UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported): February 20, 2020
HCI Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
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Florida | | 001-34126 | | 20-5961396 |
(State or Other Jurisdiction of Incorporation or Organization) | | (Commission File Number) | | (I.R.S. Employer Identification Number) |
5300 West Cypress Street, Suite 100
Tampa, Florida 33607
(Address of Principal Executive Offices)
(813) 405-3600
(Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | HCI | NYSE |
Item 5.02 Compensatory Arrangements of Certain Officers
On February 20, 2020, pursuant to a performance bonus plan adopted April 8, 2019, our compensation committee awarded a $1,476,572 cash bonus to our chief executive officer, Paresh Patel. The committee determined Mr. Patel exceeded the minimum performance targets under the plan, which were based on two 2019 measures: earnings before interest and income taxes and return on equity.
The committee also exercised discretion to award Mr. Patel an additional 2019 cash bonus of $73,428. In awarding this bonus, the committee determined the formulaic performance bonus did not fully reflect the value of Mr. Patel’s strategic guidance and leadership in transitioning the company toward technology. For example, the growth of TypTap Insurance Company, our technology driven insurance subsidiary, exceeded expectations and led to a return to premium growth at the overall HCI Group enterprise during 2019.
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, thereunto duly authorized.
Dated: February 26, 2020.
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HCI GROUP, INC. |
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BY: | /s/ James Mark Harmsworth |
Name: | James Mark Harmsworth |
Title: | Chief Financial Officer |
A signed original of this Form 8-K has been provided to HCI Group, Inc. and will be retained by HCI Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
