Devlin awarded 5,015-share grant at NI Holdings (NODK) board

Rhea-AI Filing Summary

Devlin William Russell reported acquisition or exercise transactions in this Form 4 filing.

NI Holdings, Inc. director Devlin William Russell received a grant of 5,015 shares of Common Stock on May 20, 2026, reported as a grant or award at no purchase price. These shares are represented by restricted stock units with time-based vesting.

After this award, he directly holds 36,739 shares of Common Stock, a figure that includes restricted stock units. The holdings include 1,500 restricted stock units that will be deferred until after separation from service, indicating part of his equity compensation is designed for longer-term retention.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Devlin William Russell

Role null

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

Holdings After Transaction: Common Stock — 36,739 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

Stock award: 5,015 shares Holdings after transaction: 36,739 shares Deferred RSUs: 1,500 units +1 more

4 metrics

Stock award 5,015 shares Grant of Common Stock on May 20, 2026

Holdings after transaction 36,739 shares Total direct Common Stock holdings after award, including RSUs

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

Grant price $0.00 per share Reported price for the 5,015-share grant/award acquisition

Key Terms

restricted stock units, time-based vesting, deferred until after separation from service, grant, award, or other acquisition

4 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."

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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^*

Devlin William Russell

(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	36,739(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 Devlin William Russell?

NI Holdings reported that director Devlin William Russell received a grant of 5,015 shares of Common Stock as a stock award. The award is in the form of restricted stock units with time-based vesting, reflecting equity-based compensation rather than an open-market purchase.

How many NI Holdings (NODK) shares does Devlin William Russell hold after this Form 4?

Following the reported grant, Devlin William Russell directly holds 36,739 shares of NI Holdings Common Stock. This total includes restricted stock units, combining previously held equity with the newly awarded 5,015-share grant disclosed in the Form 4 filing.

What type of equity was granted to Devlin William Russell by NI Holdings (NODK)?

The award consists of shares represented by restricted stock units with time-based vesting. Restricted stock units are a form of stock-based compensation that generally convert into shares over time, aligning the director’s incentives with the company’s long-term performance.

Are any of Devlin William Russell’s NI Holdings (NODK) restricted stock units deferred?

Yes. The reported holdings include 1,500 restricted stock units that will be deferred until after separation from service. This means those units will not be settled into shares until he leaves service, adding a longer-term component to his compensation.

Did Devlin William Russell buy or sell NI Holdings (NODK) shares on the market?

The Form 4 shows a grant or award acquisition of 5,015 shares at a price of $0.00 per share, not an open-market trade. It reflects equity compensation, with no reported open-market buying or selling in this particular filing.