Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 32

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 32
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 salary, short -termbonus, and long -termincentives. Compensation Process The Compensation Committee, with analyses and advice from Meridian, considers current compensation levels and benchmarking data for executives in similar roles at peer companies, individual and Company performance, future leadership potential, and succession planning, among other factors, in determining appropriate target compensation levels for our NEOs. The Compensation Committee does not use a formula to weigh these factors, but instead uses these factors to provide context within which to assess the significance of comparative market data and to differentiate the level of target compensation among our NEOs. Consistent with our executive compensation philosophy, the Compensation Committee, in consultation with Meridian, establishes a benchmarking peer group for compensation comparison purposes. The Compensation Committee reviews, at least annually, the compensation peer group to confirm that it includes companies that are comparable to the Company on the basis of industry focus, scope of operations, size (based on revenues, assets, and/or market capitalization), and the competitive marketplace for talent. We use this data solely for informational purposes, and we do not make pay decisions based on the market data alone.

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In August 2023, the Compensation Committee reviewed the compensation peer group that would be used for compensation decision -makingfor fiscal year 2024. Federated National Holding Company was removed as a peer group company due to filing for bankruptcy. Skyward Specialty Insurance Group, Inc. was added as a peer group company.

| AMERISAFE, Inc.                         |     | Atlantic American Corporation     |     | Conifer Holdings, Inc.            |
| Donegal Group, Inc.                     |     | First Acceptance Corporation      |     | Hallmark Financial Services, Inc. |
| HCI Group, Inc.                         |     | Heritage Insurance Holdings, Inc. |     | Kingstone Companies, Inc.         |
| Kinsale Capital Group, Inc.             |     | Palomar Holdings, Inc.            |     | Safety Insurance Group, Inc.      |
| Skyward Specialty Insurance Group, Inc. |     | Trean Insurance Group, Inc.       |     | United Fire Group, Inc.           |
| Universal Insurance Holdings, Inc.      |     |                                   |     |                                   |

The Compensation Committee recognizes that certain companies in this group are larger than the Company, in some cases significantly so; nevertheless, they view this peer group as appropriate in light of the importance it ascribes to providing competitive compensation opportunities that are sufficient to attract and retain the talented executives needed to lead the