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 expenses in the consolidated statements of income and consisted of the following for the periods presented:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Restricted stock awards	$	2,584	$	1,994	$	5,207	$	4,264
Exzeo stock options		—		347		—		689
Exzeo restricted stock awards		755		354		1,491		714
Stock-based compensation expense	$	3,339	$	2,695	$	6,698	$	5,667

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 June 30, 2026, there were 641,937 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 six months ended June 30, 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 June 30, 2026		570,000		$	51.95	3.5 years	$	70,283
Exercisable as of June 30, 2026		570,000		$	51.95	3.5 years	$	70,283

As of June 30, 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 six months ended June 30, 2026:


	Number of			Weighted
	Restricted			Average
	Stock			Grant Date
	Awards			Fair Value
Unvested as of December 31, 2025		494,635		$	73.31
Granted		3,750		$	162.12
Vested		(202,255	)	$	34.23
Forfeited		(1,386	)	$	131.96
Unvested as of June 30, 2026		294,744		$	100.99

In May 2026, there were 193,500 restricted stock awards that vested as a result of meeting the requisite market condition that the price per share exceeded $140 for a period of 30 consecutive trading days in May 2025.

As of June 30, 2026, there were 200,000 unvested restricted stock awards granted under the HCI Plan with market conditions. These awards have not met the requisite market condition of the Company’s share price reaching $200 per share for 30 consecutive trading days.

As of June 30, 2026, there was $16,089 of 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 2.0 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 June 30, 2026, there were 9,768,170 shares available for issuance under the Exzeo Plan.

As of June 30, 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 June 30, 2026, there were 2,541,953 unvested Exzeo restricted stock awards outstanding with a weighted-average grant date fair value of $4.82. There was $10,599 of unrecognized compensation expense related to unvested Exzeo restricted stock awards, which is expected to be recognized over a weighted-average period of 3.8 years.