the Public Company Accounting Oversight Board, until the completion of his second of two terms in December 2025. He is a Certified Public Accountant (CPA) and a National Association of Corporate Directors-designated Board Leadership Fellow. Nominee Attributes Mr. Hunt’s extensive experience in executive and senior executive finance, strategy and related operational roles, financial expertise and significant international experience, along with his past service as a member of the Compensation Committee, were factors considered in connection with his nomination for reelection to the Board. | | Age: 76 Director Since: 2007 Committees Served: • Compensation • Nominating/ Corporate Governance | TONI JENNINGS Independent Director Skills and Experience Ms. Jennings serves as Chairman of the Board of Jack Jennings & Sons, Inc., a commercial construction firm based in Orlando, Florida, and Jennings & Jennings, Inc., an architectural millwork firm based in Orlando, Florida. She served as President of Jack Jennings & Sons, Inc. from 1982 until 2003. Ms. Jennings previously served on our Board of Directors from 1999 until April 2003. From 2003 through 2006, Ms. Jennings served as Lieutenant Governor of the State of Florida. Ms. Jennings was a member of the Florida Senate from 1980 to 2000 and President of the Florida Senate from 1996 to 2000. She served in the Florida House of Representatives from 1976 to 1980. Ms. Jennings previously served on the Board of Directors of Next Era Energy, Inc., a publicly held company, until 2021, and Mid-America Apartment Communities, Inc., a publicly traded real estate investment trust (REIT), until 2024. In 2019, Ms. Jennings was named one of the Most Influential Corporate Directors by WomenInc. magazine. Nominee Attributes Ms. Jennings’ experience as owner and operator of a successful business, and her years of service in the legislative and executive branches of the State of Florida, along with her past service as a member of the Audit Committee and the Chair of the Compensation Committee, are features considered in concluding that she should continue to serve as a director of the Company. |

  8. Director Nominees and Qualifications

    | Age: 66 Director Since: 2025 | JOIA M. JOHNSON Recommended by Lawrence L. Gellerstedt III Independent Director Skills and Experience Ms. Johnson retired from Hanesbrands Inc. (“Hanes”), a publicly traded marketer of innerwear and activewear apparel, in 2021, most recently serving as Hanes’ Chief Administrative Officer from 2016 to 2021 and as its Chief Legal Officer, General Counsel and Corporate Secretary from 2007 to 2021. Prior to Hanes, she served as Executive Vice President, General Counsel and Corporate Secretary of RARE Hospitality International, Inc., a publicly traded restaurant franchise owner and operator, from 2001 until 2007. Ms. Johnson has served on the Boards of Directors of Global Payments Inc., a publicly traded company, since 2019, where she is a member of the Compensation Committee and the Governance and Nominating Committee, and Sylvamo Corporation, a publicly traded company, since 2021, where she is a member of the Nominating and Corporate Governance Committee and the Management Development and Compensation Committee. She also has served on the Board of Directors of Regions Financial Corp., a publicly traded company, and its subsidiary, Regions Bank, since 2021, where she is a member of the Nominating and Corporate Governance Committee and the Compensation and Human Resources Committee, which she chairs. Nominee Attributes Ms. Johnson’s extensive and unique experience across multiple industries, both in leadership roles and as a director, are among the attributes the Board believes make her well qualified to serve on the Board. | | Age: 66 Director Since: 2023 Committees Served: • Acquisition (Chair) • Audit | PAUL J. KRUMP Independent Director Skills and Experience Mr. Krump retired from Chubb Limited, the world’s largest publicly traded property and casualty insurance company, effective January 1, 2023, most recently serving as Vice Chairman, Global Underwriting and Claims from September 2020 until his retirement. From 2016 to 2020, Mr. Krump served as Executive Vice President, Chubb Group and President, North America Commercial and Personal Insurance. Before Chubb Limited’s January 2016 acquisition of The Chubb Corporation, Mr. Krump served as Chief Operating Officer of The Chubb Corporation. Mr. Krump joined The Chubb Corporation in 1982 as a commercial underwriting trainee in the Minneapolis office and held numerous headquarters and field positions in the United States and Europe, including President of Personal Lines and Claims and President of Commercial and Specialty Lines. Nominee Attributes Mr. Krump’s long and successful career in various roles at one the world’s leading insurance companies, along with his extensive international experience, are among the attributes the Board believes make him well qualified to serve on the Board. | | Age: 60 Director Since: 2010 Committees Served: • Acquisition | TIMOTHY R.M. MAIN Independent Director Skills and Experience Mr. Main has served as Global Chairman of Investment Banking at Barclays Plc since September 2025. He served from October 2022 until September 2025 as Head of Investment Banking EMEA (U.K., Europe, Middle East & Africa) at Barclays Plc and from September 2016 until October 2022 as Global Head of the Financial Institutions Group. From October 2011 until September 2016, Mr. Main was a Senior Managing Director of Evercore Partners. Prior to joining Evercore, he worked at JPMorgan Chase, a global investment bank, for 23 years, most recently as a Managing Director and Head of the Financial Institutions Group. Nominee Attributes Mr. Main’s extensive experience with complex financial transactions and acquisitions, as well as his broad knowledge of the insurance industry acquired throughout his career, are key components considered in nominating Mr. Main for reelection to the Board. |

  9. Director Nominees and Qualifications

    | Age: 64 Director Since: 2023 Committees Served: • Audit • Compensation | BRONISLAW E. MASOJADA Independent Director Skills and Experience Mr. Masojada served as Chief Executive Officer of Hiscox Group (“Hiscox”), a global specialist insurer and reinsurer listed on the London Stock Exchange, from 2000 until his retirement in 2021. Mr. Masojada first joined Hiscox in 1993 as Group Managing Director. Prior to joining Hiscox, Mr. Masojada began his career at McKinsey & Company. Mr. Masojada served as Deputy Chairman of Lloyd’s of London from 2001 to 2007. Mr. Masojada currently serves as Chair of the Board of Directors of SiriusPoint Ltd., a publicly traded company. He is an Alderman of the City of London and previously served as a Sheriff of the City of London. Nominee Attributes Mr. Masojada’s long and successful career leading a global insurer makes him well qualified to serve on our Board. | | Age: 58 Director Since: 2023 Committees Served: • Audit (Chair) | JAYMIN B. PATEL Independent Director Skills and Experience Mr. Patel has served as the Executive Chairman of Perennial Climate Inc., an agriculture technology company that provides measurement, reporting and verification for soil-based carbon removal, since 2019. From March 2015 to August 2018, he was Chief Executive Officer and a director of Brightstar Corporation, a global wireless device services company backed by Softbank (during that time). From 1994 to March 2015, Mr. Patel served in various executive and financial leadership roles at GTECH, including President and Chief Executive Officer of GTECH Corporation, and Chief Financial Officer of the publicly traded GTECH Holdings Corporation. Mr. Patel has served as a director of Bally’s Corporation since January 2021. He previously was a director of Willis Towers Watson, SpartanNash Company and Clarim Acquisition Corp., a special-purpose acquisition company, where he also served its President and Chief Financial Officer from January 2021 until December 2022. Nominee Attributes Mr. Patel’s extensive background operating businesses in regulated industries, combined with his unique combination of international experience, insurance knowledge and financial acumen, are among the attributes considered in connection with his nomination for reelection to the Board. | | Age: 58 Director Since: 2012 Committees Served: • Nominating/ Corporate Governance (Chair) | H. PALMER PROCTOR, JR. Lead Independent Director Skills and Experience Mr. Proctor has served as Chief Executive Officer of Ameris Bancorp, a publicly held company (“Ameris”), and Ameris’s wholly owned bank subsidiary, Ameris Bank, since July 2019. He also serves as a director of Ameris. He previously served as President and Chief Executive Officer and a Director of Fidelity Bank and its holding company, Fidelity Southern Corporation, until their merger with Ameris Bank and Ameris, respectively, in July 2019. Mr. Proctor previously served as Chairman of the Georgia Bankers Association. Nominee Attributes Mr. Proctor’s business experience, leadership abilities and management expertise, along with his past service as a member of the Audit and Compensation Committees and Chair of the Acquisition Committee, were factors considered in connection with his nomination for reelection to the Board. |

  10. Director Nominees and Qualifications

    | Age: 68 Director Since: 2007 Committees Served: • Acquisition • Nominating/Corporate Governance | WENDELL S. REILLY Independent Director Skills and Experience Mr. Reilly is Managing Partner of Grapevine Partners, LLC, of Atlanta, Georgia, a private investment company. Previously, he was a General Partner of Peachtree Equity Partners II, Chairman of Berman Capital Advisors, as well as Chairman and Chief Executive Officer of Grapevine Communications, LLC, a group of local television stations. Earlier, he was the Chief Financial Officer of The Lamar Corporation and Haas Publishing Companies. Mr. Reilly currently serves on the Board of Directors of Lamar Advertising Company, a publicly traded company. He is Trustee Emeritus of Emory University and is past Chair of the Governance Committee of Emory University’s Board of Trustees, and he serves on the Board of Trustees of The Carter Center and the Board of Directors of the International Center for Journalists. Mr. Reilly is a graduate of Emory University and earned his MBA in Finance from Vanderbilt University. Nominee Attributes Mr. Reilly’s business background and experience enhance his ability to analyze and contribute valuable and unique insights on matters, including those relating to capital structure, financing and acquisition structure. Mr. Reilly’s contributions as a past Chairman of our Acquisition Committee, Compensation Committee and Nominating/Corporate Governance Committee, as well as his past service as Lead Independent Director, were also taken into consideration in connection with his nomination for reelection to the Board. | | Age: 60 Director Since: 2024 Committees Served: • Audit • Compensation | KATHLEEN A. SAVIO Independent Director Skills and Experience Ms. Savio retired from Zurich Insurance Group, effective December 31, 2023, most recently serving as Chief Transformation Officer from January 2021 until her retirement. From January 2018 to December 2020, she served as Chief Executive Officer for Zurich North America and Chairwoman of the Boards of Zurich American Insurance Company and Zurich Holding Company of America. From 2012 through 2017, Ms. Savio served as Zurich North America’s Head of Alternative Markets. She joined Zurich in 1991 as an entry-level technical writer and served in numerous positions, including Chief Administrative Officer for North America Commercial, as well as roles in product underwriting and corporate marketing. Nominee Attributes Ms. Savio’s broad knowledge of the insurance industry, extraordinary leadership abilities and extensive experience growing businesses organically and via acquisition are among the attributes that make her qualified to serve on our Board. |

  11. Director Nominee Selection Process

    Director Nominee Selection Process The Nominating/Corporate Governance Committee is responsible for identifying and evaluating director nominees and for recommending to the Board a slate of nominees for election at each Annual Meeting of Shareholders. The Committee has not established “minimum qualifications” for director nominees because it believes that rigid “minimum qualifications” might preclude the consideration of otherwise desirable candidates for election to the Board.

  12. Director Nominee Selection Process

    | 1 | The Committee evaluates director candidates based on a number of factors, including: | • the need or desirability of maintaining or expanding the size of the Board; • independence; • credentials, including, without limitation, business experience, technology acumen, experience within the insurance industry, educational background, professional training, designations and certifications; • interest in and willingness to serve on the Board; • ability to contribute by way of participation as a member of Board committees; • financial expertise and sophistication; • basic understanding of the Company’s principal operational and financial objectives, plans and strategies, results of operations and financial condition, and relative standing in relation to the Company’s competitors and • willingness to commit requisite time and attention to Board service, including preparation for and attendance at regular quarterly meetings, special meetings, committee meetings and periodic Board “retreats” and director education programs. | | 2 | Board diversity | The Committee actively seeks diverse, highly qualified candidates for membership on the Board, including gender-diverse candidates and candidates that are racially or ethnically diverse, as well as candidates with diverse backgrounds, points of view, experience and credentials. | | 3 | Sources for identifying potential Board members | The Committee and the Board consider a variety of sources when identifying individuals as potential Board members, including other enterprises with which current Board members are or have previously been involved and through which they have become acquainted with qualified candidates. The Company does not pay any third party a fee to assist in the identification or evaluation of candidates. The Committee will consider director nominations that are submitted in writing by shareholders in accordance with our procedures for shareholder proposals. See “Proposals of Shareholders” below. Such proposals must contain all information with respect to a proposed candidate as required by the SEC’s proxy rules, must address the manner in which the proposed candidate meets the criteria described above, and must be accompanied by the consent of such proposed candidate to serve as a director, if elected. |

  13. Director Compensation

    Director Compensation Our Board of Directors reviews the compensation of our non-employee directors at least every two years or as such other time as circumstances may warrant. Our non-employee directors are paid an annual retainer of $110,000, payable in quarterly installments. In addition, the Chairs of the Acquisition, Audit and Compensation Committees are each paid a $25,000 retainer, the Chair of the Nominating/Corporate Governance receives a $20,000 retainer and the Company’s Lead Independent Director receives a $15,000 retainer, in each case for services associated with those positions. All directors receive reimbursement of reasonable out-of-pocket expenses incurred in connection with meetings of the Board. Also, each director who is not an employee of the Company receives a grant of fully vested shares valued at $140,000 of our common stock under our 2019 SIP. No director who is an employee receives separate compensation for services rendered as a director.

  14. 2025 Director Compensation

    2025 Director Compensation In May 2025, Frederic W. Cook & Co., Inc. (“FW Cook”), an independent outside compensation consulting firm retained by the Compensation Committee, conducted a comprehensive analysis of the Company’s non-employee director compensation, as described below.

