Company: NODK
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001174947-25-001356
Chunk: 49

Company: NI Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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     (147,173) 
     16.14 
  
    Forfeitures (2) 
     (120,100) 
     15.23 
  
    Units outstanding at December 31, 2024 
     26,327  
     17.50 

    PSUs granted during 2025 (at target) 
     —  
     — 
  
    PSUs earned during 2025 
     —  
     — 
  
    Performance adjustment (1) 
     —  
     — 
  
    Forfeitures 
     (4,601) 
     14.19 
  
    Units outstanding at September 30, 2025 
     21,726  
     18.20 

(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:

    Three Months Ended September 30,  
    Nine Months Ended September 30, 

    2025  
    2024  
    2025  
    2024 
  
    PSU compensation expense 
    $24  
    $(230) 
    $52  
    $139 
  
    Income tax benefit 
     (6) 
     52  
     (12) 
     (32)
  
    PSU compensation expense, net of income taxes 
    $18  
    $(178) 
    $40  
    $107 

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