Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 596

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 596
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1,000,000 shares, subject to adjustments as provided in the Plan. No eligible
participant may be granted any awards for more than 100,000 shares in the aggregate in any calendar year, subject to adjustment in accordance
with the Plan. The aggregate amount payable pursuant to all performance awards denominated in cash to any eligible person in any calendar
year is limited to $1,000 in value. Directors who are not also employees of the Company may not be granted awards denominated in shares
that exceed $150 in any calendar year.

Restricted Stock Units

The Compensation Committee has awarded RSUs to
non-employee directors and select executives. RSUs are promises to issue actual shares of common stock at the end of a vesting period.
The RSUs granted to executives under the Plan are based on salary. RSUs granted prior to 2024 vest equally over a five-year period. Effective
for executive grants in 2024, the RSUs vest equally over a three-year period. The RSUs granted to non-employee directors vest 100% on
the date of the next annual meeting of shareholders following the grant date. Dividend equivalents on RSUs are accrued during the vesting
period and paid in cash at the end of the vesting period but are subject to forfeiture until the underlying shares become vested. Participants
do not have voting rights with respect to RSUs.

The Company recognizes stock-based compensation
costs for RSUs based on the grant date fair value. The compensation costs are normally expensed over the vesting periods to each vesting
date; however, the cost of RSUs granted to executives are expensed immediately if the executive has met certain retirement criteria and
the RSUs become non-forfeitable. Estimated forfeitures are included in the determination of compensation costs. No forfeitures are currently
estimated.

91 

A summary of the Company’s outstanding and
unearned RSUs is presented below:

    RSUs  
    Weighted-Average
 Grant-Date Fair Value Per Share 
  
    Units outstanding and unearned at January 1, 2022 
     108,380  
    $16.86 
  
    RSUs granted during 2022 
     59,600  
     17.61 
  
    RSUs earned during 2022 
     (52,620) 
     17.39 
  
    Units outstanding and unearned at December 31, 2022 
     115,360