Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FIFTH
AMENDMENT 
 FIFTH AMENDMENT TO CREDIT AGREEMENT, dated as of March 7, 2018 (this “Amendment”), among BOOZ ALLEN
HAMILTON INC., a Delaware corporation (the “Borrower”), the Guarantors (as defined therein), the Administrative Agent (as defined below), the Collateral Agent (as defined below), and the Lenders party hereto. Unless otherwise
indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such terms in the Credit Agreement. 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Lenders from time to time party thereto and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”), Collateral Agent (in such capacity, the “Collateral Agent”) and Issuing Lender, are parties to a Credit Agreement, dated as of July 31, 2012 (as amended by the First Amendment to Credit
Agreement, dated as of August 16, 2013, the Second Amendment to Credit Agreement, dated as of May 7, 2014, the Third Amendment to Credit Agreement, dated as of July 13, 2016, the Fourth Amendment to Credit Agreement, dated as of
February 6, 2017, and as otherwise heretofore amended, the “Credit Agreement”); 
 WHEREAS, the Borrower has requested
that (a) the Persons set forth on Schedule I hereto (the “New Refinancing Tranche B Term Lenders”) make term loans (the “New Refinancing Tranche B Term Loans”) in an aggregate principal amount of $7,797,630.38
to the Borrower on the Fifth Amendment Effective Date (as defined below) and (b) the Exchanging Lenders (as defined below) exchange their Existing Tranche B Term Loans (as defined below) for term loans of like aggregate principal amount (the
“Exchanged Refinancing Tranche B Term Loans” and, together with the New Refinancing Tranche B Term Loans, the “Refinancing Tranche B Term Loans”), in each case subject to the terms and conditions set forth herein;
and 
 WHEREAS, pursuant to Section 10.1(c) of the Credit Agreement, the Borrower, the Administrative Agent and the Refinancing Tranche
B Term Lenders (as defined below) agree to amend the Credit Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the
foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

SECTION ONE – REFINANCING TRANCHE B TERM LOANS. 

(a)    Subject to the terms and conditions set forth herein and in the Credit Agreement, each New Refinancing Tranche B
Term Lender severally agrees to make New Refinancing Tranche B Term Loans in Dollars to the Borrower on the Fifth Amendment Effective Date in an aggregate principal amount not to exceed the amount set forth opposite such New Refinancing Tranche B
Term Lender’s name on Schedule I hereto. Amounts borrowed under this Section 1(a) and repaid or prepaid may not be reborrowed. 

 (b)    The proceeds of the New Refinancing Tranche B Term Loans shall be used
solely to repay in full all Initial Tranche B Term Loans outstanding under the Credit Agreement immediately prior to the effectiveness hereof (the “Existing Tranche B Term Loans”), other than the Existing Tranche B Term Loans of the
Exchanging Lenders that are exchanged for Exchanged Refinancing Tranche B Term Loans and deemed repaid pursuant to paragraph (d) below, and to pay related accrued and unpaid interest, fees and expenses. 

(c)    Unless previously terminated, the commitments of the New Refinancing Tranche B Term Lenders pursuant to
Section 1(a) shall terminate upon the making of the New Refinancing Tranche B Term Loans on the Fifth Amendment Effective Date. 

