DEF 14A of NI Holdings, Inc., Apr 8, 2026

DEF 14A of NI Holdings, Inc.

Filed Apr 8, 2026 · FY20250002077096-26-000051

Open on EDGAR

  1. Proposal 1: Election of Directors

    Proposal 1: Election of Directors We have eight directors nominated for election to serve until the 2027 Annual Meeting of Shareholders (the “2027 Annual Meeting”) or until their respective successors have been elected and qualified. Six current directors have been nominated to continue to serve as directors and have agreed to stand for re-election at the 2026 Annual Meeting and two new director nominees have been nominated to serve as directors and have agreed to stand for election at the 2026 Annual Meeting. Duaine C. Espegard previously advised our Board that he will not stand for re-election at the 2026 Annual Meeting. Mr. Espegard’s term will end at the 2026 annual meeting. Currently, the authorized number of directors is seven, and will be increased to eight concurrently with the election of Mr. Kaldor and Ms. Thomas to the Board. The following biographies summarize the director nominees’ tenure on the NI Holdings Board, history with the Company, business experience, other board positions held, and the experience and skills that led the Board to conclude that they should serve as directors.

  2. Current Directors

    Current Directors Eric K. Aasmundstad. Mr. Aasmundstad, age 67, has been a director since 1997 when he joined the Board of Directors of Nodak Mutual Insurance Company. He currently serves as Chairperson of the Nodak Mutual Group, Inc. Board of Directors, as well as Chairperson of the Board of Directors of Nodak Insurance Company. Mr. Aasmundstad has served as Chairperson on the Board of NI Holdings, Inc. since its creation in March 2017. Prior to the conversion of the mutual insurance company to a stock company and the creation of the mutual holding company, Mr. Aasmundstad served on the Board of Directors of Nodak Mutual Insurance Company from 1997 to 2017 and held the position of President of Nodak Mutual Insurance Company from 2008 to 2017. A graduate of North Dakota State University with a degree in engineering, Mr. Aasmundstad is a retired farmer and businessman. He previously farmed approximately 4,000 acres, operated a custom harvesting business, and owned a metalworking business. Mr. Aasmundstad served as President of the North Dakota Farm Bureau from 1999 through 2011. During his tenure as President of the North Dakota Farm Bureau, Mr. Aasmundstad served on the Board of Directors of American Agricultural Insurance Company, Inc., which provides reinsurance to Farm Bureau insurance companies and other independent insurers. Mr. Aasmundstad also served as a director for Farm Bureau Life Insurance Company (headquartered in Des Moines, Iowa) and American Farm Bureau Insurance Services. We believe that Mr. Aasmundstad’s experience as a director of Nodak Mutual Insurance Company, his experience as a full-time farmer as well as a successful independent businessman, and his experience as a past director of American Agricultural Insurance Company, Inc. qualify him to serve as an independent, non-executive director. Cindy L. Launer. Ms. Launer, age 54, became the President and Chief Executive Officer of NI Holdings, Inc., as well as Nodak Mutual Group, Inc., on October 10, 2025. Ms. Launer is also President and Chief Executive Officer of Nodak Insurance Company, American West Insurance Company, Battle Creek Insurance Company, Direct Auto Insurance Company, Primero Insurance Company, and Tri-State, LTD. She has served on the Board of NI Holdings, Inc. since her appointment in November 2019. Ms. Launer serves on the Board of Directors of Nodak Mutal Group, Inc., Nodak Insurance Company, American West Insurance Company, Battle Creek Insurance Company, Direct Auto Insurance Company, Primero Insurance Company, and Tri-State. Ltd. Prior to her appointment to Chief Executive Officer, Ms. Launer served as Chair of the Compensation Committee. Ms. Launer was employed by American International Group (“AIG”) from April 2007 until her retirement in June 2018. At AIG, she served in various roles including financial planning and analysis, capital projects, financial communications, Chief of Staff to the CEO, and finally Chief Operating Officer of the AIG commercial insurance business. Prior to joining AIG, she held progressive audit, finance, investor relations, and chief of staff roles at MetLife and Deloitte & Touche LLP. Ms. Launer graduated from Florida Southern College with a Bachelor of Science degree in Finance and Marketing and earned her Bachelor of Science degree in Accounting from International College. We believe that Ms. Launer’s extensive experience in the insurance industry qualifies her to serve as a director. William R. Devlin. Mr. Devlin, age 78, has been a director since 2003 when he joined the Board of Directors of Nodak Mutual Insurance Company. He currently serves as Vice Chairperson of Nodak Mutual Group, Inc. Mr. Devlin has served on the Board of NI Holdings, Inc. since its creation in March 2017 and currently serves as Chairperson of the Nominating and Governance Committee. Mr. Devlin also serves on the Board of Directors of Nodak Insurance Company. Mr. Devlin is also Chair of the Nominating and Corporate Governance Committee. Prior to the conversion of the mutual insurance company to a stock company and the creation of the mutual holding company, Mr. Devlin served on the Board of Directors of Nodak Mutual Insurance Company from 2003 to 2017 and held the position of Vice President from 2008 to 2017. Mr. Devlin served as a state legislator in the North Dakota House of Representatives, including a term as Speaker. Mr. Devlin was in public service for 36 years, with 13 years as Steele County Commissioner and 23 years as a North Dakota state legislator. During those years of public service, Mr. Devlin served as chairman and vice-chairman of legislative committees at the state and national levels. Mr. Devlin has extensive private business experience in the printing and publishing areas. Mr. Devlin has been Chief Executive Officer of three family-owned newspaper corporations in North Dakota and Minnesota for over thirty years. Mr. Devlin has served as state president of the North Dakota Newspaper Association and the Society of Professional Journalists and was a board member of the North Dakota Newspaper Foundation. We believe that Mr. Devlin’s experience as a state legislator and the Chief Executive Officer of a local newspaper provides him with insight into the markets served by NI Holdings, Inc. and qualifies him to serve as an independent, non-executive director. Prakash Mathew. Mr. Mathew, age 77, has served on the Board of NI Holdings, Inc. since his appointment in February 2023. Mr. Mathew serves on the Board of Directors of Nodak Insurance Company. Mr. Mathew served as the Vice President for Student Affairs at North Dakota State University (“NDSU”) from 2006 to 2014 and retired after 38 years of service in student affairs at NDSU as well as at Mankato State University. He currently serves as Vice President Emeritus for Student Affairs. Upon his retirement in 2014, he served as the Interim Director of Athletics at NDSU. Mr. Mathew served on the Board of Directors for Thrivent Financial, Northland Region, from 2014 to 2023. He served on the Board of Directors of the Fargo Public Library from 2000 to 2007, including President from 2006 to 2007. Until recently, he served in the Cass County Jail chaplaincy program and he is currently serving on the Renaissance Zone Authority for the city of Fargo. Mr. Mathew graduated from the University of Allahabad, India, with a Bachelor of Science degree in Agriculture and Rural Sociology and earned a Master of Science in Education with Majors in Counseling and Guidance from NDSU. In 2023, Mr. Mathew was awarded an Honorary Doctorate of Humane Letters from North Dakota State University. We believe that Mr. Mathew’s extensive experience in administration, business and financial management, and leadership within educational institutions and local community programs qualifies him to serve as an independent, non-executive director. Jeffrey R. Missling. Mr. Missling, age 55, has been a director since 2016 when he joined the Board of Directors of Nodak Mutual Insurance Company. He has served as the Executive Vice President and Chief Executive Officer of the North Dakota Farm Bureau since 2005. Mr. Missling grew up on a diversified crop and livestock farm and has worked with farmers and ranchers his entire life, having been employed by agriculture-related entities such as Rhone Poulenc Ag Company, Cargill, the University of Minnesota Extension Service, and the Minnesota Farm Bureau Federation. Mr. Missling holds a bachelor’s degree in Agricultural Business Management from South Dakota State University and a master’s degree in International Management from the University of Maryland. Mr. Missling is a past member of the Minneapolis Federal Reserve Bank’s Advisory Council on Agriculture. We believe that Mr. Missling’s experience in providing services to the agricultural industry and his management experience qualifies him to serve as a non-executive director.

  3. Current Directors

    Dave Stende. Mr. Stende, age 66, was appointed a director in March 2025 and currently serves as Chair of the Audit Committee. Mr. Stende served as Chief Executive Officer and a member of the board of directors of Eide Bailly from 2013 until his retirement in April 2022. From 2006 to 2013, he served as Chief Operating Officer of Eide Bailly. Prior to serving as Chief Operating Officer, Mr. Stende was employed by Eide Bailly in various roles, including audit partner, from 1981 to 2006. Mr. Stende graduated from the University of North Dakota with a bachelor’s degree in Business Administration and Accounting, and is a Certified Public Accountant. We believe that Mr. Stende’s experience as a Certified Public Accountant at a top 20 public accounting firm and as an audit partner, as well as oversight responsibility of the firm’s public company practice, qualifies him as an Audit Committee financial expert and to serve as an independent, non-executive director.

