Company: NODK
Filing Date: 2025-03-04
Form Type: 8-K
Source: 0001174947-25-000267
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Company: NI Holdings, Inc.
Filing Date: 2025-03-04
Form: 8-K
Item: Item 5.02
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

Appointment
of Chief Financial Officer

As
previously disclosed, Matt Maki was appointed as the Interim Chief Financial Officer of NI Holdings, Inc. (the “ Company”),
effective December 1, 2024. On February 26, 2025, the Board of Directors (the “ Board”) of the Company determined to appoint
Mr. Maki as the Company’s full-time Chief Financial Officer, effective March 1, 2025. As Chief Financial Officer, Mr. Maki
will function as the Company’s Principal Financial and Accounting Officer for SEC reporting purposes.

Mr. Maki, age 38, joined the Company
as Vice President, Financial Planning and Analysis in August 2020 and was appointed as the Company’s Interim Chief Financial Officer
effective December 1, 2024. Before joining the Company, Mr. Maki was Vice President of Accounting and Treasurer of RAM Mutual Insurance
Company from August 2019 until August 2020. Prior to that, Mr. Maki served in various other finance-related roles at RAM Mutual Insurance
Company and as Finance Manager at Travelers Companies, Inc. He began his career as an auditor at Ernst & Young. Mr. Maki graduated
from the University of Wisconsin - Eau Claire and is a Certified Public Accountant.

In connection
with the foregoing, as determined and approved by theCompensation Committee of the Board, effective
March 1, 2025, Mr. Maki’s compensation as Chief Financial Officer will consist of the following: (a) annual base salary of $435,000,
(b) annual short-term incentive equal to 50% of base salary, with payout percentages of 25% on threshold, 50% on target, and 100% on stretch,
(c) annual long-term incentive equal to 70% of base salary, (d) one-time cash bonus of $25,000, and (e) one-time grant of Restricted Stock
Units with a value of $70,000 pursuant to the Company’s 2020 Stock and Incentive Plan, based on the closing price of the Company’s
common stock on February 28, 2025, with a three-year vesting term. In addition, the Company anticipates entering into an employment agreement
with Mr. Maki governing the terms