Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 60

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 60
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 with respect to that transaction. Directors with an interest in such a transaction are expected to disqualify themselves from any vote by the Board regarding the transaction. When considering whether we should engage in a transaction in which our officers, directors, or employees, their immediate family members, or affiliates of these parties, may have a financial interest, our Board considers the following factors: •whether the transaction is fair and reasonable to us; •the business reasons for the transaction; •whether the transaction would impair the independence of a director; •whether the transaction presents a conflict of interest, taking into account the size of the transaction, the financial position of the officer, director, or employee, the nature of their interest in the transaction and the ongoing nature of the transaction; and •whether the transaction is material, taking into account the significance of the transaction in light of all the circumstances. 49 PARENT COMPANY RELATIONSHIP Nodak Mutual Group, Inc. owns approximately 61% of NI Holdings, Inc. Nodak Mutual Group, Inc. is organized as a mutual company. The policyholders of Nodak Insurance Company are the members of Nodak Mutual Group, Inc. and elect the members of the Board of Directors of Nodak Mutual Group, Inc. Messrs. Aasmundstad, Devlin, Espegard, and Marlow are four of the members of the Board of Directors of Nodak Mutual Group, Inc. Mr. Daggett serves as the President and Chief Executive Officer and Mr. Maki serves as the Executive Vice President, Treasurer, Secretary and Chief Financial Officer of Nodak Mutual Group, Inc. The directors and officers of Nodak Mutual Group, Inc. disclaim the beneficial ownership of any shares held by Nodak Mutual Group, Inc. 50

SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth certain information regarding the beneficial ownership of our common stock outstanding as of the Record Date by: •each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares of common stock; •each of our directors and director nominees; •each of our NEOs; and •all of our current directors and executive officers as a group. The percentage ownership information is based on 20,698,574shares of common stock outstanding as of the Record Date. Information with respect to beneficial ownership has been furnished by each director, officer, or beneficial owner of more than 5