NI Holdings director granted 5,015 RSUs

Kaldor Dana John reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Kaldor Dana John reported acquisition or exercise transactions in this Form 4 filing.

NI Holdings, Inc. director Dana John Kaldor reported an equity award of 5,015 shares of Common Stock in the form of restricted stock units. The grant was recorded at $0.0000 per share, indicating a compensation award rather than a market purchase. After this award, Kaldor directly holds 10,767 shares, which include restricted stock units with time-based vesting.

Insider Trade Summary

Grant/Award: 5,015 shares

Grant/Award 1 txn

Insider Kaldor Dana John

Role Director

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

Holdings After Transaction: Common Stock — 10,767 shares (Direct)

Footnotes (2)

1. F1. These shares are represented by restricted stock units with time-based vesting.
2. F2. Includes restricted stock units.

Key Figures

Shares granted: 5,015 shares Grant price per share: $0.0000 per share Total shares after transaction: 10,767 shares +1 more

4 metrics

Shares granted 5,015 shares Restricted stock units in Common Stock award

Grant price per share $0.0000 per share Recorded value for RSU award

Total shares after transaction 10,767 shares Direct holdings including restricted stock units

Transaction count (acquisitions) 1 transaction Grant, award, or other acquisition of Common Stock

Key Terms

restricted stock units, time-based vesting, Form 4, non-derivative

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.

Form 4 regulatory

"The Form 4 only reports a non-derivative transaction in Common Stock"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

non-derivative financial

"The Form 4 only reports a non-derivative transaction in Common Stock"

FAQ

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

What insider transaction did NI Holdings (NODK) report for Dana John Kaldor?

NI Holdings reported that director Dana John Kaldor received an equity award of 5,015 shares of Common Stock as restricted stock units. The award was recorded at $0.0000 per share, reflecting compensation rather than an open-market stock purchase.

How many NI Holdings (NODK) shares does Dana John Kaldor hold after this Form 4?

Following the reported grant, Dana John Kaldor directly holds 10,767 NI Holdings Common Stock shares. This total includes restricted stock units, which are subject to time-based vesting conditions rather than being fully unrestricted, immediately tradable shares.

What type of equity was granted to Dana John Kaldor by NI Holdings (NODK)?

The company granted Dana John Kaldor restricted stock units representing 5,015 shares of Common Stock. Footnotes clarify these are time-based vesting awards, meaning the underlying shares become earned gradually over time as service conditions are met.

Was cash paid for the NI Holdings (NODK) shares reported in this Form 4?

No cash changed hands for this transaction; the 5,015 shares were granted at a reported price of $0.0000 per share. This indicates a stock-based compensation award rather than a traditional buy or sell transaction on the open market.

Does the NI Holdings (NODK) Form 4 involve derivative securities or options?

The Form 4 only reports a non-derivative transaction in Common Stock through restricted stock units. The derivative section is empty, and the filing does not list any option exercises or other derivative security transactions for this reporting period.

How is the vesting of Dana John Kaldor’s NI Holdings (NODK) restricted stock units structured?

Footnotes state the reported shares are represented by restricted stock units with time-based vesting. This means the rights to the underlying shares accrue over a defined service period, rather than being fully vested immediately at the grant date.

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

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Accepted by SEC EDGAR 05/21/2026 - 04:05 PM EDT 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
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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^*

Kaldor Dana John

(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	10,767(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. These shares are represented by restricted stock units with time-based vesting.

2. Includes restricted stock units.

	/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)