Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 19

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 19
---
 firm the Company’s risk exposures, and assesses the policies and processes which management has implemented to monitor and control such exposures as part of the Enterprise Risk Management process; and n)reports to the Board on the results of its reviews and makes such recommendations as it may deem appropriate. The Audit Committee is currently chaired by Mr. Marlow. Our Board has determined that Mr. Marlow, Ms. Launer, and Mr. Stende are each considered an “audit committee financial expert” within the meaning of SEC regulations. Under the independence criteria utilized by the Nasdaq Listing Rules, the Audit Committee members must meet additional criteria to be deemed independent. An Audit Committee member may not, other than in his or her capacity as a member of the Audit Committee, the Board, or any other Boards’ committee (i) accept directly or indirectly any consulting, advisory, or other compensatory fee from NI Holdings, Inc. other than the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with NI Holdings, Inc. (provided such compensation is not contingent in any way on continued service); or (ii) be an 13 affiliated person of NI Holdings, Inc. as defined in Exchange Act Rule 10A -3(e)(1). All of the directors on the Audit Committee are independent under these criteria. Mr. Marlow previously notified the Board that he will not stand for reelection at the 2025 Annual Meeting. Following the 2025 Annual Meeting, the Board expects that Mr. Stende will serve as the Chair of the Audit Committee. Compensation Committee The Compensation Committee is responsible for discharging the Board’s responsibilities relating to compensation of the Company’s directors and executive officers. In addition, the Compensation Committee: a)establishes and reviews the overall compensation philosophy of the Company; b)reviews and recommends corporate goals and objectives relevant to NEO compensation, including annual performance objectives; c)reviews, evaluates, and recommends the compensation and benefit plans and policies of Company employees, including its executive officers; d)reviews, evaluates, and recommends the compensation for our directors; e)recommends grants of stock options and restricted stock awards to employees, executive officers, and directors under our approved Stock and Incentive Plan; and f)reports to the Board on the results of its reviews and makes such recommendations regarding these matters. All of the directors on the Compensation Committee are independent under the criteria established under the Nasdaq listing standards. As noted below, during 2024 Ms. Launer served as Interim