Company: NODK
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001174947-25-000304
Chunk: 595

Company: NI Holdings, Inc.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 595
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90 

December 31, 2024, we did not repurchase any shares of our common stock. At December 31, 2024,
$2,052 remains available under this authorization.

The cost of this treasury stock is a reduction
of shareholders’ equity within our Consolidated Balance Sheets.

On August 16, 2022, the U.S. government enacted
the Inflation Reduction Act (“IRA”) which, among other changes, created a new corporate alternative minimum tax (“AMT”)
based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases, subject to certain adjustments.
The effective date of these provisions was January 1, 2023. The Company is not currently subject to the AMT based on our reported GAAP
earnings for the past three years. For periods subsequent to the effective date of the IRA, the cost of treasury stock acquired will include
any 1% excise tax imposed by the IRA. The Company does not expect the IRA to have a material impact on the Company’s financial position
and results of operations.

Preferred Stock

The Company’s Articles of Incorporation
provide authority to issue up to five million shares of preferred stock. No preferred shares are issued or outstanding.

18.       Share-Based
Compensation

The NI Holdings, Inc. 2020 Stock and Incentive
Plan (the “Plan”) is designed to promote the interests of the Company and its shareholders by aiding the Company in attracting
and retaining employees, officers, consultants, independent contractors, advisors, and non-employee directors capable of assuring the
future success of the Company, to offer such persons incentives to put forth maximum efforts for the success of the Company’s business
and to afford such persons an opportunity to acquire an ownership interest in the Company, thereby aligning the interests of such persons
with the Company’s shareholders.

The Plan provides for the grant of nonqualified
stock options, incentive stock options, restricted stock units (“RSUs”), stock appreciation rights, dividend equivalents,
and performance share units (“PSUs”) to employees, officers, consultants, advisors, non-employee directors, and independent
contractors designated by the Compensation Committee of the Board of Directors (the “Compensation Committee”). Awards made
under the Plan are based upon, among other things, a participant’s level of responsibility and performance within the Company.

The total aggregate number of shares of common
stock that may be issued under the Plan shall not exceed