Document:

EX-10.25

 Exhibit 10.25 

COST APPORTIONMENT CONTRACT 

This contract, dated January 4, 2016, is between and among HCI Group, Inc., a Florida corporation (“HCI”), and HCI’s subsidiary
corporations and entities (“Affiliated Entities”). 
 BACKGROUND STATEMENT 

HCI and its Affiliated Entities may from time to time share personnel, facilities and third party services. The purpose of this contract is to
apportion shared costs and expenses to the entity incurring the costs and expenses as if the cost or expense had been paid solely by the incurring entity and to comply with Statement of Statutory Accounting Principles No. 70 as published by the
National Association of Insurance Commissioners. 
 TERMS AND CONDITIONS 

In reliance upon the foregoing background statement, HCI and the Affiliated Entities agree to the following terms and conditions. 

1. Shared Costs and Expenses. This contract applies only to situations where the benefits of personnel, facilities or third party services are shared by
HCI and one or more Affiliated Entities or when one entity makes expenditures on behalf of another entity. To the extent feasible and convenient, the incurring entity will pay its own costs and expenses directly. 

2. Apportionment. In general, the apportionment of costs and expenses between and among HCI and the Affiliated Entities will be based upon specific
identification to the incurring entity. Where specific identification is not feasible, apportionment will be as described elsewhere in this contract or based upon pertinent factors and ratios adopted by HCI’s management which in the opinion of
management yield the most accurate results. Premium taxes, state income taxes, filing fees, actuarial fees and costs or expenses that relate solely to the operations of a regulated insurance company, such as costs associated with adjusting and
paying claims, will be borne solely by the applicable insurance company and not by HCI or another Affiliated Entity. HCI’s management may forego apportionment when in management’s opinion the costs or expenses are insignificant and the
absence of apportionment does not materially misrepresent the financial results of HCI or an Affiliated Entity. Charges or fees for services performed will be reasonable and in conformity with Statutory Accounting Principles consistently applied.
The book, accounts and records will be maintained to clearly and accurately disclose the nature and details of the transactions including such accounting information as is necessary to support the reasonableness of the charges or fees to the
respective parties. 
 3. Reimbursements. HCI and the Affiliated Entities will maintain intercompany accounts for maintaining balances associated with
apportioned costs and expenses. If the incurring entity is a regulated insurance company, the incurring entity will reimburse the other entity for apportioned costs and expenses within 30 days after receiving a request for payment which in no event
will be later than 30 days after the end of each calendar quarter. 

  
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 4. Other Contracts. This contract does not supersede any management contracts, rental contracts, or
other agreements or understandings among between or among HCI and any of Affiliated Entities. 
 5. Ownership of Access to Books and Records. Each
party will own its general corporate books and records. Each party to this contract will retain the right of continuing access to the books and records of the other parties sufficient to permit the parties to fulfill all of their contractual
obligations under this contract. The parties agree that the appropriate insurance regulatory authorities will have access to books and records associated with this contract and any regulated insurance company during normal business hours and upon
reasonable advance notice. 
 6. Term and Termination. This contract will commence on the date set forth above and continue for one year unless sooner
terminated as provided below. The initial term and thereafter each renewal term will automatically renew for an additional one year period unless a party delivers notice of non-renewal to the other parties at
least 20 days before a term expires. Any party may terminate this contract any time, with or without cause, and without any liability to the other parties by reason of such termination, by delivery of 30 days written notice to the other parties. Non-renewal or termination by an Affiliated Entity will apply solely to that Affiliated Entity and not to any other party to this contract. Non-renewal or termination by HCI
will apply to all the parties to this contract. 
 7. Confidentiality. Except as required by applicable law, rule or regulation or judicial process,
the parties will maintain the confidentiality of the other parties’ financial and policyholder information. 
 8. No Third Party Beneficiaries.
No individual, association or entity except HCI and the Affiliated Entities has nor will have any direct, indirect or beneficial rights in connection with this contract. 

