Document:

EX-10.29

 Exhibit 10.29 
 THE CORPORATE EXECUTIVE BOARD COMPANY 
 STANDARD TERMS AND CONDITIONS FOR
NON-QUALIFIED STOCK OPTIONS, STOCK APPRECIATION RIGHTS & RESTRICTED STOCK UNITS 
 These Standard Terms and Conditions apply to any
non-qualified stock option, stock appreciation right, or restricted stock units granted after August 8, 2012 under The Corporate Executive Board Company 2012 Stock Incentive Plan (as amended) (the “Plan”) which are evidenced by a Term
Sheet or an action of the Administrator that specifically refers to these Standard Terms and Conditions. 
 1. GRANT 

THE CORPORATE EXECUTIVE BOARD COMPANY, a Delaware corporation (the “Company”), has granted to the individual named in the Term Sheet (the
“Grantee”), which was provided to said Grantee herewith (the “Term Sheet”) the following: 
 1. a
non-qualified stock option or stock appreciation right (hereafter referred to as the “Option”) to purchase up to the number of shares of the Company’s Common Stock, $0.01 par value per share (the “Common Stock”), set forth
in Term Sheet, at the purchase price per share and upon the other terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions, and the Plan, each as amended from time to time; and/or 

2. an award of a number of restricted stock units (the “Award”) as specified in the Term Sheet representing the right to receive
one share of the Company’s Common Stock, $0.01 par value per share, upon the terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions, and the Plan, each as amended from time to time. 

2. CAPITALIZED TERMS 
 For purposes of
these Standard Terms and Conditions and the Term Sheet, any reference to the Company shall include a reference to any Subsidiary (as such term is defined in the Plan) and a “Termination of Employment” shall have the meaning given to such
term in Section 2(w) of the Plan. In addition, any other capitalized term not otherwise defined herein shall have the meaning given to such term in the Plan. 
 3. TERMS AND CONDITIONS APPLICABLE TO NON-QUALIFIED STOCK OPTIONS AND STOCK APPRECIATION RIGHTS 
 3.1. Non-Qualified Status. The Option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted
accordingly. 
 3.2. Exercise. The Option shall not be exercisable as of the Grant Date set forth in the Term Sheet. After the Grant
Date, to the extent not previously exercised, and subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Option shall be exercisable to the extent it becomes vested, as described in the Term
Sheet, to purchase up to that number of shares of Common Stock as set forth in the Term Sheet provided that (except as set forth in Section 3.3 below) Grantee does not experience a Termination of Employment prior to the applicable vesting date.
The vesting period and/or exercisability of an Option may be adjusted by the Administrator to reflect the effects of any period during which the Grantee is on an approved leave of absence or is employed or providing services on a less than full time
basis, provided that no such adjustment may be made which would result in an accounting charge to the Company. 
 To exercise the Option (or any
part thereof), Grantee shall deliver a “Notice of Exercise” to the Company specifying the number of whole shares of Common Stock Grantee wishes to purchase and how Grantee’s shares of Common Stock should be registered (in
Grantee’s name only or in Grantee’s and Grantee’s spouse’s names as community property or as joint tenants with right of survivorship). 
 The exercise price (the “Exercise Price”) of the Option is set forth in the Term Sheet. The Company shall not be obligated to issue any shares of Common Stock until Grantee shall have paid the
total Exercise Price for that number of shares of Common Stock. Unless the Administrator permits or requires the Grantee to pay the Exercise Price in such other form(s) of consideration as the Administrator in its discretion shall specify pursuant
to the Plan, the Exercise Price shall be paid by the Company withholding from the shares of Common Stock otherwise issuable to the Grantee upon the exercise of the Option (or portion thereof) the whole number of shares (rounded up) having a fair
market value on the date of exercise sufficient to satisfy the Exercise Price. If the withheld shares are not sufficient to pay the Exercise Price, the Grantee shall pay to the Company on the date of exercise any amount of the Exercise Price that is
not satisfied by the withholding of shares of Common Stock described above and if the withheld shares are more than sufficient to satisfy the Exercise Price the Company shall make such arrangement as it determines appropriate to credit such amount
for the Grantee’s benefit. 
 Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practical after
exercise. Notwithstanding the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that the exercisability of the Option or the delivery of shares hereunder would violate any
federal, state or other applicable laws. 
 3.3. Expiration of the Option. Except as provided in this Section 3.3, the Option shall
expire and cease to be exercisable as of the Expiration Date set forth in the Term Sheet. 
 1. Upon the Grantee’s
Termination of Employment due to the death of the Grantee, (i) any part of the Option that is unexercisable as of such Termination of Employment shall immediately become exercisable and (ii) the unexercised portion of the Option shall be
exercisable by the Grantee’s estate, heir or beneficiary at any time during the period ending on the earlier of the first anniversary of such Termination of Employment and the Expiration Date of the Option at which point the unexercised portion
of the Option shall expire. 
 2. Upon the Grantee’s Termination of Employment as a result of the Total and Permanent
Disablement (as defined in the Plan) of the Grantee, (i) any part of the Option that is unexercisable as of such Termination of Employment shall immediately become exercisable and (ii) the unexercised portion of the Option shall be
exercisable by the Grantee at any time during the period ending on the earlier of the first anniversary of such Termination of Employment and the Expiration Date of the Option at which point the unexercised portion of the Option shall expire.

 3. Upon the Grantee’s Termination of Employment due to Retirement (as defined in the
Plan), (i) any part of the Option that is unexercisable as of such Termination of Employment shall immediately become exercisable and (ii) the unexercised portion of the Option shall be exercisable by the Grantee at any time during the
period ending on the earlier of the first anniversary of such Termination of Employment and the Expiration Date of the Option at which point the unexercised portion of the Option shall expire. 

