Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 33

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 33
---
 Company. Roles and Responsibilities in the Compensation Process The Company’s compensation philosophy drives our decision -makingprocess. Decisions about individual levels of each compensation element involve the participation of multiple parties, following a comprehensive, multi -stepprocess. The key parties and their roles in the process are described below. Role of the Compensation Committee The Compensation Committee is appointed by our Board to assist it in fulfilling its oversight responsibility by overseeing all significant aspects of our compensation policies and programs, including: •reviewing and approving the compensation and annual performance objectives and goals of our executive officers; •reviewing, approving, and administering incentive -basedand equity -basedcompensation plans in which our executive officers participate; •evaluating risks created by our compensation policies and practices and consider any reasonably likely effect of such risks; and •reviewing and recommending to our Board new executive compensation programs. Role of Management During the first quarter of 2024, Mr. Alexander, with the Board, set our strategic direction and worked with the Compensation Committee to identify and set appropriate goals for executive officers (other than himself). He made recommendations to the Compensation Committee regarding the elements of compensation for each of our executive officers reporting to him and also provided them with his evaluation of those officers during the prior year. He was assisted, as needed, by other members of management, for purposes of administering and implementing the compensation program. Role of the Compensation Consultant During 2024, the Compensation Committee engaged Meridian as its independent compensation consultant to advise them on executive compensation and related corporate governance matters. Meridian assisted the Compensation Committee in determining the compensation peer group, which is described in more detail above.

26 Meridian also advised the Compensation Committee on competitive compensation practices and comparative market data, which the Compensation Committee considered in addressing and determining the appropriate levels of compensation for each NEO relative to the marketplace. At the Compensation Committee’s request, Meridian participated in person, or by teleconference or video conference at each meeting of the Compensation Committee. The services that Meridian provided to the Compensation Committee included: •advising on the Company’s compensation philosophy, strategy, and program; •providing advice and counsel on best practices in compensation and corporate governance; •providing and analyzing competitive market compensation data and making recommendations, as appropriate; and •analyzing the appropriateness of the compensation peer group. Independence of the Compensation Consultant Meridian did not provide other consulting services to the Company in 2024. In selecting Meridian as its compensation consultant, the Compensation Committee considered the independence of Meridian in