NI Holdings terminates SVP Operations Patrick Duncan without cause; receives $860K severance

NI Holdings, Inc.

Patrick W. Duncan's employment as SVP Operations ended Nov. 20, 2024; separation agreement signed Nov. 27.
Severance payment of $859,706.39 (two years base salary plus average bonus) plus $35,641.71 for health coverage.
Company will pay COBRA premiums for 18 months; Duncan retains company-issued cell phone and iPad.
Duncan has 7-day revocation period; agreement includes non-disparagement and 6-month cooperation clause.
No acceleration of equity vesting triggered; Duncan not entitled to any short-term incentive bonus.

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