Accrued expenses and other current liabilities consist of the following:


(in thousands)	June 30, 2022		December 31, 2021
Contract liabilities	$	25,191	$	18,178
Accrued compensation and benefits	24,549		22,460
Current portion of operating lease liabilities	12,843		12,520
Deferred consideration payments	12,656		12,355
Accrued expenses	10,943		9,731
Current portion of long-term debt	8,509		8,521
Advisor incentive liability	4,784		—
Tax distribution payable	—		5,072
Other	4,855		3,386
Accrued expenses and other current liabilities	$	104,330	$	92,223

BRP previously had advisor incentive agreements with several of its Risk Advisors to incentivize them to stay with the Company and grow their Book of Business. The incentive rights had a deposit buy-in requirement payable in the form of payroll withholding or other cash payments for which the Company recorded an advisor incentive liability. The incentive rights could be converted to LLC Units after the achievement of certain milestones, subject to approval at the discretion of management. The Company’s obligation related to advisor incentive liabilities of all but one Risk Advisor was settled in connection with our reorganization during 2019. One Risk Advisor chose not to convert his incentive rights into common stock of BRP Group. As a result, the remaining advisor incentive liability has been reported at fair value of the expected buyout amount each reporting period as a component of other liabilities in the accompanying balance sheets.

During the second quarter of 2022, the Company entered into an agreement with this Risk Advisor to settle the advisor incentive liability for $4.8 million and the obligation was subsequently satisfied in the third quarter of 2022. The advisor incentive liability was reclassified from other liabilities to accrued expenses and other current liabilities at June 30, 2022 as a result of the settlement agreement.