Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 38

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 38
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termequity compensation annually, consistent with the objectives and philosophy of our compensation programs, under the governing NI Holdings, Inc. 2020 Stock and Incentive Plan (“2020 Plan”), which was approved by our shareholders. We generally grant long -termincentive awards to participating executive officers annually in the first quarter. In 2024, 50% of the long -termincentive opportunity was granted in RSUs and 50% granted in PSUs. The aggregate number of shares awarded to executive officers under the 2020 Plan was 159,600shares in 2024 (with PSUs at target). The RSU awards vest one -thirdannually on each of the first three anniversaries of the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash at the end of the vesting period but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to RSUs. The PSU awards vest based on a three -yearaverage of adjusted return on equity goals over the performance period (2024 to 2026). The awards will vest on the third anniversary of the grant date, subject to a participant’s continuous employment through the vesting date and the level of performance achieved. Dividend equivalents on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance achieved but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to PSUs.

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The table below sets forth the adjusted return on equity goals established for the PSUs awarded during 2024.

| Performance Share Units(1)               |     | Threshold          
 Adjusted Return on 
 Equity Goal        |     | Target             
 Adjusted Return on 
 Equity Goal        |     | Stretch            
 Adjusted Return on 
 Equity Goal        |
| 2024 Actual adjusted return on equity(2) |     | 4.0%               |     | 7.0%               |     | 10.0%              |
| 2025 Actual adjusted return on equity(2) |     | 4.5%               |     | 7.5%               |     | 10.5%              |
| 2026 Actual adjusted return on equity(2) |     | 5.0%               |     | 8.0%               |     | 11.0%              |

____________ (1)The Company’s