9. Contract Non-Assignable. This contract is non-assignable without the express written consent of the other
party. 
 10. Binding Effect. This contract will be binding upon and inure to the benefit of the respective successors and permitted assigns of the
parties to this contract. 
 11. Saturday, Sunday or Legal Holiday. When the last day of a period during which an act may be performed under this
contract falls on a Saturday, Sunday, or legal holiday that period will be deemed to end on the next succeeding day which is not a Saturday, Sunday or legal holiday. 

12. Governing Law. This contract will be construed in accordance with the laws of the State of Florida, without reference to its conflicts of law
principles. 

  
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 13. Amendments. This contract will be amended or modified only by written instrument signed by all
parties. 
 14. Effectiveness. This contract will not be effective unless and until approved by the Florida Office of Insurance Regulation. 

 Executed as of the date first set forth above. 

 

			
	HCI GROUP, INC.
		
	By:	 	 /s/ Paresh Patel

		 	Paresh Patel, as Chief Executive Officer
	
	Each of Affiliated Entities Set forth Below
		
	By:	 	 /s/ Richard R. Allen

		 	Richard R. Allen, as Chief Financial Officer

 Homeowners Choice Property & Casualty Insurance Company, Inc. 

Homeowners Choice Assurance Company, Inc. 
 Homeowners Choice
Managers, Inc. 
 Cypress Property Management Services, Inc. 

Cypress Claims Services, Inc. 
 Southern Administration, Inc. 

Claddaugh Casualty Insurance Company, Ltd. 
 HCI Technical
Resources, Inc. 
 Omega Insurance Agency, Inc. 
 Exzeo USA,
Inc. 
 Cypress Tech Development Company, Inc. 
 Treasure Island
Restaurant Company, Inc. 
 TI Marina Company, Inc. 

  
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 TypTap Insurance Company 

TypTap Management Company 
 TV Investment Holdings, LLC 

Greenleaf Capital, LLC 
 HCPCI Holdings, LLC 

Gators on the Pass Holdings, LLC 
 John’s Pass Marina
Investment Holdings, LLC 
 JP Beach Holdings, LLC 
 Pass
Investment Holdings, LLC 
 Silver Springs Property Investments, LLC 

Melbourne FMA, LLC 
 Greenleaf Essence LLC 

 

  
 4EX-10.26

 Exhibit 10.26 

Agreement to Allocate United States Federal Income Tax Liability 

This Tax Allocation Agreement is made and entered into by and among HCI Group, Inc. (“Parent”) and each of the subsidiaries listed below (referred
to herein individually as a “Subsidiary” and the group of subsidiaries is collectively referred to herein as the “Subsidiaries”). 

RECITALS 
  

	 	A.	 Parent is the parent of an affiliated group of corporations (within the meaning of Section 1504(a) of the
Internal Revenue Code of 1986, as amended (the “Code”)) and each of the Subsidiaries are included as corporations in such affiliated group (the “Group”). 

 

	 	B.	 The Subsidiaries are included in the Group’s consolidated federal income tax returns for the taxable year
ended December 31, 2019, and for all future taxable years for which they are eligible to be so included (the “Consolidated Period”). 

  

	 	C.	 Parent and each Subsidiary wish to allocate the consolidated federal income tax liability of the Group among
the members of the Group as provided herein. 

 NOW THEREFORE, in consideration of the covenants and agreements contained herein, the
parties agree that the recitals set forth above are adopted and made part of this Agreement and further agree as follows: 
 AGREEMENT

  

	 	1.	 Consolidated Return Election and Preparation 

Parent and the Subsidiaries will file consolidated federal income tax returns so long as they are eligible to file such returns. Parent and the
Subsidiaries agree to file such consents, elections and other documents and take such other actions as may be necessary or appropriate to carry out the purposes of this Item 1. For any taxable year for which a consolidated federal income tax return
is filed, Parent agrees to prepare or cause to be prepared and to file such returns and other appropriate documents as may be necessary on behalf of the Group. 
  

	 	2.	 Subsidiary Tax Payments 

 

	 	(a)	 Each of the Subsidiaries shall compute a separate return liability for each taxable year and pay an amount
equal to such separate return tax liability to Parent. Each Subsidiary’s separate return tax liability for any taxable year shall be equal to the tax liability (Including any alternative minimum tax) such Subsidiary would have incurred had it
not been included in a consolidated federal income tax return with Parent, as the common parent, and had it 

	 	
filed a federal income tax return on a separate basis for each such year that it was a member of the Group. The separate return tax liability of each of the Subsidiaries shall be determined in a
manner consistent with the methods of accounting and with any elections made in computing the consolidated income tax liability of the Group. 

