I've had this happen to two masts on the H20. I through bolted both of them. The bottom two rivots start to pull out and then you see spider cracks. The next thing that happens is that you yank the hook off if you don't fix it. I've seen the hook yanked off two boats.
Here is my simple fix.
Buy a #10 bolt from West Marine about 5 inchs long. Get a couple of washers for the back so that you disperse the load against the comptip. I used two washers and bent the bigger one to conform to the comptip. Drill the hole with a 3/16" bit between the bottom two rivots that are pulling out the worst. Go all the way through the mast with the drill. Make sure that you are coming out on the other end where it won't interfere with the mast track. Put A bunch of RTV or 5200 on it and cinch it up. Cut off the excess bolt with a hack saw and file the edges to get rid of any sharpness.
That's it. About a half hour fix and you never have the problem again. Maybe I should suggest this to Hobie since it is so common.
Mike Hill
H20 #791