NI Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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 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.
| Item 9.01. | 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 | ||