Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 37

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 37
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 NEO. For fiscal year 2024, the Committee recommended, and the Board approved, an adjustment that was accretive to the combined ratio and direct written premium growth metrics. This adjustment resulted in a 2024 combined ratio of 89.4%, compared to an unadjusted result of 98.5%, and a 2024 directed written premium growth result of 8.8%, compared to an unadjusted result of 3.4%. This adjustment related to the exclusion of the non -standardauto segment due to extraordinary actions taken by the Company to improve the future results of this segment. For fiscal year 2024, the Committee recommended, and the Board approved, a target payout for Messrs. Daggett and Maki as it relates to their individual goals. This recommendation was based on performance throughout 2024. Under the STIP, participating executive officers can earn a target percentage of their base salary for each of the performance objectives. Messrs. Alexander and Duncan did not earn a payout under the 2024 STIP due to their termination from the Company without Cause. Ms. Launer did not participate in the 2024 STIP. For 2024, the earned payout for Messrs. Daggett and Maki was 161% of target. The annual incentive payouts for each of the NEOs as a percentage of their earned base salary, and the actual incentive percentages earned, were as follows:

| Named Executive Officer |     | Threshold 
 Payout    |     | Target 
 Payout |     | Maximum 
 Payout  |     | Actual Total 
 Payout       |
| Michael J. Alexander    |     | 50%       |     | 100%   |     | 150%    |     | n/a          |
| Seth C. Daggett         |     | 30%       |     | 60%    |     | 120%    |     | 96.5%        |
| Patrick W. Duncan       |     | 25%       |     | 50%    |     | 100%    |     | n/a          |
| Matthew J. Maki         |     | 20%       |     | 40%    |     | 80%     |     | 64.3%        |

Stock-Based Incentive Plan Long -termequity incentives are designed to motivate management to enable the Company to achieve sustained long -termperformance aligned with shareholder interests. The Company provides grants of long -