(d)    Each lender holding Existing Tranche B Term Loans that executes and delivers a signature page to this Amendment and
indicates thereon its election of the “Cashless Settlement Option” (each such Lender, an “Exchanging Lender” and, together with the New Refinancing Tranche B Term Lenders, the “Refinancing Tranche B Term
Lenders”; each Tranche B Term Lender that does not so elect, a “Non-Exchanging Lender”) severally agrees, on the Fifth Amendment Effective Date and subject to the terms and conditions
set forth herein and in the Credit Agreement, to exchange all (or such lesser amount as the Administrative Agent may allocate to such Lender (any such Existing Tranche B Term Loans of such Lender not allocated for exchange pursuant hereto, its
“Non-Allocated Existing Tranche B Term Loans”)) of its Existing Tranche B Term Loans (the aggregate principal amount of Existing Tranche B Term Loans of such Lender so exchanged, its
“Exchanged Amount”) for Exchanged Refinancing Tranche B Term Loans (which Existing Tranche B Term Loans so exchanged shall thereafter be deemed repaid and canceled and no longer be outstanding) in an aggregate principal amount equal
to its Exchanged Amount. All accrued and unpaid interest on, and all other amounts owing in respect of, the Existing Tranche B Term Loans of each Exchanging Lender that are exchanged pursuant to this paragraph (d) (less the Exchanged Amount)
shall be repaid in full in cash on the Fifth Amendment Effective Date. 
 (e)    The Existing Tranche B Term Loans of
each Non-Exchanging Lender and the Non-Allocated Existing Tranche B Term Loans of each Exchanging Lender shall be repaid in full in cash on the Fifth Amendment Effective
Date, together with all accrued and unpaid interest on, and all other amounts owing in respect of, such Existing Tranche B Term Loans. 

(f)    Unless the context shall otherwise require, the New Refinancing Tranche B Term Lenders and the Exchanging Lenders
shall constitute “Tranche B Term Lenders”, “Term Lenders” and “Lenders” and the New Refinancing Tranche B Term Loans and Exchanged Refinancing Tranche B Term Loans shall constitute “Initial Tranche B Term
Loans”, “Tranche B Term Loans”, “Term Loans” and “Loans”, in each case for all purposes of the Credit Agreement (as amended hereby) and the other Loan Documents. For the avoidance of doubt, the New Refinancing
Tranche B Term Loans and the Exchanged Refinancing Tranche B Term Loans shall constitute a single Tranche under the Credit Agreement. 

SECTION TWO – CREDIT AGREEMENT AMENDMENTS.    Subject to the satisfaction of the conditions set forth in
Section Three hereof: 
 (a)    The following defined term shall be added to Section 1.1 of the Credit Agreement in
the appropriate alphabetical order: 
 “Fifth Amendment Effective Date”: March 7, 2018. 

  
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 (b)    The definition of “Applicable Margin” or “Applicable
Commitment Fee Rate” set forth in Section 1.1 of the Credit Agreement is hereby amended by replacing the percentages “1.25%” and “2.25%” in clause (ii) thereof with 1.00%” and “2.00%”, respectively.

 (c)    Section 2.3(b) of the Credit Agreement is hereby amended by (i) replacing “the last Business Day of
June, 2017” with “the last Business Day of June, 2018” and (ii) replacing “Fourth Amendment Effective Date” with “Fifth Amendment Effective Date” in all three places where it appears. 

(d)    Section 2.11(b) of the Credit Agreement is hereby amended by replacing “Fourth Amendment Effective Date”
with “Fifth Amendment Effective Date” in both places where it appears. 
 SECTION THREE – CONDITIONS TO
EFFECTIVENESS:    This Amendment, the agreements of the New Refinancing Tranche B Term Lenders and the Exchanging Lenders under Section One hereof and the amendments set forth in Section Two shall become effective on the date
(the “Fifth Amendment Effective Date”) when each of the following conditions shall have been satisfied: 

(a)    Amendment. the Loan Parties and each Refinancing Tranche B Term Lender shall have signed a counterpart hereof
(whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic transmission) the same to the Administrative Agent (or its counsel); 

(b)    No Default; Representations and Warranties. (i) no Default or Event of Default shall exist as of the
Fifth Amendment Effective Date after giving effect to this Amendment and the borrowing of the Refinancing Tranche B Term Loans and (ii) all of the representations and warranties of the Loan Parties contained in the Loan Documents shall be true
and correct in all material respects on the Fifth Amendment Effective Date as if made on and as of such date (unless such representation or warranty relates to a specific date, in which case such representation or warranty shall have been true and
correct in all material respects as of such specific date); 
 (c)    Borrowing and Prepayment. (i) the
Administrative Agent shall have received from the Borrower a notice of prepayment with respect to the Existing Tranche B Term Loans (other than Existing Tranche B Term Loans that are exchanged for Exchanged Refinancing Tranche B Term Loans) (the
“Term Loan Prepayment”) and a notice of borrowing with respect to the Refinancing Tranche B Term Loans and (ii) substantially contemporaneously with the other transactions contemplated hereby, the Borrower shall have made the
Term Loan Prepayment and shall have paid all accrued and unpaid interest on all Existing Tranche B Term Loans and other amounts required to be paid by it in connection therewith; 