  15. RESULTS OF FW COOK’S ANALYSIS

    | • | the pay mix for our non-employee director compensation was more heavily weighted toward equity than cash, which was consistent with market practice, and |

  16. 2025 DIRECTOR COMPENSATION

    2025 DIRECTOR COMPENSATION

  17. 2025 DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) | | J. Hyatt Brown | — | — | 390,467(1) | 390,467 | | Lawrence L. Gellerstedt III | 132,500 | 139,962 | — | 272,462 | | Theodore J. Hoepner | 107,500 | 139,962 | — | 247,462 | | James S. Hunt | 107,500 | 139,962 | — | 247,462 | | Toni Jennings | 107,500 | 139,962 | — | 247,462 | | Joia M. Johnson(2) | 27,500 | — | — | 27,500 | | Paul J. Krump | 132,500 | 139,962 | — | 272,462 | | Timothy R.M. Main | 107,500 | 139,962 | — | 247,462 | | Bronislaw E. Masojada | 107,500 | 139,962 | — | 247,462 | | Jaymin B. Patel | 132,500 | 139,962 | — | 272,462 | | H. Palmer Proctor, Jr. | 142,500 | 139,962 | — | 282,462 | | Wendell S. Reilly | 107,500 | 139,962 | — | 247,462 | | Chilton D. Varner(3) | 25,000 | — | — | 25,000 | | Kathleen A. Savio | 107,500 | 139,962 | — | 247,462 |

  18. 2025 DIRECTOR COMPENSATION

    | (1) J. Hyatt Brown, who is the father of J. Powell Brown, a director and President and Chief Executive Officer of the Company, and P. Barrett Brown, an Executive Vice President, received compensation of $390,467, consisting of $180,000 for services rendered to the Company in 2025, including assistance with acquisitions and recruitment, $6,480 in matching contributions made by the Company to his 401(k) Plan account in 2025, $37,224 for reimbursement in 2025 of amounts earned by the Company for personal lines insurance he purchased through the Company or its subsidiaries, $4,861 for the cost of certain club membership dues in 2025 and $161,902 paid by the Company for the cost of security and video surveillance monitoring of Mr. Hyatt Brown’s residence in 2025. Mr. Hyatt Brown serves as Chairman of the Board of the Company. |

  19. 2025 DIRECTOR COMPENSATION

    | (2) Joia M. Johnson was appointed to the Board effective August 13, 2025. |

  20. 2025 DIRECTOR COMPENSATION

    | (3) Chilton D. Varner did not stand for re-election at the Company’s 2025 Annual Meeting of Shareholders. |

  21. 2025 DIRECTOR COMPENSATION

    PROPOSAL 2: RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS The Audit Committee of the Board of Directors has selected Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026. Deloitte & Touche LLP has served as our independent registered public accounting firm since the fiscal year ended December 31, 2002. The Committee and the Board are requesting that shareholders ratify this appointment as a means of soliciting shareholders’ opinions and as a matter of good corporate governance. If the shareholders do not ratify the selection, the appointment of the independent registered public accountants will be reconsidered by the Committee. Even if the selection is ratified, the Committee, in its discretion, may direct the appointment of a different independent registered public accounting firm at any time during the year if it determines that such change would be in the best interests of the Company and its shareholders. One or more representatives of Deloitte & Touche LLP are expected to be present at the Meeting, will have the opportunity to make a statement, and will be available to respond to appropriate questions from shareholders.

  22. Our Compensation Philosophy

    | 1 | Attract and Retain High-quality people that are crucial to both the short-term and long-term success of the Company | 2 | Compensate for Performance Linked to our strategic objectives through the use of incentive compensation programs | 3 | Create a Common Interest Between our executive officers and shareholders through compensation structures that promote the sharing of the rewards and risks of strategic decision-making |

  23. Role of the Compensation Consultant

    Role of the Compensation Consultant Beginning in August 2015, the Compensation Committee engaged FW Cook to assist with a review of the components, structure and design of the long-term equity incentive arrangements with our executive officers and other key employees. The primary goal of this engagement was to help design long-term equity incentive arrangements that continue to be competitive and aligned with shareholder interests. FW Cook has remained engaged by the Compensation Committee to advise and assist with other matters related to executive and non-employee director compensation. The Compensation Committee considers FW Cook to be independent because FW Cook performed no services for the Company’s management unrelated to services performed for the Compensation Committee, and there was no conflict of interest raised as a result of any work performed by FW Cook, directly or indirectly, for the Compensation Committee during fiscal years 2015-2025.

  24. RESULTS OF THE OCTOBER 2024 COMPARATIVE MARKET ASSESSMENT

    | • | The total 2024 direct compensation for Mr. Powell Brown, which includes his base salary, target cash incentive amount and target long-term equity incentives, was slightly above the peer group median and slightly below the general industry median. |

  25. RESULTS OF THE OCTOBER 2024 COMPARATIVE MARKET ASSESSMENT

    | • | The total 2024 direct compensation for Mr. Watts, which includes his base salary, target cash incentive amount and target long-term equity incentives, was slightly below the peer group median and slightly above the general industry median. |

  26. 2025 Annual Cash Incentives

    2025 Annual Cash Incentives Our annual cash incentives are designed to further align executive officer compensation with our annual goals and objectives, and to create a direct link between compensation and financial and operational performance. During the first quarter of each year, the Compensation Committee approves the annual cash incentive components, consisting of financial performance measures, individual target cash incentive amounts and personal objectives, for each executive officer, including the relative weightings and goals against which performance is measured and payouts are determined for such fiscal year. Target Amounts. In February 2025, the Compensation Committee determined not to change the components of our annual executive officer cash incentives or the weighting of each component. However, based upon the recommendation of our Chief Executive Officer and, with respect to our Chief Executive Officer, based upon the Compensation Committee’s annual evaluation of our Chief Executive Officer’s performance, as well as input from FW Cook, the following target cash incentive amounts for our Named Executive Officers were approved by our Compensation Committee in February 2025:

  27. 2025 Annual Cash Incentives

    | Executive Officer | 2025 Target Cash Incentive Amount | 2024 Target Cash Incentive Amount | Change | | J. Powell Brown | $3,750,000 | $3,750,000 | $— | | R. Andrew Watts | $1,000,000 | $1,000,000 | $— | | P. Barrett Brown | $1,800,000 | $1,800,000 | $— | | Stephen P. Hearn(1) | $1,633,911(2) | | | | Chris L. Walker | $1,400,000 | $1,400,000 | $— |

  28. 2025 Annual Cash Incentives

    | (1) Mr. Hearn was hired as Executive Vice President and Chief Operating Officer, effective March 3, 2025, and was appointed to the additional role of President of the Retail Segment, effective October 17, 2025. Mr. Hearn’s 2025 cash incentive is pro-rated for time employed in 2025, pursuant to the Service Agreement, dated February 23, 2025, by and between the Company and Mr. Hearn. Amount shown represents his target cash incentive before pro-ration. |

  29. 2025 Annual Cash Incentives

    | (2) Amount shown reflects Mr. Hearn’s target cash incentive amount of £1,213,000, converted from GBP to U.S. dollars based on the exchange rate on December 31, 2025. |

  30. 2025 Annual Cash Incentives

    Payouts can range from 0% to 200% of the aggregate target cash incentive depending on the financial performance of the Company or the segment, as applicable, and the Named Executive Officer’s performance against personal objectives. For 2025, the Compensation Committee selected the following components and weightings for the annual cash incentives for the Named Executive Officers:

  31. 2025 Annual Cash Incentives

    | | Financial Performance Measures(1) | | | | Personal Objectives | | | Executive Officer | Weighting | Measure | Weighting | Measure | Weighting | Measure | | J. Powell Brown R. Andrew Watts Stephen P. Hearn | 40% | Company Organic Revenue(2) growth | 40% | Adjusted EBITDAC Margin(2) (applicable to all Named Executive Officers) | 20% | Personal objectives established for each Named Executive Officer(3) | | P. Barrett Brown | 40% | Retail segment Organic Revenue(2) | 40% | Adjusted EBITDAC Margin(2) (applicable to all Named Executive Officers) | 20% | Personal objectives established for each Named Executive Officer(3) | | Chris L. Walker | 40% | Specialty Distribution segment(4) Organic Revenue(2) growth – adjusted(5) | 40% | Adjusted EBITDAC Margin(2) (applicable to all Named Executive Officers) | 20% | Personal objectives established for each Named Executive Officer(3) |

  32. 2025 Annual Cash Incentives

    | (1) The Compensation Committee selected these financial performance measures in furtherance of our strategy to increase our Organic Revenue growth while maintaining, among other things, our strong, industry-leading operating margins. |

  33. 2025 Annual Cash Incentives

    | (2) See Annex A for additional information regarding Organic Revenue, Organic Revenue growth and Adjusted EBITDAC Margin, which are non-GAAP financial measures, including a reconciliation to the most closely comparable GAAP financial measure. |

  34. 2025 Annual Cash Incentives

    | (3) The personal objectives for each of our Named Executive Officers, other than Mr. Hearn, were approved by the Compensation Committee in February 2025. The personal objectives for Mr. Hearn, who was hired in March 2025, were approved in May 2025. |

  35. 2025 Annual Cash Incentives

    | (4) In conjunction with the Company’s acquisition of Accession in the third quarter of 2025, the Company realigned its business from three to two segments. As a result of the segment reorganization, the Company consolidated its Programs and Wholesale Brokerage segments into a new Specialty Distribution segment. As a result, beginning in the fourth quarter of 2025, the Company operates two segments. |

  36. 2025 Annual Cash Incentives

    | (5) Specialty Distribution segment Organic Revenue growth was adjusted for 2025 to exclude the impact of certain offices within the Specialty Distribution segment for which Mr. Walker, who previously served as President of our legacy Programs segment until August 2025 and was appointed Chairman of our new Specialty Distribution segment beginning in August 2025, did not have responsibility in 2025, which includes all legacy Wholesale Brokerage segment offices. As a result of this adjustment, Specialty Distribution segment Organic Revenue growth – adjusted includes only the Organic Revenue of those offices within the Specialty Distribution segment for which Mr. Walker had responsibility in 2025, which includes all legacy Programs segment offices. See Annex A for additional information regarding Specialty Distribution segment Organic Revenue growth – adjusted, which is a non-GAAP financial measure, including a reconciliation to the most closely comparable GAAP financial measure. |

  37. 2025 Annual Cash Incentives

    The target amounts for each financial performance measure were discussed over several months and then reviewed and approved by the Compensation Committee in February 2025. To ensure our performance targets are rigorous and challenging, yet realistic for our executive officers, the target amounts for the Organic Revenue growth for the Company, the Organic Revenue growth of our operating segments and our Adjusted EBITDAC Margin were based on our 2025 budget. Our 2025 budget was approved by the Board in December 2024 and reflects a multi-month process that includes thorough and thoughtful discussions among management and the leaders of our businesses, and between management and our Board. In determining our 2025 budget, which served as the basis for the targets for each 2025 financial performance measure, consideration was given to, among other things:

  38. 2025 Annual Cash Incentives

    | • | our expectation that the economy would continue to moderate back to more traditional growth rates, following the higher growth experienced during the COVID-19 pandemic; |

  39. 2025 Annual Cash Incentives

    | • | our expectation that insurance premium rates would either remain relatively stable or decrease slightly for catastrophic-exposed property; |

  40. 2025 Annual Cash Incentives

    | • | our expectation that “insurable exposure units,” which are units that insurance companies use to measure or express insurance exposed to risk (such as property values, sales and payroll levels) to determine what premium to charge the insured, would continue to grow, but at a slower pace than in 2024; |

  41. 2025 Annual Cash Incentives

    | • | our expectation that salary inflation would moderate as compared to 2024 and would be at more traditional levels; and |

  42. 2025 Annual Cash Incentives

    | • | our expectation of continued investments in technology, artificial intelligence, security and data to help improve the customer and teammate experience, as well as to protect our information technology systems and data. |

  43. 2025 Annual Cash Incentives

    For each financial performance measure, we make no payout for performance below a certain threshold. As part of our pay-for-performance framework, the Compensation Committee adopted payout curves that are intended to incentivize performance generally within a “target payout corridor” and that provide for incrementally higher and lower payouts for performance outside of the target payout corridor. Payout percentages for each financial performance measure were calculated based on the following tables: Determination of 2025 Annual Cash Incentive Payouts. In the first quarter of 2026, the Compensation Committee reviewed actual 2025 performance of each financial performance measure against the target performance for each such measure as set forth in the following table:

  44. 2025 Annual Cash Incentives

    | Financial Performance Measure | Target(1) | Actual | | Percentage of Target Performance | Payout Percentage | | Adjusted EBITDAC Margin | 35.3% | 36.0 | %(2) | — | 141% | | Company Organic Revenue growth | 6.4% | 2.8 | | 44% | 0% | | Retail segment Organic Revenue growth | 5.6% | 2.8 | | 50% | 0% | | Specialty Distribution segment Organic Revenue growth – Adjusted | 7.5% | 1.8 | | 24% | 0% |

  45. 2025 Annual Cash Incentives

    | (1) These target amounts were based on our 2025 budget, which was approved by the Board in December 2024. |

