NI Holdings finalizes separation agreement with former CEO Michael Alexander for $3.8M severance

NI Holdings, Inc.

Former CEO Michael Alexander terminated without cause Aug 13, 2024; separation agreement signed Sept 16, 2024.
Severance payment of $3,826,583.01 (three years base salary and avg bonus) paid within 10 days after revocation period.
Company to pay COBRA premiums for 18 months plus $65,493.07 for additional after-tax health coverage.
Agreement includes full release of claims, non-disparagement, and 6-month cooperation at $400/hour.

item 5.02 item 9.01

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Departed

Michael J. Alexander

President and Chief Executive Officer

NODK · NI Holdings, Inc.

Effective: 2024-08-13
Filed: September 19, 2024, 7:59 PM ET

Michael J. Alexander’s employment as President and Chief Executive Officer of NI Holdings, Inc. (the “Company”) was terminated without cause.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Michael J. Alexander was terminated as President and Chief Executive Officer at NI Holdings, Inc..

Action: terminated
Role: President and Chief Executive Officer

Exact text from the filing

Michael J. Alexander’s employment as President and Chief Executive Officer of NI Holdings, Inc. (the “Company”) was terminated without cause.

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NI Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001174947-24-001087

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