Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 42

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 42
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Good Reason” within twenty -four(24) months following the change in control but prior to the end of the performance period, any converted RSUs (or replacement award) that remain unvested will vest in full and become non -forfeitableas of the date of such termination. Notwithstanding the foregoing, if the employee’s converted RSUs are neither assumed, substituted, nor replaced with similar rights (or cash equivalent value thereof), then any unvested converted RSUs will vest in full and become non -forfeitableupon the change in control. The terms also provide for a fully vested and non -forfeitableinterest in the pro rata number of earned PSUs at the end of the performance period in the event of disability or an involuntary termination without “Cause,” with such pro rata number determined based on the number of full and partial calendar months of the employee’s service during the relevant measurement period compared to the total measurement period. 31

For retirement -eligibleexecutives, the terms of the PSU award provide for a fully vested and non -forfeitableinterest in the pro rata number of earned PSUs at the end of the performance period upon termination due to retirement from the Company. None of the NEOs are currently retirement -eligible. Refer to the “Potential Payments Upon Termination or Change in Control” table in the Executive Compensation Tables section for additional information. Governance Stock Ownership Guidelines The Company has adopted Stock Ownership Guidelines and holding requirements for its non -employeedirectors and certain senior executives. The current Stock Ownership Guidelines are as follows:

| Position                 |     | Minimum Stock Ownership Requirement               |
| Non-employee director    |     | Market value of 3 times annual base cash retainer |
| Chief executive officer  |     | Market value of 3 times current base salary       |
| Other executive officers |     | Market value of 2 times current base salary       |

Individuals have five years from their permanent appointment to a specified position to acquire the required holdings. Absent extenuating circumstances, executives who have not yet met the guidelines at the end of their five -yearcompliance period are required to retain, until the guidelines are satisfied, 100% of the after -taxshares received from the vesting of RSUs and PSUs. Stock ownership guidelines are deemed to continue to be met by an individual who has achieved the required ownership level but then falls below solely due to a decline in stock price. The Compensation Committee tracks the ownership amounts of the non -employ