  4. New Director Nominees

    New Director Nominees Dana Kaldor. Mr. Kaldor, age 50, has been nominated by the Board to be elected to serve beginning on the date of the 2026 Annual Meeting. Mr. Kaldor has served as Chief Credit Officer of The Goose River Bank since 2014 and joined the organization in 2005. Mr. Kaldor is also owner and operator of a 1,750 acre barley, spring wheat, corn and soybean farm. Mr. Kaldor also serves as Clerk of the Norway township. Mr. Kaldor holds a bachelor’s degree in Agricultural Economics. We believe that Mr. Kaldor’s extensive executive business and banking experience as well as his farming experience qualify him to serve as an independent director. Mr. Kaldor was recommended to the Board by Mr. Aasmundstad. Callie Thomas. Ms. Thomas, age 49, has been nominated by the Board to be elected to serve beginning on the date of the 2026 Annual Meeting. Ms. Thomas has served as Chief of Staff of Zinnia, an insurance software development company, since April 2025. Ms. Thomas was Chief Administrative Officer of Joyn Insurance from October 2020 to April 2025 and served in numerous roles for AIG from 2005 to 2017. Ms. Thomas holds a bachelor’s degree in Finance and Economics. We believe that Ms. Thomas’s extensive experience in the insurance industry qualifies her to serve as an independent director. Ms. Thomas was recommended to the Board by Ms. Launer. Our Board recommends a vote FOR each of the director nominees listed herein. Approval of Proposal 1 requires “FOR” votes from the holders of a plurality of the votes cast. If a choice is specified on the proxy card by a shareholder, the shares will be voted as specified. If no contrary indication is made, proxies are to be voted “FOR” all nominees, or, in the event that any such individual is not a candidate or is unable to serve as a director at the time of the election (which is not currently expected), for any nominee who is designated by our Board to fill the vacancy. Withhold votes and broker non-votes have no legal effect on the outcome. Pursuant to our Bylaws, any nominee for director in an uncontested election who receives a greater number of votes “withheld” or “against” from his or her election than votes “for” his or her election shall immediately offer to tender his or her resignation following certification of such shareholder vote. The Nominating and Corporate Governance Committee shall promptly consider the director’s resignation offer and make a recommendation to the Board on whether to accept or reject the offer. The Board shall act on the recommendation of the Nominating and Corporate Governance Committee and publicly disclose its decision within 90 days following certification of the shareholder vote.

  5. Director Biographies

    Director Biographies The Nominating and Corporate Governance Committee seeks to assemble a Board that, as a group, can best perpetuate the success of the business and represent shareholder interests through the exercise of sound judgment using its diversity of background and experience in various areas. To that end, the Nominating and Corporate Governance Committee has identified and evaluated nominees in the broader context of our Board’s overall composition, with the goal of recruiting members who complement and strengthen the skills of other members and who also exhibit integrity, collegiality, sound business judgment, and other qualities deemed critical to the effective functioning of our Board. Biographical information for each current director nominee standing for re-election as well as the two director nominees standing for election is included in Proposal 1 — Election of Directors.

  6. DIRECTOR COMPENSATION

    DIRECTOR COMPENSATION Members of our Board who are not employees or officers of our Company receive compensation for their services. The Compensation Committee reviews the total compensation of our non-employee directors annually. At the direction of the Compensation Committee, Meridian Compensation Partners, LLC (“Meridian”) periodically analyzes the competitive position of our non-employee director compensation policy. Following Meridian’s review in 2025, the Compensation Committee increased the cash retainers for service on the Board and its committees as described below. The following table sets forth cash and other compensation earned by the non-employee members of the Board for all services in all capacities during the fiscal year ended December 31, 2025.

  7. DIRECTOR COMPENSATION

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards(1)(2) ($) | Total ($) | | Eric K. Aasmundstad | 109,500 | 51,718 | 161,218 | | William R. Devlin | 92,000 | 51,718 | 143,718 | | Duaine C. Espegard | 82,000 | 51,718 | 133,718 | | Cindy L. Launer(3) | 62,575 | 51,718 | 114,293 | | Stephen V. Marlow(4) | 37,000 | — | 37,000 | | Prakash Mathew | 82,500 | 51,718 | 134,218 | | Jeffrey R. Missling | 57,500 | 51,718 | 109,218 | | David L. Stende(5) | 60,000 | 51,718 | 111,718 |

  8. DIRECTOR COMPENSATION

    ____________ (1) On May 21, 2025, each non-employee director was granted 3,924 restricted stock units. The grant date fair value was $51,718, computed in accordance with FASB ASC Topic 718 using the closing price of our common stock on the grant date. These RSUs vest at the 2026 Annual Meeting, although three of the directors have elected to defer receipt of their shares until a later date. Estimated forfeitures are included in the determination of compensation costs. (2) As of December 31, 2025, Mr. Aasmundstad had 12,624 RSUs, Mr. Devlin had 5,424 RSUs, Mr. Espegard had 15,024 RSUs, Mr. Mathew had 7,324 RSUs, Mr. Missling had 5,424 RSUs and Mr. Stende had 3,924 RSUs. For Ms. Launer’s holdings as of December 31, 2025, please see “Outstanding Equity Awards at December 31, 2025” under the “Executive Compensation” section of this proxy statement. (3) Ms. Launer was appointed Chief Executive Officer on October 10, 2025. The compensation she received for serving as CEO is reported in the “Executive Compensation” section of this proxy statement. See the Compensation Discussion and Analysis for discussion of this compensation. (4) Mr. Marlow did not stand for re-election at the 2025 Annual Meeting and his service terminated on May 20, 2025. (5) Mr. Stende was appointed to the Board effective April 1, 2025. Mr. Daggett, our President and Chief Executive Officer until October 10, 2025, did not receive compensation for his services as a director. Ms. Launer, our Chief Executive Officer since October 10, 2025, did not receive compensation for her services as a director following her appointment as Chief Executive Officer. The compensation amounts received by Mr. Daggett and Ms. Launer as employees are shown in the “Executive Compensation” section of this Proxy Statement as well as in the “Other Compensation” column for Ms. Launer.

  9. Narrative to the Director Compensation Table

    Narrative to the Director Compensation Table

  10. Executive Biographies

    Executive Biographies The following is biographical information for our current executive officers as of the date of this Proxy Statement.

  11. Executive Biographies

    | Name | Age at May 19, 2026 | Position(s) | | Cindy L. Launer | 54 | President and Chief Executive Officer | | Matthew J. Maki | 39 | Executive Vice President, Treasurer and Chief Financial Officer | | Douglas A. Duncan | 64 | Senior Vice President and Chief Information Officer | | Kevin Elfstrand | 46 | Senior Vice President, Chief Accounting Officer and Secretary |

  12. Executive Biographies

    Our Board chooses our executive officers, who then serve at our Board’s discretion. There are no family relationships among any of our directors or executive officers. Cindy L. Launer. Ms. Launer’s biography is included in Proposal 1 — Election of Directors. Matthew J. Maki. Mr. Maki was appointed to serve as Interim Chief Financial Officer in December 2024, and promoted to Executive Vice President, Treasurer and Chief Financial Officer in March 2025. He joined NI Holdings, Inc. in August 2020 as Vice President of Financial Planning and Analysis. Before joining NI Holdings, Inc., Mr. Maki was Vice President of Accounting and Treasurer of RAM Mutual Insurance Company from August 2019 until August 2020. Prior to that, Mr. Maki served in various other finance-related roles at RAM Mutual Insurance Company and Travelers Companies, Inc. He began his career as an auditor at Ernst & Young. Mr. Maki graduated from the University of Wisconsin at Eau Claire and is a Certified Public Accountant. Douglas A. Duncan. Mr. Duncan was appointed to serve as Senior Vice President and Chief Information Officer beginning in June 2025. Before joining the Company, Mr. Duncan served as Chief Technology Officer of Elementum Advisors, LLC, an SEC-registered investment advisor focused on managing investment portfolios exposed to natural catastrophe event risk, from September 2022 to May 2025 and Chief Information Officer of Columbia Insurance Group from August 2017 to August 2022. Mr. Duncan graduated from Colorado State University with a Master of Business Administration and from the University of Kansas with a bachelor’s degree. Kevin D. Elfstrand. Mr. Elfstrand was promoted to serve as Senior Vice President and Chief Accounting Officer in June 2025 and was appointed Secretary in February 2026. Mr. Elfstrand joined the Company as Vice President, Corporate Controller in April 2022. Before joining the Company, Mr. Elfstrand served in various finance roles at The Travelers Companies, Inc., from 2004 to 2022, most recently as Assistant Vice President, Corporate Audit. Prior to that, Mr. Elfstrand served as an auditor at Deloitte & Touche LLP. Mr. Elfstrand graduated from Saint John’s University in Minnesota with a bachelor’s degree in Accounting and is a Certified Public Accountant.

