NI Holdings (NODK) awards CIO 11,100 time-vested restricted shares

Rhea-AI Filing Summary

NI Holdings, Inc. reported that Chief Information Officer Douglas Alan Duncan acquired 11,100 shares of common stock on March 2, 2026 through a grant or award. Footnotes clarify these shares are represented by restricted stock units with time-based vesting, and his directly owned holdings total 11,100 shares after the award.

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^*

Duncan Douglas Alan

(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 Information 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		11,100(1)	A	$0.00	11,100(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.

Remarks:

Exhibit List: 24.1 Power of Attorney

	/s/ Matthew J. Maki, Attorney-in-Fact	03/03/2026
	** 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 in this Form 4?

NI Holdings reported a grant of 11,100 shares of common stock to its Chief Information Officer. The transaction is categorized as a grant or award acquisition and is represented by restricted stock units with time-based vesting conditions attached to the shares.

Who is the insider involved in NI Holdings (NODK) Form 4 and what is their role?

The insider is Douglas Alan Duncan, who serves as Chief Information Officer of NI Holdings, Inc. He is not listed as a director or 10% owner in this filing and holds the awarded shares as direct ownership following the reported transaction on March 2, 2026.

How many NI Holdings (NODK) shares were granted in this Form 4 filing?

The filing shows a grant of 11,100 shares of NI Holdings common stock. These are represented as restricted stock units with time-based vesting, and after this award, Douglas Alan Duncan’s directly owned total reported holdings are 11,100 shares of common stock.

Was the NI Holdings (NODK) insider transaction an open-market buy or sell?

No, the transaction was not an open-market buy or sell. It is reported with code “A” as a grant, award, or other acquisition, with a price per share of $0.0000, reflecting a restricted stock unit award rather than a market trade.

What do the restricted stock unit footnotes mean in the NI Holdings (NODK) Form 4?

The footnotes explain that the reported shares are represented by restricted stock units with time-based vesting. They also note that the total holdings figure includes restricted stock units, indicating the award will vest over time rather than being fully unrestricted immediately.

What is Douglas Alan Duncan’s ownership in NI Holdings (NODK) after the reported award?

After the reported grant, Douglas Alan Duncan holds 11,100 shares of NI Holdings common stock. The filing shows this as direct ownership, and notes that the total includes restricted stock units subject to time-based vesting provisions described in the footnotes.