Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 31

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 31
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 Operations, was terminated by the Company without Cause in November 2024. Messrs. Alexander and Duncan received severance payments upon their separation from the Company in accordance with their employment agreements. Refer to the “Potential Payments Upon Termination or Change in Control” and “NEO Terminations During the Year” sections for additional information. Ms. Launer, who is also a director of NI Holdings, Inc., served as Interim Chief Executive Officer from August 2024 to November 2024. Ms. Launer received executive compensation instead of director compensation during this period. Effective December 1, 2024, the Board appointed Mr. Daggett as President and Chief Executive Officer. He was previously Executive Vice President, Treasurer and Chief Financial Officer. In connection with his appointment to President and Chief Executive Officer, Mr. Daggett received an increase in his base salary to $700,000, a one -timecash bonus of $100,000, and a one -timegrant of RSUs with a value of $240,000. Effective December 1, 2024, the Board appointed Mr. Maki as Interim Chief Financial Officer in addition to his role as Vice President, Financial Planning and Analysis. Effective March 1, 2025, the Board appointed him as Executive Vice President, Treasurer and Chief Financial Officer. Mr. Maki received additional compensation for his service as Interim Chief Financial Officer of $25,000 per month, with 40% paid in cash and 60% paid in RSUs. Mr. Maki received an increase in his base salary to $435,000, a one -timecash bonus of $25,000, and a one -timegrant of RSUs with a value of $70,000 upon his appointment to Executive Vice President, Treasurer and Chief Financial Officer. Compensation Philosophy The compensation programs established by the Compensation Committee of NI Holdings, Inc. are intended to encourage and reward performance that is consistent with top tier insurance organizations. As such, the compensation program for NEOs includes both short -term(defined as annual) and long -term(generally defined as three to five years) incentive programs that reward our NEOs for achievement of pre -establishedobjectives. The compensation program is also designed to foster retention of key executives and enhance the alignment of executives’ interest with those of shareholders. Overall, our compensation philosophy is to attract, retain, and motivate our NEOs and other senior leadership throughout the organization. 23

In order to achieve the above,