Amendment to Executive Employment Agreement between Paresh Patel and HCI Group, Inc.
This amendment updates the executive employment agreement between Paresh Patel and HCI Group, Inc. Effective January 1, 2016, the agreement now terminates on December 31, 2016, though this does not end Mr. Patel's employment. Additionally, Mr. Patel's compensation is increased from $500,000 to $950,000. The amendment is signed by Mr. Patel and the Chairman of the Compensation Committee.
Exhibit 10.89
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
The executive employment agreement, dated July 1, 2011, by and between HCI Group, Inc. (formerly Homeowners Choice, Inc.), is hereby amended effective January 29, 2016 as follows.
1. Section 5 is deleted in its entirety and replaced with the following.
“This Agreement will terminate December 31, 2016. The foregoing sentence will not be interpreted as a termination of employment.”
2. Section 6.1 is revised by deleting “$500,000” and inserting in lieu thereof “$950,000.” This amendment will be treated as if effective January 1, 2016.
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Paresh Patel | ||
| HCI Group, Inc. | ||
| By: |
| |
| Martin Traber | ||
| Chairman of the Compensation Committee | ||