4. Upon Grantee’s Termination of Employment for any reason other than as described in sub-clauses 1 through 3 above and except as
otherwise provided sub-clause 5 below, (i) any part of the Option that is unexercisable as of such Termination of Employment shall remain unexercisable and shall terminate as of such Termination of Employment and (ii) any part of the
Option that is exercisable as of such Termination of Employment shall expire on the earlier of ninety (90) days following such Termination of Employment or the Expiration Date of the Option. 

5. If, within one year after a Change of Control (as defined in Section 16 hereof), the Grantee incurs a Termination of Employment
for any reason other than for Cause (as defined in Section 16 hereof) or voluntary resignation by the Grantee, the unexercised portion of the Option shall be exercisable by the Grantee in its entirety upon the date of such Termination of
Employment until the period ending on the earlier of the first anniversary of such Termination of Employment and the Expiration Date of the Option, at which point the unexercised portion of the Option shall expire. 

The Option shall become exercisable in its entirety one year after a Change of Control if the Grantee is employed by or providing services
to the Company at such time until the period ending on the expiration of the Option. 
 3.4. Restrictions on Resales of Option Shares.
The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Grantee or other subsequent transfers by the Grantee of any shares of Common Stock issued as a
result of the exercise of the Option, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee and other option holders
and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers. 
 3.5. Income Taxes. Grantee
will be subject to federal and state income and other tax withholding requirements on the date (generally, the date of exercise) determined by applicable law (any such date, the “Taxable Date”), based on the excess of the fair market value
of the shares of Common Stock underlying the portion of the Option that is exercised over the Exercise Price. The Grantee will be solely responsible for the payment of all U.S. federal income and other taxes, including any state, local or non-U.S.
income or employment tax obligation that may be related to the exercise of the Option, including any such taxes that are required to be withheld and paid over to the applicable tax authorities (the “Tax Withholding Obligation”). The
Grantee will be responsible for the satisfaction of such Tax Withholding Obligation in a manner acceptable to the Company in its sole discretion. 
 By accepting the Option, the Grantee agrees that, unless and to the extent the Grantee has otherwise satisfied the Tax Withholding Obligations in a manner permitted or required by the Administrator
pursuant to the Plan, the Company is authorized to withhold from the shares of Common Stock issuable to the Grantee in respect of the vested Option the whole number of shares (rounding up) having a value (as determined by the Company consistent with
any applicable tax requirements) on the Taxable Date or the first trading day before the Taxable Date sufficient to satisfy the applicable Tax Withholding Obligation. If the withheld shares are not sufficient to satisfy the Grantee’s Tax
Withholding Obligation, the Grantee agrees to pay to the Company as soon as practicable any amount of the Tax Withholding Obligation that is not satisfied by the withholding of shares of Common Stock described above and if the withheld shares are
more than sufficient to satisfy the Grantee’s Tax Withholding Obligation the Company shall make such arrangement as it determines appropriate to credit such amount for the Grantee’s benefit. 

At any time not less than five (5) business days before any Tax Withholding Obligation arises (e.g., a settlement date), the Grantee may elect to
satisfy all or any part of the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient (in light of the uncertainty of the exact amount thereof) to so satisfy the Tax Withholding
Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a certified check payable to the Company, or (iii) such other means as specified from time to time by the Administrator, in each case unless
the Company has specified prior to such date that the Grantee is not permitted to so satisfy the Tax Withholding Obligation. 
 The Company may
refuse to issue any shares of Common Stock to the Grantee until the Grantee satisfies the Tax Withholding Obligation. The Grantee acknowledges that the Company has the right to retain without notice from shares issuable upon exercise of the Option
(or any portion thereof) or from salary or other amounts payable to the Grantee, shares or cash having a value sufficient to satisfy the Tax Withholding Obligation. 
 The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Option, regardless of any action the Company takes or any transaction pursuant to this
Section 3.5 with respect to any Tax Withholding Obligation that arise in connection with the Option. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance,
vesting or exercise of the Option or the subsequent sale of any of the shares of Common Stock acquired upon exercise of the Option. The Company does not commit and is under no obligation to structure the Option to reduce or eliminate the
Grantee’s tax liability. 
 4. TERMS AND CONDITIONS APPLICABLE TO RESTRICTED STOCK UNITS 

4.1. Vesting of Restricted Stock Units. The Award shall not be vested as of the Grant Date set forth in the Term Sheet and shall be forfeitable unless and
until otherwise vested pursuant to the terms of the Term Sheet and these Standard Terms and Conditions. After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall
become vested as described in the Term Sheet with respect to that number of restricted stock units as set forth in the Term Sheet; provided that (except as set forth in Section 4.4 below) the Grantee does not experience a Termination of
Employment prior to the applicable vesting date. Each date on which restricted stock units subject to the Award vest is referred to herein as a “Vesting Date.” Notwithstanding anything herein or in the Term Sheet to the contrary, if a
Vesting Date is not a business day, the applicable portion of the Award shall vest on the next following business day. Restricted stock units granted under the Award that have vested and are no longer subject to forfeiture are referred to herein as
“Vested Units.” Restricted stock units granted under the Award that are not vested and remain subject to forfeiture are referred to herein as “Unvested Units.” 
 The vesting period of an Award may be adjusted by the Administrator to reflect the decreased level of employment or service during any period in which the Grantee is on an approved leave of absence or is
employed or providing services on a less than full time basis, provided that the Administrator may take into consideration any accounting consequences to the Company in making any such adjustment. 

