hci-ex1050_7.htm



Exhibit 10.50

HCI GROUP, INC. 

2012 OMNIBUS INCENTIVE PLAN 

RESTRICTED STOCK AWARD CONTRACT 

Paresh Patel

5300 W Cypress Street, 

Suite 300

Tampa, FL 33607 

 

Dear Paresh Patel: 

 

You have been granted a Restricted Stock award for shares of common stock of HCI Group, Inc. (the “Company”) under the HCI Group, Inc. 2012 Omnibus Incentive Plan, as amended (the “Plan”) with the following terms and conditions.  For the purposes of this contract “Restricted Shares” means Restricted Stock awarded pursuant to the Plan and this contract. 

 

Grant Date:  February 26, 2021  

 

Number of Shares:  20,000 Shares 

 


	
Vesting Schedule: 
	
The Restricted Shares will be subject to a Restriction Period. Your Restriction Period will lapse and your Restricted Shares will vest as follows:  

 

•  10,000 of the Restricted Shares will vest, if ever, on the first anniversary of the date on which the Company Stock Value first equals or exceeds $105 for 30 consecutive trading days on the Applicable Exchange, provided that you have been continuously employed by or in the service of the Company or an Affiliate through and including such vesting date. 

 

•  10,000 of the 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 trading days on the Applicable Exchange, provided that you have been continuously employed by or in the service of the Company or an Affiliate through and including such vesting date. 

 

The lapse of your Restriction Period and vesting may be suspended or delayed as a result of a leave of absence. 

 

	
Form of Issuance: 
	
The Company will instruct its transfer agent to evidence the Restricted Shares by electronic entry on the transfer agent’s books and to indicate the Restriction Period (and any other restrictions the Company may require to ensure compliance with the Securities Act and state and other securities laws) and the risks of forfeiture within those book entries.  Upon the lapse of a Restriction Period, provided you have paid applicable withholding taxes, the Company will instruct the transfer agent to deliver the applicable shares, without restriction, to a brokerage account established in your name. 

 




 



 


	
Transferability of

Restricted Shares: 
	
You may not assign, sell, transfer, pledge, encumber or otherwise alienate or hypothecate any of your Restricted Shares until they are vested.  In addition, by accepting this Award, you agree not to sell any Restricted Shares acquired under this Award at a time when applicable laws, Company policies or any agreement between the Company and its underwriters prohibits a sale.  You will not sell your shares except during an open trading window as described in the Company’s Insider Trading Policy. 

 

	
Forfeiture 
	
Unvested Restricted Shares will be forfeited when your service to the Company ends. For this purpose, service to an Affiliate is deemed to be service to the Company.  All unvested Restricted Shares will immediately and automatically be forfeited on the sixth anniversary of the Grant Date. Forfeiture may also occur under other circumstances described in the Plan.  

	
 
	
 

	
Voting and Dividends: 
	
You may exercise full voting rights and will receive all dividends and other distributions paid with respect to the Restricted Shares, in each case so long as the applicable record date occurs before you forfeit such Shares. If, however, any such dividends or distributions are paid in Shares, such Shares will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this Award as are the Restricted Stock with respect to which they were paid. Dividends on unvested Restricted Shares will be treated as wages for federal income tax purposes and will therefore be subject to federal income tax, Social Security tax, and Medicare tax withholdings.

 

	
Tax Withholding: 
	
You understand that you (and not the Company or any Affiliate) will be responsible for your own federal, state, local or foreign tax liability and any of your other tax consequences that may arise as a result of the transactions contemplated by this Award.  You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any Affiliate or agents, with regard to all such tax matters.  You may be able to alter the tax consequences of the acquisition of the Shares by filing an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”).  Such election may be filed only within thirty (30) days after the date of this Award.  You should consult with your tax advisor to determine the tax consequences of acquiring the Shares and the advantages and disadvantages of filing the Code Section 83(b) election.  You acknowledge that it is your sole responsibility, and not the Company’s or any Affiliate, to file a timely election under Code Section 83(b), even if you request the Company or its representatives make this filing on your behalf. 

 

To the extent that the receipt of the Restricted Stock or the vesting of the Restricted Stock results in income to you for Federal, state or local income tax purposes, you will surrender to the Company at the time the Company or any Affiliate is obligated to withhold taxes in connection with such receipt or vesting, as the case may be, such number of Restricted Shares as the Company or any Affiliate requires to meet its withholding obligation under applicable tax laws or regulations, and if you fail to do so, the Company and any Affiliate has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations.  The number of Restricted Shares to be surrendered will be based of the aggregate Fair Market Value on the date the withholding is to be determined.  In the Company’s discretion, you may surrender additional shares to increase your payroll tax deductions using an alternate method prescribed by the Internal Revenue Service.  A request for withholding of shares to satisfy payroll taxes exceeding the minimum requirements must be delivered to the Company’s general counsel at least five business days before any vesting date.   




 



 


	
 
	
 

	
Miscellaneous: 
	
This Restricted Stock Award may be amended only by written consent signed by you and the Company, except if the amendment is not to your detriment or as otherwise permitted by the terms of the Plan. 

 

As a condition of the granting of this Award, you agree, for yourself and your legal representatives or guardians, that this contract and the Plan shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this contract or the Plan and any determination made by the Committee pursuant to this contract or the Plan shall be final, binding and conclusive. 

 

This contract may be executed in counterparts. 




 

This Restricted Stock Award is granted under and governed by the terms and conditions of the Plan.  Additional provisions regarding your Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan.   

 

 



 

BY SIGNING BELOW AND ACCEPTING THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN.  YOU ALSO ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT, THE PLAN AND THE PROSPECTUS DESCRIBING THE PLAN. 

 

 


	
By:
	
 
	
 
	
 
	
 

	
 
	
Andrew L. Graham, Secretary
	
 
	
Paresh Patel