NI Holdings (NASDAQ: NODK) CFO reports 115-share tax withholding

Rhea-AI Filing Summary

NI Holdings, Inc. Chief Financial Officer Matthew James Maki reported a small share withholding related to equity compensation. On January 2, 2026, 115 shares of NI Holdings common stock were withheld at a price of $13.27 per share to cover tax withholding obligations tied to a restricted stock unit vesting. After this transaction, he beneficially owned 43,201 shares of common stock, which include 3,067 shares distributed from the company's Employee Stock Ownership Plan.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Maki Matthew James

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	115	$13.27	$2K

Holdings After Transaction: Common Stock — 43,201 shares (Direct)

Footnotes (1)

1. Represents shares withheld to satisfy withholding obligations upon the January 2, 2026 restricted stock unit vesting. Includes 3,067 shares distributed from the Company's Employee Stock Ownership Plan.

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^*

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)
01/02/2026

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	01/02/2026		F		115(1)	D	$13.27	43,201(2)	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 January 2, 2026 restricted stock unit vesting.

2. Includes 3,067 shares distributed from the Company's Employee Stock Ownership Plan.

	/s/ Matthew J. Maki	01/14/2026
	** 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 transaction did NI Holdings (NODK) report for the CFO?

NI Holdings reported that its Chief Financial Officer, Matthew James Maki, had 115 shares of common stock withheld on January 2, 2026 to satisfy tax withholding obligations arising from a restricted stock unit vesting.

Was the NI Holdings (NODK) CFO’s Form 4 transaction an open-market sale?

No. The Form 4 notes that the 115 shares were withheld to satisfy withholding obligations upon a restricted stock unit vesting, rather than an open-market discretionary sale.

At what price were the NI Holdings (NODK) shares withheld for the CFO?

The 115 NI Holdings common shares withheld for tax purposes were valued at $13.27 per share in the reported transaction.

How many NI Holdings (NODK) shares does the CFO own after this transaction?

Following the withholding transaction, Chief Financial Officer Matthew James Maki beneficially owned 43,201 shares of NI Holdings common stock.

What portion of the NI Holdings (NODK) CFO’s holdings came from the ESOP?

The filing explains that the CFO’s total beneficial ownership includes 3,067 shares distributed from the company’s Employee Stock Ownership Plan.

Is the NI Holdings (NODK) CFO’s ownership reported as direct or indirect?

The Form 4 reports the CFO’s 43,201 shares of NI Holdings common stock as held with direct ownership.