(d)    Fees. the Borrower shall have paid, or caused to be paid to the Administrative Agent all fees and other
amounts due and payable under or in connection with this Amendment, including, without limitation, the fees payable pursuant to Section Nine hereof and all fees and other amounts agreed to between the Borrower and the joint lead arrangers of

  
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this Amendment, and, to the extent invoiced in reasonable detail at least three Business Days prior to the Fifth Amendment Effective Date, all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document; 

(e)    Legal Opinions; Certificates. the Administrative Agent shall have received legal opinions and closing
certificates (consistent with those delivered on the Closing Date pursuant to clauses (f) and (g) of Section 5.1 of the Credit Agreement, taking into account any changes to such counsel’s form of opinion on account of
developments in opinion practice), together with appropriate insertions and attachments (including true and complete copies of resolutions of the board of directors or a duly authorized committee thereof for each of the Loan Parties approving and
authorizing the execution, delivery and performance of this Amendment, and the performance of the Credit Agreement as amended hereby and a good standing certificate (or the equivalent thereof) for the Borrower and the other Loan Parties from their
respective jurisdictions of formation); and 
 (f)    USA PATRIOT Act. the Lenders shall have received from the
Borrower and each of the Loan Parties documentation and other information reasonably requested by any Lender no less than five Business Days prior to the Fifth Amendment Effective Date that is required by regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act. 
 SECTION FOUR –
REPRESENTATIONS AND WARRANTIES; NO DEFAULTS.    In order to induce the Lenders to enter into this Amendment, each of the Loan Parties represents and warrants, on the Fifth Amendment Effective Date, to each of the Lenders and
the Administrative Agent that: 
 (a)    the execution, delivery and performance by such Loan Party of this Amendment is
within such Loan Party’s corporate or other powers, has been authorized by all necessary corporate or other organizational action, except (other than with respect to the Borrower), to the extent such failure to do so would not reasonably be
expected to have a Material Adverse Effect, and has been duly executed and delivered on behalf of the Loan Parties party hereto; 

(b)    this Amendment and the Credit Agreement, as amended hereby, each constitute a legal, valid and binding obligation of
such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally
and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied covenants of good faith and fair dealing; 

(c)    all of the representations and warranties contained in the Credit Agreement, as amended hereby, and in the other
Loan Documents are true and correct in all material respects on the Fifth Amendment Effective Date as if made on and as of such date (unless such representation or warranty relates to a specific date, in which case such representation or warranty
were true and correct in all material respects as of such specific date); and 

  
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 (d)    no Default or Event of Default exists as of the Fifth Amendment
Effective Date after giving effect to this Amendment and the borrowing of the Refinancing Tranche B Term Loans. 
 The Administrative Agent
shall give prompt notice in writing to the Borrower of the occurrence of the Fifth Amendment Effective Date. It is understood that such writing may be delivered or furnished by electronic communication. 

SECTION FIVE – SECURITY.    The Loan Parties acknowledge that (a) the Refinancing Tranche B Term Loans
constitute Borrower Obligations (as defined in the Guarantee and Collateral Agreement) and (b) notwithstanding the effectiveness of this Amendment, (i) the Guarantee and Collateral Agreement shall continue to be in full force and effect,
(ii) the Guarantor Obligations (as defined in the Guarantee and Collateral Agreement) of each Guarantor are not impaired or affected and (iii) all guarantees made by the Loan Parties pursuant to the Guarantee and Collateral Agreement and
all Liens granted by the Loan Parties as security for the Borrower Obligations (including the Refinancing Tranche B Term Loans) and the Guarantor Obligations pursuant to the Guarantee and Collateral Agreement continue in full force and effect; and,
further, confirm and ratify their respective obligations under each of the Loan Documents executed by the Loan Parties, as amended hereby. 

