The Company grants stock-based awards to participants under HCI Group, Inc.’s 2012 Omnibus Incentive Plan (“HCI Plan”) and Exzeo Group, Inc.’s 2025 Omnibus Incentive Plan (“Exzeo Plan”). Stock-based compensation expense is included in general and administrative personnel expense in the consolidated statements of income and consisted of the following for the periods presented:


	Three Months Ended March 31,
	2026		2025
Restricted stock awards	$	2,623	$	2,270
Exzeo stock options		—		342
Exzeo restricted stock awards		736		360
Stock-based compensation expense	$	3,359	$	2,972

Stock-based compensation awards are classified as equity and awards related to the Exzeo Plan are included as a component of noncontrolling interests.

As of March 31, 2026, there were 644,994 shares available for issuance under the HCI Plan.

The following table summarizes the activity related to stock options granted under the HCI Plan during the three months ended March 31, 2026:


						Weighted
				Weighted		Average
				Average		Remaining	Aggregate
	Number of			Exercise		Contractual	Intrinsic
	Options			Price		Term	Value
Outstanding as of December 31, 2025		590,000		$	51.54	3.9 years	$	82,687
Granted		—		$	—
Exercised		(20,000	)	$	40.00
Forfeited		—		$	—
Outstanding as of March 31, 2026		570,000		$	51.95	3.7 years	$	58,518
Exercisable as of March 31, 2026		570,000		$	51.95	3.7 years	$	58,518

As of March 31, 2026, there was no unrecognized compensation expense related to stock options under the HCI Plan.

The following table summarizes the activity related to restricted stock awards granted under the HCI Plan during the three months ended March 31, 2026:


	Number of			Weighted
	Restricted			Average
	Stock			Grant Date
	Awards			Fair Value
Unvested as of December 31, 2025		494,635		$	73.31
Granted		—		$	—
Vested		(1,750	)	$	64.21
Forfeited		(693	)	$	131.96
Unvested as of March 31, 2026		492,192		$	73.26

As of March 31, 2026, there were 393,500 unvested restricted stock awards granted under the HCI Plan with market conditions, of which 193,500 met the requisite market condition in May 2025 and will vest twelve months from the date the market condition was achieved. The remaining 200,000 unvested restricted stock awards have not met the requisite market condition that the price per share reaches $200 for a period of 30 consecutive trading days.

As of March 31, 2026, there was $18,156 of total unrecognized compensation expense related to unvested restricted stock awards granted under the HCI Plan, which is expected to be recognized over a weighted-average period of 2.3 years.

Exzeo maintained its 2021 Omnibus Plan under which shares of Exzeo common stock were authorized for issuance as stock-based compensation awards. On November 4, 2025, Exzeo terminated its 2021 Omnibus Plan and adopted the Exzeo Plan, which authorizes the issuance of up to 10,000,000 shares of Exzeo’s common stock. Awards outstanding under the Exzeo 2021 Omnibus Plan continue to be governed by the terms of that plan and are incremental to, and do not count against, the authorized share pool of the Exzeo Plan. As of March 31, 2026, there were 9,776,820 shares available for issuance under the Exzeo Plan.

As of March 31, 2026, there were 6,350,000 Exzeo stock options outstanding with a weighted-average exercise price of $23.00. All of the Exzeo stock options were fully vested, however, 6,000,000 Exzeo stock options were non-exercisable without approval from HCI Group, Inc.'s Board of Directors.

As of March 31, 2026, there were 2,533,303 unvested Exzeo restricted stock awards outstanding with a weighted-average grant date fair value of $4.74. There was $11,111 of total unrecognized compensation expense related to unvested Exzeo restricted stock awards, which is expected to be recognized over a weighted-average period of 4.0 years.