HCI Group, Inc. — Director's Dealing 2010

Nov 8, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Homeowners Choice, Inc. (HCII)
CIK: 0001400810
Period of Report: 2010-11-02

Reporting Person: Madhu Sanjay (Director, Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-02	Common stock	M	30000	$2.50	Acquired	30000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-02	Stock Option (Right to Buy)	$2.50	M	30000	Disposed	2017-05-31	Common stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock	2100	Indirect
Common stock	200	Indirect
Common stock	3000	Indirect
Common stock	80000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Warrant (Right to Buy)	$	2013-07-30	Common stock (1050)	1050	Indirect
Stock Warrant (Right to Buy)	$	2013-07-30	Common stock (100)	100	Indirect
Stock Warrant (Right to Buy)	$	2013-07-30	Common stock (1500)	1500	Indirect

Footnotes

F1: The reporting person holds voting and investment power of the 80,000 shares held by Universal Finance & Investments, LLC.

F2: The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.

F3: Commencing on May 1, 2008 and continuing on the same day of each calendar year thereafter through and including May 1, 2010, the amount of 10,000 options will vest and become exercisable on each such annual vesting date.

F4: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 2,100 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

F5: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 200 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.

F6: In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 3,000 units were purchased on 7/25/08 at a price of $7.00 per unit, with each unit consisting of one share of common stock and one warrant. Two warrants may be exercised to acquire one share of common stock at an exercise price equal to $9.10 per share. The warrants may be exercised any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date.