SECTION SIX – SEVERABILITY.    Any provision of this Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION SEVEN – CONTINUING EFFECT; NO OTHER WAIVERS
OR AMENDMENTS.    Except as expressly set forth herein, this Amendment shall not (a) constitute a substitution or novation, or a payment and reborrowing, or a termination, of the Obligations outstanding under the Credit
Agreement (other than with respect to the Existing Tranche B Term Loans) or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as modified hereby or (b) by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, the Administrative Agent or the Loan Parties under the Credit Agreement, as amended hereby, the Guarantee and Collateral Agreement or any other Loan Document, and
shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, as amended hereby, the Guarantee and Collateral Agreement or any other Loan Document, all of
which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement, as amended hereby, the Guarantee and Collateral Agreement or any other Loan Document in similar or different circumstances. After the Fifth Amendment Effective Date,
any reference in any Loan Document to the Credit Agreement shall mean the Credit Agreement, as amended hereby. This Amendment shall constitute a Loan Document for all purposes of the Credit Agreement, as amended hereby, and the other Loan Documents.

  
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 SECTION EIGHT – COUNTERPARTS.    This Amendment may be executed
by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment
by facsimile or electronic (i.e. “pdf”) transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION NINE – PAYMENT OF FEES AND EXPENSES.    The Borrower agrees to pay or reimburse the
Administrative Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with this Amendment including, without limitation,
the reasonable fees and disbursements and other charges of Cravath, Swaine & Moore LLP, counsel to the Administrative Agent. 

SECTION TEN – GOVERNING LAW.    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. The provisions of Sections 10.12 and 10.17 of the Credit Agreement are hereby incorporated by reference herein, mutatis mutandis. 

SECTION ELEVEN – TAX MATTERS.    For purposes of determining withholding Taxes imposed under FATCA,
from and after the Fifth Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) the Loans as not qualifying as a “grandfathered obligation”
within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 
  

 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered as
of the date first above written. 
  

					
	BOOZ ALLEN HAMILTON INC.
		
	By:	 	/s/ Lloyd W. Howell, Jr.
		 	Name:	 	Lloyd W. Howell, Jr.
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  

					
	BOOZ ALLEN HAMILTON INVESTOR CORPORATION
		
	By:	 	/s/ Lloyd W. Howell, Jr.
		 	Name:	 	Lloyd W. Howell, Jr.
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  

					
	BOOZ ALLEN HAMILTON ENGINEERING HOLDING CO., LLC
		
	By:	 	/s/ Laura S. Adams
		 	Name:	 	Laura S. Adams
		 	Title:	 	Treasurer

  

					
	BOOZ ALLEN HAMILTON ENGINEERING SERVICES, LLC
		
	By:	 	/s/ Laura S. Adams
		 	Name:	 	Laura S. Adams
		 	Title:	 	Treasurer

  
 [Signature Page to
Fifth Amendment to Credit Agreement - Booz Allen Hamilton Inc.] 

 
					
	SDI TECHNOLOGY CORPORATION
		
	By:	 	/s/ Laura S. Adams
		 	Name:	 	Laura S. Adams
		 	Title:	 	Treasurer

  

					
	EGOV HOLDINGS, INC.
		
	By:	 	/s/ Laura S. Adams
		 	Name:	 	Laura S. Adams
		 	Title:	 	Treasurer

  

					
	AQUILENT, INC.
		
	By:	 	/s/ Laura S. Adams
		 	Name:	 	Laura S. Adams
		 	Title:	 	Treasurer

  
 [Signature Page to
Fifth Amendment to Credit Agreement - Booz Allen Hamilton Inc.] 

 
					
	BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent
		
	By:	 	/s/ Kyle D Harding
		 	Name:	 	Kyle D Harding
		 	Title:	 	Assistant Vice President

  
 [Signature Page to
Fifth Amendment to Credit Agreement - Booz Allen Hamilton Inc.] 

