Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 34

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 34
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 accordance with the standards of the Nasdaq that are applicable to the Company, any applicable rules and regulations of the SEC, and other applicable laws relating to independence of advisors and consultants. The Compensation Committee concluded that no conflict of interest exists that would prevent Meridian from independently advising the Committee. At the Compensation Committee’s request, members of Meridian meet with the Compensation Committee. Meridian also communicates with the Chair of the Compensation Committee, as well as with management (upon the prior authorization of the Compensation Committee Chair) outside of Compensation Committee meetings regarding matters related to the Compensation Committee’s responsibilities. Compensation Elements Base Salary Base salary is the fixed element of an executive officer’s annual cash compensation and is intended to attract and retain highly qualified executives and to compensate for expected day -to-dayperformance. The Compensation Committee reviews the base salary for each of our executive officers on an annual basis and considers the following factors in making its determinations: •the executive officer’s position; •responsibilities associated with that position; •experience, expertise, knowledge, and qualifications; •market factors; •the industry in which we operate and compete; •recruitment and retention considerations; •the executive officer’s individual compensation history; •internal equity among salary levels of the members of our executive team and similarly situated/comparable executives in our peer group; and •our overall compensation philosophy. 27

For 2024, the Compensation Committee reviewed and made recommendations on base salaries of our NEOs, and the Board approved the Compensation Committee’s recommendations in February 2024. As part of the leadership transition previously described, the Compensation Committee made recommendations on base salaries of our new NEOs, and the Board approved the Compensation Committee’s recommendations in November 2024. The 2024 base salaries of our NEOs were as follows:

| Named Executive Officer |     | 2023        
 Annual Base 
 Salary      |         |     | 2024        
 Annual Base 
 Salary      |           |     | % Change |   |
|:------------------------|:----|:------------|--------:|:----|:------------|----------:|:----|---------:|:--|
| Seth C. Daggett(1)      |     | $           | 375,000 |     | $           |   700,000 |     |     86.7 | % |
| Cindy L. Launer(2)      |     |             |       — |     | $           | 1,200,000 |     |        — |   |
|