  13. Primary Elements of Compensation

    | Component | Description | Primary Objectives | | Base Salary | Fixed cash compensation | • Attract, motivate, retain, and reward high-performing executives • Provide competitive fixed compensation considering the job responsibilities, individual performance, experience, expertise, and qualifications | | Short-Term Incentive Plan (“STIP”) | Cash compensation tied 80% to achievement of pre-determined quantitative financial performance goals and 20% based on individual goals | • Promote short-term business objectives and growth | | Stock-Based Incentive Plan | Annual equity awards consisting 100% of time-based restricted stock units (“RSUs”) that vest annually over a three-year period. Historically we awarded a mix of RSUs and performance share units (“PSUs”); however, in 2025 and 2026 we only granted RSUs as described further below. | • Promote long-term value creation and growth strategies • Align executives’ and shareholders’ interests by encouraging maximization of shareholder value • Promote retention through a regular, periodic program of equity awards, which motivates performance and encourages long-term stock ownership |

  14. Compensation Process

    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. In August 2024, the Compensation Committee reviewed the compensation peer group that would be used for compensation decision-making for fiscal year 2025.

  15. Compensation Process

    The Compensation Committee recognizes that certain companies in this group are larger than the Company on the basis of revenue, in some cases significantly so; nevertheless, given the limited number of publicly traded property and casualty insurance companies of similar size, the Compensation Committee views 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 Company. In August 2025, the Compensation Committee reviewed the compensation peer group that would be used for compensation decision-making beginning in fiscal year 2026. Conifer Holdings Inc. and Kinsale Capital Group, Inc. were removed and Bowhead Specialty Holdings and Global Indemnity Group were added as a result of Meridian’s analysis of peers closer in size to the Company.

  16. Roles and Responsibilities in the Compensation Process

    Roles and Responsibilities in the Compensation Process The Company’s compensation philosophy drives our decision-making process. Decisions about individual levels of each compensation element involve the participation of multiple parties, following a comprehensive, multi-step process. The key parties and their roles in the process are described below. Role of the Compensation Committee The Compensation Committee is appointed by our Board to assist it in fulfilling its oversight responsibility by overseeing all significant aspects of our compensation policies and programs, including: • reviewing and recommending to the Board the compensation of the Chief Executive Officer; • reviewing and recommending to the Board the compensation and annual performance objectives and goals of our other executive officers; • reviewing, approving, and administering incentive-based and equity-based compensation plans in which our executive officers participate; • evaluating risks created by our compensation policies and practices and considering any reasonably likely effect of such risks; and • reviewing and recommending to our Board new executive compensation programs. Role of Management In 2025, Mr. Daggett, with the Board, set our strategic direction and worked with the Compensation Committee to identify and set appropriate goals for executive officers (other than himself). He made recommendations to the Compensation Committee regarding the elements of compensation for each of our executive officers reporting to him and also provided them with his evaluation of those officers during the prior year. Role of the Compensation Consultant During 2025, the Compensation Committee engaged Meridian as its independent compensation consultant to advise them on executive compensation and related corporate governance matters. Meridian assisted the Compensation Committee in determining the compensation peer group, which is described in more detail above. Meridian also advised the Compensation Committee on competitive compensation practices and comparative market data, which the Compensation Committee considered in addressing and determining the appropriate levels of compensation for each NEO relative to the marketplace. At the Compensation Committee’s request, Meridian participated in person, or by teleconference or video conference at each meeting of the Compensation Committee. The services that Meridian provided to the Compensation Committee included: • advising on the Company’s compensation philosophy, strategy, and program; • providing advice and counsel on best practices in compensation and corporate governance; • providing and analyzing competitive market compensation data and making recommendations, as appropriate; and • analyzing the appropriateness of the compensation peer group. Independence of the Compensation Consultant Meridian did not provide other consulting services to the Company in 2025. In selecting Meridian as its compensation consultant, the Compensation Committee considered the independence of Meridian in accordance with the standards of the Nasdaq that are applicable to the Company, any applicable rules and regulations of the SEC, and other applicable laws relating to independence of advisors and consultants. The Compensation Committee concluded that no conflict of interest exists that would prevent Meridian from independently advising the Committee. At the Compensation Committee’s request, members of Meridian meet with the Compensation Committee. Meridian also communicates with the Chair of the Compensation Committee, as well as with management (upon the prior authorization of the Compensation Committee Chair) outside of Compensation Committee meetings regarding matters related to the Compensation Committee’s responsibilities.

  17. Compensation Elements

    ____________ (1) Ms. Launer was appointed Chief Executive Officer on October 10, 2025. (2) Mr. Maki was appointed as Chief Financial Officer effective March 1, 2025. (3) Mr. Duncan was appointed as Senior Vice President and Chief Information Officer effective June 1, 2025. (4) Mr. Elfstrand was appointed as Senior Vice President and Chief Accounting Officer effective June 1, 2025. (5) Mr. Daggett’s employment as President and Chief Executive Officer was terminated without cause on October 10, 2025. Short-Term (Cash) Incentive Plan Our executives are eligible for annual cash incentive compensation under our STIP. Annual incentives under the STIP are intended to motivate participating executive officers to achieve short-term company performance goals that will benefit our Company and shareholders and align those executive officers’ interests with those of the shareholders. While in prior years, the annual cash incentives provided payout opportunities based on the achievement of pre-determined corporate performance objectives, beginning in 2025, the Compensation Committee determined to award a portion of the STIP award based on individual performance objectives in order to incentivize each officer with performance objectives based on each officer’s unique individual contributions. Actual cash STIP awards earned for 2025 were thus based 80% on the achievement of financial performance objectives and 20% were based on the achievement of individual performance objectives. Each year, the Compensation Committee determines the annual target bonus opportunity for each participating executive officer. Our annual cash incentive compensation is generally structured to deliver payouts when performance targets are achieved or exceeded. For the financial portion of the STIP, threshold, target, and stretch goals are set annually for key statutory operating objectives which we believe align with shareholder value creation — which in 2025 was combined ratio. For the individual performance objectives, the Compensation Committee set goals that it determined were appropriate for each executive officer. At the end of the performance period to which a particular incentive award relates, the Compensation Committee reviews our performance relative to the applicable performance goals and recommends payouts based on that performance. The Compensation Committee generally retains the ability to recommend payouts that are above or below actual performance levels for the applicable performance period. For the purpose of determining the amount of a payout to recommend, it may also consider infrequent or non-recurring items that are not reflective of ongoing operations. For 2025, the Compensation Committee determined to exclude the non-standard auto segment from the calculation of combined ratio, because the Compensation Committee determined that the impact of non-standard auto was largely determined by decisions that had been made by our prior management. The table below sets forth the goals established for each of the performance metrics in the STIP, and the Company’s actual statutory results for 2025.