 
					
	BANK OF AMERICA, N.A., as Exchanging Lender and New Refinancing Tranche B Term Lender
		
	By:	 	/s/ Matt Powers
		 	Name:	 	Matt Powers
		 	Title:	 	Director

  
 [Signature Page to
Fifth Amendment to Credit Agreement - Booz Allen Hamilton Inc.] 

 [Signature page for Exchanging Lenders posted separately] 

 SCHEDULE I 

New Refinancing Tranche B Term Loans 
  

			
	 New Refinancing Tranche B Term Lender
	  	 New Refinancing Tranche B Term Loan Amount

		
	Bank of America, N.A.	  	$7,797,630.38
		
	 TOTAL
	  	$7,797,630.38Exhibit 10.12

NI HOLDINGS, INC.

 

Time-Based Restricted Stock Unit Agreement
for Named Executive Officers

 

	Name of Participant:  [___________]	Date of Grant: 
	No. of Units Covered:  [___________]	Vesting Commencement Date:  
	 	
        Vesting Dates:

         

 

THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”)
governs the Stock Unit Award granted by NI HOLDINGS, INC., a North Dakota corporation (the “Company”) to the above-named
individual (the “Participant”), in accordance with and subject to the provisions of the Company’s 2017 Stock
and Incentive Plan (the “Plan”). A copy of the Plan has been made available to the Participant. Unless the context
indicates otherwise, capitalized terms that are not defined in this Agreement shall have the meaning set forth in the Plan.

 

I.            Grant
of Restricted Stock Units.

A.       In
accordance with the Plan, and effective as of the Date of Grant specified above, the Company has granted to the Participant the
number of Stock Units specified at the beginning of this Agreement (collectively, the “Restricted Stock Units,” and
each a “Restricted Stock Unit.”). Each Restricted Unit represents the right to receive a share of Common Stock (a “Share”)
and dividend equivalent amounts corresponding to the Share, subject to the terms and conditions of this Agreement and the Plan.

B.       The
Restricted Stock Units granted to the Participant shall be credited to an account in the Participant’s name. This account
shall be a record of book-keeping entries only and shall be utilized solely as a device for the measurement and determination of
the number of Shares to be issued to or in respect of the Participant pursuant to this Agreement. Restricted Stock Units may not
be transferred by the Participant without the Committee’s prior written consent other than by will or the laws of descent
and distribution.

II.            Vesting
of the Shares.

A.       The
Participant’s interest in the Restricted Stock Units shall vest and become non-forfeitable on each of the vesting dates set
forth above (each a “Vesting Date”) if the Participant remains in the continuous employ of the Company or an Affiliate
from the Vesting Commencement Date through each applicable Vesting Date. Except as provided in paragraphs 2(b) through (e) below,
if the Participant’s employment with the Company or an Affiliate is terminated prior to a Vesting Date, any Restricted Stock
Units that remain unvested as of the date of such termination shall be forfeited.

B.       If
the Participant remains in the continuous employ of the Company or an Affiliate from the Vesting Commencement Date until the date
the Participant’s employment is terminated due to Disability or death that occurs before the last Vesting Date, then any
Restricted Stock Units that remain unvested will vest in full and become non-forfeitable as of the date of such termination.

C.       If
the Participant remains in the continuous employ of the Company or an Affiliate from the Vesting Commencement Date until the Participant’s
Retirement Age, then any Restricted Stock Units that remain unvested upon attainment of Retirement Age will cease to be forfeitable
upon the Participant’s subsequent termination of employment for any reason other than Cause; but rather, such Units shall
remain outstanding and continue to “vest” and become payable upon each applicable Vesting Date.

    102 

     

    

D.       If
the Participant remains in the continuous employ of the Company or an Affiliate from the Vesting Commencement Date until the Participant
incurs an Involuntary Termination Due to Position Elimination or Reorganization that occurs before the last Vesting Date, then
any Restricted Stock Units that remain unvested will vest in a pro rata number of the Restricted Stock Units. The pro
rata number of Restricted Stock Units that vest shall be determined by multiplying the unvested Restricted Stock Units corresponding
to a particular Vesting Date by a fraction, the numerator of which is the number of full and partial calendar months of the Participant’s
employment with the Company or an Affiliate from the first day of the Vesting Commencement Date to the date of termination, and
the denominator of which is the number of full calendar months from the Vesting Commencement Date to the Vesting Date. A partial
month of service shall count as a full month. 

