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BRP Group, Inc. Completes Acquisition of Westwood Insurance Agency
BRP Group, Inc. (“BRP Group” or the “Company”) (NASDAQ: BRP), an independent insurance distribution firm delivering tailored insurance solutions, today announced that the Company, through an indirect subsidiary, has completed the previously announced acquisition of Westwood Insurance Agency (operating as “Westwood”).
In connection with the Partnership, 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 (“Class A Shares”) that the Compensation Committee of the Board of Directors of the Company previously approved (each, a “Grant”). The Grants will be issued pursuant to the Company’s Partnership Inducement Award Plan (the “Inducement Plan”) in accordance with the exemption provided by NASDAQ Listing Rule 5635(c)(4).
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 payment to QBE Holdings, Inc. was reduced by the estimated value of the applicable Grants.
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