Company: NODK
Filing Date: 2025-10-31
Form Type: 8-K
Source: 0001174947-25-001316
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Company: NI Holdings, Inc.
Filing Date: 2025-10-31
Form: 8-K
Item: Item 5.02
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

As previously disclosed, on October 10, 2025, Seth C. Daggett’s employment
as President and Chief Executive Officer of NI Holdings, Inc. (the “ Company”) was terminated without cause. On October 29,
2025, the Company entered into a Separation Agreement with Mr. Daggett memorializing the terms of his departure from the Company (the
“ Separation Agreement”). The Separation Agreement provides that, in consideration for Mr. Daggett’s comprehensive release
of claims against the Company and its affiliates and his post-employment covenants set forth in the Separation Agreement, Mr. Daggett
will be entitled to receive a severance payment of $2,559,947. The Company will also pay to Mr. Daggett an amount equal to $72,968.49,
to cover the cost of health coverage for a period of 24 months. These payments are being made to comply with the terms of Mr. Daggett’s
employment agreement. Mr. Daggett may revoke the Separation Agreement for a period of seven days after October 29, 2025, the date he executed
the Separation Agreement. The Separation Agreement does not become effective or enforceable until the seven-day revocation period has
ended. The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety
by, the full text of the Separation Agreement, a copy of which is attached as Exhibit 10.1 to this report and is incorporated by reference
herein.