NI Holdings CEO awarded 56,000 RSUs

Launer Cindy reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Launer Cindy reported acquisition or exercise transactions in this Form 4 filing.

NI Holdings, Inc. reported that Chief Executive Officer Cindy Launer received an award of 56,000 shares of common stock on March 2, 2026. These shares are represented by restricted stock units with time-based vesting. After this grant, she holds 90,800 shares, including 20,724 restricted stock units that will be deferred until after separation from service.

Insider Trade Summary

Grant/Award: 56,000 shares

Grant/Award 1 txn

Insider Launer Cindy

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	56,000	$0.00	$0.00

Holdings After Transaction: Common Stock — 90,800 shares (Direct)

Footnotes (3)

1. F1. These shares are represented by restricted stock units with time-based vesting.
2. F2. Includes restricted stock units.
3. F3. These shares include 20,724 restricted stock units that will be deferred until after separation from service.

FAQ

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

What insider transaction did NI Holdings (NODK) disclose for Cindy Launer?

NI Holdings reported that CEO Cindy Launer received an award of 56,000 shares of common stock as restricted stock units with time-based vesting. This is a non-cash equity compensation grant classified as a grant, award, or other acquisition.

How many NI Holdings (NODK) shares does Cindy Launer hold after the latest grant?

After the March 2, 2026 equity award, Cindy Launer holds a total of 90,800 shares of NI Holdings common stock. This total includes previously held shares plus restricted stock units disclosed in the insider ownership figures.

What type of equity did NI Holdings (NODK) grant to its CEO Cindy Launer?

The company granted Cindy Launer restricted stock units representing 56,000 shares of common stock. These units vest over time, meaning the underlying shares become deliverable according to a specified time-based vesting schedule rather than all at once.

Were any NI Holdings (NODK) shares deferred for Cindy Launer until after separation from service?

Yes. The disclosed ownership indicates that 20,724 of Cindy Launer’s restricted stock units will be deferred until after separation from service. These units are included in her total of 90,800 shares reported following the transaction.

Did Cindy Launer buy NI Holdings (NODK) shares on the open market in this transaction?

No. The transaction is classified as a grant, award, or other acquisition of 56,000 shares at a price per share of $0.00. It reflects equity compensation rather than an open-market purchase at a market price.

Does Cindy Launer’s reported NI Holdings (NODK) ownership include restricted stock units?

Yes. The ownership disclosure states that the reported total includes restricted stock units. It specifically notes that 20,724 restricted stock units will be deferred until after separation from service and are counted in the 90,800 shares.

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

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Accepted by SEC EDGAR 03/03/2026 - 04:09 PM EST 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^*

Launer Cindy

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		A		56,000(1)	A	$0.00	90,800(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 20,724 restricted stock units that will be deferred until after separation from service.

Remarks:

Exhibit List: 24.1 Power of Attorney

	/s/ Cindy L. Launer	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.
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