  18. Compensation Elements

    | Performance Metric(1) | Weighting | Threshold Goal | Target Goal | Stretch Goal | Actual Result | Payout Earned | | Combined ratio(2) | 80.0% | 99.9% | 96.0% | 92.0% | 91.6% | Stretch | | Individual performance | 20.0% | | | | | Target |

  19. Compensation Elements

    | Named Executive Officer | Threshold Payout | Target Payout | Maximum Payout | Actual Total Payout | | Cindy Launer(1) | 12.5% | 20% | 35% | 32% | | Matthew J. Maki | 25% | 50% | 100% | 90% | | Douglas A. Duncan(2) | 11.6% | 23.2% | 46.6% | 43% | | Kevin D. Elfstrand(3) | 20% | 40% | 80% | 72% | | Seth C. Daggett(4) | 50% | 80% | 140% | n/a |

  20. Compensation Elements

    ____________ (1) Ms. Launer’s STIP payouts were set based on her service from October 10, 2025 through December 31, 2025. For 2026, Ms. Launer’s target payout is 80% of salary. (2) Mr. Duncan’s STIP payouts were set based on his service from June 1, 2025 through December 31, 2025. For 2026, Mr. Duncan’s target payout is 40% of salary. (3) While Mr. Elfstrand was appointed as an executive officer effective June 1, 2026, he was employed by the Company for the full year and his STIP payment was set based on his full year salary. (4) Mr. Daggett’s employment as President and Chief Executive Officer was terminated on October 10, 2025 and he therefore did not earn an STIP award. Special Bonuses From time-to-time, the Compensation Committee may determine to award signing bonuses or other one-time bonuses outside the STIP. During 2025, Mr. Maki was paid $10,000 cash and was granted an equity award in both January and February for service as interim Chief Financial Officer and Messrs. Maki and Duncan each received a signing bonus of $25,000 in connection with their appointments. These amounts have been included as a bonus in the “Summary Compensation Table” below. Stock-Based Incentive Plan Long-term equity incentives are designed to motivate management to enable the Company to achieve sustained long-term performance aligned with shareholder interests. The Company provides grants of long-term equity compensation annually, consistent with the objectives and philosophy of our compensation programs, under the governing NI Holdings, Inc. 2020 Stock and Incentive Plan (“2020 Plan”), which was approved by our shareholders. We have generally granted long-term incentive awards to participating executive officers annually in the first quarter. Historically, we have split the long-term incentive awards between RSUs (40% of annual opportunity) and PSUs (60% of annual opportunity). In May 2025, the Compensation Committee determined to grant 100% of the long-term incentive awards in RSUs. The Compensation Committee determined that given the uncertainty about the Company’s non-standard auto business that it would be impractical to set 3-year financial goals for PSUs in early 2025. Therefore, the Compensation Committee determined that the annual grant of PSUs should be paused for 2025. The aggregate number of shares awarded to our NEOs under the 2020 Plan was 100,258 shares in 2025. Only Messrs. Maki and Daggett served as executive officers at the time the grants were made in 2025 and Mr. Daggett’s award was forfeited upon his termination from the Company without cause. Ms. Launer’s award was determined at the time of her appointment, Mr. Elfstrand’s award was made prior to his appointment as an executive officer and Mr. Duncan received no long-term equity incentive award in 2025. The RSU awards vest one-third annually on each of the first three anniversaries of the grant date. Dividend equivalents on RSUs are accrued during the vesting period and paid in cash at the end of the vesting period but are subject to forfeiture until the underlying shares become vested. Participants do not have voting rights with respect to RSUs. Settlement of 2023 PSUs The performance period for the 2023 PSU awards ended on December 31, 2025, which was based on a three-year cumulative adjusted book value per share from 2023 to 2025. Our adjusted book value per share decreased 7.2% from $13.06 to $12.12 over the performance period to fall short of the threshold goal of $16.85. As a result, NEOs who were granted PSUs in 2023 did not receive any shares of common stock from these awards upon vesting. Employee Stock Ownership Plan (“ESOP”) We have established the NI Holdings, Inc. ESOP. The ESOP is intended to be an employee stock ownership plan within the meaning of Code Section 4975(e)(7) and will invest primarily in our common stock. In connection with our initial public offering, Nodak Insurance Company loaned $2.4 million to the ESOP’s related trust (the “ESOP Trust”). The ESOP loan will be for a period of ten years and bears interest at the long-term Applicable Federal Rate effective on the closing date of the initial public offering (2.79% annually). The ESOP Trust used the proceeds of the loan to purchase shares in our initial public offering, which results in the ESOP Trust owning approximately 1.0% of our outstanding shares. The ESOP purchased the shares for investment and not for resale. Each employee of Nodak Insurance Company is automatically a participant in the ESOP if such employee is at least 21 years old and has completed a year of service with Nodak Insurance Company. Employees are not permitted to make any contributions to the ESOP. Perquisites and Other Generally Available Benefits and Compensation We provide medical, dental, basic life insurance, short-term disability coverage, and paid time off, all on the same basis as other employees. The Company provides a 401(k) profit-sharing plan and an ESOP for eligible employees. The value of matching 401(k) contributions, which can be as high as 3% depending on the amount contributed by the employee, as well as the value of the profit-sharing contributions and ESOP allocations, is included in the Summary Compensation Table. We do not offer a pension or retirement plan for any employees. We provide executive wellness benefits, premiums paid for life insurance coverage, and country club dues to certain executives. We also provide a company car for our Chief Executive Officer. The value of these perquisites is also included in the Summary Compensation Table. The Compensation Committee considers these limited perquisites to be appropriate as part of a competitive overall compensation program.

  21. Governance

    Individuals have five years from their permanent appointment to a specified position to acquire the required holdings. Absent extenuating circumstances, executives who have not yet met the guidelines at the end of their five-year compliance period are required to retain, until the guidelines are satisfied, 100% of the after-tax shares received from the vesting of RSUs and PSUs. Stock ownership guidelines are deemed to continue to be met by an individual who has achieved the required ownership level but then falls below solely due to a decline in stock price. The Compensation Committee tracks the ownership amounts of the non-employee directors and applicable executives on an annual basis. Clawback Policy Effective October 2, 2023, the Company adopted a new Incentive Compensation Recovery Policy, which is available on our website at www.niholdingsinc.com. This policy provides for the recovery of certain executive incentive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws and/or certain types of misconduct. This policy is designed to comply with Section 10D of the Exchange Act. Mr. Maki’s employment agreement provides that all bonuses and incentive compensation are subject to recovery by the Company in the event that such bonuses or incentive compensation are based on materially inaccurate financial statements or other materially inaccurate performance metric criteria, provided that a determination as to the recovery of a bonus or incentive compensation shall be made within twenty-four (24) months following the date of payment. The Company’s PSU award agreement provides that the executive’s rights in these awards are subject to recoupment or repayment if such action is required under applicable law or any Company recoupment or “clawback” policy. Timing of Equity Grants In 2025, we did not grant any stock options, stock appreciation rights, or similar awards under the 2020 Plan and we do not currently plan to grant stock options, stock appreciation rights, or other similar appreciation-based awards as incentive compensation to any executive officer, non-employee director, or employee. Accordingly, we do not have a policy or practice in relation to the timing or the determination of the terms of a grant of options or other awards in relation to the disclosure of material non-public information. The Company does not coordinate the timing of equity awards with the release of material non-public information. Executive equity awards are generally granted on March 1 each year. Non-employee director equity awards are generally granted as of the date of each year’s annual meeting of shareholders. During 2025, we did not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation. Prohibition on Hedging and Pledging Transactions Our senior leadership executives are subject to the Company’s Insider Trading Policy, described above under the heading “Corporate Governance — Insider Trading Policy,” which prohibits directors, executive officers, and certain additional employees from engaging in hedging or monetizing transactions with respect to Company securities they own as well as holding Company securities in a margin account or pledging Company securities as collateral for a loan. Tax and Accounting Implications Section 162(m) of the Internal Revenue Code disallows a tax deduction to publicly held companies for compensation paid to certain covered executives to the extent such compensation exceeds $1.0 million per covered officer in any year. The Compensation Committee understands that it is possible that the compensation payable to our NEOs will exceed the $1.0 million limit under Section 162(m). We believe that in establishing the cash and equity incentive compensation programs for our executive officers, the potential deductibility of the compensation payable under those programs should be only one of a number of relevant factors taken into consideration, and not the sole governing factor. For that reason, we may deem it appropriate to provide one or more executive officers with the opportunity to earn incentive compensation, whether through annual cash incentive programs tied to our financial performance or through equity awards, which together with base salary in the aggregate may be in excess of the amount deductible by reason of Section 162(m) or other provisions of the Internal Revenue Code. We believe it is important to maintain cash and equity incentive compensation at the levels needed to attract and retain the executive officers essential to our success, even if all or part of that compensation may not be deductible by reason of the Section 162(m) limitation. The compensation that we pay to executive officers is reflected in our consolidated financial statements as required by GAAP. The Compensation Committee considers the financial impact, along with other factors, in determining the amount and form of compensation provided to executives. We account for stock-based compensation under the Company’s 2020 Plan in accordance with the requirements of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718. Compensation Risk Assessment The Compensation Committee regularly monitors and reviews our executive compensation program to determine, in consultation with Meridian, whether the elements of the program are consistent with our executive compensation objectives and philosophy. As part of this, the Compensation Committee evaluates whether the Company’s risk management objectives are being met with respect to the executive compensation program and our compensation programs as a whole. If the elements of the program are determined to be inconsistent with our objectives and principles, or if any incentives are determined to encourage risks that are reasonably likely to have a material adverse effect on the Company, the elements are adjusted as necessary. The Compensation Committee has concluded that there are no risks arising from our compensation policies and practices that are reasonably likely to have a material adverse effect on the Company. In reaching this conclusion, the Compensation Committee considered the following:

