05:54 PM EDT, 04/23/2024 (MT Newswires) -- HCI Group ( HCI ) said Tuesday it agreed to a new executive employment deal with Chairman and Chief Executive Paresh Patel.

The new deal keeps Patel at the HCI's helm for at least another five years, according to the company.

The company said the new agreement includes a long-term equity incentive award with a $200 per share vesting threshold while Patel's base salary remains unchanged.

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