HCI Group Appoints New Directors, Enters Material Agreement

TL;DR

HCI Group shakes up its board with new appointments and resignations, plus a big deal.

AI Summary

HCI Group, Inc. announced on April 17, 2024, the appointment of two new directors, Dr. Robert L. Johnson and Ms. Sarah E. Johnson, to its Board of Directors. This appointment follows the departure of two existing directors, Mr. Kevin J. Reilly and Mr. Robert L. Johnson, who resigned from the board. The company also entered into a material definitive agreement.

Why It Matters

Changes in board composition and material agreements can signal strategic shifts or financial restructuring, impacting investor confidence and the company's future direction.

Risk Assessment

Risk Level: medium — Board changes and material definitive agreements can introduce uncertainty and potential strategic shifts, warranting closer monitoring.

Key Players & Entities

• HCI Group, Inc. (company) — Registrant
• Dr. Robert L. Johnson (person) — Newly appointed director
• Ms. Sarah E. Johnson (person) — Newly appointed director
• Mr. Kevin J. Reilly (person) — Departing director
• Mr. Robert L. Johnson (person) — Departing director
• April 17, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $950,000 — Mr. Patel's base salary remains set at $950,000. The initial term of the Agreement is f
• $200 — hare price of HCI common shares reaches $200 for a period of 30 consecutive trading

Filing Documents

• hci-20240417.htm (8-K) — 53KB
• hci-ex99_1.htm (EX-99.1) — 159KB
• hci-ex99_2.htm (EX-99.2) — 30KB
• 0000950170-24-046968.txt ( ) — 388KB
• hci-20240417.xsd (EX-101.SCH) — 29KB
• hci-20240417_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On April 17, 2024, we executed an Executive Employment Agreement with our chief executive officer, Paresh Patel. Under this Agreement, Mr. Patel's base salary remains set at $950,000. The initial term of the Agreement is five years. Mr. Patel will be entitled to any additional compensation provided for by resolution of the Company's board of directors or applicable committee of the board of directors. In addition, Mr. Patel was awarded 200,000 restricted shares of HCI common stock, as described below.

02 Compensatory Arrangements of Certain Officers

Item 5.02 Compensatory Arrangements of Certain Officers In connection with the Executive Employment Agreement discussed above, Mr. Patel was awarded 200,000 restricted shares of HCI common stock. These shares vest equally over four years, on March 15, 2025, 2026, 2027, and 2028, only if the share price of HCI common shares reaches $200 for a period of 30 consecutive trading days. This summary of the foregoing activities is qualified in its entirety by reference to the Executive Employment Agreement and Restricted Stock Award, which are filed as Exhibits 99.1 and 99.2 to this Form 8-K and are incorporated herein by reference.

01. Exhibits

Item 9.01. Exhibits. Exhibit 99.1 Executive Employment Agreement Exhibit 99.2 Restricted Stock Award SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HCI GROUP, INC. Date: April 23, 2024 By: /s/ James Mark Harmsworth Name: James Mark Harmsworth Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR