Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 812

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1C
Chunk 812
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) 
     15.23 
  
    Units outstanding at December 31, 2024 
     26,327  
    $17.50 

(1)  Represents
the change in PSUs issued based upon the attainment of performance goals established by the Company.

(2)  Represents
PSU forfeitures primarily related to the execution of the separation agreements with the former Chief Executive Officer and former Senior
Vice President of Operations.

The following table shows the impact of PSU activity to the Company’s
financial results:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    PSU compensation expense (benefit) 
    $(264) 
    $206  
    $(1,022)
  
    Income tax benefit (expense) 
     60  
     (47) 
     232 
  
    PSU compensation expense (benefit), net of income taxes 
    $(204) 
    $159  
    $(790)

    Total grant-date fair value of vested PSUs at end of period 
    $—  
    $—  
    $1,319 

The cost estimates for PSU grants represent initial
target awards until we can reasonably forecast the financial performance of each PSU award grant. At the end of the performance period,
we will reflect a performance adjustment, which may be either an increase or decrease from the initial target awards. The actual number
of shares to be issued at the end of the performance period will range from 0% to 200% of the initial target awards. During the year ended
December 31, 2024, the previously recognized compensation expense related to the PSU awards granted during 2024 was reduced as a result
of a performance adjustment, and the compensation expense related to the PSU awards granted during 2023 was eliminated due to the Company's
expectation that the threshold performance goal will not be met. During the year ended December 31, 2023, the previously recognized compensation
expense related to the PSU awards granted during 2022 was eliminated due to the Company's expectation that the threshold performance goal
will not be met. During the year ended December 31, 2022, the previously recognized compensation expense related to the PSU awards granted
during 2020 and 2021 was eliminated due to the Company’s expectation that the threshold performance goal will not be met, and the
compensation expense related