4.2. Settlement of Restricted Stock Units. Each Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under
Section 12 of the Plan) to the Grantee or, in the event of the Grantee’s death, to the Grantee’s estate, heir or beneficiary, within 60 days following the applicable Vesting Date. The issuance of the shares of Common Stock hereunder
may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on the Grantee’s behalf with a brokerage firm or other custodian, in each case as
determined by the Company. Fractional shares will not be issued pursuant to the Award. 

  
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 Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time
temporarily suspend the issuance of shares of Common Stock in respect of Vested Units, (ii) the Company shall not be obligated to deliver any shares of the Common Stock during any period when the Company determines that the delivery of shares
hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue shares of Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with
securities or other regulatory requirements, (iv) the date on which shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative
matters, and (v) shares shall not be issued or issuable pursuant to this provision to the extent of any deferral pursuant to a deferred compensation program that the Company has made available for purposes of allowing deferral of such shares;
provided that, in the case of clauses (i)—(iv), in no event shall the date of delivery be later than the last date on which settlement may take place without converting this Award into “non-qualified compensation” within the meaning
of Section 409A of the Internal Revenue Code of 1986, as amended. 
 4.3. Rights as Stockholder. Prior to any issuance of shares of
Common Stock in settlement of the Award, no shares of Common Stock will be reserved or earmarked for the Grantee or the Grantee’s account nor shall the Grantee have any of the rights of a stockholder with respect to such shares. The Grantee
will not be entitled to any privileges of ownership of the shares of Common Stock (including, without limitation, any voting or dividend rights) underlying Vested Units and/or Unvested Units unless and until shares of Common Stock are actually
delivered to the Grantee hereunder. 
 4.4. Termination of Employment. Except as provided in this Section 4.4, all Unvested Units shall be
forfeited by the Grantee and cancelled and surrendered to the Company without payment of any consideration to the Grantee upon the date of the Grantee’s Termination of Employment for any reason. 

1. Upon the Grantee’s Termination of Employment as a result of the death of the Grantee, the Award shall be deemed to have become
fully vested immediately prior to such Termination of Employment. 
 2. Upon the Grantee’s Termination of Employment as a
result of the Total and Permanent Disablement (as defined in the Plan) of the Grantee, the Award shall be deemed to have become fully vested immediately prior to such Termination of Employment. 

3. Upon the Grantee’s Termination of Employment as a result of the Grantee’s Retirement (as defined in the Plan), the Award
shall be deemed to have become fully vested immediately prior to such Termination of Employment. 
 4. If, within one year after
a Change in Control (as defined in Section 16 hereof), the Grantee incurs a Termination of Employment for any reason other than for Cause (as defined in Section 16 hereof) or voluntary resignation by the Grantee, the Award shall be deemed
to have become fully vested immediately prior to such Termination of Employment. 
 4.5. Restrictions on Resales of Shares. The Company
may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any re-sales by the Grantee or other subsequent transfers by the Grantee of any shares of Common Stock issued in respect of Vested
Units, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee and other holders and (c) restrictions as to the use
of a specified brokerage firm for such re-sales or other transfers. 
 4.6. Income Taxes. The Grantee will be subject to federal and
state income and other tax withholding requirements on a date (generally, the Vesting Date) determined by applicable law (any such date, the “Taxable Date”), based on the fair market value of the shares of Common Stock underlying the
Vested Units that vest. The Grantee will be solely responsible for the payment of all U.S. federal income and other taxes, including any state, local or non-U.S. income or employment tax obligation that may be related to the Vested Units, including
any such taxes that are required to be withheld and paid over to the applicable tax authorities (the “Tax Withholding Obligation”). The Grantee will be responsible for the satisfaction of such Tax Withholding Obligation in a manner
acceptable to the Company in its sole discretion. 
 By accepting the Award the Grantee agrees that, unless and to the extent the Grantee has
otherwise satisfied the Tax Withholding Obligations in a manner permitted or required by the Administrator pursuant to the Plan, the Company is authorized to withhold from the shares of Common Stock issuable to the Grantee in respect of Vested Units
the whole number of shares (rounding up) having a value (as determined by the Company consistent with any applicable tax requirements) on the Taxable Date or the first trading day before the Taxable Date sufficient to satisfy the applicable Tax
Withholding Obligation. If the withheld shares are not sufficient to satisfy the Grantee’s Tax Withholding Obligation, the Grantee agrees to pay to the Company as soon as practicable any amount of the Tax Withholding Obligation that is not
satisfied by the withholding of shares of Common Stock described above and if the withheld shares are more than sufficient to satisfy the Grantee’s Tax Withholding Obligation the Company shall make such arrangement as it determines appropriate
to credit such amount for the Grantee’s benefit. 
 At any time not less than five (5) business days before any Tax Withholding
Obligation arises (e.g., a settlement date), the Grantee may elect to satisfy all or any part of the Grantee’s Tax Withholding Obligation by delivering to the Company an amount that the Company determines is sufficient (in light of the
uncertainty of the exact amount thereof) to so satisfy the Tax Withholding Obligation by (i) wire transfer to such account as the Company may direct, (ii) delivery of a certified check payable to the Company, or (iii) such other means
as specified from time to time by the Administrator, in each case unless the Company has specified prior to such date that the Grantee is not permitted to so satisfy the Tax Withholding Obligation. 

The Company may refuse to issue any shares of Common Stock to the Grantee until the Grantee satisfies the Tax Withholding Obligation. If the Grantee does
not satisfy the Tax Withholding Obligation within the “short term deferral period” of Section 409A of the Code, the Grantee will forfeit the Common Stock. The Grantee acknowledges that the Company has the right to retain without
notice from shares issuable under the Award or from salary or other amounts payable to the Grantee, shares or cash having a value sufficient to satisfy the Tax Withholding Obligation. 
 The Grantee is ultimately liable and responsible for all taxes owed by the Grantee in connection with the Award, regardless of any action the Company takes or any transaction pursuant to this
Section 4.6 with respect to any Tax Withholding Obligation that arise in connection with the Award. The Company makes no representation or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance,
vesting or settlement of the Award or the subsequent sale of any of the shares of Common Stock underlying Vested Units. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax
liability. 