  

	 	(b)	 If a Subsidiary incurs a tax loss, or generates a tax credit, that cannot be utilized to offset the current
year separate return tax liability, the Subsidiary shall be entitled to the following: 

  

	 	(i)	 The Subsidiary shall first be entitled to a tax benefit from the Parent to the extent that the separate company
loss or credit, or any portion thereof, could be carried back on a separate company basis and generate a refund as if the Subsidiary had filed separate returns in the carryback period. 

 

	 	(ii)	 To the extent that the Subsidiary is not able to fully utilize its separate company loss or credit through
carryback to prior years on a separate company basis, it shall be entitled to a tax benefit from Parent to the extent such loss or credit that is not utilized pursuant to 2(b)i) reduces the current or prior year consolidated tax of the Group.

  

	 	(iii)	 To the extent that the Subsidiary is not able to fully utilize its separate company loss or credit through
carryback to a prior year on a separate company basis pursuant to 2(b)(i), or against the current or prior year consolidated tax of the Group pursuant to 2(b)(ii), it shall be entitled to carry forward such unutilized loss or credit on a separate
company basis to offset its future separate company tax, or the consolidated tax of the Group. 

  

	 	(iv)	 Appropriate adjustments shall be made to avoid a duplication or omission as a result of the differences between
this agreement and prior Tax Allocation Agreements of the Group. 

  

	 	3.	 Timing and Method of Payment 

Payments under Item 2 by each Subsidiary to Parent may, at Parent’s discretion, be made on a quarterly basis (within 30 days of the date
on which instalments of estimated tax would have been due had each Subsidiary filed its federal income tax return on a separate basis) based on estimates of each Subsidiary’s separate return tax liability for the period. If a Subsidiary’s
separate return liability as finally determined for the taxable year exceeds the payments made for such year, the remainder of the separate return liability shall be paid to Parent within 60 days after the statutory due date for the consolidated
federal return. However, if the sum of all payments for any year exceeds a Subsidiary’s separate return tax liability as finally determined for the year, Parent shall pay the excess to such Subsidiary within 60 days after the statutory due date
for the consolidated federal income tax return. 

	 	4.	 Subsequent Adjustment 

If any item of income, gain, loss, deduction or credit of any Subsidiary is changed or adjusted for any taxable year, then the amount of the
payment made under this Agreement shall be adjusted, in accordance with the principles of this Agreement, to conform with the final determined item of income, gain, loss, deduction or credit. Any interest and penalties paid or received with respect
to such adjustments shall be paid or received by Parent, and not allocated to the Subsidiaries. All payments under this Item 4 shall be made within 30 days after the latter of (i) final resolution of any matters with either the internal Revenue
Service or in court or (ii) receipt of refunds/payment of taxes due. However, in the event that advance payments of tax deficiencies due or contested are deemed appropriate by Parent, payments under this Item 4 attributable to such advance
payments shall be made with 30 days of when such advance payments are paid to the government. 
  

	 	5.	 Termination 

This Agreement shall terminate between parent and any Subsidiary if: 
  

	 	(a)	 Parent and such Subsidiary agree in writing to such termination: or 

 

	 	(b)	 The Subsidiary’s membership in the Group ceases or is terminated. 

In the event that a Subsidiary ceases to be included within the Group (a “Deconsolidation”), the rights and obligations of such
Subsidiary under this Agreement shall survive for any period for which such Subsidiary was a member of the Group. The termination of this Agreement as to any Subsidiary in accordance with the provisions of this Item 5 hereof shall not affect this
Agreement in regard to Parent and any other Subsidiary. 
  

	 	6.	 Assignability 

This Agreement shall not be assignable by Parent or any Subsidiary without the written consent of the other parties and any such assignment
shall be void and without effect. 
  

	 	7.	 Effective Date 

This Agreement shall be effective for each of the undersigned Subsidiaries as applicable, for all taxable years ending on or after
December 31, 2019. 
  

