HCI Group, Inc. (NYSE:HCI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
The information under Item 5.02(c) of this Current Report on Form 8-K is incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Item 5.02(b)
Richard Allen, our chief financial officer since our inception, has retired from that office effective May 16, 2017 and assumed the title of senior vice president of finance. He will provide us with ongoing strategic and financial guidance.
Item 5.02(c)
On May 10, 2017, our board of directors appointed James Mark Harmsworth to be our chief financial officer effective May 16, 2017. Mr. Harmsworth, age 53, has served as our senior vice president of finance since December 2016. From 2014 to 2016, he was a strategic consultant for Stewart Information Services Corporation, a New York Stock Exchange listed title insurance and real estate services company headquartered in Houston, Texas. From 2012 to 2013, he served as chief operating officer for iPROMOTEu.com, a promotional products distribution company headquartered in Wayland, Massachusetts. From 2006 to 2011, Mr. Harmsworth served as chief financial officer of First American Title Insurance Company, the principal subsidiary of First American Financial Corporation, a New York Stock Exchange listed title insurance and financial services company headquartered in Santa Ana, California. Mr. Harmsworth earned a Bachelor of Arts in Commerce from the University of Toronto in 1986. He is a certified public accountant (Illinois) and a chartered accountant (Ontario, Canada). Mr. Harmsworth has no familial relationships within our company.
On November 23, 2016, we entered into an executive employment agreement with Mr. Harmsworth. The agreement has a term of four years and calls for an annual base salary of $300,000 and the issuance of 40,000 shares of restricted stock to vest ratably over four years. The restricted stock will vest upon a change in control. Under the agreement, he will be entitled to severance payments equal to one year’s base salary plus any bonus to which he would otherwise have been entitled if his employment is terminated by the company without good cause. In addition, upon a termination without good cause, the next unvested tranche of his restricted shares will vest.
The foregoing summary of the executive employment agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the executive employment agreement and associated agreements, which will be filed as exhibits to our Form 10-Q for the quarter ending June 30, 2017.
Item 502(e)
The information contained under Item 5.02(c) of this Current Report on Form 8-K is incorporated herein by this reference.
About HCI Group, Inc. (NYSE:HCI)
HCI Group, Inc. (HCI) is a holding company. The Company is engaged in providing property and casualty insurance to homeowners, condominium owners, and tenants in the state of Florida through its subsidiaries. The Company operates through property and casualty insurance operations segment. The Company’s operations include Insurance Operations and Other Operations. The Company’s Insurance Operations include property and casualty insurance, and reinsurance. HCI’s Other Operations include information technology (IT) and real estate. The Company, through its subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides property and casualty insurance. Its real estate operations consist of properties it owns, operations located at those owned properties and investments in approximately three commercial development projects. Its IT operations are focused on developing cloud-based products or services, including Exzeo, Proplet and Atlas Viewer. HCI Group, Inc. (NYSE:HCI) Recent Trading Information
HCI Group, Inc. (NYSE:HCI) closed its last trading session down -0.26 at 45.09 with 61,654 shares trading hands.