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HCI > SEC Filings for HCI > Form 8-K on 24-Jan-2014All Recent SEC Filings

Show all filings for HCI GROUP, INC.

Form 8-K for HCI GROUP, INC.


24-Jan-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry into Material definitive Agreement

Our compensation committee, effective January 6, 2014, has awarded a salary increase to Scott R. Wallace president of our Homeowners Choice insurance division, raising his annual base salary from $300,000 to $350,000 and effectively amending his employment agreement.

Our compensation committee, effective January 6, 2014 has also awarded a salary increase to our chief financial officer Richard R. Allen, raising his annual base salary from $158,000 to $250,000 and effectively amending his employment agreement.

Item 5.02 Compensatory Arrangements of Certain Officers

See Item 1.01 for compensatory arrangements of Scott R. Wallace and Richard R. Allen.

On January 23, 2014, our compensation committee established a cash bonus plan for our chief executive officer, Paresh Patel. The plan is a sub-plan under and is subject to the terms and conditions of our 2012 Omnibus Incentive Plan. To qualify for the bonus the company, on a consolidated basis, for the one year period beginning December 1, 2013 and ending November 30, 2014, must have earnings before interest and the provision for income taxes of at least $62.5 million after excluding this bonus; any gains or losses from the sale of assets outside the ordinary course of business; any gains or losses from discontinued operations; any extraordinary gains or losses; the effects of accounting changes; any unusual, nonrecurring, transitional, one-time or similar items or charges; and the diluted impact of goodwill on acquisitions.

If that performance goal is met, Mr. Patel will qualify for a cash bonus equal to 3.25% of earnings before interest and the provision for income taxes for the annual period described above, adjusted as described above. The compensation committee has the discretion to reduce the bonus amount. Mr. Patel has agreed that in the event the company is required to restate its financial statements due to material noncompliance with any financial reporting requirement he will repay any portion of this bonus compensation that would not have been awarded under the restated financial statements.


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