  46. 2025 Annual Cash Incentives

    | (2) In calculating the Company’s Adjusted EBITDAC Margin for 2025: |

  47. 2025 Annual Cash Incentives

    | 1. | The Committee excluded, consistent with previous years, the negative impact of the Company’s non-cash stock-based compensation expense in excess of what was reflected in the Company’s Board-approved 2025 budget. The Committee based its decision upon the fact that the higher-than-budgeted non-cash stock-based compensation expense for 2025 was the result of above-target performance by the Company for those grants of restricted stock made in February 2022 under our 2019 SIP. For additional information about those grants of restricted stock made in February 2022 under our 2019 SIP, see “Equity Incentive Plan Outcomes in 2025.” |

  48. 2025 Annual Cash Incentives

    | 2. | The Committee excluded, consistent with previous years, the positive impact of the net gain on disposal resulting from sales of books of businesses in 2025. |

  49. 2025 Annual Cash Incentives

    | 3. | The Committee excluded the impact of the acquisition and integration costs (e.g., costs associated with regulatory filings; costs for third-party professional services, including legal, accounting, consulting, financial advisory and due diligence; costs and fees associated with entry into the bridge financing commitment; costs of integrating or streamlining processes and information technology systems, including data migration and system integration; costs associated with optimizing vendor agreements and leased office space, including exit costs related to location combinations; and employment-related costs, including severance payments, costs associated with the transition of certain legacy compensation programs, retention-related compensation expenses, and incentive payments) arising out of our acquisition of Accession and acquisitions previously completed by Accession, which are not considered to be normal, recurring or part of ongoing operations (“Accession Acquisition/Integration Costs”). |

  50. 2025 Annual Cash Incentives

    | 4. | The Committee excluded the impact of mark-to-market of escrow liability, which represents the non-cash change in the fair value associated with certain shares of our common stock held in escrow. The change is driven by fluctuations in our stock price between the beginning of the quarter and the end of the quarter. These escrowed shares represent a portion of the merger consideration payable in connection with our acquisition of Accession. The escrowed shares secure certain indemnification obligations of the Accession equity holders related to businesses that are in run-off or discontinued. This non-cash adjustment will fluctuate on an annual basis until all shares are released from escrow. |

  51. 2025 Annual Cash Incentives

    | 5. | The Committee excluded the interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, which were held in preparation for the closing of the acquisition of Accession, as it is not expected to occur on an ongoing basis in the future and is not related to the performance of the business. |

  52. 2025 Annual Cash Incentives

    | 6. | The Committee excluded the revenues and earnings of the Company’s Accession operations for the period beginning August 1, 2025 and ended December 31, 2025, due to the fact that the acquisition closed as of August 1, 2025 and Accession’s revenues and Adjusted EBITDAC Margin are naturally lower in the second half of the year, as compared to the Company’s legacy operations. Because of the significant seasonality of Accession’s revenues and earnings, including only five months of Accession’s results would have resulted in an incomplete representation of the Company’s actual performance, as compared to the Adjusted EBITDAC Margin target. |

  53. 2025 Annual Cash Incentives

    With respect to the achievement of personal objectives by each of the Named Executive Officers, which accounts for 20% of the 2025 cash incentive amount for each Named Executive Officer, the Compensation Committee evaluated the level of achievement for each Named Executive Officer’s personal objectives in the first quarter of 2026. The evaluation for Mr. Powell Brown, our Chief Executive Officer, was made by the Compensation Committee. For the other Named Executive Officers, the Compensation Committee, after discussion, consideration and review, accepted without modification the recommendations as proposed by the Chief Executive Officer. The Compensation Committee evaluated the achievement of each Named Executive Officer’s personal objectives in their totality instead of assigning a weight to each particular personal objective.

  54. 2025 Annual Cash Incentives

    | Name | Personal Objectives | Personal Objective Portion of 2025 Cash Incentive (0-200% of Target) | | J. Powell Brown | • contribution to delivering the Company’s budgeted financial results and acquiring high-quality businesses • contribution to further enhancing the team by attracting, retaining and developing high-quality teammates in alignment with the Company’s diversity, belonging and inclusion strategies • contribution to creating and delivering innovative solutions using technology, data and analytics • contribution to leveraging the Company’s collective capabilities for the benefit of our customers • contribution to balancing the Company’s capital allocation to drive shareholder returns | 125% | | R. Andrew Watts | • contribution to delivering the Company’s budgeted financial results and acquiring high-quality businesses • contribution to attracting, retaining and developing high-quality teammates • contribution to advancing the Company’s use of technology, data and analytics to provide better insight across the Company’s businesses • contribution to maintaining the Company’s control environment • contribution to balancing the Company’s capital allocation to drive shareholder returns • contribution to delivering the Company’s finance and technology initiatives to help support scalable growth | 125% | | P. Barrett Brown | • contribution to delivering the Company’s budgeted financial results and acquiring high-quality businesses • contribution to attracting, retaining and developing high-quality teammates • contribution to creating and delivering innovative solutions using technology, data and analytics • contribution to leveraging the Company’s capabilities for the benefit of our customers • contribution to continuing to integrate and augment the Company’s global operations | 65% | | Stephen P. Hearn | • contribution to delivering the Company’s budgeted financial results and acquiring high-quality businesses • contribution to attracting, retaining and developing high-quality teammates • contribution to creating and delivering innovative solutions using technology, data and analytics • contribution to fostering deep and trusted insurance carrier relationships that help expand the Company’s capacity to write new business and create differentiated offerings • contribution to continuing to integrate and augment the Company’s global operations | 125% | | Chris L. Walker | • contribution to delivering the Company’s budgeted financial results and acquiring high-quality businesses • contribution to attracting, retaining and developing high-quality teammates • contribution to creating and delivering innovative solutions using technology, data and analytics • contribution to fostering deep and trusted insurance carrier relationships that help expand the Company’s capacity to write new business and create differentiated offerings • contribution to continuing to integrate and augment the Company’s global operations | 125% |

  55. 2025 Annual Cash Incentives

    As illustrated in the table below, the final 2025 cash incentive amounts were calculated by combining the payout amounts for each of the components discussed above and then rounding the resulting number up to the nearest thousand U.S. dollars or GBP, as applicable:

  56. 2025 Annual Cash Incentives

    | Executive Officer | 2025 Aggregate Target Cash Incentive Amount | Organic Revenue Growth Payout Amount | Adjusted EBITDAC Margin Payout Amount | Personal Objective Payout Amount | Total 2025 Cash Incentive Payout Amount(1) | Payout vs. Target Cash Incentive Amount | | J. Powell Brown | $3,750,000 | $0 | $2,109,351 | $937,500 | $3,048,000 | 81% | | R. Andrew Watts | $1,000,000 | $0 | $562,493 | $250,000 | $813,000 | 81% | | P. Barrett Brown | $1,800,000 | $0 | $1,012,488 | $234,000 | $1,248,000 | 69% | | Stephen P. Hearn(2) | $1,356,370 | $0 | $762,983 | $339,107 | $1,103,193 | 81% | | Chris L. Walker | $1,400,000 | $0 | $787,491 | $350,000 | $1,138,000(3) | 81% |

  57. 2025 Annual Cash Incentives

    | (1) The 2025 cash incentive payouts are also shown in the Summary Compensation Table under the “Non-Equity Incentive Plan Compensation” column. |

  58. 2025 Annual Cash Incentives

    | (2) Mr. Hearn’s 2025 cash incentive is pro-rated for time employed in 2025, pursuant to the Service Agreement, dated February 23, 2025, by and between the Company and Mr. Hearn. The amounts shown reflect the pro-ration of his target cash incentive from £1,213,000 to £1,006,956, and the corresponding pro-rated payout amounts, to reflect time employed during 2025. Mr. Hearn’s annual cash incentive is paid in GBP. The amounts represent the approximate dollar value of each amount shown converted from GBP to U.S. dollars at the exchange rate on December 31, 2025. The total of the payout amounts shown does not equal the total 2025 cash incentive payout amount due to rounding. |

  59. 2025 Annual Cash Incentives

    | (3) Amount shown reflects Mr. Hearn’s total 2025 cash incentive payout amount of £819,000, converted from GBP to U.S. dollars based on the exchange rate on December 31, 2025. |

  60. 2025 Annual Cash Incentives

    While not exercised in 2025, the Compensation Committee expressly reserves the right, in its sole discretion, to reduce the annual cash incentive for any Named Executive Officer, or to pay no annual cash incentive at all, if the Company’s performance is unexpectedly poor or if the intended recipient commits acts of malfeasance.

  61. 2025 Bonuses Related to Milestone Acquisition of Accession

    2025 Bonuses Related to Milestone Acquisition of Accession Each of the Named Executive Officers is eligible to receive an additional discretionary bonus upon such terms and conditions as might be determined by the Chief Executive Officer, subject to the approval of the Compensation Committee, or, in the case of the Chief Executive Officer, as might be determined by the Compensation Committee. In July 2025, the Compensation Committee approved discretionary bonuses for the Named Executive Officers to ensure and reward the successful completion of the Company’s milestone acquisition of Accession—the largest in the Company’s history. These discretionary bonuses were based upon each Named Executive Officer’s contributions to the negotiation and consummation of the acquisition, integration planning related to the acquisition and, for Messrs. Powell Brown and Watts, the financing of the acquisition, including the Company’s follow-on common stock offering and senior notes issuance in June 2025. The amounts of the discretionary bonuses for the Named Executive Officers, which were contingent upon, and payable following, the closing of the acquisition, were as follows:

  62. 2025 Bonuses Related to Milestone Acquisition of Accession

    | Executive Officer | 2025 Discretionary Bonus Amount(1) | | J. Powell Brown | $1,000,000 | | R. Andrew Watts | $750,000 | | P. Barrett Brown | $500,000 | | Stephen P. Hearn | $506,749 | | Chris L. Walker | $400,000 |

  63. 2025 Bonuses Related to Milestone Acquisition of Accession

    | (1) The 2025 discretionary bonus amounts are also shown in the Summary Compensation Table under the “Bonus” column. |

  64. 2025 Bonuses Related to Milestone Acquisition of Accession

    | (2) Amount shown reflects Mr. Hearn’s discretionary bonus amount of £376,206, converted from GBP to U.S. dollars based on the exchange rate on December 31, 2025. |

  65. 2025 Equity Incentive Awards

    2025 Equity Incentive Awards We endeavor to make our long-term equity incentive arrangements, which are generally granted on an annual basis, competitive and aligned with shareholder interests, as reflected in the following structure:

  66. 2025 Equity Incentive Awards

    | Terms | Rationale | | In general, 75% of shares granted to each executive officer as a Performance Stock Award (“PSA”) that vest based on performance (over a three-year period) and time (over a five-year period from the date of grant); 25% of shares granted to each executive officer as a Restricted Stock Award (“RSA”) that vest on time only (over a five-year period from the date of grant) | Tying a majority of our equity awards to pre-established, multi-year corporate financial objectives which drive long-term shareholder returns should more closely align the long-term interests of our executive officers and our shareholders |

  67. 2025 Equity Incentive Awards

    | Terms | Rationale | | Vesting of PSA shares tied to increases in the Company’s Organic Revenue growth (as further defined in the applicable award agreement) and compound annual growth rate of the Company’s cumulative diluted earnings per share, excluding any impact for changes in acquisition earn-out liabilities, in each case measured over a three-year period beginning January 1, 2025 | Organic Revenue growth and cumulative diluted earnings per share are easily understandable, directly influenced by our executive officers and are intended to drive our long-term shareholder value | | PSAs granted to our executive officers contemplate a minimum payout of 0% and a maximum payout of 200% based upon the level of performance of each performance condition during the three-year measurement period | Payouts for above-target performance motivate our executive officers to overperform; recognition of performance that may be less than target | | PSAs are subject to both performance-based and time-based vesting conditions. In addition to the performance conditions described above, PSAs granted in February 2025 are subject to an additional time-based, cliff vesting condition requiring five years of continuous employment from the date of grant | A combination of performance- and time-based vesting conditions is intended to achieve a strong alignment between pay and performance and incentivize the long-term retention of our executive officers and key employees | | RSAs are subject to a cliff vesting condition requiring five years of continuous employment from the date of grant; RSA recipients acquired voting and dividend rights at the time of grant but cannot dispose of the shares | Equity awards with time-based vesting conditions continue to operate as a complement to our traditional equity awards characterized by both performance-based and time-based vesting conditions to further incentivize and reward key personnel; continued inclusion of a longer-term equity award (e.g., five years) helps attract, motivate and retain individuals whose performance drives our results | | For certain executive officers located outside of the United States, equity awards are structured as performance stock units (“PSUs”) and restricted stock units (“RSUs”), rather than as PSAs and RSAs | In many non-United States jurisdictions, PSAs and RSAs are taxed at the time of grant, rather than the time of vesting; structuring awards as PSUs and RSUs for executive officers located outside of the United States is intended to defer taxation of awards until the time of vesting, rather than the time of grant | | For certain executive officers aged 60 and older, equity awards are structured as PSUs and RSUs, rather than as PSAs and RSAs, that include conditions allowing for the payment of awards following an executive officer’s qualified retirement | Allowing for the payment of awards following an executive officer’s qualified retirement more effectively rewards and incentivizes executive officers who are approaching an age at which retirement is more likely |

  68. 2025 Equity Incentive Awards

    We do not grant equity awards in anticipation of the release of material non-public information, and we do not time the release of material non-public information based on equity award grant dates. BROWN & BROWN, INC. |

  69. February 2025 Equity Incentive Awards

    February 2025 Equity Incentive Awards Based upon the recommendation of our Chief Executive Officer and, with respect to our Chief Executive Officer, based upon the Compensation Committee’s annual evaluation of our Chief Executive Officer’s performance, as well as input from FW Cook, the following long-term equity incentive awards for our Named Executive Officers were approved by our Compensation Committee in the first quarter of 2025:

