Company: NODK
Filing Date: 2025-05-27
Form Type: 8-K
Source: 0001174947-25-000859
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Company: NI Holdings, Inc.
Filing Date: 2025-05-27
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 Accounting Officer

On May 21,
2025, the Board of Directors (the “ Board”) of NI Holdings, Inc. (the “ Company”) determined to appoint Kevin Elfstrand
as the Company’s Chief Accounting Officer, effective June 1, 2025. As Chief Accounting Officer, Mr. Elfstrand will function
as the Company’s Principal Accounting Officer for Securities and Exchange Commission (“ SEC”) reporting purposes.

Mr. Elfstrand, age 45, joined the Company as Vice
President, Corporate Controller in April 2022. Before joining the Company, Mr. Elfstrand served in various finance roles at The Travelers
Companies, Inc., from 2004 to 2022, most recently as Assistant Vice President, Corporate Audit. Prior to that, Mr. Elfstrand served as
an auditor at Deloitte & Touche LLP. Mr. Elfstrand graduated from Saint John’s University in Minnesota with a bachelor’s
degree in Accounting and is a Certified Public Accountant.

In connection with the foregoing,
as determined and approved by theCompensation Committee of the Board, effective June 1,
2025, Mr. Elfstrand’s compensation as Chief Accounting Officer will consist of the following: (a) annual base salary of $310,000,
(b) annual short-term incentive equal to 40% of base salary, with payout percentages of 20% on threshold, 40% on target, and 80% on stretch,
and (c) annual long-term incentive equal to 40% of base salary.