HCI GROUP, INC. FILES (8-K) Disclosing Entry into a Material Definitive Agreement

Edgar Glimpses |

Item 1.01 Entry into a Material Definitive Agreement

On , 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 $40 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 .

The awards were made pursuant to the HCI Group, Inc. 2012 Omnibus Incentive Plan, as amended, and represent the equity portion of Mr. Patel's annual compensation package, the framework of which has been developed in consultation with certain of the company's largest shareholders. In addition to equity awards, the package includes an annual salary and is expected to include an incentive cash bonus plan. In the opinion of the compensation committee, a combination of restricted shares and stock purchase options vesting over four years best aligns 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 the 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

             Exhibit 99.1     Restricted Stock Award Contract

             Exhibit 99.2     Nonqualified Stock Option Agreement


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