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Member, Beacon International Group, Ltd.
According to a document filed with the Securities and Exchange Commission this week, former Brown & Brown Inc. Chief Acquisitions Officer and Regional President Thomas E. Riley and his former employer have reached a separation agreement that will pay him $800,000 in severance pay.
Mr. Riley, whose employment with Brown & Brown ceased effective Jan. 3, 2011, according to the filing, will receive a one-time severance payment of $400,000 and an additional severance payment of $400,000 to be paid in four equally quarterly payments.
He will also receive an additional payment of $22,756, “which is an amount equal to the (COBRA) continuation benefits premium obligation for Mr. Riley and his family during the period ending Dec. 31, 2011,” according to the filing, which also notes that Mr. Riley has the right to receive an annual bonus and non-equity incentive payout for 2010.
J. Scott Penny was named Brown & Brown's chief acquisitions officer earlier this month.