Company: NODK
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001174947-25-001142
Chunk: 47

Company: NI Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 awarded PSUs to select
executives. PSUs are promises to issue actual shares of common stock at the end of a vesting period, if certain performance conditions
are met. The PSUs granted to employees under the Plan are based on salary and, prior to 2024, include a three-year adjusted book value
cumulative growth target with threshold and stretch goals. For grants made in 2024, the performance metric is calculated based on an adjusted
return on equity over a three-year period, with annual resets. There were no PSUs granted in 2025. They will vest on the third anniversary
of the grant date, subject to the participant’s continuous employment through the vesting date and the level of performance achieved.
Dividend equivalents on PSUs are accrued and paid in cash at the end of the performance period in accordance with the level of performance
achieved but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect
to PSUs.

28 

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.

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 
     (4,601)