NI Holdings director granted 5,015 RSUs

Mathew Prakash reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Mathew Prakash reported acquisition or exercise transactions in this Form 4 filing.

NI Holdings, Inc. director Mathew Prakash received an equity grant tied to his board service. On May 20, 2026, he was awarded 5,015 shares of Common Stock, represented by restricted stock units with time-based vesting and no cash paid per share. After this award, Prakash directly holds 16,139 shares, which include 12,339 restricted stock units that will be deferred and settled only after his separation from service. This filing reflects routine, compensation-related equity awards rather than open-market trading.

Insider Trade Summary

Grant/Award: 5,015 shares

Grant/Award 1 txn

Insider Mathew Prakash

Role Director

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

Holdings After Transaction: Common Stock — 16,139 shares (Direct)

Footnotes (3)

1. F1. These shares are represented by restricted stock units with time-based vesting and will be deferred until after separation from service.
2. F2. Includes restricted stock units.
3. F3. These shares include 12,339 restricted stock units that will be deferred until after separation from service.

Key Figures

RSUs granted: 5,015 shares Total shares after grant: 16,139 shares Deferred RSUs included: 12,339 shares +1 more

4 metrics

RSUs granted 5,015 shares Restricted stock unit award on May 20, 2026

Total shares after grant 16,139 shares Direct holdings following the transaction

Deferred RSUs included 12,339 shares Restricted stock units deferred until after separation from service

Grant price per share $0.0000/share Compensation grant, no cash paid for RSUs

Key Terms

restricted stock units, time-based vesting, 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

"represented by restricted stock units with time-based vesting and will be deferred"

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.

separation from service financial

"will be deferred until after separation from service"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NI Holdings (NODK) director Mathew Prakash report in this Form 4?

Director Mathew Prakash reported receiving an equity grant of 5,015 shares of NI Holdings Common Stock. The award is in the form of restricted stock units with time-based vesting and reflects compensation, not an open-market stock purchase or sale.

How many NI Holdings (NODK) shares did Mathew Prakash acquire in this transaction?

He acquired 5,015 shares of NI Holdings Common Stock in this transaction. These are represented by restricted stock units granted at no cash cost per share, providing deferred equity compensation rather than an immediate cash outlay or market trade.

What are the vesting and deferral terms of Mathew Prakash’s NI Holdings RSUs?

The 5,015-share award consists of restricted stock units with time-based vesting that will be deferred until after separation from service. This means Prakash does not receive the underlying shares until he leaves his board position, aligning the award with long-term service.

What is Mathew Prakash’s total NI Holdings (NODK) share position after this award?

After the award, Mathew Prakash directly holds 16,139 shares of NI Holdings Common Stock. This total includes 12,339 restricted stock units that will not settle until after his separation from service, combining current shares and deferred equity awards.

Did Mathew Prakash buy or sell NI Holdings (NODK) shares on the open market?

No open-market trade occurred in this filing. The Form 4 shows a grant coded as an acquisition (A), representing a restricted stock unit award at a price of $0.0000 per share, rather than a market purchase or sale of existing shares.

Why was the price per share listed as $0.0000 for Mathew Prakash’s award?

The award price is $0.0000 because it is a compensation grant of restricted stock units, not a cash purchase. Prakash did not pay cash to acquire these 5,015 units; instead, they represent part of his overall director compensation package in equity form.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 04:05 PM Learn about SEC filing dates

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^*

Mathew Prakash

(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	16,139(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 and will be deferred until after separation from service.

2. Includes restricted stock units.

3. These shares include 12,339 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)