Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 37

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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    Treasury shares repurchased through stock repurchase authorization 
     —  
     — 
  
    Issuance of treasury shares for vesting of restricted stock units 
     25,306  
     29,546 
  
    Shares outstanding, end of period 
     20,698,574  
     20,629,454 

The changes in the number of common shares outstanding
excludes certain non-forfeitable stock award shares that are included in the weighted average common shares outstanding used in basic
earnings per common share calculations.

On May 9, 2022, our Board of Directors approved an
authorization for the repurchase of up to approximately $10,000 of the Company’s outstanding common stock. During the three months
ended March 31, 2025, we did not repurchase any shares of our common stock. During the three months ended March 31, 2024, we did not repurchase
any shares of our common stock. At March 31, 2025, $2,052 remains available under this authorization.

The cost of this treasury stock is a reduction of
shareholders’ equity within our Consolidated Balance Sheets.

Preferred Stock

The Company’s Articles of Incorporation provide
authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.

17.Share-Based Compensation

The NI Holdings, Inc. 2020 Stock and Incentive Plan
(the “Plan”) is designed to promote the interests of the Company and its shareholders by aiding the Company in attracting
and retaining employees, officers, consultants, independent contractors, advisors, and non-employee directors capable of assuring the
future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business
and to afford such persons an opportunity to acquire an ownership interest in the Company, thereby aligning the interests of such persons
with the Company’s shareholders.

The Plan provides for the grant of nonqualified stock
options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights, dividend equivalents, and performance
share units (“PSUs”) to employees, officers, consultants, advisors, non-employee directors, and independent contractors designated
by the Compensation Committee of the Board of Directors (the “Compensation Committee”). Awards made under the Plan are based
upon, among other things, a participant’s level of responsibility and performance within the Company.

The total aggregate number of shares of