BRP Group, Inc. Announces Inducement Grants in Connection with New Partnerships
TAMPA, Fla., Jan. 04, 2021 (GLOBE NEWSWIRE) -- BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced grants (each a “Grant”) of restricted shares of the Company’s Class A Common Stock to certain new employees that the Board of Directors (the “Board”) of the Company previously approved in connection with the Partnerships, BRP Group’s nomenclature for strategic acquisitions, with (i) Armfield, Harrison & Thomas, Inc. (“AHT”), (ii) Burnham Benefits Insurance Services, Inc. and Burnham Gibson Wealth Advisors, Inc. (collectively, “Burnham”) and (iii) Tanner, Ballew & Maloof, Inc. (“TBM”). The Grants were issued on January 1, 2021 pursuant to the Company’s Partnership Inducement Award Plan in accordance with the exemption provided by NASDAQ Listing Rule 5635(c)(4).
The Board approved the Grants to motivate and reward the recipients to perform at the highest level and contribute significantly to the success of BRP Group and its affiliates. The previously announced upfront cash payments for the AHT and Burnham Partnerships were reduced by the estimated value of the applicable Grants. The upfront equity consideration for the TBM Partnership was reduced by the estimated value of the applicable Grants.
The below table summarizes the material terms of the Grants.
| Partnership | Number of Grantees | Aggregate Shares Granted | Vesting Terms* |
| AHT | 201 | 72,609 | 25% per year over 4 years or 100% after 4 years |
| Burnham | 120 | 414,920 | 1/3 per year over 3 years or 25% per year over 4 years |
| TBM | 44 | 83,731 | 25% per year over 4 years or 100% after 4 years |
*Vesting is subject to continued employment through the applicable vesting date.
ABOUT BRP GROUP, INC.
BRP Group, Inc. (NASDAQ: BRP) is a rapidly growing 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 represents over 500,000 clients across the United States and internationally. For more information, please visit www.baldwinriskpartners.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent BRP Group’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, those described under the caption “Risk Factors” in BRP Group’s Annual Report on Form 10-K for the year ended December 31, 2019, BRP Group’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020, and BRP Group’s other filings with the SEC, which are available free of charge on the Securities and Exchange Commission's website at: www.sec.gov, including those risks and other factors related to the potential effects of the COVID-19 pandemic on BRP Group’s business, financial condition and results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to BRP Group or to persons acting on behalf of BRP Group are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and BRP Group does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
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Rachel Carr, Marketing Director
Baldwin Risk Partners
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