Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 598

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 598
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 over a three-year period, with annual resets. They will vest on the third anniversary of the grant date,
subject to the participant’s continuous employment through the vesting date and the level of performance achieved. Dividend equivalents
on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance achieved but are
subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to PSUs.

The Company recognizes stock-based compensation
costs for PSUs based on the grant date fair value over the performance period of the awards. Estimated forfeitures are included in the
determination of compensation costs. The current cost estimates represent the Company’s forecasted performance against cumulative
growth targets.

92 

A summary of the Company’s outstanding PSUs
is presented below:

    PSUs  
    Weighted-Average Grant-Date Fair Value Per Share 
  
    Units outstanding at January 1, 2022 
     190,600  
    $16.06 
  
    PSUs granted during 2022 (at target) 
     61,800  
     18.10 
  
    PSUs earned during 2022 
     (86,684) 
     15.21 
  
    Performance adjustment (1)   
     31,200  
     15.21 
  
    Forfeitures 
     (6,916) 
     15.21 
  
    Units outstanding at December 31, 2022 
     190,000  
     17.00 

    PSUs granted during 2023 (at target) 
     87,400  
     13.85 
  
    PSUs earned during 2023 
     —  
     — 
  
    Performance adjustment (1)   
     (63,600) 
     14.26 
  
    Forfeitures 
     —  
     — 
  
    Units outstanding at December 31, 2023 
     213,800  
     16.53 

    PSUs granted during 2024 (at target) 
     79,800  
     14.19 
  
    PSUs earned during 2024 
     —  
     — 
  
    Performance adjustment (1)   
     (147,173) 
     16.14