E.       If
the Participant remains in the continuous employ of the Company or an Affiliate from the Vesting Commencement Date until a Change
in Control that occurs before the last Vesting Date, and the Participant’s Restricted Stock Units are neither assumed nor
substituted or replaced with similar rights (or cash equivalent value thereof), then any Restricted Stock Units that remain unvested
will vest in full and become non-forfeitable upon the Change in Control. If the Participant’s Restricted Stock Units are
assumed (or substituted or replaced with an award of equivalent value), then, in addition to the circumstances described in paragraphs
(a) through (d) above, if the Participant is involuntarily terminated without Cause or resigns for Good Reason within twenty four
(24) months following the Change in Control but prior to a Vesting Date, any Restricted Stock Units (or replacement award) that
remains unvested will vest in full and become non-forfeitable as of the date of such termination.

III.           Issuance
and Settlement.

A.       After
any Restricted Stock Units vest in accordance with Section 2, the Company shall cause to be issued to the Participant, or
to the Participant’s designated beneficiary or estate in the event of the Participant’s death, one Share in payment
and settlement of each vested Restricted Stock Unit, subject to applicable required tax withholding. The Committee shall cause
the Shares issuable in connection with the vesting of any such Restricted Stock Units to be issued as soon as practicable after
vesting, but in all events no later than 30 days after vesting, and the Participant shall have no power to affect the timing
of such issuance. Such issuance shall be evidenced by a stock certificate or appropriate entry on the books of the Company or a
duly authorized transfer agent of the Company and shall be in complete settlement and satisfaction of such vested Restricted Stock
Units.

B.       Notwithstanding
the foregoing, if the Participant has attained or will attain Retirement Age prior to the last Vesting Date under this Agreement,
such Units shall be treated as “deferred compensation” subject to section 409A of the Internal Revenue Code (the “Code”).
In such case, the following special provisions shall apply to the payment of the underlying Shares:

1.       if
any Restricted Stock Units vest and become payable on account of a Change in Control, the Restricted Stock Units shall not become
payable (even though non-forfeitable) unless the Change in Control constitutes a “change in control event” as defined
in Treasury Regulations promulgated under section 409A of the Code; and

2.       if
any Restricted Stock Units vest and become payable on account of the Participant’s (A) Involuntary Termination Due to Position
Elimination or Reorganization or (B) involuntary termination without Cause or resignation for Good Reason on or after a Change
in Control, the Restricted Stock Units shall not become payable (even though non-forfeitable) unless the termination constitutes
a “separation from service” as defined in Treasury Regulations promulgated under section 409A of the Code. In addition,
if the Participant is a Specified Employee, payment on account of separation from service hereunder shall be made as of the date
that is six months following the Participant’s separation from service (or, if earlier, upon the Participant’s death).

C.       The
Participant may elect to satisfy any applicable required tax arising in relation to the Restricted Stock Units by (i) delivering
cash (including check, draft, money order or wire transfer made payable to the order of the Company) or (ii) having the Company
withhold a portion of the Shares otherwise to be delivered having a Fair Market Value equal to the amount of such tax liability
(subject to any limitations required under applicable financial accounting standards to avoid liability accounting for the Award).
In the case of clause (ii), the Company will not deliver to the Participant any fractional Shares (or equivalent cash value) remaining
after reduction for taxes; rather, any remaining fractional Shares will be cancelled without payment.