	 	8.	 New Members 

This Agreement shall apply to any corporation which becomes a member of the Group effective as on the date such corporation became a member of
the Group upon (a) the receipt of any required regulatory approval or non-approval and (b) the execution and delivery of a joiner agreement under which such corporation agrees to be bound by this
Agreement. 
  

	 	9.	 Miscellaneous Provisions 

 

	 	(a)	 This Agreement has been made in and shall be construed and enforced in accordance with the laws of the State of
Florida. 

  

	 	(b)	 This Agreement shall be binding upon and inure to the benefit of each party hereto and their respective
successors and assigns. 

	 	(c)	 This Agreement may be executed simultaneously in two or more counterparts each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 

  

	 	(d)	 The parties hereto hereby agree that the terms of this Agreement are fair and reasonable.

 IN WITNESS WHEREOF, the parties hereto have caused the Agreement to be duly executed as of the day and year first above
written. 
  

			
	HCI Group, Inc.
		
	By:	 	 /s/ James Mark Harmsworth

		 	James Mark Harmsworth
		
	Title:	 	Chief Financial Officer
		
	Date:	 	2/13/2020

 SUBSIDIARIES 

Homeowners Choice Property & Casualty Insurance Company, Inc. 20-8490865 

Homeowners Choice Managers, Inc. 20-5961438 

TypTap Insurance Company 81-0922384 

TypTap Management Company 81-0691479 

Cypress Property Management Services, Inc. 45-1824621 

Cypress Claims Services, Inc. 27-3299614 

Southern Administration, Inc. 26-1094827 

Claddaugh Casualty Insurance Company, Ltd. 98-0607268 

HCI Technical Resources, Inc. 45-4280748 

Omega Insurance Agency, Inc. 45-5011464 

Exzeo USA, Inc. 46-0932198 

Cypress Tech Development Company, Inc. 45-5565379 

Treasure Island Restaurant Company, Inc. 45-4917580 

TI Marina Company, Inc. 45-4929616 

Enclave Services, Inc. 82-2085342 

Griston Claim Services, Inc. 83-1614364 

HCI Ins Administration Services, Inc. 35-2646744 

The following subsidiaries are single member limited liability companies (SMLLC’s) which are disregarded for federal income tax purposes.
The activity of each of these entities is reported on the federal income tax return of HCI Group, Inc. and each is considered a subsidiary for purposes of complying with this Agreement to Allocate the United States Federal Income Tax Liability. 

 TV Investment Holdings, LLC 45-1746038 (SMLLC 100%
owned by HCI Group, Inc.) 
 Greenleaf Capital, LLC 45-1292300 (SMLLC 100% owned by HCI Group, Inc.)

 HCPCI Holdings, LLC 27-2292362 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Gators on the Pass Holdings, LLC 45-4804547 (SMLLC 100% owned by Greenleaf Capital, LLC) 

John’s Pass Marina Investment Holdings, LLC 45-4804727 (SMLLC 100% owned by Greenleaf Capital,
LLC) 
 JP Beach Holdings, LLC 45-4804435 (SMLL 100% owned by Greenleaf Capital, LLC) 

Pass Investment Holdings, LLC 45-4804890 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Silver Springs Property Investments, LLC 37-1714125 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Melbourne FMA, LLC 47-1886333 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Sorrento PBX, LLC 61-1776369 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Century Park Holdings, LLC 38-4049380 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Gulf to Bay LM, LLC 32-0568867 (SMLLC 100% Owned by Greenleaf Capital, LLC) 

Greenleaf Essence LLC 47-3742220 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Green Street JV, LLC 47-3742531 (SMLLC 100% owned by Greenleaf Essence, LLC) 

Big Bend Lincoln SWC, LLC 47-3742946 (SMLLC 100% owned by Green Street JV, LLC) 

FMKT Mel Owner LLC 47-1864004 (SMLLC 100% owned by Melbourne FMA, LLC) 

Westview Holdings, LLC 36-4931002 (SMLLC 100% owned by Greenleaf Capital, LLC) 

Miramar Property Holdings, LLC 84-2142828 (SMLLC 100% owned by Greenleaf Capital, LLC)

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