The Employee Stock Purchase Plan (ESPP) presents you with the opportunity to purchase shares of Brown & Brown, Inc. common stock at a 15% discount through payroll deduction. The ESPP allows you to share in the growth and success of the Company not only as an employee, but also as a shareholder.
E*TRADE has been selected as our ESPP administrator.
Plan Summary
Deductions:
For employees paid bi-weekly, deductions will be taken on all 26 pay periods. The deferral election must be in whole dollars or percentage only. The maximum election is $21,250 or 10% of eligible earnings. The minimum election is $2.00 or 1% of eligible earnings. Electing a flat dollar amount will mean that your contributions will be deducted in equal amounts from 26 pay periods. Electing a percentage will take the deduction from all eligible earnings types.
Making Changes:
The ESPP plan year runs from August 1 to the following July 31 and open enrollment is held each year during the month of July. You may reduce your deduction one time during the plan year, or discontinue deductions at any time but you will not be allowed re-entry until the next plan year. You may also request reimbursement of held funds at this time. Please see your Profit Center Team Resources Coordinator for assistance with mid-plan year election changes.
Discount:
The purchase price for shares under the plan is 85% of the lesser of (a) the fair market value of the shares as of the first business day of the plan year, or (b) the fair market value of the shares as of the last business day of the plan year.
Reports to Participants:
No transactions are made on your behalf until the end of the plan year (7/31). Therefore, you will not receive statements during your first year of participation. Once stock has been purchased on your behalf and an account established, you will be able to activate and access your account on-line via the E*TRADE web portal.
Additional Information and Documents
Key Contacts
If you have additional questions, please contact your Profit Center Team Resources Coordinator or E*TRADE Customer Service.
E*TRADE Customer Service
- United States – 800-838-0908
- International – 650-599-0125
- http://etrade.com
- United States – 800-367-4777
- International – 801-617-7414
- https://www.stockplanconnect.com/index.html