  
 3 

 5. NON-TRANSFERABILITY OF OPTIONS AND AWARDS 
 Unless otherwise provided by the Administrator, the Grantee may not assign or transfer the Option or the Award to anyone other than by will or the laws of descent and distribution and the Option and Award
shall be exercisable only by the Grantee during his or her lifetime. The Company may cancel the Grantee’s Option or Award if the Grantee attempts to assign or transfer it in a manner inconsistent with this Section 5. 

6. THE PLAN AND OTHER AGREEMENTS 
 In
addition to these Terms and Conditions, the Option and Award shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. 
 The Term Sheet, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Grantee and the Company regarding the Option and Award. Any prior agreements, commitments
or negotiations concerning the Option or Award are superseded. 
 7. LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTIONS OR AWARDS

 Neither the Grantee (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Grantee
shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Term Sheet or these Standard Terms and Conditions except (i) as to such shares of Common
Stock, if any, as shall have been issued to such person upon exercise of the Option or any part of it, or (ii) as to such shares of Common Stock, if any, as shall have been issued to such person in respect of Vested Units. 

8. NOT A CONTRACT FOR EMPLOYMENT 

Nothing in the Plan, in the Term Sheet, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the
Grantee any right to continue to be employed by or provide services to the Company nor limit in any way the Company’s right to terminate the Grantee’s employment or service at any time for any reason. 

9. NOTICES 
 All notices, requests,
demands and other communications pursuant to these Standard Terms and Conditions shall be in writing and shall be deemed to have been duly given if personally delivered, telexed or telecopied to, or, if mailed, when received by, the other party at
the following addresses (or at such other address as shall be given in writing by either party to the other): 
 If to the Company to:

 The Corporate Executive Board Company 

1919 North Lynn Street 
 Arlington, Virginia
22209 
 Attention: Chief Administrative Officer 
 If to the Grantee, to the address set forth below the Grantee’s signature on the Term Sheet. 

10. SEPARABILITY 
 In the event that any
provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and
enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. 

11. HEADINGS 
 The headings preceding the
text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. 

12. FURTHER ASSURANCES 
 Each party shall
cooperate and take such action as may be reasonably requested by another party in order to carry out the provisions and purposes of these Standard Terms and Conditions. 
 13. BINDING EFFECT 
 These Standard Terms and Conditions shall inure to the benefit of and
be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns. 
 14. DISPUTES

 All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Administrator in its total and
absolute discretion in accordance with Sections 22 and 23 of the Plan. In the event the Grantee or other holder of an Option or Award believes that a decision by the Administrator with respect to such person was arbitrary or capricious, the Grantee
or other holder may request arbitration with respect to such decision in accordance with Section 23 of the Plan. The review by the arbitrator shall be limited to determining whether the Administrator’s decision was arbitrary or capricious.
This arbitration shall be the sole and exclusive review permitted of the Administrator’s decision, and the Grantee and any other holder hereby explicitly waive any right to judicial review. 

15. ELECTRONIC DELIVERY 
 The Company
may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request the Grantee’s consent to participate in the Plan by electronic means. By accepting an Option or an
Award, the Grantee consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated
by the Company, and such consent shall remain in effect throughout the Grantee’s term of employment or service with the Company and thereafter until withdrawn in writing by the Grantee. 

  
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 16. DEFINITIONS 
 For purposes of this Agreement, the terms set forth below shall have the following meanings: 
 A.
“Cause” means (i) the commission of an act of fraud or theft against the Company; (ii) conviction for any felony; (iii) conviction for any misdemeanor involving moral turpitude which might, in the Company’s opinion,
cause embarrassment to the Company; (iv) significant violation of any material Company policy; willful or repeated non-performance or substandard performance of material duties which is not cured within thirty (30) days after written
notice thereof to the Grantee; or (v) violation of any material state or federal laws, rules or regulations in connection with or during performance of the Grantee’s work which, if such violation is curable, is not cured within thirty
(30) days after notice thereof to the Grantee. 
 B. “Change of Control” means any of the following: 

1. the “acquisition” by a “person” or “group” (as those terms are used in Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules promulgated thereunder), other than by Permitted Holders, of beneficial ownership (as defined in Exchange Act Rule 13d-3) directly or indirectly, of any
securities of the Company or any successor of the Company immediately after which such person or group owns securities representing 50% or more of the combined voting power of the Company or any successor of the Company; 

2. within any 12-month period, the individuals who were directors of the Company as of December 31, 2005 (the “Incumbent
Directors”) ceasing for any reason other than death or disability to constitute at least a majority of the Board of Directors, provided that any director who was not a director as of December 31, 2005 shall be deemed to be an Incumbent
Director if such director was appointed or elected to the Board of Directors by, or on the recommendation or approval of, at least a majority of directors who then qualified as Incumbent Directors, provided further that any director appointed or
elected to the Board of Directors to avoid or settle a threatened or actual proxy contest shall in no event be deemed to be an Incumbent Director; 
 3. the consummation of any merger, consolidation or reorganization involving the Company or the issuance of stock by the Company, unless either (A) the stockholders of the Company immediately before
such merger, consolidation or reorganization own, directly or indirectly immediately following such merger, consolidation or reorganization, at least 60% of the combined voting power of the company(ies) resulting from such merger, consolidation or
reorganization in substantially the same proportion as their ownership immediately before such merger, consolidation or reorganization, or (B) the stockholders of the Company immediately after such merger, consolidation or reorganization
include Permitted Holders; 
 4. the transfer of 50% or more of the assets of the Company or a transfer of assets that during the
current or either of the prior two fiscal years accounted for more than 50% of the Company’s revenues or income (for the avoidance of doubt, “assets” for this purpose shall exclude cash, cash equivalents and marketable securities),
unless the person to which such transfer is made is either (A) a Subsidiary of the Company, (B) wholly owned by all of the stockholders of the Company, or (C) wholly owned by Permitted Holders; or 

