Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 59

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 59
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Compensation Actually Paid and Relative TSR The following graphs depict the relationship between total shareholder return and compensation actually paid to the Company’s Chief Executive Officer and other NEOs, respectively. A comparison of the Company’s TSR and Peer Group TSR is also provided. TSR is displayed assuming an investment of $100 as of December 31, 2019 in the common stock of both the Company and the peer group, and assumes reinvestment of dividends.

Financial Performance Measures

The five performance measures listed below represent an unranked list of the “most important” performance measures that the Company used to align compensation actually paid to the NEOs for 2024 and company performance. These measures are discussed in detail in the Compensation Discussion & Analysis above as part of the Short-Term Incentive Bonus Plan and the Stock-Based Incentive Plan:

| Performance Measures                                                 |
| GAAP-based adjusted book value per share                             |
| GAAP-based adjusted return on equity                                 |
| Insurance business premium growth                                    |
| Statutory-basis combined ratio of the Company’s insurance operations |

48 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS Nodak Mutual Insurance Company was organized by the North Dakota Farm Bureau to provide insurance protection for its members. We have a royalty agreement with the North Dakota Farm Bureau that recognizes the use of their trademark and provides royalties to them based on the premiums written on Nodak Insurance Company’s insurance policies. Royalties paid to the North Dakota Farm Bureau were $1,662,000 and $1,617,000 for the years ended December 31, 2024 and 2023, respectively. Mr. Missling serves as Executive Vice President of the North Dakota Farm Bureau. Except for the transactions described above, since January 1, 2024, we have not engaged in any transactions with, loaned money to or incurred any indebtedness to, or otherwise proposed to engage in transactions with, loan money to or incur any indebtedness to, any related person, promoter or control person in an amount that in the aggregate exceeds $120,000. We maintain a written policy which discourages our officers and directors from having a financial interest in any transaction between NI Holdings, Inc. or any of its subsidiaries and a third party. When we engage in transactions involving our officers, directors, or employees, their immediate family members, or affiliates of these parties, our officers, directors, and employees are required to give notice to us of their interest in such a transaction and refrain from participating in material negotiations or decisions