NI Holdings (NODK) director receives 5,015 restricted stock units as equity award

Rhea-AI Filing Summary

NI Holdings, Inc. director Jeffrey R. Missling reported an equity compensation grant in the form of restricted stock units. He acquired 5,015 shares of common stock at no cash cost, described as restricted stock units with time-based vesting.

After this award, Missling directly owns 32,739 shares of NI Holdings common stock, which includes restricted stock units. The filing notes that this total includes 1,500 restricted stock units that will be deferred until after his separation from service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Missling Jeffrey R.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	5,015	$0.00	--

Holdings After Transaction: Common Stock — 32,739 shares (Direct, null)

Footnotes (1)

1. These shares are represented by restricted stock units with time-based vesting. Includes restricted stock units. These shares include 1,500 restricted stock units that will be deferred until after separation from service.

Key Figures

Shares granted: 5,015 shares Grant price: $0.00 per share Shares owned after: 32,739 shares +1 more

4 metrics

Shares granted 5,015 shares Restricted stock unit award to director on May 20, 2026

Grant price $0.00 per share Equity award, non-cash compensation

Shares owned after 32,739 shares Total direct holdings following the transaction

Deferred RSUs 1,500 units Restricted stock units deferred until separation from service

Key Terms

restricted stock units, time-based vesting, deferred until after separation from service

3 terms

restricted stock units financial

"These shares are represented by restricted stock units with time-based vesting."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

time-based vesting financial

"These shares are represented by restricted stock units with time-based vesting."

Time-based vesting is a schedule that gives employees or contractors ownership of granted stock or options gradually as they remain with a company, like unlocking rewards in a loyalty program the longer you stick around. For investors, it matters because it affects future share supply, management incentives and staff retention — all of which can influence company performance and dilution of existing shareholders.

deferred until after separation from service financial

"These shares include 1,500 restricted stock units that will be deferred until after separation from service."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Missling Jeffrey R.

(Last) (First) (Middle)

1101 FIRST AVENUE NORTH

(Street)

FARGO NORTH DAKOTA 58102

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NI Holdings, Inc. [ NODK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/20/2026		A		5,015(1)	A	$0.00	32,739(2)(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares are represented by restricted stock units with time-based vesting.

2. Includes restricted stock units.

3. These shares include 1,500 restricted stock units that will be deferred until after separation from service.

Remarks:

Exhibit List: 24.1 Power of Attorney

	/s/ Kevin Elfstrand, Attorney-in-Fact	05/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did NI Holdings (NODK) report for Jeffrey R. Missling?

NI Holdings reported that director Jeffrey R. Missling received 5,015 shares as an equity award. The shares are structured as restricted stock units with time-based vesting and were granted at no cash purchase price, reflecting routine director compensation rather than an open-market stock purchase.

How many NI Holdings (NODK) shares does Jeffrey R. Missling hold after this Form 4?

After the reported grant, Jeffrey R. Missling directly holds 32,739 shares of NI Holdings common stock. This total includes restricted stock units, some of which are subject to time-based vesting and 1,500 that will be deferred until after his separation from service.

Was the NI Holdings (NODK) insider transaction an open-market buy or a stock grant?

The transaction was a stock grant, not an open-market buy. Jeffrey R. Missling acquired 5,015 shares of NI Holdings common stock at a price of $0.00 per share as a grant of restricted stock units serving as equity-based compensation.

What type of equity did Jeffrey R. Missling receive from NI Holdings (NODK)?

Jeffrey R. Missling received restricted stock units tied to NI Holdings common stock. The filing states these shares are represented by restricted stock units with time-based vesting and notes that the overall holding total also includes restricted stock units within the reported share balance.

Are any of Jeffrey R. Missling’s NI Holdings (NODK) restricted stock units deferred?

Yes. The filing explains that Missling’s reported total includes 1,500 restricted stock units that will be deferred until after his separation from service. This means settlement of those specific units is postponed until he leaves his director position or otherwise separates.