  70. February 2025 Equity Incentive Awards

    | Executive Officer | 2025 Performance Award (75%) | 2025 Restricted Award (25%) | Total 2025 Long-Term Equity Incentive Awards (100%) | Total 2024 Long-Term Equity Incentive Awards | Change | | | J. Powell Brown(1) | $2,250,000 | $750,000 | $3,000,000 | $3,000,000 | $— | | | R. Andrew Watts(1) | $975,000 | $325,000 | $1,300,000 | $1,300,000 | $— | | | P. Barrett Brown(1) | $525,000 | $175,000 | $700,000 | $700,000 | $— | | | Stephen P. Hearn(2) | $1,225,433 | $408,478 | $1,633,911 | | | | | Chris L. Walker(3) | $675,000 | $225,000 | $900,000(4) | $1,100,000(5) | $(200,000 | )(6) |

  71. February 2025 Equity Incentive Awards

    | (1) The long-term equity incentive awards for Messrs. Powell Brown, Watts and Barrett Brown are structured as PSAs and RSAs, for which vesting is conditioned upon the grantee’s continuous employment for five years following the date of grant. |

  72. February 2025 Equity Incentive Awards

    | (2) Mr. Hearn was hired as Executive Vice President and Chief Operating Officer, effective March 3, 2025, and was appointed to the additional role of President of the Retail Segment, effective October 17, 2025, The long-term equity incentive awards for Mr. Hearn, who is a resident of the United Kingdom, are structured as PSUs and RSUs, for which vesting is conditioned upon Mr. Hearn’s continuous employment for five years following the date of grant. Mr. Hearn’s 2025 long-term equity incentive award was approved in GBP. The amounts represent the approximate dollar value of each amount shown converted from GBP to U.S. dollars at the exchange rate on December 31, 2025. |

  73. February 2025 Equity Incentive Awards

    | (3) The Compensation Committee determined that to better reward and retain Mr. Walker, who was 67 years old at the time, it was desirable to grant him PSUs and RSUs, which allow for the payment following his qualified retirement of PSUs that become awarded PSUs and the RSUs. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the PSUs that become awarded PSUs and the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the PSUs that become awarded PSUs and the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  74. February 2025 Equity Incentive Awards

    | (4) Mr. Walker’s 2025 long-term equity incentive award includes a one-time incremental award of $300,000 granted in February 2025 in recognition of Mr. Walker’s outstanding individual performance during 2024 and the outstanding performance during 2024 of the offices for which Mr. Walker had responsibility. |

  75. February 2025 Equity Incentive Awards

    | (5) Mr. Walker’s 2024 long-term equity incentive award includes a one-time incremental award of $500,000 granted in March 2024 in recognition of Mr. Walker’s outstanding individual performance during 2023 and the outstanding performance during 2023 of the offices for which Mr. Walker had responsibility. |

  76. February 2025 Equity Incentive Awards

    | (6) The amount in this column reflects the difference between the one-time incremental award of $500,000 granted to Mr. Walker in March 2024 and the one-time incremental award of $300,000 granted to Mr. Walker in February 2025. |

  77. Equity Incentive Plan Outcomes in 2025

    Equity Incentive Plan Outcomes in 2025 In February 2022, certain of our Named Executive Officers received grants of restricted stock and restricted stock units under our 2019 SIP, which included performance conditions of vesting based upon the following, in each case excluding items (for example, extraordinary, nonrecurring items) the Compensation Committee determines to be appropriately disregarded for all grants subject to this vesting condition: (i) the Company’s average Organic Revenue growth (“Average Organic Revenue Growth”) and (ii) the compounded annual growth rate (“CAGR”) of our earnings per share, excluding the impact of the change in estimated acquisition earn-out payables and any other items (for example, extraordinary, nonrecurring items) that the Compensation Committee determines to be appropriately disregarded for all grants subject to this vesting condition (“Adjusted EPS”). Under the applicable award agreements, the performance condition is satisfied (i) for one-half of the shares or restricted stock units, as applicable, granted based our Average Organic Revenue Growth during the three-year performance period ending December 31, 2024, as follows:

  78. Equity Incentive Plan Outcomes in 2025

    | Performance Level | Average Organic Revenue Growth | Awarded Percentage of Tranche 1 Performance Shares/Units | | Maximum | Equal to or greater than 6.5% | 200% | | High Target | 5.5% | 120% | | Target | 5.0% | 100% | | Low Target | 4.5% | 80% | | Threshold | 3.5% | 50% | | No Payout | Less than 3.5% | 0% |

  79. Equity Incentive Plan Outcomes in 2025

    and (ii) for one-half of the shares or restricted stock units, as applicable, granted based on the CAGR of our Adjusted EPS during the three-year performance period ending December 31, 2024, as follows:

  80. Equity Incentive Plan Outcomes in 2025

    | Performance Level | Adjusted EPS | CAGR | Awarded Percentage of Tranche 2 Performance Shares/Units | | Maximum | Equal to or greater than $8.24 | Equal to or greater than 12.0% | 200% | | High Target | $7.94 | 10.0% | 120% | | Target | $7.72 | 8.5% | 100% | | Low Target | $7.50 | 7.0% | 80% | | Threshold | $7.36 | 6.0% | 50% | | No Payout | Less than $7.36 | Less than 6.0% | 0% |

  81. Equity Incentive Plan Outcomes in 2025

    If the actual performance level for each performance condition falls in between any of the performance levels, the percentage of shares or restricted stock units, as applicable, that are awarded is determined based on straight-line interpolation. In February 2025, the Compensation Committee determined that:

  82. Equity Incentive Plan Outcomes in 2025

    | • | our cumulative Average Organic Revenue Growth during the performance period was 9.6% and, therefore, was above the maximum performance level, resulting in a payout percentage of 200% of the target and |

  83. Equity Incentive Plan Outcomes in 2025

    | • | our Adjusted EPS during the performance period was $8.50 and, therefore, was above the maximum performance level, resulting in a payout percentage of 200% of the target. |

  84. Equity Incentive Plan Outcomes in 2025

    The Compensation Committee concluded that it was desirable to make certain adjustments in the calculations of the Company’s actual performance, as follows:

  85. Equity Incentive Plan Outcomes in 2025

    | • | Adjusted EPS in 2022 excluded the positive impact of the decrease in expense we recognized related to a legal judgment entered into against the Company in 2020 because the underlying legal matter was related to the pre-acquisition activities of a business we acquired in 2012 and was not related to the performance of the Company. |

  86. Equity Incentive Plan Outcomes in 2025

    | • | Adjusted EPS in 2022 and 2023 excluded the negative impact of the acquisition and integration costs (e.g., costs associated with regulatory filings, legal/accounting services, due diligence and the costs of integrating our information technology systems) arising out of our acquisitions of GRP (Jersey) Holdco Limited and its business, Orchid Underwriters Agency and CrossCover Insurance Services, and BdB Limited companies (“GRP et al. Acquisition/Integration Costs”) because these costs were related to the Company’s acquisition of these businesses, and not the underlying performance of the businesses themselves, and the fact that they were not expected to occur on an ongoing basis in the future. |

  87. Equity Incentive Plan Outcomes in 2025

    | • | Adjusted EPS in 2023 excluded the negative impact of an amount expensed and substantially paid in the first quarter of 2023 to resolve a business matter (the “1Q23 Nonrecurring Cost”), which is not considered to be normal, recurring or part of the ongoing operations. |

  88. Equity Incentive Plan Outcomes in 2025

    | • | Adjusted EPS in 2023 and 2024 excluded the positive impact of the gain on disposal associated with the sale of certain third-party claims administration and adjusting services businesses in the fourth quarter of 2023 because the sale occurred in connection with, and in furtherance of, the Board’s and the Company’s broader strategic decision to focus on the Company’s core brokerage businesses. |

  89. Equity Incentive Plan Outcomes in 2025

    Upon the Compensation Committee’s certification of these performance conditions, the following Named Executive Officers gained dividend rights and voting entitlement with respect to the indicated number of shares: Mr. Powell Brown – 68,036; Mr. Watts – 15,874 and Mr. Barrett Brown – 11,338. Except in limited circumstances, these shares will become fully vested on February 21, 2027, provided, the grantee remains continuously employed by us until such date. Upon the Compensation Committee’s certification of these performance conditions, Mr. Walker gained dividend equivalents rights with respect to 11,338 restricted stock units to be paid no later than 30 days following the applicable dividend payment date. Except in limited circumstances, (1) these restricted stock units will become fully vested on February 21, 2027, provided, Mr. Walker remains continuously employed by us until such date, or (2) if Mr. Walker retires before these restricted stock units become fully vested, these restricted stock units will be paid to Mr. Walker on February 21, 2027, subject to Mr. Walker being in good standing with the Company as of the date of such payment. See Annex A for additional information regarding Adjusted EPS and Organic Revenue growth, which are non-GAAP financial measures, including a reconciliation to the most closely comparable GAAP financial measure.

  90. Results of the October 2025 Comparative market Assessment

    | • | The total 2025 direct compensation for Mr. Powell Brown, which includes his base salary, target cash incentive amount and target long-term equity incentives, was below the 25% percentile of the market blend of the peer group and the general industry. |

  91. Results of the October 2025 Comparative market Assessment

    | • | The total 2025 direct compensation for each of Messrs. Watts, Barrett Brown and Hearn, which in each case includes his base salary, target cash incentive amount and target long-term equity incentives, was below the median of the market blend of the peer group and the general industry. |

  92. Results of the October 2025 Comparative market Assessment

    | • | The total 2025 direct compensation for Mr. Walker, which includes his base salary, target cash incentive amount and target long-term equity incentives, was generally aligned with the median of the market blend of the peer group and the general industry. |

  93. 2026 Annual Cash Incentives

    2026 Annual Cash Incentives The Compensation Committee did not change the components of our annual executive officer cash incentives or the weighting of each component for the Named Executive Officers for 2026, except for Mr. Hearn. For Mr. Hearn, the Committee determined that the calculation of his 2026 cash incentive would be weighted as follows, which weighting (i) had been discussed between the Company and Mr. Hearn, and approved by the Committee, in connection with Mr. Hearn’s appointment to the additional role of President of the Retail Segment, effective October 17, 2025, and (ii) was in recognition of the fact that during the first year of this additional role, Mr. Hearn’s performance would be more appropriately assessed on a more qualitative basis than our other named executive officers:

  94. 2026 Annual Cash Incentives

    | CASH INCENTIVE WEIGHTINGS FOR STEPHEN P. HEARN | | | | Component | 2025 Weighting | 2026 Weighting | | Company Organic Revenue growth | 40% | 25% | | Adjusted EBITDAC Margin | 40% | 25% | | Personal Objectives | 20% | 50% |

  95. 2026 Annual Cash Incentives

    The target cash incentive amounts for the Named Executive Officers for 2026, as determined by the Compensation Committee in February 2026, were as follows:

  96. 2026 Annual Cash Incentives

    | Executive Officer | 2026 Target Cash Incentive Amount | 2025 Target Cash Incentive Amount | Change | | J. Powell Brown | $5,500,000 | $3,750,000 | $1,750,000(1) | | R. Andrew Watts | $1,400,000 | $1,000,000 | $400,000(2) | | P. Barrett Brown(3) | | $1,800,000 | | | Stephen P. Hearn | $1,900,000 | $1,633,911(4) | $266,089(5) | | Chris L. Walker | $1,400,000 | $1,400,000 | $— |

  97. 2026 Annual Cash Incentives

    | (1) The decision to increase Mr. Powell Brown’s 2026 target cash incentive amount from $3,750,000 to $5,500,000 was based upon the October 2025 Comparative Market Assessment and the fact that 2025 target total pay for Mr. Powell Brown was below the 25% percentile of the market blend. |

  98. 2026 Annual Cash Incentives

    | (2) The decision to increase Mr. Watts’ 2026 target cash incentive amount from $1,000,000 to $1,400,000 was based upon the October 2025 Comparative Market Assessment and the fact that 2025 target total pay for Mr. Watts was below the market blend median. |

  99. 2026 Annual Cash Incentives

    | (3) The Committee did not approve a 2026 target cash incentive amount for Mr. Barrett Brown, who commenced a personal leave of absence, effective October 17, 2025. |

  100. 2026 Annual Cash Incentives

    | (4) Amount shown reflects Mr. Hearn’s target cash incentive amount of £1,213,000, converted from GBP to U.S. dollars based on the exchange rate on December 31, 2025. |

  101. 2026 Annual Cash Incentives

    | (5) In connection with Mr. Hearn’s appointment to the additional role of President of the Retail Segment, effective October 17, 2025, Mr. Hearn’s target cash incentive was increased from £1,213,000 to $1,900,000, in consideration, in part, of the October 2025 Comparative Market Assessment and the market blend median total target pay for similarly situated business segment leaders. |

  102. 2026 Equity Incentive Awards

    2026 Equity Incentive Awards

  103. Annual Equity Incentive Awards

    Annual Equity Incentive Awards Based upon the recommendation of our Chief Executive Officer and, with respect to our Chief Executive Officer, based upon the Compensation Committee’s annual evaluation of our Chief Executive Officer’s performance, the following long-term equity incentive awards for our Named Executive Officers were approved by our Compensation Committee in February 2026:

