HCI Group, Inc. (NYSE:HCI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On January 16, 2020, the compensation committee of our board of directors awarded our chief executive officer, Paresh Patel, 40,000 restricted common shares and options to purchase 110,000 of our common shares at an exercise price of $48 per share. Both the restricted shares and the options vest in equal annual installments over four years, so long as Mr. Patel remains employed by the company. The options will expire on January 16, 2030. The awards were made to the HCI Group, Inc. 2012 Omnibus Incentive Plan, as amended.
In the opinion of the compensation committee, a combination of restricted shares and stock purchase options vesting over four years best aligned Mr. Patel’s equity compensation with the long-term success of the company and shareholder returns.
The foregoing summary of the equity awards does not purport to be complete and is subject to, and qualified in its entirety by, the full text of restricted stock award contract and the nonqualified stock option agreement appearing respectively as exhibit 99.1 and 99.2 to this Form 8-K.
Item 5.02 Compensatory Arrangements of Certain Officers
The matters discussed in Item 1.01 are hereby incorporated into this Item 5.02.
Item 9.01 Exhibits
HCI Group, Inc. Exhibit
EX-99.1 2 hci-ex991_7.htm EX-99.1 hci-ex991_7.htm Exhibit 99.1 HCI GROUP,…
To view the full exhibit click here
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.
