Company: NODK
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000546
Chunk: 55

Company: NI Holdings, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 55
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 of calculating the CEO Pay Ratio, we have annualized certain components of Mr. Daggett’s compensation in connection with his appointment, including his increased base salary, annual incentive compensation, and equity incentive awards, and have otherwise included the amounts reported in the Summary Compensation Table. This resulted in deemed total 2024 compensation for purposes of this calculation of $2,239,832, compared to his actual total compensation for 2024, as reported in the Summary Compensation Table, of $1,626,028. The median NI Holdings employee works in a full -timesalaried role in the claims department. For fiscal year 2024, the median employee’s total annual compensation was $73,966. Mr. Daggett’s total annualized compensation was $2,239,832. The ratio of our Chief Executive Officer’s total annual compensation to the median employee was 30:1. We believe this ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S -Kunder the Exchange Act. We selected December 31, 2024 as the date on which to determine our employee population and the median employee. In determining this population, we included all active full -timeand part -timeemployees other than our President and Chief Executive Officer. We did not include any contractors in our employee population. As permitted by SEC rules, to identify our median employee, we elected to use total target cash compensation plus the grant date fair value of equity awards, if any, as our consistently applied compensation measure, which we refer to herein as total target compensation and calculated as (i) base salary and target bonus as of December 31, 2024, and (ii) the grant date fair market value of equity awards issued during the previous twelve months. The SEC rules for identifying the median employee and calculating the pay ratio based on that employee’s annual total compensation allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their compensation practices. Consequently, the pay ratio reported by other companies may not be comparable to the pay ratio reported by us, as other companies may have different employment and compensation practices and may utilize different methodologies, exclusions, estimates, and assumptions in calculating their own pay ratios. 44

Equity Compensation Plan Information The following table shows aggregate information, as of December 31, 2024, with respect to compensation plans under which our equity securities are authorized for issuance.

| Plan Category                                              |     |              -a)