SEC Form 4 · accession 0001209191-16-106090
HCI Group, Inc. · HCI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paresh Patel
Officer — Chief Executive Officer · Director
Period of report
Mar 2, 2016
Accepted (ET)
Mar 4, 2016 · 4:24 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001400810
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common stockF1 | Mar 2, 2016 | J | 100,000 | — | D | 300,000 | D | |
| Common Stock | holding | — | — | — | 167,000 | D | ||
| Common stock | holding | — | — | — | 34,000 | I | IRA | |
| Common stockF2 | holding | — | — | — | 284,000 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right to Buy)F3,F4 | $2.50 | holding | — | — | — | — | Sep 5, 2017 | Common | 60,000 | 60,000 | D |
Explanation of responses
- F1Pursuant to an amendment to this 400,000 share restricted stock award granted 5/16/13, the Issuer cancelled effective 3/2/2016 the 100,000 share tranche that was to have vested one year after the closing price of HCI common shares equaled or exceeded $50 per share for 20 consecutive trading days. Of the award's 300,000 remaining shares, 100,000 have previously vested, 100,000 shares will vest one year after the closing price of HCI common shares equals or exceeds $65 per share for 20 consecutive trading days, and 100,000 will vest one year after the closing price of HCI common shares equals or exceeds $80 per share for 20 consecutive trading days. All shares for which restrictions have not lapsed 6 years and one day from the grant date will be forfeited. These shares were granted by the Company pursuant to the Company's 2012 Omnibus Incentive Plan and under the terms and conditions of a restricted stock agreement dated 5/16/2013.
- F2Shares held jointly with spouse.
- F3The options were granted pursuant to the HCI Group, Inc. 2007 Stock Option and Incentive Plan.
- F4These options vested and became immediately exercisable upon the fair market value of the Company's Common Stock reaching $7.50 per share.