Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 40

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 40
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. The value of matching 401(k) contributions, which can be as high as 3% depending on the amount contributed by the employee, as well as the value of the profit -sharingcontributions and ESOP allocations, is included in the Summary Compensation Table. We do not offer a pension or retirement plan for any employees. We provide executive wellness benefits, premiums paid for life insurance coverage, and country club dues to certain executives. We also provide a company car for our Chief Executive Officer. The value of these perquisites is also included in the Summary Compensation Table. The Compensation Committee considers these limited perquisites to be appropriate as part of a competitive overall compensation program. Employment Agreements Each of Mr. Daggett and Mr. Maki is party to an employment agreement with NI Holdings, Inc. and Nodak Insurance Company. Mr. Daggett’s agreement has a term of two years. Mr. Maki’s agreement has a term of one year. Each agreement is automatically extended on each day for one additional day unless either party has given the other party written notice that such party does not agree to extend the agreement.

30 The Compensation Committee enters into employment agreements with executive officers when it determines that such an agreement is desirable to obtain some measure of assurance as to the executive’s continued employment in light of prevailing market competition for the position held by the executive officer, or where the Compensation Committee determines that an employment agreement is necessary and appropriate in light of the executive’s prior experience or with our practices with respect to similarly situated employees. Under the employment agreements with Messrs. Daggett and Maki, if such officer is terminated without “Cause” or terminates his employment for “Good Reason” (as such terms are defined in the employment agreement), he will be entitled to receive a lump sum payment equal to (a) the sum of his annual base salary plus the target annual short -termincentive bonus for the year in which he terminates multiplied by (b) the quotient obtained by dividing the number of full calendar months remaining in his employment period by twelve. In addition, he will be entitled to continued benefit plan coverage for the remaining term of his employment agreement to the extent permitted by the plan or applicable law. Prior to receiving any severance benefits, Messrs. Daggett and Maki must execute a release of claims. Potential Payments upon Termination or Change-in-Control Cash severance payments and the value of continuing benefits arise from employment agreements between the NEO and the Company. Messrs. Daggett and Maki are party to employment agreements with