NI Holdings (NODK) CAO granted 9,300 shares, shares withheld for taxes

Rhea-AI Filing Summary

NI Holdings, Inc. reported that Chief Accounting Officer Kevin Douglas Elfstrand received a grant of 9,300 shares of common stock, recorded as a grant, award, or other acquisition at a price of $0.0000 per share. After this award, his direct holdings totaled 23,243 shares, which include restricted stock units.

On earlier dates, 873 shares and 479 shares of common stock were disposed of at $13.28 per share to satisfy tax withholding obligations upon the vesting of restricted stock units. A footnote explains that these dispositions represent shares withheld for taxes, rather than open-market sales, and that his holdings also include 802 shares distributed from the company’s Employee Stock Ownership Plan.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Elfstrand Kevin Douglas

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9,300	$0.00	--
Tax Withholding	Common Stock	479	$13.28	$6K
Tax Withholding	Common Stock	873	$13.28	$12K

Holdings After Transaction: Common Stock — 23,243 shares (Direct)

Footnotes (1)

1. Represents shares withheld to satisfy withholding obligations upon the vesting of restricted stock units. Includes 802 shares distributed from the Company's Employee Stock Ownership Plan. These shares are represented by restricted stock units with time-based vesting. Includes restricted stock units.

Form 4 Insider Transactions: What Each Field Means →

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^*

Elfstrand Kevin Douglas

(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 Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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	02/28/2026		F		873(1)	D	$13.28	14,422(2)(4)	D
Common Stock	03/01/2026		F		479(1)	D	$13.28	13,943(4)	D
Common Stock	03/02/2026		A		9,300(3)	A	$0.00	23,243(4)	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 vesting of restricted stock units.

2. Includes 802 shares distributed from the Company's Employee Stock Ownership Plan.

3. These shares are represented by restricted stock units with time-based vesting.

4. 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.
* 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.

FAQ

What insider transactions did NI Holdings (NODK) report for Kevin Douglas Elfstrand?

NI Holdings reported that Chief Accounting Officer Kevin Douglas Elfstrand received a grant of 9,300 common shares and had 873 and 479 shares withheld to cover tax obligations on restricted stock unit vesting, all recorded as direct ownership transactions.

Was the NI Holdings (NODK) insider transaction a stock purchase or sale?

The filing shows an award of 9,300 shares to Kevin Douglas Elfstrand and two tax-withholding dispositions of 873 and 479 shares. The dispositions were to satisfy withholding obligations on restricted stock units, rather than open-market stock purchases or sales.

At what price were NI Holdings (NODK) shares withheld for taxes in the Form 4?

The Form 4 indicates that 873 and 479 NI Holdings common shares were withheld at a price of $13.28 per share. These transactions are coded as tax-withholding dispositions related to restricted stock unit vesting, not discretionary open-market selling by the executive.

How many NI Holdings (NODK) shares does Kevin Douglas Elfstrand hold after these transactions?

After the 9,300-share grant, the filing reports Kevin Douglas Elfstrand directly holding 23,243 shares, including restricted stock units. Earlier rows list 14,422 and 13,943 shares following specific tax-withholding events, reflecting share counts at different points in time.

What do the Form 4 footnotes reveal about NI Holdings (NODK) restricted stock units?

The footnotes state that some transactions reflect shares withheld to satisfy tax obligations when restricted stock units vested and that Elfstrand’s reported holdings include restricted stock units and 802 shares distributed from the company’s Employee Stock Ownership Plan, clarifying the composition of his ownership.