Company: NODK
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001174947-25-000721
Chunk: 40

Company: NI Holdings, Inc.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect
to PSUs.

The Company recognizes stock-based compensation costs
for PSUs based on the grant date fair value over the performance period of the awards. Estimated forfeitures are included in the determination
of compensation costs. The current cost estimates represent the Company’s forecasted performance against cumulative growth targets.

26 

A summary of the Company’s outstanding PSUs is presented below:

    PSUs  
    Weighted-Average 
Grant-Date 
Fair Value 
Per Share 
  
    Units outstanding at January 1, 2024 
     213,800  
    $16.53 
  
    PSUs granted during 2024 (at target) 
     79,800  
     14.19 
  
    PSUs earned during 2024 
     —  
     — 
  
    Performance adjustment (1) 
     (147,173) 
     16.14 
  
    Forfeitures (2) 
     (120,100) 
     15.23 
  
    Units outstanding at December 31, 2024 
     26,327  
     17.50 

    PSUs granted during 2025 (at target) 
     —  
     — 
  
    PSUs earned during 2025 
     —  
     — 
  
    Performance adjustment (1) 
     —  
     — 
  
    Forfeitures 
     (2,173) 
     14.19 
  
    Units outstanding at March 31, 2025 
     24,154  
     17.79 

(1) Represents the change in PSUs issued based upon the
attainment of performance goals established by the Company.

(2) Represents PSU forfeitures primarily related to the
execution of the separation agreements with the former Chief Executive Officer and former Senior Vice President of Operations.

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

    Three Months Ended March 31, 

    2025  
    2024 
  
    PSU compensation expense 
    $17  
    $185 
  
    Income tax benefit 
     (4) 
     (42)
  
    PSU compensation expense, net of income taxes 
    $13  
    $143 

The