EXHIBIT 10.4(c)

POE & BROWN, INC.

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is entered between POE & BROWN, INC., hereinafter
called the “Company” and Powell Brown, hereinafter called “Employee”.

1.    Definitions.    “Company” means Poe & Brown, Inc. and with respect to
paragraph 8, hereof, also means its subsidiaries, affiliated companies and any
company operated or supervised by the Company, as well as any successor entity
formed by merger or acquisition, including any company that may acquire a
majority of the stock of Poe & Brown, Inc. “Employee” means Powell Brown and
with respect to paragraph 9 hereof also means any company or business in which
Employee has a controlling or managing interest.

2.    Employment.    The Company hereby employs Employee upon the terms and
conditions set forth in this Agreement.

3.    Term.    The term of the Agreement shall be continuous until terminated by
either party, except that termination shall be subject to the provisions of
paragraph 7, below.

4.    Extent of Duties.    Employee shall work full time for the Company and
shall also perform such other and selected duties as specified from time to time
by the Company. Employee’s duties under this Agreement shall be rendered at the
office of the Company in Daytona Beach, or at such other branch offices as
assigned by the Company. During the term of Employee’s employment under this
Agreement, Employee shall not, directly or indirectly, engage in the insurance
business in any of its phases, either as a broker, agent, solicitor, consultant
or participant, in any manner or in any firm or corporation engaged in the
business of insurance or reinsurance, except for the account of the Company or
as directed by the Company. Unless otherwise agreed, Employee shall devote all
of Employee’s productive time to duties outlined in this paragraph and shall not
engage in any other gainful employment without written consent of the Company.

5.    Compensation.    (a)    If the Employee is a Producer, then the Company
Producer Compensation System in effect and applicable at this time to the
undersigned is the final determination of the compensation for the Employee.
Employee acknowledges that Employee has read and understands the provisions of
the System, and understands that the System may be changed at any time. Employee
also understands that the Company Producer Compensation System is not a part of
this Employment Agreement.

(b)    If the Employee is not a Producer, then Employee’s compensation shall be
as agreed between Company and Employee from time to time.

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6.    Benefits.    Employee shall be entitled to enjoy the same benefits and
privileges as conferred upon any other employees of comparable rank within the
Company. This includes plans such as life and health insurance, sick pay, paid
vacation and employee discounts. Employee acknowledges that the applicable
benefits have been explained to Employee. Employee understands that such
benefits are provided by the Company at the Company’s discretion and may be
changed, increased, decreased or eliminated from time to time.

7.    Termination.    The employment relationship memorialized by this Agreement
may be terminated by Company or Employee at any time, with or without cause.
Termination of Employee’s employment under this Agreement shall not release
either Employee or the Company from obligations hereunder arising or accruing
through the date of such termination nor from the provisions of paragraph 8 of
this Agreement. On notice of termination of or by the Employee, the Company has
the power to suspend the Employee from all duties on the date notice is given,
and to immediately require return of all professional documentation as described
in the Agreement.

8.    Confidential Information: Covenant Not to Solicit or Service Customers or
Prospective Customers; Related Matters.

(a)    Employee recognizes and acknowledges that the Confidential Information
(as hereafter defined) constitutes valuable, secret, special, and unique assets
of Company. Employee covenants and agrees that, during the term of this
agreement and for a period of three years following termination (whether
voluntary or involuntary), he or she will not disclose the Confidential
Information to any person, firm, corporation, association, or other entity for
any reason or purpose without the express written approval of Company and will
not use the Confidential Information except in Company’s business. It is
expressly understood and agreed that the Confidential Information is the
property of Company and must be immediately returned to Company upon demand
therefor. The term Confidential Information includes each, every, and all
written documentation related to Company, whether furnished by Company or
compiled by Employee, including but not limited to: (1) lists of the Company’s
customers, companies, Company accounts and records pertaining thereto; (2)
customer lists, prospect lists, policy forms, and/or rating information,
expiration dates, information on risk characteristics, information concerning
insurance markets for large or unusual risks, and all other types of written
information customarily used by Company or available to the Employee; and (3)
information known to Employee but not reduced to written or recorded form.

(b)    For a period of three (3) years following termination (whether voluntary
or involuntary), Employee specifically agrees not to solicit, accept, nor
service, directly or indirectly, as insurance solicitor, insurance agent,
insurance broker, insurance wholesaler, managing general agent, or otherwise,
for Employees’ accounts or the accounts of any other agent, or broker, or
insurer, either as officer, director, stockholder, owner, partner, employee,
promoter, consultant, manager, or otherwise any insurance or bond business of
any kind or character from any person, firm, corporation, or other entity, that
is a customer or account of the Company during the term of this Agreement or
from any prospective customer or

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account to whom the Company made proposals about which Employee had knowledge,
or in which Employee participated during the last two years of Employee’s
employment with Company. Should a court of competent jurisdiction declare any of
the covenants set forth in this paragraph unenforceable due to an unreasonable
restriction of duration, geographical area or otherwise, each of the parties
hereto agrees that such court shall be empowered and shall grant Company
injunctive relief reasonably necessary to protect its interest.

