HCI Group (HCI) CEO Paresh Patel exercises 20,000 options at $40

Rhea-AI Filing Summary

HCI Group, Inc. director and CEO Paresh Patel exercised stock options to acquire additional common shares. On February 23, 2026, he exercised options for 20,000 shares of common stock at an exercise price of $40.00 per share, described as an exercise or conversion of a derivative security.

The options were granted under HCI Group’s 2012 Omnibus Incentive Plan, with footnotes noting grant dates, exercise prices and vesting terms. The filing also describes other direct and indirect holdings, including jointly held shares with his spouse and shares held in an IRA.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Patel Paresh

(Last) (First) (Middle)

3802 COCONUT PALM DRIVE

(Street)

TAMPA FL 33619

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HCI Group, Inc. [ HCI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								37,500	I	IRA
Common Stock								727,000	D(1)
Common Stock								10,000(2)	D
Common Stock								200,000(9)	D
Common Stock	02/23/2026		M		20,000	A	$40	89,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)(3)	$40	02/23/2026		M			20,000	(4)	01/07/2027	Common	20,000	$40	90,000	D
Stock Option (Right to Buy)(3)	$40							(5)	02/08/2028	Common	110,000		110,000	D
Stock Option (Right to Buy)(3)	$53							(6)	01/15/2029	Common	110,000		110,000	D
Stock Option (Right to Buy)(3)	$48							(7)	01/16/2030	Common	110,000		110,000	D
Stock Option (Right to Buy)(3)	$70							(8)	09/15/2033	Common	150,000		150,000	D

Explanation of Responses:

1. Shares held jointly with spouse.

2. Restricted stock grant of 10,000 shares effective 2/26/2021: Restricted shares will vest, if ever, on the first anniversary of the date on which the company stock value first equals or exceeds $140 for 30 consecutive days on the applicable exchange. 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 2/26/2021.

3. The options were granted pursuant to the HCI Group, Inc. 2012 Omnibus Incentive Plan.

4. The options were granted on January 7, 2017 at an exercise price of $40.00 per share, in excess of the $39.71 market value. All options have vested and may be exercised at any time up to and including January 7, 2027.

5. The options were granted on February 8, 2018 at an exercise price of $40.00 per share, in excess of the $34.92 market value. All options have vested and may be exercised at any time up to and including February 8, 2028.

6. The options were granted on January 15, 2019 at an exercise price of $53.00 per share, in excess of the $47.94 market value. All options have vested and may be exercised at any time up to and including January 15, 2029.

7. The options were granted on January 16, 2020 at an exercise price of $48.00 per share, in excess of the $45.97 market value. All options have vested and may be exercised at any time up to and including January 16, 2030.

8. The options were granted on September 15, 2023 and vested on December 14, 2023 at an exercise price of $70.00 per share when the company stock value first equaled and exceeded $80.00 for 20 consecutive days on the applicable exchange. The options will expire on September 15, 2033.

9. Restricted stock grant of 200,000 shares effective 4/17/2024: If at any time the Fair Market Value equals or exceeds $200 for 30 consecutive trading days (the "Vesting Trigger Date"), the restricted shares will vest and the restrictions will lapse as follows. 50,000 of the restricted shares on the later of the Vesting Trigger Date or March 15, 2025; March 15, 2026; March 15, 2027; and March 15, 2028. No portion of the restriction period will lapse six years and one day after the grant date. All remaining restricted shares will be forfeited at that time. 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 4/17/2024.

	/s/ Andrew L. Graham as Attorney-in-fact for Paresh Patel	02/24/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did HCI (HCI) report for CEO Paresh Patel?

HCI reported that CEO Paresh Patel exercised stock options for 20,000 common shares. The exercise occurred on February 23, 2026 at an exercise price of $40.00 per share, converting previously granted options into directly held HCI Group common stock.

Was the HCI (HCI) Form 4 transaction a purchase or a sale of shares?

The Form 4 shows an option exercise, classified as an acquisition rather than an open-market purchase or sale. Patel exercised 20,000 stock options at $40.00 per share, turning derivative securities granted under an incentive plan into HCI Group common stock.

Under what plan were Paresh Patel’s HCI (HCI) options granted?

The options exercised by Paresh Patel were granted under the HCI Group, Inc. 2012 Omnibus Incentive Plan. Footnotes explain multiple grants, including dates, exercise prices, vesting conditions, and expiration dates for these awards, which ultimately allowed him to acquire additional common shares.

What details are given about the pricing of Paresh Patel’s HCI stock options?

The filing notes options with exercise prices such as $40.00, $48.00, $53.00, and $70.00 per share. Several grants were issued at exercise prices above the market value on their grant dates, with all such options now vested and exercisable until their stated expiration dates.

Does the HCI (HCI) Form 4 mention any performance-based or restricted HCI stock for Paresh Patel?

Yes. Footnotes describe restricted stock grants, including 10,000 shares tied to the stock reaching $140 for 30 days and 200,000 shares tied to a $200 price trigger with staged vesting dates through March 15, 2028, subject to specific market-based conditions.

How are Paresh Patel’s indirect HCI (HCI) holdings described in the Form 4?

The filing notes some HCI common stock is held indirectly, including shares in an IRA and shares held jointly with his spouse. These distinctions clarify which positions are direct versus indirect, helping investors understand the structure of his overall HCI Group equity exposure.