Brown & Brown's President and CEO just cashed-in 1,162 options

J Powell Brown, Brown & Brown's President and CEO and a director of the company, recently cashed-in 1,162 options. The options were exercised at $0.00, while the sales took place at $0.00 per share, on December 31, 2013. Brown continues to hold 1,510,702 shares of the company. Brown operates out of Daytona Beach, FL. Some additional info was provided as follows:

Number of shares may vary due to dividend reinvestment. 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 These securities were granted pursuant to the Company's Performance Stock Plan ("PSP"). Based on the satisfaction of conditions established pursuant to the PSP, the Reporting Person has voting rights and dividend entitlement with respect to a portion of these shares based on the satisfaction of certain performance-based criteria, but full ownership will not vest until the satisfaction of additional conditions. These securities were granted pursuant to the Company's 2010 Stock Incentive Plan ("SIP"). Full ownership will not vest until the satisfaction of performance-based conditions established in connection with this grant. Based upon information supplied by the Plan recordkeeper. Number of shares varies periodically based on contributions to plan. Granted by the Compensation Committee of the Board of Directors pursuant to the Company's 2000 Incentive Stock Option Plan (the "Plan"). These options vest and become exercisable on 11/26/17, unless accelerated based on satisfaction of conditions established pursuant to the Plan.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. Brown & Brown next reports earnings on January 27, 2014.

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Other recent filings from the company include the following:

Current report, items 1.01, 2.02, and 2.03 - April 22, 2014

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