IV.       Shareholder
Rights. The Restricted Stock Units do not entitle the Participant to any rights of a shareholder of the Company. Notwithstanding
the foregoing, the Participant shall accumulate an unvested right to payment of cash dividend equivalents on the Shares underlying
Restricted Stock Units if cash dividends are declared by the Company on the Shares on or after the Date of Grant. Such dividend
equivalents will be in an amount of cash per Restricted Stock Unit equal to the cash dividend paid with respect to one Share, subject
to applicable required tax withholding. The Participant shall be entitled solely to payment of accumulated dividend equivalents
with respect to the number of Restricted Stock Units equal to the number of Shares that become issuable to the Participant pursuant
to this Agreement. Dividend equivalents will be paid to the Participant as soon as administratively possible following the date
that the Shares are issued to the Participant. The Participant shall not be entitled to dividend equivalents with respect to dividends
declared prior to the Date of Grant. All dividend equivalents accumulated with respect to forfeited Restricted 

    103

     

    

Stock Units shall
also be irrevocably forfeited. As of the date of issuance of Shares underlying Restricted Stock Units, the Participant shall have
all of the rights of a shareholder of the Company with respect to any Shares issued pursuant hereto.

V.            Definitions.
For purposes of this Agreement, the following shall have the following meanings:

A.       “Cause”
means (i) the Participant’s willful conduct that is demonstrably and materially injurious to the Company or an Affiliate,
monetarily or otherwise; (ii) the Participant’s material breach of written agreement between the Participant and the
Company; (iii) the Participant’s breach of the Participant’s fiduciary duties to the Company or an Affiliate;
(iv) the Participant’s conviction of any crime (or entering a plea of guilty or nolo contendre to any crime)
constituting a felony; or (v) the Participant’s entering into an agreement or consent decree or being the subject of
any regulatory order that in any of such cases prohibits the Participant from serving as an officer or director of a company that
has publicly traded securities. A termination of the Participant shall not be for “Cause” unless the decision to terminate
the Participant is set forth in a resolution of the Board to that effect and which specifies the particulars thereof and that is
approved by a majority of the members of the Board (exclusive of the Participant if the Participant is a member of the Board) adopted
at a meeting called and held for such purpose (after reasonable notice to the Participant and an opportunity for the Participant
to be heard before the Board). No act or failure to act by the Participant will be deemed “willful” if it was done
or omitted to be done by the Participant in good faith or with a reasonable belief on the part of the Participant that the action
or omission was in the best interests of the Company or an Affiliate. Any act or failure to act by the Participant based upon authority
given pursuant to a resolution duly adopted by the Board or based on the advice of counsel to the Company shall be conclusively
presumed to be done or omitted to be done by the Participant in good faith and in the best interest of the Company and its Affiliates.

B.       “Change
in Control” means:

1.       the
approval of the shareholders of the Company, and consummation, of (A) any consolidation, merger or statutory share exchange
of the Company with any person in which the surviving entity would not have as its directors at least a majority of the Incumbent
Board and as a result of which those persons who were shareholders of the Company immediately prior to such transaction would not
hold, immediately after such transaction, at least 50% of the Voting Power of the Company then outstanding or the combined voting
power of the surviving entity’s then outstanding voting securities; (B) any sale, lease, exchange or other transfer
in one transaction or series of related transactions substantially all of the assets of the Company; or (C) the adoption of
any plan or proposal for the complete or partial liquidation or dissolution of the Company. For purposes of this Section 5(a),
“Voting Power” when used with reference to the Company shall mean the voting power of all classes and series of capital
stock of the Company now or hereafter authorized; or

2.       the
individuals who, as of the date of this Agreement, are members of the Board of Directors of the Company (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board (provided, however, that if the election or nomination for
election by the Company’s shareholders of any new director was approved by a vote of at least a majority of the Incumbent
Board, such new director shall be considered to be a member of the Incumbent Board).

