Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 1333

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 1333
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Item 4.Mine Safety Disclosures

Not applicable.

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PART II

Item 5.Market for Registrant’s Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities

Market Information

The Company’s common shares trade on the
Nasdaq Capital Market (“Nasdaq”) under the symbol “NODK.” As of February 28, 2025, there were approximately 502
shareholders of record for the Company’s common stock.

Stock Performance Graph

The following graph
shows the cumulative total shareholder return (stock price increase plus dividends) on our common stock from December 31, 2019 through
December 31, 2024, along with the corresponding returns for the Russell 2000 Index (as the broad stock market index) and the Standard
& Poor’s (S&P) 1500 US P&C Insurance Index (as the published industry index). The graph assumes that the value of the
investment in the common stock and each index was $100 on December 31, 2019, and that all dividends were reinvested.

25 

Dividend Policy

Our Board of Directors continues to evaluate a
potential policy of paying regular cash dividends but has not decided on the amounts that may be paid, the frequency of any payment, or
when any payments may begin. Therefore, the timing and the amount of cash dividends that may be paid to shareholders in the future is
uncertain. In addition, the Board of Directors may declare and pay periodic special cash dividends in addition to, or in lieu of, regular
cash dividends. In determining whether to declare or pay any dividends, whether regular or special, the Board of Directors will take into
account our financial condition and results of operations, income tax considerations, capital requirements, industry standards, and economic
conditions. We cannot guarantee that we will pay dividends or that, if paid, we will not reduce or eliminate dividends in the future.

If we pay dividends to our shareholders, we also
will be required to pay dividends to Nodak Mutual Group, unless Nodak Mutual Group elects to waive the receipt of dividends. Because Nodak
Mutual Group has no current plans to utilize any cash dividends that it may receive from us, we anticipate that it will waive its right
to receive substantially all of the dividends that are paid to it by us or immediately return substantially all of such funds to us as
an equity contribution. However, because the Board of Directors of