Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 38

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 common stock
that may be issued under the Plan shall not exceed 1,000,000 shares, subject to adjustments as provided in the Plan. No eligible participant
may be granted any awards for more than 100,000 shares in the aggregate in any calendar year, subject to adjustment in accordance with
the Plan. The aggregate amount payable pursuant to all performance awards denominated in cash to any eligible person in any calendar year
is limited to $1,000 in value. Directors who are not also employees of the Company may not be granted awards denominated in shares that
exceed $150 in any calendar year.

25 

Restricted Stock Units

The Compensation Committee has awarded RSUs to non-employee
directors and select executives. RSUs are promises to issue actual shares of common stock at the end of a vesting period. The RSUs granted
to executives under the Plan are based on salary. RSUs granted prior to 2024 vest equally over a five-year period. Effective for executive
grants beginning in 2024, the RSUs vest equally over a three-year period. As approved by the Compensation Committee, all executive share-based
compensation granted in 2025 was awarded as RSUs. The RSUs granted to non-employee directors vest 100% on the date of the next annual
meeting of shareholders following the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash
at the end of the vesting period but are subject to forfeiture until the underlying shares become vested. Participants do not have voting
rights with respect to RSUs.

The Company recognizes stock-based compensation costs
for RSUs based on the grant date fair value. The compensation costs are normally expensed over the vesting periods to each vesting date;
however, the cost of RSUs granted to executives are expensed immediately if the executive has met certain retirement criteria and the
RSUs become non-forfeitable. Estimated forfeitures are included in the determination of compensation costs. No forfeitures are currently
estimated.

A summary of the Company’s outstanding and
unearned RSUs is presented below:

    RSUs  
    Weighted-Average
 Grant-Date
 Fair Value
 Per Share 
  
    Units outstanding and unearned at January 1, 2024 
     146,580  
    $15.37 
  
    RSUs granted during 2024 
     119,398  
     14.67