Form 4: HCI Group CFO James Mark Harmsworth Sells 20,000 Shares
SEC Form 4 Filing
HCI Group's CFO, James Mark Harmsworth, sold 20,000 shares of common stock on March 26, 2024, to improve investment diversification.
Summary
- James Mark Harmsworth, the CFO of HCI Group, Inc., sold 20,000 shares of common stock on March 26, 2024.
- The sale was executed at a weighted average price of $117.12 per share, with individual transactions ranging from $116.382 to $117.745.
- Harmsworth stated the sale was to modestly improve the diversification of his investment holdings.
- Following the transaction, Harmsworth still beneficially owns 15,420 shares of common stock directly, as well as restricted stock grants of 875 shares, 750 shares, and 34,000 shares.
- The restricted stock grants have various vesting schedules and conditions, including time-based vesting and a performance-based vesting condition tied to the company's stock price reaching $140 for 30 consecutive days.
Sentiment
Score: 5
Explanation: The document is a standard SEC Form 4 filing, indicating a stock sale by a company executive. The sentiment is neutral as it primarily reflects a transaction rather than an assessment of the company's performance or future prospects.
Management Comments
- The reporting person is seeking to improve modestly the diversification of his investment holdings.
Industry Context
Executive stock sales are a common occurrence and are often related to personal financial planning rather than a reflection of the executive's view of the company's prospects.
Stakeholder Impact
- The stock sale could have a minor negative impact on shareholder sentiment, although the stated reason of diversification mitigates this.
Key Dates
| Date | Description |
|---|---|
| 05/26/2020 | Effective date of restricted stock grant of 3,500 shares. |
| 05/20/2021 | Vesting date of 875 shares from the 5/26/2020 restricted stock grant. |
| 02/26/2021 | Effective date of restricted stock grants of 3,000 and 34,000 shares. |
| 05/20/2022 | Vesting date of 875 shares from the 5/26/2020 restricted stock grant. |
| 02/26/2022 | Vesting date of 750 shares from the 2/26/2021 restricted stock grant. |
| 05/20/2023 | Vesting date of 875 shares from the 5/26/2020 restricted stock grant. |
| 02/26/2023 | Vesting date of 750 shares from the 2/26/2021 restricted stock grant. |
| 03/26/2024 | Date of stock sale by James Mark Harmsworth. |
| 05/20/2024 | Vesting date of 875 shares from the 5/26/2020 restricted stock grant. |
| 02/26/2024 | Vesting date of 750 shares from the 2/26/2021 restricted stock grant. |
| 02/26/2025 | Vesting date of 750 shares from the 2/26/2021 restricted stock grant. |
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