5. the complete liquidation or dissolution of the Company. 
 C. “Permitted Holders” means: 
 1. the Company, 

2. any Subsidiary, 
 3. any employee benefit plan of the Company or any Subsidiary, and 
 4. any group
which includes or any person who is wholly or partially owned by a majority of the individuals who immediately prior to such acquisition of securities or stockholder approval under Sections A(i), A(iii) or A(iv) are executive officers (as defined in
Exchange Act Rule 3b-7) of the Company or any successor of the Company; provided that immediately prior to and for six months following such acquisition of securities or stockholder approval such executive officers of the Company are beneficial
owners (as defined in Exchange Act Rule 16a-1(a)(2)) of the common stock of the Company or any successor of the Company; and provided further that such executive officers’ employment is not terminated by the Company or any successor of the
Company (other than as a result of death or disability) during the six months following such acquisition of securities or stockholder approval. A Change of Control shall be deemed to have occurred on any date within six months following an
acquisition of securities or stockholder approval under Sections A(i), A(iii) or A(iv) on which any of the conditions set forth in this clause (iv) cease to be satisfied. 
 17. CLAWBACK POLICY (APPLICABLE TO NEOS ONLY) 
 This section is only applicable to Named
Executive Officers (“NEOs”) of the Company (as defined in Item 402(a)(3) of Regulation S-K). 
 The Grantee hereby acknowledges
and agrees that the Grantee has received and read the Company’s “Clawback Policy,” which may be amended by the Company’s Board of Directors at any time and the Grantee hereby irrevocably agrees to the terms thereof, including
without limitation, that any Option and/or Award granted under the Plan is subject to such Clawback Policy. In consideration of the grant of an Option and/or Award hereunder, the Grantee agrees to abide by the Company’s Clawback Policy, as
amended from time to time, including without limitation, any determinations of the Company’s Board of Directors pursuant to such Clawback Policy. 

  
 5Amendments to Lease

 EXHIBIT 10.1(a) 
 STATE OF FLORIDA 
 COUNTY OF VOLUSIA 

SEVENTH AMENDMENT TO LEASE AGREEMENT 
 This Seventh Amendment to Lease made this 25th day of March, 2011, is entered into by and between Ridgewood Office Building, L.P., Ltd., a Delaware limited partnership as Landlord (“Landlord”) and Brown & Brown, Inc., a Florida
corporation, (“Tenant”). 
 WITNESSETH: 
 WHEREAS, Tenant, entered into that certain Ridgewood Office Building Lease with Chapman S. Root, Trustee, Chapman S. Root Revocable Trust U/T/A 2/15/87, (said Lease having been assigned to the Chapman S.
Root 1982 Living Trust and subsequently assigned to Ridgewood Office Building, L.P., Ltd.) for the Premises dated August 1, 1987 which sets forth the terms of occupancy by Tenant for a portion of the Building containing 38,738 square feet of
Rentable Area (herein after referred to as “Lease”), and that certain Letter of Agreement dated June 26, 1995 wherein the Tenant leased an additional 1,114 square feet of Rentable Area, and that certain First Amendment to Lease dated
August 2, 1999 wherein the Tenant leased an additional 5,577 square feet of Rentable Area resulting in a total Rental Area of 45,429 square feet and that certain Second Amendment to Lease dated December 11, 2001 wherein the Tenant leased
an additional 3,851 square feet of Rentable Area resulting in a total Rentable Area of 49,280 square feet and that certain Third Amendment to Lease dated August 8, 2002 wherein the Tenant leased an additional 5,435 square feet of Rentable Area
resulting in a total Rentable Area of 51,235 square feet and that certain Fourth Amendment to Lease dated October 26, 2004 wherein Tenant vacated 5,577 square feet resulting in a total Rental Area of 45,658 square feet and that certain Fifth
Amendment to Lease dated May 30, 2007 wherein Tenant leased an additional 3,842 square feet resulting in a total Rental Area of 49,500 square feet, and that certain Sixth Amendment to Lease dated August 17, 2009 wherein Tenant leased an
additional 2,100 square feet resulting in a total Rental Area of 50,065 square feet. 
 WHEREAS, the Landlord and Tenant desire
to modify and amend the Lease as set forth in this Seventh Amendment to Lease, the Premises shall be adjusted such that effective April 1, 2011 Tenant will occupy an additional 243 square feet on the Second Floor resulting in a total Rentable
Area of the Premises being 50,308 square feet. 
 NOW, THEREFORE, for and in consideration of the Premises, the sum of Ten and
00/100 ($10.00) Dollars in hand paid by Tenant to Landlord, the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to modify and amend
the Lease as follows: 
 I. A. As to Section 2. DEFINITIONS. 

 

	 	2.a.	Base Rent: Effective April 1, 2011 shall be $645,451.64 per year for space occupied by Tenant until adjusted according to the terms set forth in the Lease.

  

	 	2.j.	Monthly Installments of Base Rent: $53,787.64 per month until adjusted according to the terms set forth in the Lease. 

