Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 391

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 391
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 Creek 

Prior to January 2, 2024, we consolidated the financial statements
of Battle Creek, and Battle Creek’s policyholders’ interest in Battle Creek was reflected as a non-controlling interest in
shareholders’ equity in our Consolidated Balance Sheets. Subsequent to January 2, 2024, Battle Creek is fully consolidated in our
Consolidated Balance Sheets. See the Part I, Item 1, Note 1 “Organization” section of this Form 10-Q for additional information.

11.       Benefit
Plans

Nodak Insurance sponsors a 401(k) plan with an automatic and
matching contribution for eligible employees at Nodak Insurance, Primero, and Direct Auto. Nodak Insurance also contributes an additional
elective amount of employee compensation as a profit-sharing contribution for eligible employees. Westminster also sponsored a separate
401(k) plan until the company was sold on June 30, 2024. American West and Battle Creek have no employees. The Company reported expenses
related to these plans totaling $277 and $312 during the three months ended September 30, 2025 and 2024, respectively, and $1,079 and
$1,117 during the nine months ended September 30, 2025 and 2024, respectively.

All fees associated with the plans are deducted from the
eligible employee accounts.

The Company also offers a non-qualified deferred compensation
plan to key executives of the Company (as designated by the Board of Directors). The Company’s policy is to fund the plan by amounts
that represent the excess of the maximum contribution allowed by the Employee Retirement Income Security Act over the key executives’
allowable 401(k) contribution. The plan also allows employee-directed deferral of key executives’ compensation or incentive payments.
The Company reported expenses related to this plan totaling $25 and $27 during the three months ended September 30, 2025 and 2024, respectively,
and $183 and $258 during the nine months ended September 30, 2025 and 2024, respectively.

In connection with our initial public offering (“IPO”)
in March 2017, the Company established its Employee Stock Ownership Plan (the “ESOP”) within the meaning of Internal Revenue
Code Section 4975(e)(7) and invests solely in common stock of the Company.

Upon establishment of the ESOP, Nodak Insurance loaned $2,400 to
the ESOP’s related