HCI Group, Inc. — Director's Dealing 2012

Jun 28, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Homeowners Choice, Inc. (HCII)
CIK: 0001400810
Period of Report: 2012-06-14

Reporting Person: Apostolou George (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-06-14	Series A Cumulative Redeemable Preferred Stock, no par value	$10.00	S	500	Disposed		Common Stock (500)	Indirect
2012-06-15	Series A Cumulative Redeemable Preferred Stock, no par value	$10.00	S	1550	Disposed		Common Stock (1550)	Indirect
2012-06-18	Series A Cumulative Redeemable Preferred Stock, no par value	$10.00	S	2200	Disposed		Common Stock (2200)	Indirect
2012-06-19	Series A Cumulative Redeemable Preferred Stock, no par value	$10.00	S	750	Disposed		Common Stock (750)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common stock	33000	Direct
Common stock	105000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Warrant (Right to Buy)	$9.10	2013-07-30	Common stock (1500)	3000	Direct

Footnotes

F1: Shares are held jointly with spouse.

F2: Open market purchase of 3,000 Homeowners Choice, Inc. units at a price of $6.78 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 at any time on or before July 30, 2013.

F3: Shares were purchased in connection with Homeowners Choice, Inc.'s ("HCI") offering of its 7% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred"), which was completed on March 25, 2011. Each share of the Series A Preferred will be convertible, at the holder's option at any time, initially into one share of HCI's common stock based upon an initial conversion price of $10.00 per share.

F4: HCI may terminate this conversion right on or after March 31, 2014, if, for at least twenty trading days within any period of thirty consecutive trading days, the market price of HCI's common stock exceeds the conversion price of the Series A Preferred by more than 20% and HCI's common stock is then traded on the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, or the NYSE Amex.