  22. Governance

    | Program Attribute | Risk-Mitigating Effect | | • The compensation mix between fixed and variable components and levels, and the balance between short-term and long-term variable compensation. | • Competitive levels of fixed compensation eliminate any day-to-day personal concerns, while variable compensation ensures our executives are appropriately motivated and rewarded both in the short-term and long-term. | | • The quality and reasonableness of incentive plan performance goals and payout formulas. | • Threshold, target, and maximum performance and payout levels and funding formulas are not extreme, and goals are set within reach, thereby mitigating the likelihood of excessive risk-taking in order to achieve a compensation goal. | | • The nature and breadth of the performance metrics that govern incentive compensation throughout the Company. | • Executives are encouraged to avoid sacrificing short-term performance for long-term performance, and vice versa. | | • The existence of a clawback policy. | • Executives are subjected to a requirement to surrender any undue incentive compensation that was paid on the basis of financial results that were required to be restated (other than as a result of a change in the applicable accounting rules or interpretations) or when there is wrongful conduct. | | • The existence of anti-pledging and anti-hedging policies. | • These policies ensure the alignment of interests generated by our executives’ equity holdings is not undermined by hedging or similar transactions. | | • The existence of robust share ownership guidelines. | • Share ownership guidelines provide a clear link between the economic interests of executives and shareholders over the long-term. | | • Use of independent compensation consultants that perform no other services for the Company. | • Independence of compensation consultants help to ensure advice will not be influenced by conflicts of interest. |

  23. Summary Compensation Table

    Summary Compensation Table The following Summary Compensation Table (“SCT”) provides summary information concerning compensation paid or accrued by the Company to our NEOs for all services in all capacities during each of the three years such NEO served as an NEO for the period ended December 31, 2025.

  24. Summary Compensation Table

    | Name and Current Position | Year | Salary ($) | Bonus(1) ($) | Stock Awards(2) ($) | Non-Equity Incentive Plan Compensation(3) ($) | All Other Compensation(4) ($) | Total ($) | | Cindy L. Launer | 2025 | 167,614 | — | 187,493 | 240,000 | 117,409 | 712,516 | | President and CEO(5) | 2024 | 355,730 | — | — | — | 105,105 | 460,148 | | Matthew J. Maki | 2025 | 416,194 | 45,000 | 393,725 | 392,250 | 109,563 | 1,356,790 | | Chief Financial Officer(6) | 2024 | 321,466 | — | 134,190 | 206,767 | 75,194 | 737,617 | | Douglas A. Duncan | 2025 | 221,459 | 25,000 | — | 159,450 | 36,909 | 442,818 | | Senior Vice President and Chief Information Officer(7) | | | | | | | | | Kevin D. Elfstrand | 2025 | 295,750 | — | 103,867 | 212,940 | 56,685 | 669,299 | | Senior Vice President and Chief Accounting Officer(8) | | | | | | | | | Seth C. Daggett | 2025 | 594,114 | — | 675,788 | — | 2,656,252 | 3,926,153 | | Former President and CEO(9) | 2024 | 432,083 | 100,000 | 555,004 | 416,874 | 122,067 | 1,626,028 | | | 2023 | 358,750 | — | 252,070 | 125,413 | 100,597 | 836,830 |

  25. Summary Compensation Table

    ____________ (1) Messrs. Maki and Duncan each received a signing bonus of $25,000 in connection with their appointments. Mr. Maki also received $20,000 for his service as interim Chief Financial Officer in January and February 2025. (2) This column reflects the aggregate grant date fair value of awards RSUs for each NEO computed in accordance with FASB ASC Topic 718. Unvested awards for Mr. Daggett were forfeited upon his termination from the Company without cause. See “Note 18. Share-Based Compensation” to our consolidated financial statements in our annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional detail regarding assumptions underlying the value of these equity awards. (3) The amounts reported in the “Non-Equity Incentive Plan Compensation” column reflect payouts under the Company’s STIP. The Compensation Discussion & Analysis includes additional information regarding these incentive awards. (4) The table below details the amounts reported in the “All Other Compensation” column, which includes Company contributions to defined contribution plans and certain other amounts during 2025:

  26. Summary Compensation Table

    | Name | Defined Contribution Plans(a) ($) | Employee Stock Ownership Plan(b) ($) | Non-Qualified Deferred Compensation Plan(c) ($) | Severance(d) ($) | Spousal Travel(e) ($) | Director Fees(f) ($) | Perquisites and Other Amounts(g) ($) | Total All Other Compensation ($) | | Cindy L. Launer | — | — | — | — | — | 114,293 | 3,116 | 117,409 | | Matthew J. Maki | 45,500 | 10,375 | 49,716 | — | 3,486 | — | 486 | 109,563 | | Douglas A. Duncan | — | — | — | — | — | — | 36,909 | 36,909 | | Kevin D. Elfstrand | 45,500 | 10,375 | — | — | — | — | 810 | 56,685 | | Seth C. Daggett | — | — | — | 2,632,915 | 3,033 | — | 20,303 | 2,656,252 |

  27. Summary Compensation Table

    ____________ (a) The amounts reported in the “Defined Contribution Plans” column include Company contributions to the Nodak Insurance Company’s 401(k) Plan. (b) The amounts reported in the “Employee Stock Ownership Plan” column represent the market value of ESOP shares allocated to participants as of December 31, 2025. (c) The amounts reported in the “Non-Qualified Deferred Compensation” column represent additional company contributions to a non-qualified deferred compensation plan to restore amounts that would have been contributed to the 401(k) Plan absent IRS limits. (d) The amounts reported in the “Severance” column are in accordance with the employment agreement for Mr. Daggett. (e) The amounts reported in the “Spousal Travel” column are travel costs for family members of employees that are reimbursable by our Company under limited circumstances. Employees are generally responsible for any taxable income associated with this reimbursement. (f) The amount reported in the “Director Fees” column represents Ms. Launer’s compensation for serving as a director of the Company. Refer to discussion under “Director Compensation” for a description of the director compensation program. (g) The amount for Ms. Launer includes amounts for a company car, premiums paid for excess life insurance, and country club dues. The amount for Mr. Maki comprises premiums paid for excess life insurance. The amount for Mr. Duncan includes amounts for relocation, premiums paid for excess life insurance and country club dues. The amount for Mr. Elfstrand comprises premiums paid for excess life insurance. The amount for Mr. Daggett includes amounts for a company car, executive wellness benefits, and country club dues. (5) Ms. Launer was appointed Chief Executive Officer on October 10, 2025. (6) Mr. Maki was appointed as Chief Financial Officer effective March 1, 2025. (7) Mr. Duncan was appointed as Senior Vice President and Chief Information Officer effective June 1, 2025. (8) Mr. Elfstrand was appointed as Senior Vice President and Chief Accounting Officer effective June 1, 2025. (9) Mr. Daggett’s employment as President and Chief Executive Officer was terminated without cause on October 10, 2025.

  28. Grants of Plan-Based Awards in 2025

    Grants of Plan-Based Awards in 2025 The following table provides information on stock awards in 2025 to each of our NEOs.

  29. Grants of Plan-Based Awards in 2025

    | Name | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards(2) (#) | Grant Date Fair Value of Stock Awards(3) ($) | | | | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | Cindy L. Launer | — | 93,750 | 150,000 | 262,500 | — | — | — | — | — | | | 5/21/2025 | — | — | — | — | — | — | 3,924 | 51,718 | | | 12/1/2025 | — | — | — | — | — | — | 14,076 | 187,492 | | Matthew J. Maki | — | 108,750 | 217,500 | 435,000 | — | — | — | — | — | | | 1/2/2025 | — | — | — | — | — | — | 955 | 14,860 | | | 2/3/2025 | — | — | — | — | — | — | 993 | 14,905 | | | 2/28/2025 | — | — | — | — | — | — | 20,644 | 293,971 | | | 3/1/2025 | — | — | — | — | — | — | 4,915 | 69,990 | | Douglas A. Duncan | — | 43,014 | 86,028 | 172,799 | — | — | — | — | — | | Kevin D. Elfstrand | — | 58,150 | 118,300 | 236,600 | — | — | — | — | — | | | 2/28/2025 | — | — | — | — | — | — | 7,294 | 103,867 | | Seth C. Daggett(4) | — | 350,000 | 700,000 | 980,000 | — | — | — | — | — | | | 2/28/2025 | — | — | — | — | — | — | 47,457 | 675,788 |