  104. Annual Equity Incentive Awards

    | Executive Officer | 2026 Performance Award (75%) | 2026 Restricted Award (25%) | Total 2026 Long-Term Equity Incentive Awards (100%) | Total 2025 Long-Term Equity Incentive Awards | Change | | J. Powell Brown(1) | $3,750,000 | $1,250,000 | $5,000,000 | $3,000,000 | $2,000,000(2) | | R. Andrew Watts(1) | $1,275,000 | $425,000 | $1,700,000 | $1,300,000 | $400,000(3) | | P. Barrett Brown(1)(4) | | | | $700,000 | | | Stephen P. Hearn(5) | $1,500,000 | $500,000 | $2,000,000(6) | $1,633,911(7) | $366,089 | | Chris L. Walker(8) | $450,000 | $150,000 | $600,000 | $900,000(9) | $(300,000) |

  105. Annual Equity Incentive Awards

    | (1) The long-term equity incentive awards for Messrs. Powell Brown, Watts and Barrett Brown are structured as PSAs and RSAs, for which vesting is conditioned upon the grantee’s continuous employment for five years following the date of grant. |

  106. Annual Equity Incentive Awards

    | (2) The decision to increase Mr. Powell Brown’s 2026 long-term equity award from $3,000,000 to $5,000,000 was based upon the October 2025 Comparative Market Assessment and the fact that 2025 target total pay for Mr. Powell Brown was below the 25% percentile of the market blend. |

  107. Annual Equity Incentive Awards

    | (3) The decision to increase Mr. Watts’ 2026 long-term equity award from $1,300,000 to $1,700,000 was based upon the October 2025 Comparative Market Assessment and the fact that 2025 target total pay for Mr. Watts was below the market blend median. |

  108. Annual Equity Incentive Awards

    | (4) The Committee did not approve a 2026 long-term equity incentive award for Mr. Barrett Brown, who commenced a personal leave of absence, effective October 17, 2025. |

  109. Annual Equity Incentive Awards

    | (5) The long-term equity incentive awards for Mr. Hearn, who is a resident of the United Kingdom, are structured as PSUs and RSUs, for which vesting is conditioned upon Mr. Hearn’s continuous employment for five years following the date of grant. |

  110. Annual Equity Incentive Awards

    | (6) Pursuant to the Service Agreement, dated February 23, 2025, by and between the Company and Mr. Hearn, Mr. Hearn received a long-term equity award of £1,213,000 in connection with his hiring in March 2025 and was expected to receive a 2026 long-term equity award of £646,000. In connection with Mr. Hearn’s appointment to the additional role of President of the Retail Segment, effective October 17, 2025, Mr. Hearn’s 2026 long-term equity award was increased to $1,900,000, in consideration, in part, of the October 2025 Comparative Market Assessment and the market blend median total target pay for segment leaders. |

  111. Annual Equity Incentive Awards

    | (7) Amount shown reflects Mr. Hearn’s long-term equity incentive award of £1,213,000, converted from GBP to U.S. dollars based on the exchange rate on December 31, 2025. |

  112. Annual Equity Incentive Awards

    | (8) The Compensation Committee determined that to better reward and retain Mr. Walker, who is 68 years old, it was desirable to grant him PSUs and RSUs, which allow for the payment following his qualified retirement of PSUs that become awarded PSUs and the RSUs. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the PSUs that become awarded PSUs and the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the PSUs that become awarded PSUs and the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  113. Annual Equity Incentive Awards

    | (9) Mr. Walker’s 2025 long-term equity incentive award includes a one-time incremental award of $300,000 granted in February 2025 in recognition of Mr. Walker’s outstanding individual performance during 2024 and the outstanding performance during 2024 of the offices for which Mr. Walker had responsibility. |

  114. Special Long-Term Performance-Based Equity Incentive Awards

    Special Long-Term Performance-Based Equity Incentive Awards In March 2026, the Compensation Committee, in consultation with FW Cook, approved special long-term performance-based equity incentive awards to certain of the Named Executive Officers and other key leaders of the Company. These awards are intended to incentivize the achievement by the Company of rigorous performance and share price targets, as well as the long-term retention of our key leaders, following the Company’s milestone acquisition of Accession in 2025. These long-term grants contemplate a five-year performance period beginning January 1, 2026, and long vesting periods requiring continuous employment for up to eight years following the date of grant, except in certain limited exceptions. In approving these awards—which were also granted to several key leaders who joined us via the acquisition of Accession—the Committee recognized the Company was at a key growth period following the acquisition of Accession and that there was increasingly significant competition for high-quality talent in our industry. These awards are designed to reward the successful integration of Accession, to incentivize management to execute on the Company’s aggressive post-acquisition growth strategy, to retain key leaders during this key growth period and beyond, and to deliver significant shareholder value. The vesting of fifty percent (50%) of these awards is tied to the following:

  115. Special Long-Term Performance-Based Equity Incentive Awards

    | (1) specified CAGR targets of the Company’s cumulative share price (“Total Share Price Return”), and |

  116. Special Long-Term Performance-Based Equity Incentive Awards

    | (2) the relative Total Share Price Return of the Company as compared to the S&P 500 index. |

  117. Special Long-Term Performance-Based Equity Incentive Awards

    The vesting of the other fifty percent (50%) of these awards is tied to the following:

  118. Special Long-Term Performance-Based Equity Incentive Awards

    | (1) specified CAGR targets of the Company’s cumulative earnings per share, excluding the after-tax impact of the change in estimated acquisition earn-out payables, (gain)/loss on disposal, and amortization, and |

  119. Special Long-Term Performance-Based Equity Incentive Awards

    | (2) the relative Total Share Price Return of the Company as compared to the S&P 500 index. |

  120. Special Long-Term Performance-Based Equity Incentive Awards

    To strengthen the alignment between management and shareholders and incentivize long-term shareholder value creation, the Compensation Committee determined that these special long-term performance-based equity awards should reflect the following:

  121. Special Long-Term Performance-Based Equity Incentive Awards

    | Shareholder-Friendly Features of Special Long-Term Performance-Based Equity Incentive Awards | | • Awards are performance and share price based; no time-based-only awards | | • Long performance period: five years, as compared to three years under traditional annual equity awards | | • Long vesting periods in excess of vesting periods under traditional annual equity awards | | • Rigorous performance targets in excess of targets for traditional equity awards (e.g., threshold performance levels set in excess of target performance levels for traditional equity awards) | | • No Compensation Committee discretion to adjust Total Share Price Return performance levels | | • Vast majority of shareholder value creation delivered to shareholders |

  122. Special Long-Term Performance-Based Equity Incentive Awards

    The grant values for the Named Executive Officers were as follows:

  123. Special Long-Term Performance-Based Equity Incentive Awards

    | Executive Officer | Number of PSAs/PSUs Granted(1) | 2026 Special Long-Term Equity Incentive Grant Value | | J. Powell Brown(2) | 138,196 | $10,000,000 | | R. Andrew Watts(2) | 69,098 | $5,000,000 | | Stephen P. Hearn(2) | 69,098 | $5,000,000 | | Chris L. Walker(3) | 20,728 | $1,500,000 |

  124. Special Long-Term Performance-Based Equity Incentive Awards

    | (1) The number of granted PSAs and PSUs equals the number of whole shares or units, as applicable, resulting from dividing the foregoing dollar amounts by the closing price of the Company’s common stock as of the last business day before March 3, 2026, which is the grant date of the awards. |

  125. Special Long-Term Performance-Based Equity Incentive Awards

    | (2) The special long-term equity incentive awards for Messrs. Powell Brown and Watts are structured as PSAs, and the special long-term equity incentive awards for Mr. Hearn, who is a resident of the United Kingdom, are structured as PSUs. |

  126. Special Long-Term Performance-Based Equity Incentive Awards

    | (3) The special long-term equity incentive awards for Mr. Walker, who is 68 years old, are structured as PSUs, which allow for the payment following his qualified retirement of PSUs that become awarded PSUs. |

  127. Special Long-Term Performance-Based Equity Incentive Awards

    PSAs for Messrs. Powell Brown and Watts and PSUs for Mr. Hearn The PSAs granted to Messrs. Powell Brown and Watts and PSUs granted to Mr. Hearn contemplate a minimum payout of 0% and a maximum payout of 805% based upon the level of performance of each performance condition during the five-year measurement period, as follows:

  128. Special Long-Term Performance-Based Equity Incentive Awards

    | | | | | If the Company’s Total Share Price Return is fifteen percent (15%) or more below the median Total Share Price Return of the S&P 500 Index: | If the Company’s Total Share Price Return is less than fifteen percent (15%) below and less than fifteen percent (15%) above the median Total Share Price Return of the S&P 500 Index: | If the Company’s Total Share Price Return fifteen percent (15%) or more above the median Total Share Price Return of the S&P 500 Index: | | Performance Range | | | | Payout Range | Payout Range | Payout Range | | Performance Level | CAGR | Cumulative Share Price(1) (50% weighting) | Cumulative EPS(2) (50% weighting) | (% of Target) | (% of Target) | (% of Target) | | Tier 7 (Maximum) | Equal to or greater than 15% | Equal to or greater than $581.53 | Equal to or greater than $33.03 | 595% | 700% | 805% | | Tier 6 | 14% | $565.16 | $32.10 | 468% | 550% | 633% | | Tier 5 | 13% | $549.20 | $31 .19 | 340% | 400% | 460% | | Tier 4 | 12% | $533.64 | $30.31 | 213% | 250% | 288% | | Tier 3 (Target) | 11% | $518.46 | $29.45 | 85% | 100% | 115% | | Tier 2 | 10% | $503.67 | $28.61 | 54% | 63% | 72% | | Tier 1 (Threshold) | 9% | $489.25 | $27.79 | 21% | 25% | 29% | | No Payout | Less than 9% | Less than $489.25 | Less than $27.79 | 0% | 0% | 0% |

  129. Special Long-Term Performance-Based Equity Incentive Awards

    | (1) Tying the vesting of these awards to cumulative share price is intended to incentivize long-term shareholder value creation by rewarding steady, sustained stock price appreciation during five-year performance period and by neutralizing short-term market volatility that may be otherwise unrelated to the Company’s performance. For example, to achieve the maximum level of performance for the portion of these awards tied to the Company’s cumulative share price, the Company’s share price must more than double from $75.00 to at least $150.85 over five years, representing a CAGR of 15% in each year of the performance period. The amounts in this column reflect the sum of the Company’s average share price for each fiscal year, calculated in accordance with the grant agreement, for the five years during the performance period. |

  130. Special Long-Term Performance-Based Equity Incentive Awards

    | (2) Calculated without regard to the after-tax impact of (1) the change in estimated acquisition earn-out payables, (2) amortization, and (3) (gain)/loss on disposal. The amounts in this column reflect the sum of the Company’s earnings per share for each fiscal year, calculated in accordance with the grant agreement, for the five years of the performance period. |

  131. Special Long-Term Performance-Based Equity Incentive Awards

    | These PSAs and PSUs will vest in equal increments on March 3, 2032, March 3, 2033, and March 3, 2034, assuming continuous employment through such vesting dates, provided that vesting will accelerate in the event of termination as a result of death or disability, or termination (including constructive termination) without cause within 12 months following a change in control of the Company. Recipients of PSAs will have voting and dividend rights from and after the date of awarding, whether or not vested, but cannot dispose of the shares. | |

  132. Special Long-Term Performance-Based Equity Incentive Awards

    PSUs for Mr. Walker The PSUs granted to Mr. Walker contemplate a minimum payout of 0% and a maximum payout of 299% based upon the level of performance of each performance condition during the five-year measurement period, as follows:

  133. Special Long-Term Performance-Based Equity Incentive Awards

    | | | | | | If the Company’s Total Share Price Return is fifteen percent (15%) or more below the median Total Share Price Return of the S&P 500 Index: | | If the Company’s Total Share Price Return is less than fifteen percent (15%) below and less than fifteen percent (15%) above the median Total Share Price Return of the S&P 500 Index: | | If the Company’s Total Share Price Return fifteen percent (15%) or more above the median Total Share Price Return of the S&P 500 Index: | | Performance Range | | | | | Payout Range | | Payout Range | | Payout Range | | Performance Level | CAGR | Cumulative Share Price(1) (50% weighting) | Cumulative EPS(2) (50% weighting) | (% of Target) | | (% of Target) | | (% of Target) | | | Tier 7 (Maximum) | Equal to or greater than 15% | Equal to or greater than $581.53 | Equal to or greater than $33.03 | 221% | | 260% | | 299% | | | Tier 6 | 14% | $565.16 | $32.10 | 187% | | 220% | | 253% | | | Tier 5 | 13% | $549.20 | $31 .19 | 153% | | 180% | | 207% | | | Tier 4 | 12% | $533.64 | $30.31 | 119% | | 140% | | 161% | | | Tier 3 (Target) | 11% | $518.46 | $29.45 | 85% | | 100% | | 115% | | | Tier 2 | 10% | $503.67 | $28.61 | 54% | | 63% | | 72% | | | Tier 1 (Threshold) | 9% | $489.25 | $27.79 | 21% | | 25% | | 29% | | | No Payout | Less than 9% | Less than $489.25 | Less than $27.79 | 0% | | 0% | | 0% | |

  134. Special Long-Term Performance-Based Equity Incentive Awards

    | (1) Tying the vesting of these awards to cumulative share price is intended to incentivize long-term shareholder value creation by rewarding steady, sustained stock price appreciation during five-year performance period and by neutralizing short-term market volatility that may be otherwise unrelated to the Company’s performance. For example, to achieve the maximum level of performance for the portion of these awards tied to the Company’s cumulative share price, the Company’s share price must more than double from $75.00 to at least $150.85 over five years, representing a CAGR of 15% in each year of the performance period. The amounts in this column reflect the sum of the Company’s average share price for each fiscal year, calculated in accordance with the grant agreement, for the five years during the performance period. |

  135. Special Long-Term Performance-Based Equity Incentive Awards

    | (2) Calculated without regard to the after-tax impact of (1) the change in estimated acquisition earn-out payables, (2) amortization, and (3) (gain)/loss on disposal. The amounts in this column reflect the sum of the Company’s earnings per share for each fiscal year, calculated in accordance with the grant agreement, for the five years of the performance period. |

  136. Special Long-Term Performance-Based Equity Incentive Awards

    | These PSUs will vest in equal increments on March 3, 2031 (or, if later, the date on which the PSUs become awarded PSUs), March 3, 2032, and March 3, 2033, assuming continuous employment through such vesting dates, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. In the event of Mr. Walker’s qualified retirement, awarded PSUs will be paid post-retirement on the remaining original scheduled vesting dates, subject to Mr. Walker being in good standing with the Company as of the dates of such payments. The PSUs will be settled by delivery of shares of Company common stock. Dividend equivalents will accrue on awarded PSUs from and after the date of awarding and be paid no later than 30 days following the applicable dividend payment date. | |

  137. Dividend Payments on Unvested Stock Awards

    Dividend Payments on Unvested Stock Awards The Named Executive Officers receive dividends on unvested shares, or dividend equivalents on unvested units, granted pursuant to the Company’s equity incentive compensation plans (i) that have exclusively time-based vesting requirements (e.g., time-based RSAs or RSUs) or (ii) for which the applicable performance conditions have been satisfied in accordance with the applicable award agreements, but the time-based vesting requirements have not been satisfied (e.g., performance-based PSAs or PSUs).

