HCI Group, Inc. (NYSE:HCI) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement
On December30, 2016, we entered into an executive employment
agreement with our chief executive officer, Paresh Patel. The
agreement calls for a four year term of employment beginning
January1, 2017 and an annual base salary of $950,000. The
foregoing summary of our executive employment agreement does not
purport to be complete and is subject to, and qualified in its
entirety by, the full text of the agreement, which appears as
Exhibit 99.1 to this form 8-K.
Item5.02 Compensatory Arrangements of Certain
Officers
On December1, 2016, our compensation committee established a plan
to award cash bonuses to certain of our executives, including
named executive officers, as set forth below.
|
Name and office |
Cash Bonus | |||
|
Paresh Patel, chief executive officer |
$ | 1,250,000 | ||
|
Richard R. Allen, chief financial officer |
$ | 100,000 | ||
|
Anthony Saravanos, presidentreal estate division |
$ | 200,000 | ||
|
Andrew L. Graham, general counsel |
$ | 100,000 |
Except in the case of Mr.Saravanos, these discretionary bonuses
are substantially less than those awarded in 2015. In considering
these awards, the compensation committee gave considerable weight
to the companys expected net income for 2016 as compared with
2015. However, the compensation committee also considered the
advancement of numerous strategic initiatives during 2016,
including initiatives in technology, real estate and flood
insurance. The compensation committee gave consideration also to
its determination that the companys response to two hurricanes in
2016 was well planned and well executed.
The matters discussed in Item1.01 are hereby incorporated into
this Item5.02.
Item9.01 Exhibits
Exhibit 99.1 Executive Employment Agreement Paresh Patel
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 up +0.76 at 39.48 with 78,259 shares trading hands.
