Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 53

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 53
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 dies while in service or terminates on account of “Disability” or “Involuntary Termination Due to Position Elimination or Reorganization.” If the employee resigns at or after “Retirement Age,” the converted RSUs shall continue to vest and become payable as of the end of the performance period. In addition, if the employee is involuntarily terminated without “Cause” or resigns for “Good Reason” within twenty -four(24) months following the change in control but prior to the end of the performance period, any converted RSUs (or replacement award) that remains vested will vest in full and become non -forfeitableas of the date of such termination. Notwithstanding the foregoing, if the employee’s converted RSUs are neither assumed, substituted, nor replaced with similar rights (or cash equivalent value thereof), then any unvested converted RSUs will vest in full and become non -forfeitableupon the change in control. The terms also provide for a fully vested and non -forfeitableinterest in the pro rata number of earned PSUs at the end of the performance period in the event of disability or an involuntary termination without “Cause,” with such pro rata number determined based on the number of full and partial calendar months of the employee’s service during the relevant measurement period compared to the total measurement period. (4)For retirement -eligibleexecutives, the terms of the PSU award provide for a fully vested and non -forfeitableinterest in the pro rata number of earned PSUs at the end of the performance period upon voluntary termination from the Company. None of the NEOs are currently retirement -eligible. (5)An employment agreement for Mr. Maki became effective on March 1, 2025 in conjunction with his appointment to the position of Chief Financial Officer. If this agreement would have been effective as of December 31, 2024, the amounts in the Cash Severance Payment and Value of Continuing Benefits columns would have been $609,000 and $30,312, respectively. NEO Terminations During the Year Under the employment agreement with Mr. Alexander, upon a termination by the Company without “Cause” or by Mr. Alexander for “Good Reason” (as such terms are defined in the employment agreements), Mr. Alexander was eligible to receive a lump sum payment equal to three years of his current annual base salary plus average annual bonus over the last three years, in consideration for his comprehensive release of claims against the Company and its affiliates and his post -