  138. Payments Upon Termination or Change in Control

    Payments Upon Termination or Change in Control With the exception of Messrs. Hearn, Walker and Watts, all of the Named Executive Officers have employment agreements with the Company that include change-in-control provisions. The terms of our employment agreements with our Named Executive Officers are described below in “Employment and Deferred Compensation Agreements.” The 2010 SIP and 2019 SIP provide for double-trigger vesting under which all participants, including all of the Named Executive Officers, would become vested in the following amounts if the participant’s service with us is involuntarily or constructively terminated (other than for specified causes, as set forth in the 2010 SIP and 2019 SIP) within 12 months after a change-in-control transaction, which is defined in each plan and designated as a “Transfer of Control” in the 2010 SIP and a “Change in Control” the 2019 SIP:

  139. Payments Upon Termination or Change in Control

    | • | for all grants, except those performance-based restricted stock grants for which the Compensation Committee has not yet determined the level of achievement of the applicable performance goal, 100% of all unvested restricted stock grants granted pursuant to such 2010 SIP or 2019 SIP grants agreements and |

  140. Payments Upon Termination or Change in Control

    | • | for all performance-based restricted stock grants for which the Compensation Committee has not yet determined the level of achievement of the applicable performance goal, the greater of: (a) 100% of such unvested restricted stock grants or (b) the percentage of unvested restricted stock grants determined in accordance with the applicable performance schedule based upon the actual level of achievement (up to the applicable maximum level of achievement) from the first day of the performance period to the date on which the change-in-control transaction occurs. |

  141. Payments Upon Termination or Change in Control

    For information concerning the value of the vested shares that each of the Named Executive Officers would have under the 2010 SIP and the 2019 SIP in the event that termination of employment after a change-in-control transaction had occurred on the last business day of 2025, see the table titled “Potential Payments Upon Termination or Change in Control – 2025.” The PSP (which was terminated in 2010) provides that all outstanding grants of PSP stock shall become fully vested and non-forfeitable in the event of: (i) the Company’s entry into any agreement to sell all or substantially all of its assets or to enter into any merger, consolidation, reorganization, division or other corporate transaction in which Company stock is converted into another security or into the right to receive securities or property, where such agreement does not provide for the assumption or substitution of PSP stock; (ii) any tender or exchange offer for the Company’s stock accepted by a majority of the shareholders of the Company; or (iii) the death of J. Hyatt Brown and the subsequent sale by his estate, his wife, his lineal descendants, any trust created for his benefit during his lifetime, or any combination of the foregoing, of the Company stock owned by J. Hyatt Brown prior to his death. The PSP further provides that if any shares of PSP stock become fully vested and non-forfeitable because of the occurrence of these events, the Company shall pay to the holders of such shares, within 60 days of the occurrence of such event, the full amount of any federal and state income tax liability incurred by such holder as a result of such vesting, including, without limitation, any excise tax with respect to such vesting (e.g., under Internal Revenue Code Section 4999 and any successor provision) as well as the amount of any tax liability with respect to such “gross-up” payment. This excise tax gross-up provision is a legacy provision that applies only to awards that were granted under the PSP prior to its suspension in 2010, and no new agreements that contain excise tax gross-up provisions have been entered into, and no previous agreements containing such legacy provisions have been materially amended. Additionally, the PSP provides that in the event of any “Change in Control” (as defined in the PSP, and excluding the triggering events described above), the Board thereafter shall have the right to take such action with respect to any shares of PSP stock that are forfeitable, or all such shares of PSP stock, as the Board in its discretion deems appropriate under the circumstances to protect the interests of the Company in maintaining the integrity of the awards under the PSP. The PSP further states that the Board shall have the right to take different action with respect to different “Key Employees” (as defined in the PSP) or different groups of “Key Employees,” as the Board in its discretion deems appropriate under the circumstances. For information concerning the value of the vested PSP stock that each of the Named Executive Officers would have in the event that one of the triggering events described above occurred on the last business day of 2025, see the table titled “Potential Payments Upon Termination or Change in Control – 2025.”

  142. MESSRS. POWELL BROWN AND BARRETT BROWN

    MESSRS. POWELL BROWN AND BARRETT BROWN Mr. Powell Brown entered into new employment agreements with the Company in 2014, and Mr. Barrett Brown entered into a new employment agreement with the Company in 2015, in each case replacing previous employment agreements that had different terms. Compensation under these agreements is not specified, but rather is to be agreed upon between the Company and the executive from time to time. See “Compensation Discussion and Analysis” for information concerning the considerations affecting the compensation of the Named Executive Officers. The agreements include a provision that states that in the event of a “Change in Control,” defined as a circumstance in which the holders of more than 50% of the voting stock of the Company before the transaction closes hold less than 50% of the voting stock of the Company after the transaction closes, if the resulting entity employs executives with duties similar in character, classification or responsibilities to the Named Executive Officer’s, the Agreement shall be deemed modified to provide the Named Executive Officer with “equivalent terms and benefits to those of similar executives.” The new employment agreements include, among other provisions, restrictive covenants prohibiting the solicitation or diversion of business or employees for a period of two years following voluntary or involuntary separation from employment and also prohibit disclosure of confidential information. These agreements may be terminated by either party at any time, with or without cause or advance notice.

  143. Summary Compensation Table 2023-2025

    Summary Compensation Table 2023-2025

  144. Summary Compensation Table 2023-2025

    | Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($)(2) | Total ($) | | J. Powell Brown Chief Executive Officer and President | 2025 | 1,250,000 | 1,000,000 | 2,958,773 | 3,048,000 | 384,315 | 8,641,088 | | | 2024 | 1,240,385 | — | 2,952,920 | 7,136,000 | 349,472 | 11,678,777 | | | 2023 | 1,000,000 | — | 2,941,861 | 5,500,000 | 344,884 | 9,786,745 | | R. Andrew Watts Chief Financial Officer Executive Vice President and Treasurer | 2025 | 800,000 | 750,000 | 1,282,054 | 813,000 | 95,973 | 3,741,027 | | | 2024 | 794,231 | — | 1,279,571 | 1,903,000 | 86,284 | 4,063,086 | | | 2023 | 648,077 | — | 980,620 | 1,559,000 | 81,161 | 3,268,858 | | P. Barrett Brown Executive Vice President | 2025 | 1,000,000 | 500,000 | 690,277 | 1,248,000 | 56,777 | 3,495,054 | | | 2024 | 992,308 | — | 688,987 | 2,297,000 | 126,616 | 4,104,911 | | | 2023 | 800,000 | — | 490,253 | 2,100,000 | 47,475 | 3,437,728 | | Stephen P. Hearn(3) Executive Vice President; Chief Operating Officer and President – Retail Segment | 2025 | 720,932 | 506,749 | 1,520,329 | 1,103,193 | 123,866 | 3,975,069 | | Chris L. Walker Executive Vice President and Chairman – Specialty Distribution Segment | 2025 | 900,000 | 400,000 | 887,610 | 1,138,000 | 70,425 | 3,396,035 | | | 2024 | 896,154 | — | 1,082,883 | 2,665,000 | 40,064 | 4,684,101 | | | 2023 | 800,000 | 300,000 | 490,253 | 1,834,000 | 30,233 | 3,454,486 |

  145. Summary Compensation Table 2023-2025

    | (1) Amounts shown under the “Stock Awards” column reflect the aggregate grant date fair value of awards computed in accordance with Statement of Financial Accounting Standards ASC Topic 718 (formerly “SFAS 123(R)”) with respect to stock granted under the 2019 SIP to our Named Executive Officers rather than the dollar amount recognized during the fiscal year for financial statement purposes. The assumptions used for the valuations are set forth in Note 11 to our audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. See “Compensation Discussion and Analysis” and the “Outstanding Equity Awards at Fiscal Year-End – 2025” table for information with respect to stock granted under the PSP, the 2010 SIP and the 2019 SIP prior to 2025. For awards that are performance based, the indicated grant date fair value amounts assume that the target level of performance will be achieved. |

  146. Summary Compensation Table 2023-2025

    | Amounts shown under the “Stock Awards” column include the aggregate grant date fair value of all awards. For 2023, 2024 and 2025, a portion of the shares granted to each Named Executive Officer were either PSAs or PSUs, and portion of the shares granted to each Named Executive Officer were either RSAs or RSUs. Assuming the highest level of performance conditions will be achieved for the PSAs and PSUs in this column (200% for 2023, 2024 and 2025), the grant date fair value for each Named Executive Officer, including both PSAs or PSUs, as applicable, and RSAs or RSUs, as applicable, would be as follows: |

  147. Summary Compensation Table 2023-2025

    | Name | Fiscal Year | Maximum Value ($) | Fiscal Year | Maximum Value ($) | Fiscal Year | Maximum Value ($) | | J. Powell Brown | 2023 | 5,133,724 | 2024 | 5,155,842 | 2025 | 5,167,636 | | R. Andrew Watts | 2023 | 1,711,241 | 2024 | 2,234,170 | 2025 | 2,239,145 | | P. Barrett Brown | 2023 | 855,536 | 2024 | 1,203,002 | 2025 | 1,205,617 | | Stephen P. Hearn | 2023 | — | 2024 | — | 2025 | 2,655,641 | | Chris L. Walker | 2023 | 855,536 | 2024 | 1,890,795 | 2025 | 1,550,236 |

  148. Summary Compensation Table 2023-2025

    | (2) These dollar amounts include the items identified in the table titled “All Other Compensation Table – 2025.” |

  149. Summary Compensation Table 2023-2025

    | (3) Mr. Hearn’s salary and other compensation are paid in GBP. The amounts shown represent the approximate dollar value of each amount shown converted from GBP to U.S. dollars at the exchange rate on December 31, 2025. |

  150. Grants of Plan-Based Awards in Fiscal 2025

    Grants of Plan-Based Awards in Fiscal 2025 The following table provides information about the range of possible annual incentive cash payouts in respect of 2025 performance, the range of shares that may be earned pursuant to the stock grants made to our Named Executive Officers under our 2019 SIP in 2025 and the grant date fair value of these stock grants computed under Statement of Financial Accounting Standards ASC Topic 718 (formerly “SFAS 123(R)”).

