Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 35

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 35
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 Matthew J. Maki(3)      |     |             |       — |     | $           |   320,000 |     |        — |   |
| Michael J. Alexander(4) |     | $           | 824,000 |     | $           |   860,000 |     |      4.4 | % |
| Patrick W. Duncan(5)    |     | $           | 307,000 |     | $           |   325,000 |     |      5.9 | % |

____________ (1)Mr. Daggett, who previously served as the Company’s Chief Financial Officer, was appointed President and Chief Executive Officer effective December 1, 2024. In connection with his appointment, Mr. Daggett’s annual salary was increased from $375,000 to $700,000 and he received a discretionary bonus of $100,000. (2)Ms. Launer was paid $100,000 per month for service as Interim Chief Executive Officer and received $355,043 as total compensation for serving as Interim Chief Executive Officer from August 18, 2024 through November 30, 2024. (3)Mr. Maki was appointed Interim Chief Financial Officer effective December 1, 2024. Because Mr. Maki was a new NEO in 2024, his 2023 base salary is not included. (4)Mr. Alexander’s employment as President and Chief Executive Officer was terminated on August 13, 2024. (5)Mr. Duncan’s employment as Senior Vice President, Operations, was terminated on November 20, 2024. Short-Term (Cash) Incentive Plan Our executives are eligible for annual cash incentive compensation under our STIP. Annual incentives under the STIP are intended to motivate participating executive officers to achieve short -termcompany performance goals that will benefit our Company and shareholders and align those executive officers’ interests with those of the shareholders. The annual cash incentives provide payout opportunities based on the achievement of pre -determinedcorporate performance objectives as well as individual performance objectives, with actual cash bonuses earned based on the achievement of such financial performance objectives each year. Each year, the Compensation Committee determines the annual target bonus opportunity for each participating executive officer. Our annual cash incentive compensation is generally structured to deliver payouts when performance targets are achieved or exceeded. Threshold, target, and stretch goals are set annually for key statutory operating objectives which we believe align with shareholder value