Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 46

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 46
---
. Maki’s agreement has a term of one year. Each agreement is automatically extended each day for one additional day unless either party has given the other party written notice that such party does not agree to extend the agreement. Messrs. Alexander and Duncan were each a party to employment agreements with NI Holdings, Inc. and Nodak Insurance Company, prior to their termination. Mr. Alexander’s agreement had a term of three years, and Mr. Duncan’s agreement had a term of two years. Refer to the “NEO Terminations During the Year” section for further discussion of the terminations of Messrs. Alexander and Duncan. The Compensation Committee enters into employment agreements with executive officers when it determines that such an agreement is desirable to obtain some measure of assurance as to the executive’s continued employment in light of prevailing market competition for the position held by the executive officer, or where the Compensation Committee determines that an employment agreement is necessary and appropriate in light of the executive’s prior experience or with our practices with respect to similarly situated employees. Under the employment agreement with Messrs. Daggett and Maki, if the officer is terminated without “Cause” or terminates his employment for “Good Reason” (as such terms are defined in the employment agreement), the officer will be entitled to receive a lump sum payment equal to (a) the sum of his annual base salary plus the target annual short -termincentive bonus for the year in which he terminates multiplied by (b) the quotient obtained by

37

dividing the number of full calendar months remaining in such officer’s employment period by twelve. In addition, the officer will be entitled to continued benefit plan coverage for the remaining term of his employment agreement to the extent permitted by the plan or applicable law. Prior to receiving any severance benefits, the officer must execute a release of claims. Grants of Plan-Based Awards in 2024 The following table provides information on stock awards in 2024 to each of our NEOs.

| Name                    |     | Grant     
 Date      |     | Estimated Future Payouts Under 
           Non-Equity Incentive 
                 Plan Awards(1) |     |           |     |           |     | Estimated Future Payouts Under 
               Equity Incentive 
                 Plan Awards(2) |     |        |     |        |     | All Other 
     Stock 
 Awards(3) 
       (#) |     | Grant Date 
 Fair Value 
   of Stock 
  Awards(4) 
        ($) |
| Threshold