  151. Grants of Plan-Based Awards in Fiscal 2025

    | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | Grant Date Fair Value of Stock Awards ($)(5) | | Name | Grant Date | Threshold ($)(3) | Target ($) | Maximum ($)(4) | Threshold (#) | Target (#) | Maximum (#) | | | J. Powell Brown | 2/24/25 | 0 | 3,750,000 | 7,500,000 | | | | | | | 2/24/25 | | | | 0 | 20,141 | 40,282 | 2,208,863 | | | 2/24/25 | | | | — | 6,713 | 6,713 | 749,909 | | R. Andrew Watts | 2/24/25 | 0 | 1,000,000 | 2,000,000 | | | | | | | 2/24/25 | | | | 0 | 8,727 | 17,454 | 957,090 | | | 2/24/25 | | | | — | 2,909 | 2,909 | 324,964 | | P. Barrett Brown | 2/24/25 | 0 | 1,800,000 | 3,600,000 | | | | | | | 2/24/25 | | | | 0 | 4,699 | 9,398 | 515,339 | | | 2/24/25 | | | | — | 1,566 | 1,566 | 174,938 | | Stephen P. Hearn(6) | 3/3/25 | 0 | 1,356,370(7) | 2,712,740(7) | | | | | | | 3/3/25 | | | | 0 | 9,746 | 19,492 | 1,135,312 | | | 3/3/25 | | | | — | 3,248 | 3,248 | 385,018 | | Chris L. Walker | 2/24/25 | 0 | 1,400,000 | 2,800,000 | | | | | | | 2/24/25 | | | | 0 | 6,042 | 12,084 | 662,626 | | | 2/24/25 | | | | — | 2,014 | 2,014 | 224,984 |

  152. Grants of Plan-Based Awards in Fiscal 2025

    | (1) For additional information related to the annual cash incentive awards, including performance targets and measures, see “Compensation Discussion and Analysis.” |

  153. Grants of Plan-Based Awards in Fiscal 2025

    | (2) The “Estimated Future Payouts Under Equity Incentive Plan Awards” column shows the range of shares that may be earned pursuant to the stock awards granted under our 2019 SIP in 2025. For additional information related to these grants, see “Compensation Discussion and Analysis.” |

  154. Grants of Plan-Based Awards in Fiscal 2025

    | (3) For additional information related to the annual cash incentive awards, including performance targets and measures, see “Compensation Discussion and Analysis.” |

  155. Grants of Plan-Based Awards in Fiscal 2025

    | (4) For additional information related to the annual cash incentive awards, including performance targets and measures, see “Compensation Discussion and Analysis.” |

  156. Grants of Plan-Based Awards in Fiscal 2025

    | (5) The “Grant Date Fair Value of Stock Awards” column shows the full grant date fair value of the shares granted to our Named Executive Officers under our 2019 SIP in 2025. The grant date fair value of the awards is determined under Statement of Financial Accounting Standards ASC Topic 718 (formerly “SFAS 123(R)”) and represents the amount we would expense in our financial statements over the vesting schedule for the grants. In accordance with SEC rules, the amounts in this column reflect the actual ASC 718 accounting cost without reduction for estimates of forfeitures related to service-based vesting conditions. The amounts reflect our accounting for these grants and do not correspond to the actual values that may be realized by the grantees. |

  157. Grants of Plan-Based Awards in Fiscal 2025

    | (6) Mr. Hearn’s annual cash incentive is paid in GBP. The amounts represent the approximate dollar value of each amount shown converted from GBP to U.S. dollars at the exchange rate on December 31, 2025. |

  158. Grants of Plan-Based Awards in Fiscal 2025

    | (7) Mr. Hearn was hired as Executive Vice President and Chief Operating Officer, effective March 3, 2025, and was appointed to the additional role of President of the Retail Segment, effective October 17, 2025. Mr. Hearn’s 2025 cash incentive is pro-rated for time employed in 2025, pursuant to the Service Agreement, dated February 23, 2025, by and between the Company and Mr. Hearn. Amounts shown represent his cash incentive after pro-ration. |

  159. Outstanding Equity Awards at Fiscal Year-End – 2025

    Outstanding Equity Awards at Fiscal Year-End – 2025

  160. Outstanding Equity Awards at Fiscal Year-End – 2025

    | | Option Awards | | | | | Stock Awards | | | | | | Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | J. Powell Brown | — | — | — | — | — | 7/21/2009 | 32,000(3) | 2,550,400 | | | | | | | | | | 7/21/2009 | 299,264(4) | 23,851,341 | | | | | | | | | | 2/23/2021 | 16,240(5) | 1,294,328 | | | | | | | | | | 2/23/2021 | 97,444(6) | 7,766,287 | | | | | | | | | | 2/21/2022 | 11,339(7) | 903,718 | | | | | | | | | | 2/21/2022 | 68,036(8) | 5,422,469 | | | | | | | | | | 2/20/2023 | 13,005(9) | 1,036,499 | | | | | | | | | | 2/19/2024 | 9,070(10) | 722,879 | | | | | | | | | | 2/24/2025 | 6,713(11) | 535,026 | | | | | | | | | | 2/20/2023 | | | 78,030(12) | 6,218,991 | | | | | | | | 2/19/2024 | | | 54,420(13) | 4,337,274 | | | | | | | | 2/24/2025 | | | 20,141(14) | 1,605,238 | | R. Andrew Watts | — | — | — | — | — | 2/23/2021 | 4,601(5) | 366,700 | | | | | | | | | | 2/23/2021 | 27,608(6) | 2,200,358 | | | | | | | | | | 1/1/2022 | 28,457(15) | 2,268,023 | | | | | | | | | | 2/21/2022 | 2,645(7) | 210,807 | | | | | | | | | | 2/21/2022 | 15,847(8) | 1,265,158 | | | | | | | | | | 2/20/2023 | 4,335(9) | 345,500 | | | | | | | | | | 2/19/2024 | 3,930(10) | 313,221 | | | | | | | | | | 2/24/2025 | 2,909(11) | 231,847 | | | | | | | | | | 2/20/2023 | | | 26,010(12) | 2,072,997 | | | | | | | | 2/19/2024 | | | 23,582(13) | 1,879,485 | | | | | | | | 2/24/2025 | | | 8,727(14) | 695,542 | | P. Barrett Brown | — | — | — | — | — | 2/23/2021 | 2,706(5) | 215,668 | | | | | | | | | | 2/23/2021 | 16,240(6) | 1,294,328 | | | | | | | | | | 1/1/2022 | 28,457(15) | 2,268,023 | | | | | | | | | | 2/21/2022 | 1,889(7) | 150,553 | | | | | | | | | | 2/21/2022 | 11,338(8) | 903,639 | | | | | | | | | | 2/20/2023 | 2,167(9) | 172,710 | | | | | | | | | | 2/19/2024 | 2,116(10) | 168,645 | | | | | | | | | | 2/24/2025 | 1,566(11) | 124,810 | | | | | | | | | | 2/20/2023 | | | 13,004(12) | 1,036,419 | | | | | | | | 2/19/2024 | | | 12,698(13) | 1,012,031 | | | | | | | | 2/24/2025 | | | 4,699(14) | 374,510 |

  161. Outstanding Equity Awards at Fiscal Year-End – 2025

    | | Option Awards | | | | | Stock Awards | | | | | | Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Grant Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Stephen P. Hearn | — | — | — | — | — | 3/3/2025 | 3,248(16) | 258,866 | | | | | | | | | | 3/3/2025 | | | 9,746(17) | 776,756 | | Chris L. Walker | — | — | — | — | — | 2/23/2021 | 2,706(5) | 215,668 | | | | | | | | | | 2/23/2021 | 3,248(6) | 258,866 | | | | | | | | | | 1/1/2022 | 28,457(18) | 2,268,023 | | | | | | | | | | 2/21/2022 | 1,889(19) | 150,553 | | | | | | | | | | 2/21/2022 | 11,338(20) | 903,639 | | | | | | | | | | 2/20/2023 | 2,167(21) | 172,710 | | | | | | | | | | 2/19/2024 | 1,814(22) | 144,576 | | | | | | | | | | 3/20/2024 | 1,462(23) | 116,521 | | | | | | | | | | 2/24/2025 | 2,014(24) | 160,516 | | | | | | | | | | 2/20/2023 | | | 13,004(25) | 1,036,419 | | | | | | | | 2/19/2024 | | | 10,884(26) | 867,455 | | | | | | | | 3/20/2024 | | | 8,772(27) | 699,128 | | | | | | | | 2/24/2025 | | | 6,042(28) | 481,547 |

  162. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (1) The market value shown was determined by multiplying the number of shares or units of stock that have not vested by $79.70, the closing market price of our common stock on December 31, 2025. |

  163. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (2) The market value shown was determined by multiplying the number of unearned stock shares or units by $79.70, the closing market price of our common stock on December 31, 2025. |

  164. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (3) These PSAs will vest on July 21, 2029, the 20th anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death or disability, or in the event of (i) the Company’s entry into any agreement to sell all or substantially all of its assets or to enter into any merger, consolidation, reorganization, division or other corporate transaction in which Company stock is converted into another security or into the right to receive securities or property, where such agreement does not provide for the assumption or substitution of PSP stock; (ii) any tender or exchange offer for the Company’s stock accepted by a majority of the shareholders of the Company; or (iii) the death of Mr. Hyatt Brown and the subsequent sale by his estate, his wife, his lineal descendants, any trust created for his benefit during his lifetime, or any combination of the foregoing, of the Company stock owned by Mr. Hyatt Brown prior to his death. |

  165. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (4) These PSAs will vest on July 21, 2029, the 20th anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death or disability, or in the event of (i) the Company’s entry into any agreement to sell all or substantially all of its assets or to enter into any merger, consolidation, reorganization, division or other corporate transaction in which Company stock is converted into another security or into the right to receive securities or property, where such agreement does not provide for the assumption or substitution of PSP stock; (ii) any tender or exchange offer for the Company’s stock accepted by a majority of the shareholders of the Company; or (iii) the death of Mr. Hyatt Brown and the subsequent sale by his estate, his wife, his lineal descendants, any trust created for his benefit during his lifetime, or any combination of the foregoing, of the Company stock owned by Mr. Hyatt Brown prior to his death. |

  166. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (5) These RSAs vested on February 23, 2026, the fifth anniversary of the grant date. |

  167. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (6) These PSAs vested on February 23, 2026, the fifth anniversary of the grant date. |

  168. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (7) These RSAs will vest on February 21, 2027, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  169. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (8) These earned PSAs will vest on February 21, 2027, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  170. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (9) These RSAs will vest on February 19, 2028, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  171. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (10) These RSAs will vest on February 20, 2029, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  172. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (11) These RSAs will vest on February 24, 2030, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  173. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (12) The amount shown represents the maximum number of PSAs that could have been earned during the three-year performance period of January 1, 2023, to December 31, 2025. The actual number of PSAs earned could have been between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. In February 2025, the Compensation Committee determined the Average Organic Revenue Growth and Adjusted EPS during the performance period was above the maximum performance levels, resulting in a payout percentage of 200% of the target. These earned PSAs will vest on February 20, 2028, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  174. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (13) The amount shown represents the maximum number of PSAs that can be earned during the three-year performance period of January 1, 2024, to December 31, 2026. The actual number of PSAs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2024 and 2025 was above target on a combined basis but the results could change during the remaining year of the performance period. Earned PSAs will vest on February 19, 2029, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  175. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (14) The amount shown represents the target number of PSAs that can be earned during the three-year performance period of January 1, 2025, to December 31, 2027. The actual number of PSAs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2025 was above threshold and below target, but the results could change during the remaining two years of the performance period. Earned PSAs will vest on February 24, 2030, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  176. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (15) These RSAs will vest in increments of 25%, 25% and 50% on July 1, 2027, July 1, 2028 and July 1, 2029, respectively, assuming continuous employment through such vesting dates, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  177. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (16) These RSUs will vest on March 3, 2030, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  178. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (17) The amount shown represents the target number of PSUs that can be earned during the three-year performance period of January 1, 2025, to December 31, 2027. The actual number of PSUs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2025 was above threshold and below target, but the results could change during the remaining two years of the performance period. Earned PSUs will vest on March 3, 2030, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of the attainment of age 64, death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. |

  179. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (18) These RSUs will be awarded in five equal installments on the first five anniversaries of the date of grant and, once awarded, will vest in increments of 25%, 25% and 50% on July 1, 2027, July 1, 2028 and July 1, 2029, respectively, assuming continuous employment through such vesting dates, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs on or before July 1, 2027, awarded RSUs will be paid in increments of 25% on the first year anniversary of retirement and 75% on the second anniversary of retirement, subject to Mr. Walker being in good standing with the Company as of the dates of such payments; and if Mr. Walker’s retirement occurs after July 1, 2027, awarded RSUs will be paid post-retirement on the remaining original scheduled vesting dates, subject to Mr. Walker being in good standing with the Company as of the dates of such payments. |

  180. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (19) These RSUs will vest on February 21, 2027, the fifth anniversary of the grant date, assuming continuous employment through such date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  181. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (20) These earned PSUs will vest on February 21, 2027, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before these earned PSUs vest on February 21, 2027, these earned PSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  182. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (21) These RSUs will vest on February 20, 2028, the fifth anniversary of the grant date, assuming continuous employment through such date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  183. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (22) These RSUs will vest on February 19, 2029, the fifth anniversary of the grant date, assuming continuous employment through such date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  184. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (23) These RSUs will vest on March 20, 2029, the fifth anniversary of the grant date, assuming continuous employment through such date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  185. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (24) These will RSUs will vest on February 24, 2030, the fifth anniversary of the grant date, assuming continuous employment through such date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the RSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  186. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (25) The amount shown represents the maximum number of PSUs that could have been earned during the three-year performance period of January 1, 2023, to December 31, 2025. The actual number of PSUs earned could have been between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. In February 2026, the Compensation Committee determined the Average Organic Revenue Growth and Adjusted EPS during the performance period was above the maximum performance levels, resulting in a payout percentage of 200% of the target. These PSUs will vest on February 20, 2028, the fifth anniversary of the grant date, |

  187. Outstanding Equity Awards at Fiscal Year-End – 2025

    | assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before these PSUs vest on February 20, 2028, these PSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  188. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (26) The amount shown represents the maximum number of PSUs that can be earned during the three-year performance period of January 1, 2024, to December 31, 2026. The actual number of PSUs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2024 and 2025 was above target on a combined basis but the results could change during the remaining year of the performance period. Earned PSUs will vest on February 19, 2029, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  189. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (27) The amount shown represents the maximum number of PSUs that can be earned during the three-year performance period of January 1, 2024, to December 31, 2026. The actual number of PSUs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2024 and 2025 was above target on a combined basis but the results could change during the remaining year of the performance period. Earned PSUs will vest on March 20, 2029, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  190. Outstanding Equity Awards at Fiscal Year-End – 2025

    | (28) The amount shown represents the target number of PSUs that can be earned during the three-year performance period of January 1, 2025, to December 31, 2027. The actual number of PSUs earned will be between 0% and 200% of target based on the Average Organic Revenue Growth and Adjusted EPS during the performance period, as set forth in the applicable award agreements and as determined by the Compensation Committee. Performance for 2025 was above threshold and below target, but the results could change during the remaining two years of the performance period. Earned PSUs will vest on February 24, 2030, the fifth anniversary of the grant date, assuming continuous employment through such vesting date, provided that vesting will accelerate in the event of death, disability or termination (including constructive termination) without cause within 12 months following a change in control of the Company. If Mr. Walker’s retirement occurs before the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the second anniversary of his retirement, subject to Mr. Walker being in good standing with the Company as of the date of such payment; and if Mr. Walker’s retirement occurs after the third anniversary of the date of grant, the PSUs that become awarded PSUs will be paid to Mr. Walker on the fifth anniversary of the date of grant, subject to Mr. Walker being in good standing with the Company as of the date of such payment. |