  30. Grants of Plan-Based Awards in 2025

    ____________ (1) Represents the Company’s Short-Term Incentive Plan, as described in the “Cash Incentive Bonus Plan” section. The values in the “Estimated Future Payouts Under Non-Equity Incentive Plan Awards” columns represent threshold, target, and maximum award opportunities, based upon the achievement of the targets listed within the Compensation Discussion and Analysis. Payouts can range from no payment to the maximum amounts based on actual Company performance. The actual incentive award earned by each participating NEO for 2025 performance is reported in the “Non-Equity Incentive Plan Compensation” column in the Summary Compensation Table. This incentive is paid in cash to the NEO. (2) The values in the “All Other Stock Awards” column represent RSUs. (3) The fair value of stock awards is based on the closing price of our common stock on the grant date. The grant date fair value of each RSU award was computed in accordance with FASB ASC Topic 718 using the closing price of our common stock on the grant date. See “Note 18. Share-Based Compensation” to our consolidated financial statements in our annual report on Form 10-K for the fiscal year ended December 31, 2025 for additional detail regarding assumptions underlying the value of these equity awards. (4) Mr. Daggett was terminated by the Company without cause prior to the end of the 2025 fiscal year. Any unvested awards were forfeited upon his termination without Cause. For additional details regarding payments made to Mr. Daggett in connection with the termination of his employment, see the discussion under the heading “Executive Compensation — NEO Termination During the Year.”

  31. Outstanding Equity Awards at December 31, 2025

    Outstanding Equity Awards at December 31, 2025 The following table provides information with respect to outstanding equity awards held by our NEOs as of December 31, 2025.

  32. Outstanding Equity Awards at December 31, 2025

    | | | Stock Awards(1) | | | | | Name | Stock Award Grant Date | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares of Units of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market Value of Unearned Shares, Units, or Other Rights That Have Not Vested(2) ($) | | Cindy L. Launer | 5/21/2025(3) | 3,924 | 52,189 | — | — | | | 12/1/2025(4) | 14,076 | 187,211 | — | — | | Matthew J. Maki | 3/1/2021(5) | 320 | 4,256 | — | — | | | 3/1/2022(6) | 880 | 11,704 | — | — | | | 3/1/2023(7) | 1,860 | 24,738 | — | — | | | 3/1/2023(8) | — | — | 4,600 | — | | | 3/1/2024(9) | 2,800 | 37,240 | — | — | | | 3/1/2024(10) | — | — | 4,200 | 35,695 | | | 12/1/2024(11) | 620 | 8,246 | — | — | | | 1/2/2025(12) | 955 | 12,702 | — | — | | | 2/3/2025(13) | 993 | 13,207 | — | — | | | 2/28/2025(14) | 20,644 | 274,565 | — | — | | | 3/1/2025(15) | 4,915 | 65,370 | — | — | | Kevin D. Elfstrand | 3/1/2023(16) | 1,200 | 15,960 | — | — | | | 3/1/2023(17) | — | — | 3,000 | — | | | 3/1/2024(18) | 1,867 | 24,831 | — | — | | | 3/1/2024(19) | — | — | 2,800 | 23,796 | | | 2/28/2025(20) | 7,294 | 97,010 | — | — | | Seth C. Daggett(21) | | | | | |

  33. Outstanding Equity Awards at December 31, 2025

    ____________ (1) These columns represent awards under the NI Holdings, Inc. 2017 and 2020 Stock and Incentive Plans. The number of awards are unvested RSUs or unvested PSUs at target performance, as applicable. (2) Value was determined using the December 31, 2025 closing price of our common stock of $13.30. (3) This RSU award was granted on May 21, 2025, and vests on the date of the following year’s annual meeting. Ms. Launer served as the Company’s Chief Executive Officer beginning October 10, 2025. This stock award arose from her service as a director of the Company and appointment to Chief Executive Officer. (4) This RSU award was granted on December 1, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through December 1, 2028. (5) This RSU award was granted on March 1, 2021, and vests in five equal annual installments on each of the first five anniversaries of the grant date, through March 1, 2026. (6) This RSU award was granted on March 1, 2022, and vests in five equal annual installments on each of the first five anniversaries of the grant date, through March 1, 2027. (7) This RSU award was granted on March 1, 2023, and vests in five equal annual installments on each of the first five anniversaries of the grant date, through March 1, 2028. (8) This PSU award was granted on March 1, 2023, and vests at the end of the performance period on December 31, 2025, subject to the level of achievement with respect to the applicable performance targets. In accordance with Instruction 3 to Regulation S-K Item 402(p)(2), the market values for this award in the “Equity Incentive Plan Awards” columns are reported at zero, because the threshold goal was not achieved. (9) This RSU award was granted on March 1, 2024, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through March 1, 2027. (10) This PSU award was granted on March 1, 2024, and vests at the end of the performance period on December 31, 2026, subject to the level of achievement with respect to the applicable performance targets. In accordance with Instruction 3 to Regulation S-K Item 402(p)(2), the market values for this award in the “Equity Incentive Plan Awards” columns are reported at less than target levels, because we estimate that the result for the 2024-2026 performance period will not achieve the target goal. There is no guarantee that such amounts will ultimately be earned by participants. The ultimate payout under this PSU will be based on a final determination of performance during the full 2024-2026 performance period, which is not yet determinable. (11) This RSU award was granted on December 1, 2024, and vests in three equal annual installments on each of the first three anniversaries of the grand date, through December 1, 2027. (12) This RSU award was granted on January 2, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through January 2, 2028. (13) This RSU award was granted on February 3, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through February 3, 2028. (14) This RSU award was granted on February 28, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through February 28, 2028. (15) This RSU award was granted on March 1, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through March 1, 2028. (16) This RSU award was granted on March 1, 2023, and vests in five equal annual installments on each of the first five anniversaries of the grant date, through March 1, 2028. (17) This PSU award was granted on March 1, 2023, and vests at the end of the performance period on December 31, 2025, subject to the level of achievement with respect to the applicable performance targets. In accordance with Instruction 3 to Regulation S-K Item 402(p)(2), the market values for this award in the “Equity Incentive Plan Awards” columns are reported at zero, because the threshold goal was not achieved. (18) This RSU award was granted on March 1, 2024, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through March 1, 2027. (19) This PSU award was granted on March 1, 2024, and vests at the end of the performance period on December 31, 2026, subject to the level of achievement with respect to the applicable performance targets. In accordance with Instruction 3 to Regulation S-K Item 402(p)(2), the market values for this award in the “Equity Incentive Plan Awards” columns are reported at less than target levels, because we estimate that the result for the 2024-2026 performance period will not achieve the target goal. There is no guarantee that such amounts will ultimately be earned by participants. The ultimate payout under this PSU will be based on a final determination of performance during the full 2024-2026 performance period, which is not yet determinable. (20) This RSU award was granted on February 28, 2025, and vests in three equal annual installments on each of the first three anniversaries of the grant date, through February 28, 2028. (21) Mr. Daggett served as the Company’s Chief Executive Officer until October 2025. Upon his departure from the Company, his unvested awards were forfeited.

  34. Stock Vested in 2025

    Stock Vested in 2025 The following table provides information regarding the values realized by our NEOs upon the vesting of stock awards in 2025.

  35. Stock Vested in 2025

    | Name | Type of Stock Award | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(1) ($) | | Cindy L. Launer | RSU(2)(3) | 3,400 | 45,594 | | Matthew J. Maki | RSU(2) | 3,089 | 43,703 | | | PSU(4) | — | — | | | Total | 3,089 | 43,703 | | Kevin D. Elfstrand | RSU(2) | 1,333 | 18,982 | | | PSU(4) | — | — | | | Total | 1,333 | 18,982 | | Seth C. Daggett | RSU(2) | 7,420 | 105,661 | | | PSU(4) | — | — | | | Total | 7,420 | 105,661 |

  36. Stock Vested in 2025

    ____________ (1) The value realized on vesting was determined using the closing price of our common stock on the vesting date (or prior trading day if the vesting date fell on a weekend or holiday). (2) These amounts represent the value of RSU awards granted during 2020 through 2024 that, in accordance with the terms of the applicable award agreements, either fully vested or partially vested in 2025. (3) This award for Ms. Launer pertains to her service as a director of the Company. Refer to the “Director Compensation” section for additional information on our director compensation program. (4) These amounts represent the value of PSU awards granted in 2023 that, in accordance with the terms of the applicable award agreement, became fully vested at the end of the performance period on December 31, 2025. The performance of these awards did not meet the threshold goal, which resulted in no payout for the target shares awarded.