C.       “Disability”
means the Participant has been determined, by a physician selected by the Company and reasonably acceptable to the Participant,
to be unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

D.       “Good
Reason” means without the express written consent of the Participant (i) a change in the Participant’s position with
the Company or an Affiliate which results in a material diminution of the Participant’s authority, duties or responsibilities;
(ii) a material reduction by the Company or an Affiliate in the annual rate of the Participant’s base salary; or (iii) a
change in the location of the Participant’s principal office to a different place that is more than fifty miles from the
Participant’s principal office immediately prior to such change. A reduction in the Participant’s rate of annual base
pay shall be material if the rate of annual base salary on any date is less than ninety percent (90%) of the Participant’s
highest rate of annual base pay as in effect on any date in the preceding thirty-six (36) months. Notwithstanding the two preceding
sentences, a change in the Participant’s duties or responsibilities shall not constitute Good Reason, and the Participant
shall not have Good Reason to resign, solely because the Company does not have common shares or other securities that are publicly
traded. A resignation by the Participant shall not be with “Good Reason” unless the Participant gives the Company written
notice specifying the event or condition that the Participant asserts constitutes Good Reason, the notice is given no more than
ninety days after the occurrence of the event or initial existence of the condition that the Participant asserts constitutes Good
Reason and the Company has failed to remedy or cure the event or condition during the thirty day period after such written notice
is given to the Company.

E.       “Involuntary
Termination Due to Position Elimination or Reorganization” means an involuntary termination of the Participant’s employment
by the Company or its Affiliates due to a job elimination, reduction in force, business 

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restructuring or other circumstances the
Committee deems appropriate, in its sole discretion, as qualifying as an Involuntary Termination Due to Position Elimination or
Reorganization.

F.       “Retirement
Age” means the Participant has both attained age sixty (60) and accumulated at least seventy (70) points. The Participant’s
points shall equal the sum of the participant’s age (in years) plus completed full years of employment with the Company and
its Affiliates.

VI.         No
Right to Continued Employment. This Agreement and the grant of the Stock Unit Award do not give the Participant any rights with
respect to continued employment by the Company or an Affiliate. This Agreement and the grant of the Stock Unit Award shall not
interfere with the right of the Company or an Affiliate to terminate the Participant’s employment.

VII.         Change
in Capital Structure. In accordance with the terms of the Plan, the terms of this Agreement and the number and kind of Shares shall
be adjusted as the Board determines to be equitably required in the event the Company effects one or more stock dividends, stock
split-ups, subdivisions or consolidations of shares or other similar changes in capitalization.

VIII.         Governing
Law; Venue. The laws of the State of North Dakota shall govern all matters arising out of or relating to this Agreement including,
without limitation, its validity, interpretation, construction and performance but without giving effect to the conflict of laws
principles that may require the application of the laws of another jurisdiction. Any party bringing a legal action or proceeding
against any other party arising out of or relating to this Agreement may bring the legal action or proceeding in the United States
District Court for the District of North Dakota or in any court of the State of North Dakota sitting in Fargo, North Dakota. Each
party waives, to the fullest extent permitted by law (i) any objection it may now or later have to the laying of venue of
any legal action or proceeding arising out of or relating to this Agreement brought in a court described in the preceding sentence
and (ii) any claim that any legal action or proceeding brought in any such court has been brought in an inconvenient forum.

IX.         Conflicts.
In the event of any conflict between the provisions of the Plan as in effect on the Date of Grant and this Agreement, the provisions
of the Plan shall govern. All references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

X.         Participant
Bound by Plan. The Participant hereby acknowledges that a copy of the Plan has been made available to the Participant and the Participant
agrees to be bound by all of the terms and provisions of the Plan.

XI.         Binding
Effect. Subject to the limitations stated above and in the Plan, this Agreement shall be binding upon the Participant and the Participant’s
successors in interest and the Company and any successors of the Company.

XII.         Recoupment.
The Participant acknowledges and agrees that the Participant’s rights in the Restricted Stock Units, the Shares and any dividends,
dividend equivalents or other distributions paid or payable with respect to the Restricted Stock Units and the Shares are subject
to recoupment or repayment if, and to the extent that, such action is required under applicable law or any Company recoupment or
“clawback” policy.

 

IN WITNESS WHEREOF, the Company and the Participant
have executed this Restricted Stock Unit Agreement as of the date first set forth above.

 

	NI HOLDINGS, INC.	 	[NAME OF PARTICIPANT]
	 	 	 	 	 
	 	 	 	 	 
	By:	 	 	Signature: 	 
	Name:	 	 	Date:	 
	Title: 	 	 	 	 

 

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