  
 1 

	 	2.r.	Tenant’s Proportionate Share: 80.55% such share is a fraction, the numerator of which is the Rentable Area of the Premises, and the denominator of which is
the Rentable Area of the Project, as determined by Landlord from time to time. The Project consists of one building containing a total Rentable Area of 62,453 square feet. 

B. As to Section 3. EXHIBITS AND ADDENDA, said section is amended to read as follows: 

The exhibits listed below and attached hereto are incorporated by reference in this Fourth Amendment to Lease: 

a. Exhibit “A” - Revised Floor Plan showing the Premises. 
 III. All other terms, covenants and conditions of the Lease are and shall remain in full force and effect. 
 IV. Landlord and Tenant hereby acknowledge that the Lease and this Amendment represent the entire agreement, that no other written or oral agreements exist and that all other provisions of the
Lease not modified herein shall remain in full force and effect. 
  

							
	 LANDLORD:

RIDGEWOOD OFFICE BUILDING, L.P., LTD.,

a Delaware limited partnership
	 	TENANT:
 BROWN & BROWN, INC.

a Florida corporation

	 By:
	 	 Root Real Estate Corp., its managing general partner
	 		 	
		 		 		 	
				
	By:	 	 

  
	 	By:	 	 

  

		 	Patrick M. Opalewski, Vice President	 	 Print Name: T.G. Tinsley

		 		 	 Title: ROL

							
		
	 Witness:
	 	Witness:
				
		 	 

	 		 	 

		 	 Print Name: Audrey, Ruthkowski
	 		 	Print Name: Linda Hall

	

  
 2 

					
	 Mr. Tom Tinsley

Director of Operations
 Brown and Brown,
Inc.
 Post Office Box 2412
 Daytona
Beach, Florida 32115-2412
	  	Bill To:	  	Same

 SCHEDULE OF RENTAL PAYMENTS

  

															
	 Month
	  	 Year
	  	 Base

Rent
	  	 Operating

Expense
	  	 Total

Monthly

Charges
	  	 6.5%

Sales

Tax
	  	 Estimated

Monthly

Electricity
	  	 Total

Payment

Due

	 Jan
	  	2011	  	$53,527.83	  	$27,201.98	  	$80,729.81	  	$5,247.44	  	$10,972.58	  	$96,949.83
	 Feb
	  	2011	  	$53,527.83	  	$27,201.98	  	$80,729.81	  	$5,247.44	  	$10,972.58	  	$96,949.83
	 Mar
	  	2011	  	$53,527.83	  	$27,201.98	  	$80,729.81	  	$5,247.44	  	$10,972.58	  	$96,949.83
	 Apr
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 May
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Jun
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Jul
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Aug
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Sep
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Oct
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Nov
	  	2011	  	$53,787.64	  	$27,334.01	  	$81,121.65	  	$5,272.91	  	$11,025.84	  	$97,420.39
	 Dec
	  	2011	  	$53,787.64	  	$27,201.98	  	$80,989.62	  	$5,264.33	  	$10,972.58	  	$97,226.52
								
		  		  		  		  		  	Rent Increases:	  	10/1/2013	  	

																			
	 	 	Space Occupied (SF): Jan -Mar	 	 	  	50,065	 	  	 	  	 	  	 	  	 	  	 
		 	Space Occupied (SF): Apr -Dec	 		  	 	50,308	  	  		  		  		  		  	
		 	Base Rent $/SF:	 		  	$	12.83	  	  		  		  		  		  	
		 	Base Operating Expense $/SF:	 		  	$	6.52	  	  		  		  		  		  	
		 	Estimated Electricity $/SF:	 		  	$	2.63	  	  		  		  		  		  	

 Payments are due on or before the first (1st) day of each calendar month during the Lease Term 

Make Checks Payable To: Ridgewood Office Building L.P. 
                                   
    c/o Root Real Estate Corp. 

                       
         275 Clyde Morris Blvd. 

                       
                     Ormond Beach, FL 32174-5977 

 STATE OF FLORIDA 
 COUNTY OF VOLUSIA 
 EIGHTH AMENDMENT TO LEASE AGREEMENT 

This Eighth Amendment to Lease made this     day of
                    , 2012, is entered into by and between Ridgewood Office Building, LLC, formerly known as Ridgewood Office Building, L.P., Ltd., a
Florida limited liability company as Landlord (“Landlord”) and Brown & Brown, Inc., a Florida corporation, (“Tenant”). 
 W I T N E S S E T H: 
 WHEREAS, Tenant, entered into that certain Ridgewood Office
Building Lease with Chapman S. Root, Trustee, Chapman S. Root Revocable Trust U/T/A 2/15/78, (said Lease having been assigned to the Chapman S. Root 1982 Living Trust and subsequently assigned to Ridgewood Office Building, L.P., Ltd.) for the
Premises dated August 1, 1987 which sets forth the terms of occupancy by Tenant for a portion of the Building containing 38,738 square feet of Rentable Area (herein after referred to as “Lease”), and that certain Letter of Agreement
dated June 26, 1995 wherein the Tenant leased an additional 1,114 square feet of Rentable Area, and that certain First Amendment to Lease dated August 2, 1999 wherein Tenant leased an additional 5,577 square feet of Rentable Area resulting
in a total Rental Area of 45,429 square feet and that certain Second Amendment to Lease dated December 11, 2001 wherein the Tenant leased an additional 3,851 square feet of Rentable Area resulting in a total Rentable Area of 49,280 square feet
and that certain Third Amendment to Lease dated August 8, 2002 wherein the Tenant leased an additional 1,955 square feet of Rentable Area resulting in a total Rentable Area of 51,235 square feet and that certain Fourth Amendment to Lease dated
October 26, 2004 wherein Tenant vacated 5,577 square feet resulting in a total Rental Area of 45,658 square feet and that certain Fifth Amendment to Lease dated May 30, 2007 wherein Tenant leased an additional 3,842 square feet resulting
in a total Rental Area of 49,500 square feet, and that certain Sixth Amendment to Lease dated August 17, 2009 wherein Tenant leased an additional 565 square feet resulting in a total Rental Area of 50,065 square feet, and that certain Seventh
Amendment to Lease dated March 25, 2011 wherein Tenant leased an additional 243 square feet resulting in a total Rental Area of 50,308 square feet. 
 WHEREAS, Landlord and Tenant desire to modify and amend the Lease as set forth in this Eighth Amendment to Lease. 
 NOW, THEREFORE, for and in consideration of the Premises, the sum of Ten and 00/100 ($10.00) Dollars in hand paid by Tenant to Landlord, the mutual agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to modify and amend the Lease as follows: 

