Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 36

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 36
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 creation — combined ratio and premium growth. In February 2024, the Compensation Committee approved performance metrics for combined ratio and premium growth goals, with additional individual performance -relatedgoals to be determined and approved at a later date. At the end of the performance period to which a particular incentive award relates, the Compensation Committee will review our performance relative to the applicable performance goals and recommend payouts based on that performance. The Compensation Committee generally retains the ability to recommend payouts that are above or below actual performance levels for the applicable performance period. For the purpose of determining the amount of a payout to recommend, it may also consider infrequent or non -recurringitems that are not reflective of ongoing operations. The table below sets forth the goals established for each of the performance metrics in the STIP, and the Company’s actual statutory results for 2024.

| Financial Performance Metric(1)  |     | Weighting |     | Threshold 
 Goal      |     | Target 
 Goal   |     | Stretch 
 Goal    |     | Actual 
 Result |     | Payout       
 Earned       |
| Combined ratio(2)                |     | 40.0%     |     | 99.9%     |     | 96.0%  |     | 92.0%   |     | 89.4%  |     | Stretch      |
| Direct written premium growth(3) |     | 40.0%     |     | 4.0%      |     | 8.0%   |     | 12.0%   |     | 8.8%   |     | Above Target |
| Individual/Departmental goals(4) |     | 20.0%     |     |           |     |        |     |         |     |        |     | Target       |

____________ (1)The Company’s STIP is on a statutory basis for its insurance operations and excludes the holding company.

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(2)Combined ratio is defined on a statutory basis as losses and loss adjustment expenses divided by net earned premiums, plus underwriting expenses divided by net written premiums, of the insurance operations, excluding discontinued operations from the sale of Westminster American Insurance Company. (3)Direct written premium growth is defined as the growth in top -linepremiums across all insurance subsidiary companies. All segments are included except multi -perilcrop insurance and discontinued operations from the sale of Westminster American Insurance Company. (4)Individual discretionary performance -relatedgoals were determined for each