NI Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| 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 October 10, 2025, Seth C. Daggett’s employment as President and Chief Executive Officer of NI Holdings, Inc. (the “Company”) was terminated without cause. On October 29, 2025, the Company entered into a Separation Agreement with Mr. Daggett memorializing the terms of his departure from the Company (the “Separation Agreement”). The Separation Agreement provides that, in consideration for Mr. Daggett’s comprehensive release of claims against the Company and its affiliates and his post-employment covenants set forth in the Separation Agreement, Mr. Daggett will be entitled to receive a severance payment of $2,559,947. The Company will also pay to Mr. Daggett an amount equal to $72,968.49, to cover the cost of health coverage for a period of 24 months. These payments are being made to comply with the terms of Mr. Daggett’s employment agreement. Mr. Daggett may revoke the Separation Agreement for a period of seven days after October 29, 2025, 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.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit Number |
Description |
| 10.1 | Separation Agreement, dated October 29, 2025, between NI Holdings, Inc. and Seth C. Daggett. |
| 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: October 31, 2025 | By: | /s/ Matthew J. Maki |
| Matthew J. Maki | ||
| Chief Financial Officer | ||