I. Effective July 1, 2012, Tenant shall occupy an additional 3,480 square feet as shown in Exhibit “A” attached hereto, on the
First Floor resulting in an increase in the total Rental Area of the Premises from 50,308 square feet to 53,788 square feet. 

  

					
	Landlord Initials ________	  	1	  	Tenant Initials________

 II. As to Section 2. DEFINITIONS: 

 

	 	2.a.	Base Rent: If this amendment is executed on or before February 29, 2012, Base Rent shall be reduced, commencing March 1, 2012, to $477,926.00 per year
for the space currently occupied by Tenant. If this amendment is executed after February 29, 2012 and no later than March 31, 2012, Base Rent shall be reduced, commencing April 1, 2012, to $477,926.00 per year for the space currently
occupied by Tenant. Effective July 1, 2012 Base Rent for all space occupied by Tenant shall be $510,986.00 until adjusted according to the terms set forth in the Lease. 

 

	 	2.g.	Expiration Date: The term of the Lease shall be extended for an additional seven (7) years ending September 30, 2023. 

 

	 	2.j.	Monthly Installments of Base Rent: Through June 30, 2012, Tenant’s monthly Base Rent shall be $39,827.17. Effective July 1, 2012, Tenant’s
monthly base rent shall be $42,582.17 per month until adjusted according to the terms set forth in the Lease. 

  

	 	2.r.	Tenant’s Proportionate Share: Effective July 1, 2012, Tenant’s Proportionate Share shall be 86.13%, such share is a fraction, the numerator of
which is the Rentable Area of the Premises, and the denominator of which is the Rentable Area of the Project, as determined by Landlord from time to time. The Project consists of one building containing a total Rentable Area of 62,453 square feet.

 III. As to Section 5.2(a). Adjusted Base Rent: The first sentence shall be amended to read “The amount of Base
Rent (and the corresponding Monthly installments of Base Rent) payable hereunder shall be adjusted commencing on Tenant’s Adjustment Date of October 1, 2015 and each three (3) year period after Tenant’s Adjustment Date.”

 IV. Landlord shall provide a Refurbishment Allowance not to exceed Four Hundred Thousand ($400,000.00) Dollars and no cents, for
improvements made to the Premises, including but not limited to existing common area restrooms, elevators, flooring and wall coverings. Said improvements shall be constructed by Landlord and are subject to Landlord’s and Tenant’s prior
written approval. 
 V. Tenant’s ongoing option to decrease the Rentable Area of the Premises by 3,842 sq ft as provided in Addendum
Number Five to Lease shall become null and void as of the date this Eight Amendment to Lease is fully executed by both Landlord and Tenant. 

VI. All other terms, covenants and conditions of the Lease are and shall remain in full force and effect. 

VIII. Landlord and Tenant hereby acknowledge that the Lease and all previous Amendments represent the entire agreement, that no other written or
oral agreements exist and that all other provisions, terms, covenants and conditions of the Lease not modified herein shall remain in full force and effect. 

  

					
	Landlord Initials ________	  	2	  	Tenant Initials________

 V. This document may be executed in two or more counterparts, each of which shall be deemed an
original and which together shall constitute one and the same instrument. 
  

					
	LANDLORD:	 		  	TENANT:
	RIDGEWOOD OFFICE BUILDING, LLC,	 		  	BROWN & BROWN, INC.
	a Florida limited liability company	 		  	a Florida corporation
	By: Root Real Estate Corp., its managing member	 		  	
			
	 By:
  
	 		  	 By:
  

	Patrick M. Opalewski, Vice President	 		  	Print Name:                         
                                         
                        
		 		  	Title:                            
                                         
                                
			
	Witness:	 		  	Witness:
			
	  
	 		  	  

	Print Name:                           
                                         
                                  	 		  	Print Name:                         
                                         
                        

  

					
	Landlord Initials ________	  	3	  	Tenant Initials________

 EXHIBIT A 
 Additional First Floor 3,480 Sq. Ft. 
  
