Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 16

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 16
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 exercise under similar circumstances, and in a manner the director reasonably believes to be in the best interests of the Company. Both the Board and management recognize that the long -terminterests of the Company and its shareholders are advanced by responsibly addressing the concerns of other interested parties, including employees, prospective employees, customers, agents, vendors, government representatives, the communities in which the Company operates, and the public at large. Director Independence The Nasdaq Listing Rules require a majority of a listed company’s Board of Directors to be comprised of independent directors. In addition, the Nasdaq Listing Rules require that, subject to specified exceptions, each member of a listed company’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee be independent and that Audit Committee members also satisfy independence criteria set forth in Rule 10A -3under the Exchange Act. In order to determine which of our directors are independent, we have elected to utilize the standards for independence established under the Nasdaq listing standards. Under these criteria, all directors except Seth C. Daggett and Jeffery R. Missling are independent. Our Board considered Ms. Launer’s service as Interim Chief Executive Officer and determined that, following the completion of her service in such role, she was independent. Our bylaws require that our Audit, Nominating and Corporate Governance, and Compensation Committees include only independent directors. Board Leadership Structure Under our current circumstances, our Board currently believes that it is in the best interests of the Company and our shareholders to have a person other than our Chief Executive Officer serve as Chair of our Board. We believe that separating these roles currently provides the appropriate balance between strategy development, flow of information between management and the Board, and oversight of management. We also believe that this structure provides guidance for our Board, while also positioning our Chief Executive Officer as the leader of the Company in the eyes of our customers, employees, and other stakeholders. The Board has the discretion to modify this approach as circumstances change. Mr. Aasmundstad currently serves as Chair of our Board. The four standing committees of the Board are also chaired by independent non -employeedirectors. Executive Sessions of Non-Employee Directors The quarterly Board meetings and committee meetings are attended by members of the Board and the respective committees, as well as selected officers and employees of the Company. To encourage and enhance communication among non -employeedirectors, and as required under applicable Nasdaq rules, our corporate governance guidelines provide that the non -employee, independent directors will meet in executive sessions without management directors or