  191. Option Exercises and Stock Vested – 2025

    Option Exercises and Stock Vested – 2025

  192. Option Exercises and Stock Vested – 2025

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | | J. Powell Brown | — | — | 108,224 | 12,083,210 | | R. Andrew Watts | — | — | 25,251 | 2,819,274 | | P. Barrett Brown | — | — | 18,036 | 2,013,719 | | Stephen P. Hearn | — | — | — | — | | Chris L. Walker | — | — | 8,916 | 995,666 |

  193. Option Exercises and Stock Vested – 2025

    | (1) The value realized upon the vesting of stock awards is the number of shares multiplied by the market value (being the closing market price as of the previous trading day) of the underlying shares on the vesting date. The value realized was determined without considering any taxes that were owed upon vesting. |

  194. Nonqualified Deferred Compensation at Fiscal Year-End – 2025

    Nonqualified Deferred Compensation at Fiscal Year-End – 2025

  195. Nonqualified Deferred Compensation at Fiscal Year-End – 2025

    | Name | Executive Contributions in 2025(1) $ | Registrant Contributions in 2025 $ | Aggregate Earnings in 2025 $ | Aggregate Withdrawals/ Distributions $ | Aggregate Balance at 12/31/2025 $ | | J. Powell Brown | 1,784,000 | — | 1,640,383 | — | 14,100,564 | | R. Andrew Watts | 928,550 | — | 531,318 | — | 4,265,945 | | P. Barrett Brown | — | — | — | — | — | | Stephen P. Hearn | — | — | — | — | — | | Chris L. Walker | 180,000 | — | 96,841 | — | 1,117,791 |

  196. Nonqualified Deferred Compensation at Fiscal Year-End – 2025

    | (1) In each instance, the indicated executive contribution is included in the amounts reported for that Named Executive Officer in the Summary Compensation Table for 2025. |

  197. Potential Payments Upon Termination or Change in Control – 2025

    Potential Payments Upon Termination or Change in Control – 2025

  198. Potential Payments Upon Termination or Change in Control – 2025

    | Name | Benefit(1) | Before Change in Control Termination w/o Cause Resignation for Good Reason ($) | After Change in Control Termination w/o Cause or Resignation for Good Reason ($)(2) | Voluntary Termination ($) | Death ($) | Disability ($) | Change in Control ($) | | J. Powell Brown | PSP | — | — | — | 2,550,400 | 2,550,400 | 3,805,209(3) | | | 2010 SIP | | — | — | 23,851,341 | 23,851,341 | 23,851,341(4) | | | 2019 SIP | | 29,495,695 | — | 22,389,129 | 22,389,129 | — | | R. Andrew Watts | PSP | — | — | — | — | — | — | | | 2010 SIP | — | — | — | — | — | — | | | 2019 SIP | — | 11,699,243 | — | 8,948,021 | 8,948,021 | — | | P. Barrett Brown | PSP | — | — | — | — | — | — | | | 2010 SIP | — | — | — | — | — | — | | | 2019 SIP | — | 7,640,361 | — | 6,201,059 | 6,201,059 | — | | Stephen P. Hearn | PSP | — | — | — | — | — | — | | | 2010 SIP | — | — | — | — | — | — | | | 2019 SIP | — | 1,035,622 | — | 474,631 | 474,631 | — | | Chris L. Walker | PSP | — | — | — | — | — | — | | | 2010 SIP | — | — | — | | — | — | | | 2019 SIP | — | 7,350,253 | — | 5,492,933 | 5,492,933 | — |

  199. Potential Payments Upon Termination or Change in Control – 2025

    | (1) All figures shown for the value of stock granted under the PSP, 2010 SIP and 2019 SIP that would vest upon death, disability or following a change in control are calculated based on the assumption that the triggering event(s) for such vesting took place on December 31, 2025, the last business day of the Company’s last completed fiscal year, and that the price per share of our common stock is $79.70, the closing market price as of that date. Other than the amounts shown in the column captioned “Change in Control” payable under the PSP, the figures shown in this table do not reflect the impact of the excise tax under Sections 280G and 4999 of the Internal Revenue Code, which may effectively reduce the amounts of change-in-control payments that a Named Executive Officer may receive, and do not reflect the assignment of any value to non-competition and other restrictive covenants or determinations of reasonable compensation that may reduce the amounts of change-in-control payments subject to the excise tax. For more detailed information concerning the change-in-control provisions of the PSP, the 2010 SIP and the 2019 SIP, see “Compensation Discussion and Analysis – Payments Upon Termination or Change in Control.” All figures shown in this table would be paid in lump-sum payments by us in accordance with the applicable grant agreements. |

  200. Potential Payments Upon Termination or Change in Control – 2025

    | (2) The figures shown in this column were determined as follows: (a) for all grants, except those performance-based restricted stock grants in or after February 2023, the amount contemplates 100% of all unvested restricted stock grants granted pursuant to such 2019 SIP grant agreements, and (b) for those performance-based restricted stock grants in or after February 2023, the amount contemplates the greater of: (i) 100% of such unvested restricted stock grants or (ii) the estimated percentage of unvested restricted stock grants determined in accordance with the applicable performance schedule based upon the actual level of achievement (up to the applicable maximum level of achievement and assuming the applicable performance level is adjusted, pursuant to the Compensation Committee’s exercise of its discretion, from the first day of the performance period to December 31, 2025, the date on which the Transfer of Control occurs, as follows: (w) in 2022, to exclude the positive impact of the decrease in expense we recognized related to a legal judgment entered into against the Company in 2020; (w) in 2022 and 2023, to exclude the negative impact of GRP et al. Acquisition/Integration Costs; (x) in 2023, to exclude the negative impact of the 1Q23 Nonrecurring Cost (y) in 2023 and 2024, to exclude the positive impact of the gain on disposal associated with the sale of certain third-party claims administration and adjusting services businesses in the fourth quarter of 2023 and (z) in 2025, to exclude the impact of Accession Acquisition/Integration Costs, the pre-tax impact of the interest expense associated with the Company’s senior notes issuance in June 2025 in connection with the acquisition of Accession, the impact of the interest income earned from the proceeds of the Company’s follow-on common stock offering and senior notes issuance in June 2025, held in preparation for the closing of the acquisition of Accession, the impact of Accession’s pre-tax income for the five-month period beginning August 1, 2025 and ended December 31, 2025, and the weighted average impact of the incremental shares of our common stock issued in connection with the Company’s follow-on common stock offering in June 2025 and the incremental shares of our common stock issued to certain of Accession’s selling shareholders. |

  201. Potential Payments Upon Termination or Change in Control – 2025

    | (3) These figures represent amounts that would be paid pursuant to the terms of the PSP in the event of a change in control as defined in the PSP and include the following excise tax gross-up amount to be paid by the Company on PSP shares on behalf of the participant in the event of change in control: Mr. Powell Brown – $1,254,809. The excise tax gross-up amount has been calculated assuming the excise tax rate of 20% multiplied by the excess of the value of the change-in-control payments over the executive’s average W-2 earnings for the last five calendar years, and assuming a blended effective tax rate of approximately 40%. However, the excise tax gross-up is only applicable if the sum of all payments equals or exceeds three times the executive’s average W-2 earnings for the past five calendar years. Further, the excise tax gross-up assumes no value is assigned to non-competition and other restrictive covenants or determination of reasonable compensation that may apply to the participant. Such excise tax gross-up amounts also assume a change in control date of December 31, 2025, at our closing market price of $79.70 as of that date. The excise tax gross-up provision is a legacy provision that applies only to awards that were granted under the PSP prior to its suspension in 2010 and does not apply to awards under the 2010 SIP or the 2019 SIP. No new agreements that contain excise tax gross-up provisions have been entered into, and no previous agreements containing such legacy provisions have been materially amended. |

  202. Potential Payments Upon Termination or Change in Control – 2025

    | (4) This amount would be paid pursuant to that certain grant under our 2010 SIP made on April 29, 2010 for 374,080 shares. This grant replaced 374,080 shares granted under our PSP on July 21, 2009, which had inadvertently exceeded the maximum number of shares permitted to be awarded in a particular calendar year. In order to assure achievement of the full intent of the original PSP grant, the replacement grant under the 2010 SIP has identical performance-based and other vesting conditions, including those associated with a change in control, to the original PSP grant. |

  203. Potential Payments Upon Termination or Change in Control – 2025

    As required by Section 953(b) of the Dodd-Frank Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Mr. Powell Brown, our President and Chief Executive Officer:

  204. Chief Executive Officer Pay Ratio

    Chief Executive Officer Pay Ratio For 2025, our last completed fiscal year:

  205. Chief Executive Officer Pay Ratio

    | • | the median of the annual total compensation of all employees of our company, other than Mr. Powell Brown, was $74,010 and |

  206. Chief Executive Officer Pay Ratio

    | • | the annual total compensation of Mr. Powell Brown, as reported in the Summary Compensation Table, was $8,641,088. |

  207. Chief Executive Officer Pay Ratio

    | • | Based on this information, for 2025, the ratio of the annual total compensation of Mr. Powell Brown to the median of the annual total compensation of all employees, other than Mr. Powell Brown, was 117 to 1. |

  208. PAY RATIO

    PAY RATIO

  209. PAY RATIO

    | 4. | To identify the “median employee” from our employee population, we compared the amount of compensation of our employees as reflected in our payroll records as reported for 2023 to the Internal Revenue Service in the United States on Form W-2, to the Canada Revenue Agency in Canada on T4 and to HM Revenue and Customs in the United Kingdom on P60. In making this determination, we annualized the compensation of approximately 3,184 permanent employees (full-time and part-time) who were hired in 2023 but did not work for us for the entire fiscal year. Since we do not widely distribute annual equity awards to our employees, the grant date fair values of such awards were excluded from our compensation measure. Fewer than 10% of our employees receive annual equity awards. |

  210. PAY RATIO

    | 5. | We identified our median employee, as well as our substitute median employee, as of December 22, 2023, using this compensation measure, which was consistently applied to all our employees included in the calculation. We did not make any cost-of-living adjustments in identifying the “median employee.” |

  211. PAY RATIO

    | 6. | Once we identified our substitute median employee, we combined all of the elements of such employee’s compensation for 2025 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $74,010. The difference between such employee’s annual total compensation and such employee’s Form W-2 compensation represents (a) $1,310 in pre-tax contributions made by such employee in connection with certain Company-sponsored benefit plans; and (b) a decrease of $1,700 in the performance-based bonus paid to such employee in January 2026 for service in 2025 as compared to the performance-based bonus paid to such employee in January 2025 for service in 2024. |

  212. PAY RATIO

    | 7. | With respect to the annual total compensation of Mr. Powell Brown, we used the amount reported in the “Total” column of the Summary Compensation Table. |

  213. PAY RATIO

    In acc ordan ce with the SEC’s disclosure requirements regarding pay versus performance (“PVP”), this section presents the SEC-defined “Compensation Actually Paid” (“CAP”). Also required by SEC’s PVP rules, this section compares CAP to various measures used to gauge our performance. Our compensation decisions are made independently of disclosure requirements. CAP is a supplemental measure to be viewed alongside performance measures described under “Compensation Discussion and Analysis,” not in replacement.

  214. ance Table

    | Year | Summary Compensation Table Total for CEO ($) | Compensation Actually Paid to CEO ($) (1) | Average Summary Compensation Table Total for Non-CEO NEOs ($) | Average Compensation Actually Paid to Non-CEO NEOs ($) (2) | Value of Initial Fixed $100 Investment Based on: | | Net Income (in millions) | Organic Revenue growth (4) | | | | | | | Total Shareholder Return | Peer Group Total Shareholder Return (3) | | | | 2025 | 8,641,088 | (6,030,535) | 3,651,796 | 1,773,317 | $174 | $184 | $1,067 | 2.8% | | 2024 | 11,678,777 | 39,126,284 | 4,018,493 | 8,443,857 | $221 | $195 | $1,002 | 10.4% | | 2023 | 9,786,745 | 23,865,891 | 3,272,317 | 5,477,863 | $153 | $160 | $871 | 10.3% | | 2022 | 6,741,633 | (5,295,763) | 4,728,133 | 2,800,269 | $122 | $145 | $672 | 8.1% | | 2021 | 9,201,035 | 32,778,563 | 3,508,148 | 6,939,244 | $149 | $141 | $587 | 10.4% |

  215. ance Table

    | (1) The Compensation Actually Paid to J. Powell Brown, President and Chief Executive Officer of the Company, for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, is calculated, as follows: |

  216. ance Table

    | (2) The average Compensation Actually Paid to our Named Executive Officers, other than J. Powell Brown, President and Chief Executive Officer of the Company, for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, is calculated, as follows. |