Company: NODK
Filing Date: 2025-10-10
Form Type: 8-K
Source: 0002077096-25-000137
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Company: NI Holdings, Inc.
Filing Date: 2025-10-10
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.

Departure of Chief Executive Officer

On October 10, 2025, Seth C. Daggett, President and Chief Executive
Officer of NI Holdings, Inc. (the “ Company”) and the Company agreed that Mr. Daggett’s last date of employment as Chief
Executive Officer was October 10, 2025. Mr. Daggett also resigned as a member of the Company’s Board of Directors, and officer and
director roles at various subsidiaries of the Company, effective October 10, 2025. Because Mr. Daggett’s departure is the result
of a termination without cause as defined in his employment agreement, the Company expects to pay approximately $2.5 million in severance
payments to Mr. Daggett, subject to the Company and Mr. Daggett entering into a mutually agreeable separation agreement. In addition,
the Company expects to continue to pay Mr. Daggett’s health benefits for 24 months or, in the alternative, pay to him an amount
equal to the cost of obtaining such coverage.

Appointment of Chief Executive Officer

On October 10, 2025, the Company appointed Cindy L. Launer, a member
of the Company’s Board of Directors, as the Company’s President and Chief Executive Officer, effective October 10, 2025. The
Board of Directors is in the process of determining Ms. Launer’s compensation for her service as Chief Executive Officer. Once approved
by the Board of Directors, Ms. Launer’s compensation will be disclosed in an amendment to this Current Report on Form 8-K. Ms. Launer
will continue to serve as a member of the Board of Directors but will not receive additional compensation for her service as a director.

There are no family relationships between Ms. Launer and any director
or executive officer of the Company, and Ms. Launer does not have a direct or indirect material interest in any transaction required to
be disclosed pursuant to Item 404(a) of Regulation S-K.

Ms. Launer, age 54, has served on the Board of Directors of NI Holdings,
Inc. since her appointment in November 2019 and previously served as the Company’s Chief Executive Officer from August 26, 2024
through November 30, 2024. Ms. Launer was employed by American International Group (“ AIG”)