Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 142

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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 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 
  
    RSUs earned during 2024 
     (69,420) 
     14.82 
  
    Forfeitures (1) 
     (92,160) 
     15.18 
  
    Units outstanding and unearned at December 31, 2024 
     104,398  
     15.11 

    RSUs granted during 2025 
     154,722  
     14.06 
  
    RSUs earned during 2025 
     (51,313) 
     15.01 
  
    Forfeitures 
     (12,294) 
     14.43 
  
    Units outstanding and unearned at June 30, 2025 
     195,513  
     14.35 

(1) Represents RSU forfeitures primarily
related to the execution of the separation agreement with the former Chief Executive Officer and former Senior Vice President of Operations.

The following table shows the impact of RSU activity
to the Company’s financial results:

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024