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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
| 1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Stock Warrant (Right to Buy) | $ 9.1 (2) | (2) | 07/30/2013 | Common | 2,000 (2) | 4,000 | D | ||||||||
| Stock Option (Right to Buy) (3) | $ 2.5 | (4) | 09/05/2017 | Common | 60,000 | 60,000 | D | ||||||||
| Stock Option (Right to Buy) (3) | $ 2.5 | (5) | 05/31/2017 | Common | 120,000 | 120,000 | D | ||||||||
| Stock Option (Right to Buy) (3) | $ 2.5 | (6) | 05/31/2017 | Common | 30,000 | 30,000 | D | ||||||||
| Stock Warrant (Right to Buy) | $ 9.1 (7) | 11/14/2008 | 07/30/2013 | Common | 1,400 (7) | 2,800 (7) | I (8) | IRA (8) | |||||||
| Stock Warrant (Right to Buy) | $ 9.1 (9) | 11/18/2008 | 07/30/2013 | Common | 1,900 (9) | 3,800 (9) | I (8) | IRA (8) | |||||||
| Stock Warrant (Right to Buy) | $ 9.1 (10) | 11/19/2008 | 07/30/2013 | Common | 2,050 (10) | 4,100 (10) | I (8) | IRA (8) | |||||||
| Stock Warrant (Right to Buy) | $ 9.1 (11) | 11/20/2008 | 07/30/2013 | Common | 2,500 (11) | 5,000 (11) | I (8) | IRA (8) | |||||||
| Stock Warrant (Right to Buy) | $ 9.1 (12) | 11/25/2008 | 07/30/2013 | Common | 500 (12) | 1,000 (12) | I (8) | IRA (8) | |||||||
| Stock Warrant (Right to Buy) | $ 9.1 (13) | 12/09/2008 | P | 900 | 12/09/2008 | 07/30/2013 | Common | 450 (13) | $ 0.5 | 900 (13) | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Patel Paresh 2340 DREW STREET SUITE 200 CLEARWATER, FL 33765 |
X | |||
| /s/ Cathy J. Welch as Attorney-in-fact for Paresh Patel | 12/16/2008 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Shares are held jointly with spouse. |
| (2) | In connection with the Homeowners Choice, Inc. initial public offering ("IPO"), 4,000 units were purchased on 7/25/08 at a price of $7.00 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 any time after the closing of the IPO up to five years after the July 30, 2008 IPO closing date. |
| (3) | The options were granted pursuant to the Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan. |
| (4) | These options vest and become immediately exercisable upon the fair market value of the Company's Common Stock reaching $7.50 per share. |
| (5) | Commencing on June 1, 2007 and continuing on the first day of each calendar month thereafter through and including January 1, 2010, the amount of 5,000 options will vest and become exercisable on each such monthly vesting date. |
| (6) | Commencing on May 1, 2008 and continuing on the same day of each calendar year thereafter through and including May 1, 2010, the amount of 10,000 options will vest and become exercisable on each such annual vesting date. |
| (7) | 2,800 warrants were purchased on 11/14/08 at a price of $0.3382 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |
| (8) | Warrants are held in the reporting person's IRA. |
| (9) | 3,800 warrants were purchased on 11/18/08 at a price of $0.45 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |
| (10) | 4,100 warrants were purchased on 11/19/08 at a price of $0.35 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |
| (11) | 5,000 warrants were purchased on 11/20/08 at a price of $0.38 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |
| (12) | 1,000 warrants were purchased on 11/25/08 at a price of $0.40 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |
| (13) | 900 warrants were purchased on 12/09/08 at a price of $0.50 per warrant. Two warrants may be exercised to acquire one share of the Company's common stock at an exercise price equal to $9.10 per share. |