NI Holdings (NODK) CFO has 111 shares withheld for taxes after RSU vesting

Rhea-AI Filing Summary

NI Holdings, Inc. Chief Financial Officer Matthew J. Maki reported an insider transaction involving company common stock. On December 1, 2025, 111 shares of common stock were withheld at a price of $13.32 per share to satisfy withholding obligations tied to a restricted stock unit vesting on that date. After this tax-related share withholding, Maki directly beneficially owned 42,514 shares of NI Holdings common stock. This total includes 2,265 shares that were distributed from the company's Employee Stock Ownership Plan.

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

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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)
12/01/2025

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	12/01/2025		F		111(1)	D	$13.32	42,514(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 December 1, 2025 restricted stock unit vesting.

2. Includes 2,265 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.
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FAQ

What insider transaction did NI Holdings (NODK) report for its CFO?

The Chief Financial Officer, Matthew J. Maki, reported that 111 shares of NI Holdings common stock were withheld on December 1, 2025 to cover withholding obligations related to a restricted stock unit vesting.

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

No. The 111 shares were withheld to satisfy withholding obligations upon the December 1, 2025 restricted stock unit vesting, rather than sold in an open-market transaction.

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

Following the December 1, 2025 withholding of 111 shares, Chief Financial Officer Matthew J. Maki beneficially owned 42,514 shares of NI Holdings common stock directly.

At what price were the withheld NI Holdings shares valued in the Form 4?

The 111 withheld shares of NI Holdings common stock were reported at a price of $13.32 per share in the Form 4 filing.

What role did restricted stock units play in this NI Holdings insider filing?

The transaction relates to restricted stock units that vested on December 1, 2025, with 111 shares withheld to satisfy associated withholding obligations.

What does the Form 4 say about Employee Stock Ownership Plan shares for the NI Holdings CFO?

The filing notes that the reported holdings include 2,265 shares distributed from the company’s Employee Stock Ownership Plan.