Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1023

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 1023
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     14.67 
  
    RSUs earned during 2024 
     (69,420) 
     14.82 
  
    Forfeitures (1) 
     (92,160) 
     15.18 
  
    Units outstanding and unearned at December 31, 2024 
     104,398  
    $15.11 

(1) Represents RSU 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 RSU activity to the Company’s
financial results:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    RSU compensation expense 
    $502  
    $1,095  
    $952 
  
    Income tax benefit 
     (113) 
     (249) 
     (216)
  
    RSU compensation expense, net of income taxes 
    $389  
    $846  
    $736 

    Total grant-date fair value of vested RSUs at end of period 
    $1,028  
    $872  
    $915 

At December 31, 2024, there was $741 of unrecognized
compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.83 years.

Performance Share Units

The Compensation Committee has awarded PSUs to
select executives. PSUs are promises to issue actual shares of common stock at the end of a vesting period, if certain performance conditions
are met. The PSUs granted to employees under the Plan are based on salary and, prior to 2024, include a three-year adjusted book value
cumulative growth target with threshold and stretch goals. Effective for grants made in 2024, the performance metric is calculated based
on an adjusted return on equity over a three-year period, with annual resets. They will vest on the third anniversary of the grant date,
subject to the participant’s continuous employment through the vesting date and the level of performance achieved. Dividend equivalents
on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance achieved but are
subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to PSUs.

The Company recognizes stock-based compensation