 

 

  

					
	Landlord Initials ________	  	4	  	Tenant Initials________

 STATE OF FLORIDA 
 COUNTY OF VOLUSIA 
 NINTH AMENDMENT TO LEASE AGREEMENT 

This Ninth Amendment to Lease made this     day of
            , 2012, is entered into by and between Ridgewood Office Building, LLC, formerly known as Ridgewood Office Building, L.P., Ltd., a Florida limited liability company as Landlord
(“Landlord”) and Brown & Brown, Inc., a Florida corporation, (“Tenant”). 
 W I T N E S S E T H:

 WHEREAS, Tenant, entered into that certain Ridgewood Office Building Lease with Chapman S. Root, Trustee, Chapman S. Root
Revocable Trust U/T/A 2/15/78, (said Ridgewood Office Building Lease having been assigned to the Chapman S. Root 1982 Living Trust and subsequently assigned to Ridgewood Office Building, L.P., Ltd.) for the Premises dated August 1, 1987 which
sets forth the terms of occupancy by Tenant for a portion of the Building containing 38,738 square feet of Rentable Area (, and that certain Letter of Agreement dated June 26, 1995 wherein the Tenant leased an additional 1,114 square feet of
Rentable Area, and that certain First Amendment to the Ridgewood Office Building Lease dated August 2, 1999 wherein Tenant leased an additional 5,577 square feet of Rentable Area resulting in a total Rental Area of 45,429 square feet and that
certain Second Amendment to the Ridgewood Office Building Lease dated December 11, 2001 wherein the Tenant leased an additional 3,851 square feet of Rentable Area resulting in a total Rentable Area of 49,280 square feet and that certain Third
Amendment to the Ridgewood Office Building Lease dated August 8, 2002 wherein the Tenant leased an additional 1,955 square feet of Rentable Area resulting in a total Rentable Area of 51,235 square feet and that certain Fourth Amendment to the
Ridgewood Office Building Lease dated October 26, 2004 wherein Tenant vacated 5,577 square feet resulting in a total Rentable Area of 45,658 square feet and that certain Fifth Amendment to the Ridgewood Office Building Lease dated May 30,
2007 wherein Tenant leased an additional 3,842 square feet resulting in a total Rentable Area of 49,500 square feet, and that certain Sixth Amendment to the Ridgewood Office Building Lease dated August 17, 2009 wherein Tenant leased an
additional 565 square feet resulting in a total Rentable Area of 50,065 square feet, and that certain Seventh Amendment to the Ridgewood Office Building Lease dated March 25, 2011 wherein Tenant leased an additional 243 square feet resulting in
a total Rentable Area of 50,308 square feet, and that certain Eight Amendment to the Ridgewood Office Building Lease dated April 16, 2012 wherein Tenant leased an additional 3,480 square feet resulting in a total Rentable Area of 53,788 square
feet collectively known as the (“Lease”). 
 WHEREAS, Landlord and Tenant desire to modify and amend the Lease as set
forth in this Ninth Amendment to Lease. 
 NOW, THEREFORE, for and in consideration of the Premises, the sum of Ten and 00/100
($10.00) Dollars in hand paid by Tenant to Landlord, the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to modify and amend the
Lease as follows: 

  

					
	Landlord Initials ________	  	1	  	Tenant Initials________

 I. Effective October 1, 2012, Tenant shall occupy an additional 1,590 square feet as shown in
Exhibit “A” attached hereto, located on the First Floor of the Building, resulting in an increase in the total Rentable Area of the Premises from 53,788 square feet to 55,378 square feet. 

II. As to Section 2. DEFINITIONS: 
  

	 	2.a.	Base Rent:. Effective October 1, 2012, Base Rent for all space occupied by Tenant shall be $526,091.00 until adjusted according to the terms set forth in
the Lease. 

  

	 	2.j.	Monthly Installments of Base Rent:. Effective October 1, 2012, Tenant’s monthly base rent shall be $43,840.92 per month until adjusted according to the
terms set forth in the Lease. 

  

	 	2.r.	Tenant’s Proportionate Share: Effective October 1, 2012, Tenant’s Proportionate Share shall be 88.67%, such share is a fraction, the numerator of
which is the Rentable Area of the Premises, and the denominator of which is the Rentable Area of the Project, as determined by Landlord from time to time. The Project consists of one building containing a total Rentable Area of 62,453 square feet.

 III. Landlord shall reimburse Tenant up to Twelve Thousand ($12,000.00) Dollars and no cents, to Tenant for improvements
made to the additional 1,590 square feet. 
 IV. Effective October 1, 2016 and annually each such date thereafter and provided
Tenant is not in default of any terms of the Lease, Tenant shall have a one-time option to decrease the Rentable Area of the Premises by 1,590 square feet by giving Landlord twelve (12) months prior written notice. In the event Tenant shall
fail to give Landlord timely written notice of its election to exercise its option to decrease, such option shall be null and void until the next succeeding Anniversary Date. 
 V. All other terms, covenants and conditions of the Lease are and shall remain in full force and effect. 
 VI. Landlord and Tenant hereby acknowledge that the Lease and all previous Amendments represent the entire agreement, that no other written or oral agreements exist and that all other provisions,
terms, covenants and conditions of the Lease not modified herein shall remain in full force and effect. 
 VII. This document may be
executed in two or more counterparts, each of which shall be deemed an original and which together shall constitute one and the same instrument. 
 SIGNATURES ON FOLLOWING PAGE 

  

					
	Landlord Initials ________	  	2	  	Tenant Initials________

									
	LANDLORD:	 		  	TENANT:
	RIDGEWOOD OFFICE BUILDING, LLC,	 		  	BROWN & BROWN, INC.
	a Florida limited liability company	 		  	a Florida corporation
	By: Root Real Estate Corp., its managing member	 		  		 	
			
	 By:
  
	 		  	 By:
  

	Patrick M. Opalewski, Vice President	 		  	Print Name:	 	  

		 		 		  	Title:	 	  

				
	Witness:	 		  	Witness:	 	
	  
	 		  	  

	Print Name:	 	  
	 		  	Print Name:	 	  

			
	  
	 		  	  

	Print Name:	 	  
	 		  	Print Name:	 	  

  

					
	Landlord Initials ________	  	3	  	Tenant Initials________

 EXHIBIT A 
 Additional First Floor 1,590 Square Feet 
  
 

 

  

					
	Landlord Initials ________	  	4	  	Tenant Initials________

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