  37. Non-Qualified Deferred Compensation for 2025

    Non-Qualified Deferred Compensation for 2025 The Nodak Insurance Company Non-Qualified Deferred Compensation Plan assists executives designated by the Compensation Committee as participants in maximizing their ability to save additional amounts for their retirement on a tax-deferred basis. In addition to allowing participants to make elective deferrals, the plan permits Nodak Insurance Company to make company contributions to eligible employees. If an employee participant exceeds the Internal Revenue Code compensation or contribution limits under the qualified retirement plans, any Company contributions limited under the qualified retirement plans will be restored under the Non-Qualified Deferred Compensation Plan. The plan is intended to constitute an unfunded plan primarily for providing deferred compensation to a select group of management or highly compensated employees. Unless otherwise specified, participants vest in company contributions under a five-year graded vesting schedule and are eligible to receive distributions pursuant to the participant’s election under the plan. The assets of the plan are subject to the claims of our creditors in the event of insolvency until paid to the plan participants and their beneficiaries. The following table provides information regarding contributions, earnings, and balances for our NEOs on a basis that is not tax-qualified. Under the plan, no Company “match” is currently made on amounts deferred, amounts are fully vested after five years of service, and the Company does not provide any opportunity for above-market or preferential earnings, nor does it provide a minimum internal rate of return.

  38. Non-Qualified Deferred Compensation for 2025

    | Name | Plan | Executive Contributions in 2025 ($) | Company Contributions in 2025(1) ($) | Aggregate Earnings in 2025(2) ($) | Aggregate Withdrawals/ Distributions in 2025 ($) | Aggregate Balance at 12/31/2025 ($) | | Matthew J. Maki | Non-Qualified Deferred Compensation Plan | — | 49,716 | 3,585 | — | 81,085 | | Seth Daggett | Non-Qualified Deferred Compensation Plan | — | — | 13,110 | — | 113,354 |

  39. Non-Qualified Deferred Compensation for 2025

    ____________ (1) Company contributions are reported as 2025 compensation in the “All Other Compensation” column of the Summary Compensation Table. (2) Aggregate earnings represent the notional capital gains or losses on deemed investments in publicly available mutual funds and notional interest and dividends held in the plans during 2025. The Company does not provide any preferential or above-market earnings or contributions. These earnings are not reported in any column of the Summary Compensation Table.

  40. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control Cash severance payments and the value of continuing benefits arise from employment agreements between Mr. Maki and the Company. Mr. Maki is party to employment agreements with NI Holdings, Inc. and Nodak Insurance Company, the terms of which are described above. In the event of a change in control, an involuntary termination without “Cause” or a voluntary termination for “Good Reason” is also required for cash severance payments and the value of continuing benefits. Under Mr. Maki’s employment agreement, if he is terminated without “Cause” or terminates his employment for “Good Reason” (as such terms are defined in the employment agreement), he will be entitled to receive a lump sum payment equal to (a) the sum of his annual base salary plus the target annual short-term incentive bonus for the year in which he terminates employment multiplied by (b) the quotient obtained by dividing the number of full calendar months remaining in his employment period by twelve. In addition, he 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. The terms of the RSU and PSU agreements include provisions to accelerate the vesting of these equity awards. The terms of the RSU award agreement provide for the full acceleration of all outstanding awards in the event of disability or death. In the event of an employee’s involuntary termination due to position elimination or reorganization, the vesting of the RSUs will accelerate on a pro rata basis, based on the employee’s period of service during the total vesting period. In the event of a change in control, unless the RSU award is substituted, assumed, or replaced with similar rights, the RSU award will vest in full upon the change in control. If the RSU award is substituted, assumed, or replaced with similar rights in connection with a change in control, the RSU award will fully vest if the employee is involuntarily terminated other than for “Cause” or voluntarily terminates for “Good Reason” within twenty-four (24) months of the change in control. The terms also provide for the pro rata acceleration of all outstanding awards in the event of an involuntary termination without “Cause.” The terms of the PSU award agreement provide for the number of PSUs earned for completed fiscal years plus one-third the target number of PSUs for any uncompleted fiscal years to vest immediately in the event of death. In the event of disability, retirement, or an employee is involuntarily terminated without “Cause” or resigns for “Good Reason,” the employee will have a fully vested interest in the pro rata number of earned PSUs, based on the employee’s period of service during the performance period, payable at the end of the performance period. In the case of a change in control, those PSUs are converted into time-based RSUs. If such converted RSUs are assumed (or substituted or replaced with an award of equivalent value), then the converted RSUs shall become fully vested if the employee remains in continuous service with the Company or an affiliate until the end of the performance period or dies while in service or terminates on account of “Disability” or “Involuntary Termination Due to Position Elimination or Reorganization.” If the employee resigns at or after “Retirement Age,” the converted RSUs shall continue to vest and become payable as of the end of the performance period. In addition, if the employee is involuntarily terminated without “Cause” or resigns for “Good Reason” within twenty-four (24) months following the change in control but prior to the end of the performance period, any converted RSUs (or replacement award) that remains vested will vest in full and become non-forfeitable as of the date of such termination. Notwithstanding the foregoing, if the employee’s converted RSUs are neither assumed, substituted, nor replaced with similar rights (or cash equivalent value thereof), then any unvested converted RSUs will vest in full and become non-forfeitable upon the change in control. The terms also provide for a fully vested and non-forfeitable interest in the pro rata number of earned PSUs at the end of the performance period in the event of disability or an involuntary termination without “Cause,” with such pro rata number determined based on the number of full and partial calendar months of the employee’s service during the relevant measurement period compared to the total measurement period. For retirement-eligible executives, the terms of the PSU award provide for a fully vested and non-forfeitable interest in the pro rata number of earned PSUs at the end of the performance period upon termination due to retirement from the Company. None of the NEOs are currently retirement-eligible. The following table describes the potential payments and benefits under the Company’s compensation and benefit plans and contractual agreements to which each NEO would have been entitled if a termination of employment or change in control occurred on the last business day of 2025. The only agreements, arrangements, or plans that entitle executive officers to severance, perquisites, or other enhanced benefits upon termination of their employment or change in control are employment agreements, RSU agreements, and PSU agreements for Messrs. Maki and Elfstrand. The amounts in the table below do not include payments and benefits to the extent they are provided generally to all salaried employees upon termination of employment and distributions of previously vested plan balances under our 401(k) Savings Plan and Employee Stock Ownership Plan.

  41. Potential Payments Upon Termination or Change in Control

    | Name and Termination Reason | Cash Severance Payment(1) ($) | Value of Continuing Benefits(1) ($) | Non-Qualified Deferred Compensation Plan(2) ($) | Acceleration of Equity Awards(3) ($) | Total Termination Benefits ($) | | Cindy L. Launer | | | | | | | Involuntary Termination Without “Cause” or Voluntary Termination for “Good Reason”, Following a Change in Control | — | — | — | 30,444 | 30,444 | | Disability | — | — | — | 239,400 | 239,400 | | Death | — | — | — | 239,400 | 239,400 | | Matthew J. Maki | | | | | | | Involuntary Termination Without “Cause”, or Involuntary Termination Due to Position Elimination or Reorganization | 652,500 | 30,824 | 3,538 | 171,997 | 858,859 | | Voluntary Termination for “Good Reason” | — | — | 3,538 | — | 3,538 | | Involuntary Termination Without “Cause” or Voluntary Termination for “Good Reason”, Following a Change in Control | — | — | 3,538 | 480,901 | 480,901 | | Disability | — | — | — | | | | Death | — | — | — | 468,488 | 468,488 | | Kevin D. Elfstrand | | | | | | | Involuntary Termination Without “Cause” or Voluntary Termination for “Good Reason”, Following a Change in Control | — | — | — | 40,249 | 40,249 | | Disability | — | — | — | 124,639 | 124,639 | | Death | — | — | — | 116,363 | 116,363 |

  42. Potential Payments Upon Termination or Change in Control

    _________ (1) Cash Severance Payments and the Value of Continuing Benefits arise from employment agreements between Mr. Maki and the Company. Mr. Maki is party to an employment agreement with NI Holdings, Inc. and Nodak Insurance Company, the terms of which are described above. The employment period of this agreement is one year. The Cash Severance Payment is calculated for Mr. Maki as an amount equal to (a) his annual base salary plus (b) the target annual short-term incentive bonus for the year in which he was involuntarily terminated without “Cause” (other than for death or disability) or he voluntarily terminated employment for “Good Reason.” In addition, he 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. (2) The Company’s Non-Qualified Deferred Compensation Plan provides for the immediate vesting of all amounts in the event of an involuntary separation from service (other than for “Cause”) or a change in control. (3) Acceleration of Equity Awards is presented as the sum of the values as of the last business day of 2025, based on the closing price on December 31, 2025 of $13.30 per share, of the additional benefit from the acceleration of vesting, if any, of RSUs and PSUs that would have occurred as a result of termination under the different circumstances presented. PSUs for the 2023-2025 performance period are treated as vested as of the last business day of 2025 and are not included in this table because the vesting of these awards is reflected in the “Stock Vested in 2025” table above. For acceleration of PSUs in the event of disability, retirement, or an employee is involuntarily terminated without “Cause” or resigns for “Good Reason,” we have assumed that the employee remains through the duration of the performance period and earned the full amount of the final one-third of the 2024 PSUs was earned.

