NI Holdings Reports Director/Officer Changes & Financials
Ticker: NODK · Form: 8-K · Filed: Sep 19, 2024 · CIK: 1681206
Sentiment: neutral
Topics: management-change, corporate-governance, filing
TL;DR
NI Holdings is shuffling execs and directors, filing financials.
AI Summary
NI Holdings, Inc. filed an 8-K on September 19, 2024, reporting events that occurred on September 16, 2024. The filing pertains to the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for certain officers. It also includes financial statements and exhibits.
Why It Matters
This filing indicates potential shifts in the company's leadership and governance structure, which could impact strategic direction and operational oversight.
Risk Assessment
Risk Level: low — The filing is a standard corporate disclosure of personnel changes and financial reporting, not indicating immediate financial distress or significant operational disruption.
Key Players & Entities
- NI Holdings, Inc. (company) — Registrant
- September 16, 2024 (date) — Date of earliest event reported
- September 19, 2024 (date) — Date of Report
FAQ
What specific roles have changed for directors or officers?
The filing indicates changes related to the departure of directors or certain officers, election of directors, and appointment of certain officers, but does not specify the exact roles or individuals involved in this summary.
Are there any new compensatory arrangements being disclosed?
Yes, the filing mentions 'Compensatory Arrangements of Certain Officers' as an item of disclosure.
What is the primary business of NI Holdings, Inc.?
NI Holdings, Inc. is in the FIRE, MARINE & CASUALTY INSURANCE industry, with SIC code 6331.
When is the fiscal year end for NI Holdings, Inc.?
The fiscal year end for NI Holdings, Inc. is December 31st.
What is the principal executive office address for NI Holdings, Inc.?
The principal executive offices are located at 1101 First Avenue North, Fargo, North Dakota, 58102.
Filing Stats: 706 words · 3 min read · ~2 pages · Grade level 10.5 · Accepted 2024-09-19 17:19:25
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share NODK Nasdaq Capit
- $3,826,583 — itled to receive a severance payment of $3,826,583.01, equal to three years of his current
- $65,493 — pay to Mr. Alexander an amount equal to $65,493.07, to cover the after-tax cost of heal
Filing Documents
- form8k-32876_nodk.htm (8-K) — 25KB
- ex10-1.htm (EX-10.1) — 44KB
- 0001174947-24-001087.txt ( ) — 250KB
- nodk-20240916.xsd (EX-101.SCH) — 3KB
- nodk-20240916_lab.xml (EX-101.LAB) — 33KB
- nodk-20240916_pre.xml (EX-101.PRE) — 22KB
- form8k-32876_nodk_htm.xml (XML) — 3KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, on August 13, 2024, Michael J. Alexander's employment as President and Chief Executive Officer of NI Holdings, Inc. (the "Company") was terminated without cause. On September 16, 2024, the Company entered into a Separation Agreement with Mr. Alexander memorializing the terms of his departure from the Company (the "Separation Agreement"). The Separation Agreement provides that, in consideration for Mr. Alexander's comprehensive release of claims against the Company and its affiliates and his post-employment covenants set forth in the Separation Agreement, Mr. Alexander will be entitled to receive a severance payment of $3,826,583.01, equal to three years of his current annual base salary and average annual bonus over the last three years. The Company also agreed to continue paying premiums for Mr. Alexander's participation in the Company's group medical plans for a period of 18 months from August 13, 2024. The Company will also pay to Mr. Alexander an amount equal to $65,493.07, to cover the after-tax cost of health coverage for an additional period of 18 months. These payments are being made to comply with the terms of Mr. Alexander's employment agreement. Mr. Alexander may revoke the Separation Agreement for a period of seven days after September 16, 2024, the date he executed the Separation Agreement. The Separation Agreement does not become effective or enforceable until the seven-day revocation period has ended. The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, a copy of which is attached as Exhibit 10.1 to this report and is incorporated by reference herein.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Separation Agreement, dated September 16, 2024, between NI Holdings, Inc. and Michael J. Alexander. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NI Holdings, Inc. Date: September 19, 2024 By: /s/ Seth C. Daggett Seth C. Daggett Chief Financial Officer