NI Holdings (NODK) CFO reports RSU grant and tax-withholding share disposals

Rhea-AI Filing Summary

NI Holdings, Inc. Chief Financial Officer Matthew James Maki reported equity compensation and related tax-withholding transactions involving the company’s common stock. On March 2, he acquired 22,700 shares at $0.00 per share in a grant classified as a grant, award, or other acquisition, which footnotes indicate is represented by time-based restricted stock units.

On February 28 and March 1, a total of 4,059 shares (2,471 and 1,588 shares, respectively) were disposed of at $13.28 per share to satisfy withholding obligations upon the vesting of restricted stock units. After these transactions, his directly held common stock positions, which include restricted stock units, were updated as reflected in the filing.

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

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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^*

Maki Matthew James

(Last) (First) (Middle)

1101 FIRST AVENUE NORTH

(Street)

FARGO ND 58102

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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

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

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

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	02/28/2026		F		2,471(1)	D	$13.28	40,611(3)	D
Common Stock	03/01/2026		F		1,588(1)	D	$13.28	39,023(3)	D
Common Stock	03/02/2026		A		22,700(2)	A	$0.00	61,723(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. Represents shares withheld to satisfy withholding obligations upon the vesting of restricted stock units.

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

3. Includes restricted stock units.

Remarks:

Exhibit List: 24.1 Power of Attorney

	/s/ Matthew J. Maki	03/03/2026
	** 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.

FAQ

What insider transactions did NI Holdings (NODK) CFO Matthew James Maki report?

He reported a grant of 22,700 shares of common stock on March 2 and two tax-withholding dispositions totaling 4,059 shares on February 28 and March 1, all tied to restricted stock units.

Was the NI Holdings (NODK) CFO’s March 2 transaction a market purchase or sale?

The March 2 transaction was an acquisition at $0.00 per share classified as a grant, award, or other acquisition, indicating an equity compensation grant rather than an open-market purchase or sale.

Why were NI Holdings (NODK) shares disposed of in the February 28 and March 1 transactions?

The February 28 and March 1 dispositions, totaling 4,059 shares at $13.28 per share, were made to satisfy withholding obligations upon the vesting of restricted stock units, not as discretionary open-market sales.

How many NI Holdings (NODK) shares were granted to the CFO in the latest Form 4?

The Form 4 shows 22,700 shares of common stock acquired on March 2 as a grant, represented by time-based restricted stock units, reflecting an equity compensation award to the Chief Financial Officer.

Do the NI Holdings (NODK) Form 4 footnotes clarify the nature of the reported shares?

Yes. Footnotes state that the shares in the grant are represented by restricted stock units with time-based vesting and that some shares were withheld to cover tax obligations upon restricted stock unit vesting.