Devlin William Russell 4

What Happened

• Devlin William Russell, a director of NI Holdings, was granted 5,015 restricted stock units (RSUs) on 2026-05-20. The reported acquisition price is $0.00, meaning no cash was paid at grant; the award's economic value will depend on NI Holdings' share price when RSUs vest or settle.
• The RSUs are time‑based awards. Of the 5,015 RSUs, 1,500 are noted to be deferred until after separation from service.

Key Details

• Transaction date: 2026-05-20; Filing date: 2026-05-21 (filed timely).
• Price per share: $0.00 (grant of RSUs); reported value at grant = $0 on the Form 4 (actual future value depends on stock price at vesting/settlement).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — shares represented by time‑based RSUs; F2 — includes RSUs; F3 — 1,500 RSUs deferred until after separation.
• Filing exhibits: 24.1 Power of Attorney included.

Context

• RSU grants are compensation awards, not open‑market purchases. They represent a future right to receive shares if vesting conditions are met and are generally not immediately tradable.
• Such awards are common for directors and employees and should be viewed as compensation rather than a direct market signal.