(c)    Employee agrees that Company shall have the right to communicate the
terms of this Agreement to any third parties, including but not limited to, any
past, present or prospective employer of Employee. Employee waives any right to
assert any claim for damages against Company or any officer, employee or agent
of Company arising from disclosure of the terms of this Agreement.

(d)    In the event of the breach or threatened breach of the provisions of this
paragraph, Company shall be entitled to injunctive relief as well as any other
applicable remedies at law or in equity. Employee understands and agrees that
without such protection, Company’s business would be irreparably harmed, and
that the remedy of monetary damages alone would be inadequate.

9.    Organizing Competitive Businesses; Soliciting Company
Employees.    Employee agrees that so long as Employee is working for Company,
Employee will not undertake the planning or organizing of any business activity
competitive with the work Employee performs. Employee agrees that Employee will
not, for a period of two years following termination of employment with Company,
directly or indirectly solicit any of the Company’s employees to work for
Employee or any other competitive company.

10.    Protection of Company Property.    All records, files, manuals, lists of
customers, blanks, forms, materials, supplies, computer programs and other
materials furnished to the Employee by the Company, used by Employee on its
behalf, or generated or obtained by Employee during the course of Employee’s
employment, shall be and remain the property of Company. Employee shall be
deemed the bailee thereof for the use and benefit of Company and shall safely
keep and preserve such property, except as consumed in the normal business
operations of Company. Employee acknowledges that this property is confidential
and is not readily accessible to Company’s competitors. Upon termination of
employment hereunder, the Employee shall immediately deliver to Company or its
authorized representative all such property, including all copies, remaining in
the Employee’s possession or control.

11.    Attorneys’ Fees.    In the event of a dispute concerning the terms of
this Agreement, or arising out of the employment relationship created by this
Agreement, the prevailing party shall be entitled to recover, in addition to any
other remedy obtained, all expenses and attorneys’ fees incurred.

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12.    Notices.    Any notices required or permitted to be given under this
Agreement shall be sufficient if in writing and if sent by Certified Mail to:

Employee at:
  213 Riverside Dr.
Ormond Beach, FL 32176

and to the Company at:
  Poe & Brown, Inc.
220 S. Ridgewood Avenue
Daytona Beach, FL 32115
Attn:  Jim Henderson
Executive Vice President

or such other address as either shall give to the other in writing for this
purpose.

13.    Waiver of Breach.    The waiver by either party of a breach of any
provision of the Agreement shall not operate or be construed as a waiver of any
subsequent breach by the other party.

14.    Entire Agreement.    This instrument contains the entire agreement of the
parties. All contracts entered into which are dated prior to the Agreement are
considered null and void. This Agreement may not be changed orally but only by
an agreement in writing signed by the party against whom enforcement of any
waiver, change, modification, extension or discharge is sought.

15.    Binding Effect.    This Agreement shall be binding on and inure to the
benefit of the respective parties and their respective heirs, legal
representatives, successors and assigns.

16.    Interpretation.    This Agreement shall not be construed or interpreted
in a manner adverse to any party on the grounds that such party was responsible
for drafting any portion of it.

17.    Waiver of Jury Trial.    Employee and Company hereby knowingly,
voluntarily and intentionally waive any right either may have to a trial by jury
with respect to any litigation related to or arising out of, under or in
conjunction with this Agreement, or Employee’s employment with the Company.

18.    Assignment.    Employee agrees that Company may assign this Agreement to
any entity in connection with any sale of some or all of Company’s assets or
subsidiary corporations, or the merger by Company with or into any business
entity.

19.    Governing Law.    This Agreement shall be governed by and construed
according to the laws of the State of Florida, excluding laws related to
conflicts of law.

IN WITNESS WHEREOF, the parties have executed this Agreement on October 8, 1996.

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Witnesses:
           
POE & BROWN, INC.
 
/s/ Iris Tyler

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By: /s/ Charles H. Lydecker

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Name: Charles H. Lydecker

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/s/ Thomas Martin

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As to Company
           
Title: Senior Vice President

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EMPLOYEE
 
           
  
 
           
/s/ J. Powell Brown

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/s/ Iris Tyler

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J. Powell Brown

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/s/ Thomas Martin

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As to Employee
                       

 

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