  43. CEO Pay Ratio

    CEO Pay Ratio In accordance with Item 402(u) of Regulation S-K, promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are providing (i) the ratio of the annual total compensation of our President and Chief Executive Officer, Cindy L. Launer, to (ii) the annual total compensation of our median employee, both calculated in accordance with the requirements of Item 401(c)(2)(x) of Regulation S-K. Ms. Launer became our Chief Executive Officer on October 10, 2025, having previously served as a non-employee director. For the purpose of calculating the CEO Pay Ratio, we have annualized certain components of Ms. Launer’s compensation in connection with her appointment, including her base salary, annual incentive compensation, and equity incentive awards, and have otherwise included the amounts reported in the Summary Compensation Table. While the annual incentive compensation and equity incentive awards have been annualized on the same basis as Ms. Launer’s salary, the deemed total 2025 compensation for purposes of this calculation of $2,665,962 is greater than the amount of annual compensation targeted by the Compensation Committee for Ms. Launer. The median NI Holdings employee works in a full-time salaried role in the claims department. For fiscal year 2025, the median employee’s total annual compensation was $82,856. Ms. Launer’s total annualized compensation was $2,665,962. The ratio of our Chief Executive Officer’s total annual compensation to the median employee was 32:1. We believe this ratio is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K under the Exchange Act. We selected December 31, 2025 as the date on which to determine our employee population and the median employee. In determining this population, we included all active full-time and part-time employees 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, 2025, 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. Pay versus Performance

    Pay versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information between executive compensation actually paid and the Company’s financial performance. Compensation Actually Paid (“CAP”) is calculated in accordance with Item 402(v) and does not represent compensation actually earned, paid, or realized by the NEOs during a covered year. The following table shows the relationship between CAP to our NEOs and certain performance measures for the last four years. The Company’s performance measures included in this table are cumulative total shareholder return (“TSR”), net income, and adjusted book value per share.

  45. Pay versus Performance

    | Year | SCT Total Compensation for Daggett(1) ($) | Compensation Actually Paid to Daggett(3) ($) | SCT Total Compensation for Launer(1) ($) | Compensation Actually Paid to Launer(3) ($) | SCT Total Compensation for Alexander(1) ($) | Compensation Actually Paid to Alexander(3) ($) | Average SCT Total Compensation for Other NEOs(2) ($) | Average Compensation Actually Paid to Other NEOs(3) ($) | Value of Initial Fixed $100 Investment Based On:(4) | | Net Income (Loss)(5) ($000’s) | Adjusted Book Value Per Share(6) ($) | | | | | | | | | | | Cumulative TSR ($) | Peer Group Cumulative TSR ($) | | | | 2025 | 3,926,153 | 2,666,766 | 712,516 | 756,637 | — | — | 822,969 | 797,927 | 81.00 | 221.66 | (10,413) | 12.12 | | 2024 | 1,626,028 | 1,482,345 | 460,148 | 470,286 | 5,370,152 | 3,509,131 | 1,036,740 | 856,046 | 95.62 | 203.42 | (6,060) | 12.80 | | 2023 | — | — | — | — | 2,397,889 | 2,164,336 | 730,182 | 678,341 | 79.11 | 152.29 | (5,476) | 13.25 | | 2022 | — | — | — | — | 2,268,455 | 254,540 | 605,128 | 287,707 | 80.82 | 137.26 | (53,096) | 13.06 | | 2021 | — | — | — | — | 2,270,551 | 2,892,067 | 546,238 | 536,225 | 115.16 | 119.57 | 8,416 | 14.98 |

  46. Pay versus Performance

    ____________ (1) Mr. Alexander was the Company’s Chief Executive Officer until August 13, 2024. Ms. Launer was Interim Chief Executive Officer from August 18, 2024 through November 30, 2024. Mr. Daggett was appointed Chief Executive Officer effective December 1, 2024 and was terminated October 10, 2025. Ms. Launer began serving as Chief Executive Officer on October 10, 2025. (2) The Other NEOs included for 2025 are Messrs. Maki, Duncan and Elfstrand. The Other NEOs included for 2024 are Messrs. Duncan and Maki. The Other NEOs included for 2023 are Messrs. Daggett and Duncan. The Other NEOs included for 2022 are Messrs. Daggett, Duncan, and Milius. The Other NEOs included for 2021 are Messrs. Daggett, Doom, and Duncan. (3) The amounts reflected in the “Compensation Actually Paid” column are calculated by making certain adjustments to the total compensation reported in the “SCT Total Compensation” columns. These adjustments include changes in the fair value of equity awards of each year, arising from both fluctuations in the market value of the Company’s common stock and changes to the expected performance of PSUs. The Company does not offer any pension plans to its NEOs.

  47. Pay versus Performance

    | Name | 2025 Daggett ($) | 2025 Launer ($) | 2025 Other NEOs ($) | | CEO: | | | | | Total Compensation as reported in SCT | 3,926,153 | 712,516 | 822,969 | | Less: Fair value of equity awards granted during fiscal year | (675,788) | (187,493) | (165,864) | | Add: Grant-date fair value of equity compensation granted in current year – value at year – end | — | 239,400 | 154,284 | | Add/Subtract: Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year | — | — | — | | Add/Subtract: Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year | — | — | (11,216) | | Add/Subtract: Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during current fiscal year | (10,833) | (7,786) | (2,247) | | Less: Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year | (572,766) | — | (—) | | Compensation Actually Paid to NEO | 2,666,766 | 756,637 | 797,927 |

  48. Pay versus Performance

    (4) Total Shareholder Return is measured based on an assumed investment of $100 as of December 31, 2020 in both the common stock of the Company and the peer group, and assumes reinvestment of dividends. The S&P Composite 1500 Property & Casualty Insurance Index has been selected as the peer group for this comparison. (5) The “Net Income” column reflects audited GAAP Net Income Attributable to NI Holdings, Inc. as reported in the Company’s Annual Report on Form 10-K. (6) The Company has elected to report “Adjusted Book Value Per Share” as its company-selected performance measure. Adjusted book value is determined by subtracting the impact of unrealized gains and losses on investments as well as the non-controlling interest from the Company’s total shareholders’ equity. The adjusted book value is divided by the outstanding shares of common stock at the end of the fiscal year to calculate the per share value. The amounts reported as compensation actually paid to executives are dependent upon the fair value of the Company’s common stock as of December 31 each year and the estimated performance of the PSUs. Compensation Actually Paid and Adjusted Book Value Per Share The following graphs depict the relationship between adjusted book value per share and compensation actually paid to the Company’s Chief Executive Officer and other NEOs, respectively. Compensation Actually Paid and Net Income The following graphs depict the relationship between net income and compensation actually paid to the Company’s Chief Executive Officer and other NEOs, respectively. Compensation Actually Paid and Relative TSR The following graphs depict the relationship between total shareholder return and compensation actually paid to the Company’s Chief Executive Officer and other NEOs, respectively. A comparison of the Company’s TSR and Peer Group TSR is also provided. TSR is displayed assuming an investment of $100 as of December 31, 2020 in the common stock of both the Company and the peer group, and assumes reinvestment of dividends. Financial Performance Measures The three performance measures listed below represent an unranked list of the “most important” performance measures that the Company used to align compensation actually paid to the NEOs for 2025 and company performance. The use of these measures is described in the Compensation Discussion & Analysis above (or in the case of return in equity, in prior years for currently outstanding PSUs) as part of the Short-Term Incentive Plan and the Stock-Based Incentive Plan:

  49. Pay versus Performance

    | Performance Measures | | GAAP-based adjusted book value per share | | GAAP-based adjusted return on equity | | Statutory-basis combined ratio of the Company’s insurance operations |

  50. Do the directors and officers of the Company have an interest in the outcome of the matters to be voted on?

    Do the directors and officers of the Company have an interest in the outcome of the matters to be voted on? Our directors and officers will not receive any special benefit as a result of the outcome of the matters to be voted on.