Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 54

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 54
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employmentcovenants set forth in a separation agreement. Mr. Alexander’s employment was terminated by the Company without “Cause” and he resigned from the Company’s Board and all subsidiary company Boards of Directors, effective August 13, 2024. In connection with his termination of employment, Mr. Alexander became entitled to the payments and benefits applicable under his employment agreement upon a termination of employment by the Company without “Cause,” in accordance with and 43 subject to the terms thereof, including the Company’s receipt of an effective release of claims against the Company by Mr. Alexander. Mr. Alexander was entitled to $3,892,076 to be paid out in a lump sum. Additionally, all of Mr. Alexander’s unvested RSUs and PSUs were forfeited. Under the employment agreement with Mr. Duncan, upon a termination by the Company without “Cause” or by Mr. Duncan for “Good Reason” (as such terms are defined in the employment agreements), Mr. Duncan was eligible to receive a lump sum payment equal to two years of his current annual base salary plus average annual bonus over the last two years, in consideration for his comprehensive release of claims against the Company and its affiliates and his post -employmentcovenants set forth in a separation agreement. Mr. Duncan’s employment was terminated by the Company without “Cause,” effective November 20, 2024. In connection with his termination of employment, Mr. Duncan became entitled to the payments and benefits applicable under his employment agreement upon a termination of employment by the Company without “Cause,” in accordance with and subject to the terms thereof, including the Company’s receipt of an effective release of claims against the Company by Mr. Duncan. Mr. Duncan was entitled to $873,259 to be paid out in a lump sum. Additionally, all of Mr. Duncan’s unvested RSUs and PSUs were forfeited. CEO Pay Ratio In accordance with Item 402(u) of Regulation S -K, promulgated under the Dodd -FrankWall Street Reform and Consumer Protection Act of 2010, we are providing (i) the ratio of the annual total compensation of our President and Chief Executive Officer, Seth C. Daggett, to (ii) the annual total compensation of our median employee, both calculated in accordance with the requirements of Item 401(c)(2)(x) of Regulation S -K. Mr. Daggett became our Chief Executive Officer on December 1, 2024, having previously served as Chief Financial Officer. For the purpose