TAMPA, Fla., Oct. 01, 2021 (GLOBE NEWSWIRE) — BRP Group, Inc. (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that the Company, through certain of its indirect subsidiaries, completed the previously announced acquisitions of (i) White Hill Plaza, Inc. and (ii) Jacobson, Goldfarb & Scott, Inc. and certain of its subsidiaries.
In connection with the Partnerships, BRP Group’s nomenclature for strategic acquisitions, BRP Group intends to issue to new employees restricted shares of the Company’s Class A Common Stock that the Compensation Committee of the Board of Directors of the Company previously approved. The Grants will be issued pursuant to the Company’s Partnership Inducement Award Plan in accordance with the exemption provided by NASDAQ Listing Rule 5635(c)(4). The Grants will be formally issued on January 1, 2022.
The Compensation Committee approved the Grants to motivate and reward the recipients to perform at the highest levels and contribute significantly to the success of BRP Group and its affiliates. The previously announced upfront cash payments to K&S and JGS were reduced by the estimated value of the applicable Grants.
UPDATES TO INDUCEMENT GRANTS ANNOUNCED IN CONNECTION WITH ACQUISITION OF ROGERSGRAY
It was announced on July 1, 2021 that an aggregate of 79,162 restricted Class A Shares would be issued to 211 new employees on October 1, 2021 under the Inducement Plan (the “RogersGray Grants”) in connection with the acquisition of RogersGray, Inc., Breakwater Brokerage, LLC and Monomoy Insurance Group, LLC, by Baldwin Krystyn Sherman Partners, LLC, and Millennial Specialty Insurance, LLC (“MSI”), each an indirect subsidiary of BRP Group. Due to the departure of certain employees who would have otherwise received RogersGray Grants, the aggregate number of Class A Shares underlying the RogersGray grants will now be 78,770 and the number of employees receiving RogersGray Grants will now be 204.
UPDATES TO INDUCEMENT GRANTS ANNOUNCED IN CONNECTION WITH ACQUISITION OF FOUNDER SHIELD
It was announced on August 2, 2021 that an aggregate of 99,339 restricted Class A Shares would be issued to 52 new employees on October 1, 2021 under the Inducement Plan (the “Founder Shield Grants”) in connection with the acquisition of FounderShield LLC, AlphaRoot LLC, ReShield LLC and Scale Underwriting Services LLC, by MSI. Due to the departure of certain employees who would have otherwise received Founder Shield Grants, the aggregate number of Class A Shares underlying the Founder Shield grants will now be 98,335 and the number of employees receiving Founder Shield Grants will now be 50.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is an independent insurance distribution firm delivering tailored insurance and risk management insights and solutions that give our clients the peace of mind to pursue their purpose, passion and dreams. We are innovating the industry by taking a holistic and tailored approach to risk management, insurance and employee benefits, and support our clients, Colleagues, Insurance Company Partners and communities through the deployment of vanguard resources and capital to drive our growth. BRP Group represents over 700,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
