SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
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).
1. Name and Address of Reporting Person*
HENDERSON JIM W

(Last) (First) (Middle)
220 S RIDGEWOOD AVE

(Street)
DAYTONA BEACH FL 32114

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
BROWN & BROWN INC [ BRO ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Vice Chairman and COO
3. Date of Earliest Transaction (Month/Day/Year)
02/14/2007
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $.10 par value 02/14/2007 F 175,003 D $28.43 244,125(1) D
Common Stock, $.10 par value 02/14/2007 M 417,552 A $4.836 661,677(1) D
Common Stock, $.10 par value 02/14/2007 M 187,328 A $15.78 849,005(1) D
Common Stock, $.10 par value 22,172(2) D
Common Stock, $.10 par value 256,310 I Stock Performance Plan(3)
Common Stock, $.10 par value 250,000(4) I 401(k) Plan
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options(5) $4.836 02/14/2007 M 20,680 04/21/2002 04/20/2010 Common Stock 20,680 $4.836 0 D
Stock Options(5) $4.836 02/14/2007 M 334,832 04/21/2003 04/20/2010 Common Stock 334,832 $4.836 0 D
Stock Options(5) $4.836 02/14/2007 M 20,680 04/21/2004 04/20/2010 Common Stock 20,680 $4.836 0 D
Stock Options(5) $4.836 02/14/2007 M 20,680 04/21/2005 04/20/2010 Common Stock 20,680 $4.836 0 D
Stock Options(5) $4.836 02/14/2007 M 20,680 04/21/2006 04/20/2010 Common Stock 20,680 $4.836 0 D
Stock Options(5) $15.78 02/14/2007 M 180,992 01/22/2006 03/24/2013 Common Stock 180,992 $15.78 0 D
Stock Options(5) $15.78 02/14/2007 M 6,336 01/22/2007 03/24/2013 Common Stock 6,336 $15.78 0 D
Stock Options(5) $15.78 01/22/2008 03/24/2013 Common Stock 6,336 6,336(6) D
Stock Options(5) $15.78 01/22/2009 03/24/2013 Common Stock 6,336 6,336(6) D
Explanation of Responses:
1. These shares are owned jointly with spouse.
2. Number of shares may vary due to dividend reinvestment.
3. These shares were granted pursuant to the Company's Stock Performance Plan. The recipient has neither voting rights nor dividend entitlement with respect to a portion of these shares, and full ownership will not vest until the satisfaction of additional conditions.
4. Number of shares may vary periodically based on contributions to plan.
5. Granted by the Compensation Committee of the Board of 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 the Company as specified in the Plan.
6. Due to the satisfaction of conditions established pursuant to the Plan, the vesting of these options was accelerated, so that an additional 6,336 will vest on each of 1/22/2008 and 1/22/2009, respectively, subject to grantee's continued service with the Company as specified in the Plan.
JIM W. HENDERSON 02/14/2007
** Signature of Reporting Person Date
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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.