Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 2082

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7
Chunk 2082
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 1, 2022 
     108,380  
    $16.86 
  
    RSUs granted during 2022 
     59,600  
     17.61 
  
    RSUs earned during 2022 
     (52,620) 
     17.39 
  
    Units outstanding and unearned at December 31, 2022 
     115,360  
     17.00 

    RSUs granted during 2023 
     85,000  
     13.76 
  
    RSUs earned during 2023 
     (53,780) 
     16.32 
  
    Units outstanding and unearned at December 31, 2023 
     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 

(1) Represents RSU 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 RSU activity to the Company’s
financial results:

    Year Ended December 31, 

    2024  
    2023  
    2022 
  
    RSU compensation expense 
    $502  
    $1,095  
    $952 
  
    Income tax benefit 
     (113) 
     (249) 
     (216)
  
    RSU compensation expense, net of income taxes 
    $389  
    $846  
    $736 

    Total grant-date fair value of vested RSUs at end of period 
    $1,028  
    $872  
    $915 

At December 31, 2024, there was $741 of unrecognized
compensation cost related to outstanding RSUs. That cost is expected to be recognized over a weighted-average period of 1.83 years.

Performance Share Units

The Compensation Committee has awarded PSUs to
select executives.