Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1860

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 1860
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rolling interest 
     2,758 
  
    Total equity 
     2,758 

    Total liabilities and equity 
    $32,987 

(1)       
Amount fully eliminated in consolidation.

(2)       
Amount partly eliminated in consolidation.

12.       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 $782, $806, and $693 during the years ended December 31, 2024, 2023, and 2022, 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 $360, $368, and $325 during the years ended December
31, 2024, 2023, and 2022, respectively.

In connection with our IPO in March 2017, the Company established
its ESOP within the meaning of Internal Revenue Code Section 4975(e)(7) and invests solely in common stock of the Company.

85 

Upon establishment of the ESOP, Nodak Insurance
loaned $2,400 to the ESOP’s related trust (the “ESOP Trust”). The ESOP loan was for a period of ten years, bearing
interest at the long-term Applicable Federal Rate effective on the closing date of the offering (2.79% annually). The ESOP Trust used
the proceeds of the loan to purchase shares in our IPO, which resulted in the ESOP Trust owning approximately 1.0% of the Company’s
authorized shares. The ESOP has purchased the shares for investment and not for resale