Form 4: HCI Group CFO James Mark Harmsworth Reports Share Transactions
SEC Form 4 Filing
James Mark Harmsworth, CFO of HCI Group, Inc., reports the surrender of 214 shares to cover tax liabilities and updates on restricted stock grants.
Summary
- On May 20, 2024, James Mark Harmsworth, the Chief Financial Officer of HCI Group, Inc., surrendered 214 shares of common stock to cover federal tax liabilities associated with the vesting of 875 restricted shares.
- This transaction was priced at $102.33 per share.
- Harmsworth still beneficially owns 750 shares from a restricted stock grant effective February 26, 2021, which vests in installments.
- He also holds 34,000 restricted shares from another grant effective February 26, 2021, which vests if the company's stock price reaches or exceeds $140 for 30 consecutive days.
- Additionally, he owns 16,081 shares of common stock.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing share transactions by a company insider. It doesn't contain information that would significantly sway investor sentiment positively or negatively.
Future Outlook
The vesting of the 34,000 restricted shares is contingent on the company's stock price reaching or exceeding $140 for 30 consecutive days, indicating a potential future event tied to stock performance.
Industry Context
Form 4 filings are a routine part of regulatory compliance for publicly traded companies, providing transparency into the transactions of company insiders. This filing indicates standard compensation practices involving restricted stock grants.
Comparison to Industry Standards
- Restricted stock grants are a common form of executive compensation in publicly traded companies, particularly in the insurance industry where HCI Group operates.
- Companies like Progressive, Allstate, and Travelers also utilize stock-based compensation to align executive interests with shareholder value.
- The vesting conditions, such as time-based or performance-based criteria (e.g., stock price targets), are typical components of these grants.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it involves the surrender of a small number of shares by the CFO to cover tax liabilities.
- The vesting of restricted stock aligns the CFO's interests with the company's performance, potentially benefiting shareholders in the long term.
Key Dates
| Date | Description |
|---|---|
| 05/26/2020 | Effective date of a restricted stock grant of 3,500 shares. |
| 02/26/2021 | Effective date of a restricted stock grant of 3,000 shares. |
| 02/26/2021 | Effective date of a restricted stock grant of 34,000 shares. |
| 05/20/2024 | Date of transaction where 214 shares were surrendered for tax liabilities. |
| 05/22/2024 | Date of signature on the Form 4 filing. |
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