Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 46

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 are included in the determination of compensation costs. No forfeitures are currently
estimated.

A summary of the Company’s outstanding and
unearned RSUs is presented below:

    RSUs  
    Weighted-Average
 Grant-Date Fair Value Per Share 
  
    Units outstanding and unearned at January 1, 2024 
     146,580  
    $15.37 
  
    RSUs granted during 2024 
     119,398  
     14.67 
  
    RSUs earned during 2024 
     (69,420) 
     14.82 
  
    Forfeitures (1) 
     (92,160) 
     15.18 
  
    Units outstanding and unearned at December 31, 2024 
     104,398  
     15.11 

    RSUs granted during 2025 
     154,722  
     14.06 
  
    RSUs earned during 2025 
     (51,313) 
     15.01 
  
    Forfeitures 
     (12,294) 
     14.43 
  
    Units outstanding and unearned at June 30, 2025 
     195,513  
     14.35 

(1) Represents RSU forfeitures primarily
related to the execution of the separation agreement with the former Chief Executive Officer and former Senior Vice President of Operations.

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

    Three Months Ended June 30,  
    Six Months Ended June 30, 

    2025  
    2024  
    2025  
    2024 
  
    RSU compensation expense 
    $233  
    $371  
    $696  
    $767 
  
    Income tax benefit 
     (53) 
     (84) 
     (158) 
     (174)
  
    RSU compensation expense, net of income taxes 
    $180  
    $287  
    $538  
    $593 

At June 30, 2025, there was $2,044 of unrecognized
compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 2.25 years.

Performance Share Units

The Compensation Committee has