FORM 4

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

  


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[   ] 

Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).

 

  

 

(Print or Type Responses)

 

1. Name and Address of Reporting Person*          




Penny               Jerome               Scott

2. Issuer Name and Ticker or Trading Symbol

 Brown & Brown, Inc. (BRO)

6. Relationship of Reporting Person(s) to Issuer
                  (Check all applicable)

   

Director

 

10% Owner

  X 

Officer (give
title below)

 

Other (specify
below)

Regional Executive Vice President 

(Last)                    (First)                (Middle)


 3077 E. 98th St., Ste. 150

3. I.R.S. Identification
   Number of Reporting
   Person, if an entity
   (Voluntary)

 

4. Statement for
    Month/Day/Year

March 24, 2003 



7. Individual or Joint/Group Filing (Check Applicable Line)

5. If Amendment,
    Date of Original
    (Month/Day/Year)

 

X   

Form filed by One Reporting Person

(Street)

Indianapolis       IN            46280

   

Form filed by More than One Reporting Person

(City)                      (State)                  (Zip)

Table I  ¾ Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
    (Instr. 3)

 

2. Trans-
    action
    Date



  (Month/
    Day/
   Year)

2A.
Deemed
Execution
Date, if
any

  (Month/
    Day/
   Year)

3. Trans-
    action
    Code
    (Instr.8)

4. Securities Acquired (A)
    or Disposed of (D)
    (Instr. 3, 4 and 5)

5. Amount of
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transaction(s)

    (Instr. 3 and 4)

6. Owner-
    ship
    Form:
    Direct
    (D) or
    Indirect
    (I)

  (Instr. 4)

7. Nature of
    Indirect
    Beneficial
    Owner-
    ship



    (Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

 

 

Common Stock, $.10 par value

 

 

3/21/03

 

 

 

A

 

 

 

8,570(1)

 

 

A

 

 

N/A

 

 

81,880

 

 

I

Stock Performance Plan

Common Stock, $.10 par value

 

 

 

 

 

 

 

  1,199

D

 

Common Stock, $.10 par value

 

 

 

 

 

 

 

54,569**

D

 

 

Common Stock, $.10 par value

 

 

 

 

 

 

 

 

10,044

 

I

401(k) Plan(2)

 Common Stock, $.10 par value

 

 

 

 

 

 

 

          36

I

Children(3)

 

 

 

 

 

 

 

 

 

 

 

 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

 
*

If the form is filed by more than one reporting person, see Instruction 4(b)(v).

 

                                                                                                                 

Persons who respond to the collection of information contained
in this form are not required to respond unless the form displays
a currently valid OMB control number.

     

(Over)
SEC 1474 (9-02)

 

FORM 4 (continued)

Table II  ¾ Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative
    Security
    (Instr. 3)

 

2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
   Security

 

3. Trans-
    action
    Date

(Month/
 Day/
Year)

3A.
Deemed
Execution
Date, if
any

  (Month/
   Day/
  Year)

 

4. Trans-
    action
    Code
    (Instr.8)

5. Number of Deriv-
    ative Securities        Acquired (A) or Dis-
    posed of (D)
    (Instr. 3, 4 and 5)

6. Date Exer-
    cisable and
    Expiration
    Date
    (Month/Day/
    Year)

7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)

8. Price
    of
    Deriv-
    ative
    Secur-
    ity
    (Instr.
    5)

9. Number
   of deriv-
   ative
   Secur-
   ities
   Bene-
   ficially
   Owned
   Follow-
   ing
   Reported
   Trans-
   action(s)
   (Instr. 4)

10. Owner-
     ship
     Form of
     Deri-
     vative
     Security:
     Direct
     (D) or
     Indirect
     (I)
     (Instr. 4)

 

11. Nature
     of
     Indirect
     Benefi-
     cial
     Owner-
     ship
     (Instr. 4)

 

Code

V

(A)

(D)

Date
Exer-
cisable

Expira-
tion
Date

Title

Amount or
Number of
Shares

 Stock Options(a)

$  9.6719

 

 

 

 

 

 

4/21/03(b)

4/20/10

Common Stock

   10,340

 

 

D

 

 

     9.6719

 

 

 

 

 

 

 4/21/04(b)

4/20/10

Common Stock

      5,660

 

 

D

 

 

$31.56

 3/24/03

 

A

 

40,000(c)

 

3/23/13

3/24/13

Common Stock

  40,000

 

56,000

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Explanation of Responses:

(1) These securities were granted pursuant to the Company’s Stock Performance Plan.  Until the satisfaction of conditions in that Plan, the recipient has neither voting rights nor dividend entitlement with respect to these shares, and full ownership will not vest until the satisfaction of additional conditions.

 

(2)   Based upon information supplied as of 12/31/02 by the Plan’s recordkeeper.  Number of shares varies periodically based on contributions to plan.

 

(3)   Reporting person disclaims beneficial ownership of securities owned by children who share reporting person's household.  This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purpose of Section 16 or for any other purpose

 

(a)    Granted by the Compensation Committee of the Board Directors pursuant to the Company's 2000 Incentive Stock Option Plan (the "Plan").  Consideration for granted options is grantee's performance and continued service with Company as specified in the Plan.

(b)   Based on satisfaction of conditions established pursuant to the Plan, 10,340 options will vest and become exercisable on 4/21/03, and 5,660 options will vest and become exercisable on 4/21/04, subject to grantee's continued service with Company as specified in the Plan. 

(c)    These options vest and become exercisable on 3/23/13, unless accelerated based on satisfaction of conditions established pursuant to the Plan

  

 

 

/S/ JEROME SCOTT PENNY

          

3/26/03

 

 

 

 

 

**

Intentional misstatements or omissions of facts constitute Federal Criminal Violations.

**Signature of Reporting Person

          

Date

 

See18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

JEROME SCOTT PENNY

          

                                

 

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient,
         see Instruction 6 for procedure.

 

     

 

 

 

 

     

 

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.

 

     

 

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