Eric Aasmundstad

About Eric K. Aasmundstad

Eric K. Aasmundstad, age 66, is Chair of the Board at NI Holdings, Inc. and has served on the Nodak Mutual/NODK boards since 1997; he holds an engineering degree from North Dakota State University and is a lifelong agricultural operator farming ~4,000 acres, with prior experience running a custom harvesting business and a metalworking business . He previously served as President of Nodak Mutual Insurance Company (2008–2017) and President of the North Dakota Farm Bureau (1999–2011), with past directorships at American Agricultural Insurance Company, Farm Bureau Life Insurance Company, and American Farm Bureau Insurance Services . He is classified as an independent director under Nasdaq rules and currently serves as Board Chair and a member of multiple board committees .

Past Roles

External Roles

Board Governance

• Committee assignments (2025 slate): Audit Committee (Member), Compensation Committee (Member), Nominating & Corporate Governance Committee (Member); not on Investment Committee; Independent under Nasdaq rules .
• Leadership roles: Board Chair; served as interim Chair of Compensation Committee during period when the regular Chair (Launer) acted as interim CEO in 2024 .
• Ad hoc committees: Member, CEO Search Committee (disbanded after CEO appointment); Member, Strategic Planning Committee (ongoing) .
• Attendance: Board met 19 times in 2024; each director, including Aasmundstad, attended ≥98% of Board/committee meetings; all eight directors attended the 2024 Annual Meeting .
• Executive sessions: Quarterly executive sessions of independent directors without management .

Fixed Compensation

Program structure references:

• Annual retainer: $50,000; quarterly committee member retainer: $2,500; quarterly committee chair premium: $1,000; quarterly Board Chair retainer: $2,500; ad hoc committees paid similarly .

Performance Compensation

• Director equity policy: Annual RSU awards targeted at ~$50,000; granted the day after the annual meeting; vest in full at next annual meeting; deferral election available under Deferred Compensation Plan .
• Options: None granted; company does not plan to grant options/SARs .

Other Directorships & Interlocks

Expertise & Qualifications

• Industry credentials: Decades of insurance governance across property/casualty subsidiaries and Farm Bureau insurance entities; agriculture operator/business owner .
• Education: Engineering degree, North Dakota State University .
• Board qualifications: Independent non-executive; multi-committee service; deep regional market knowledge and insurance oversight experience .

Equity Ownership

Ownership alignment and policies:

• Director Stock Ownership Guidelines: Market value ≥ 3x annual base cash retainer; five years to comply; tracking by Compensation Committee .
• Anti-hedging/anti-pledging: Prohibits hedging and pledging of company stock; applies to directors .
• No pledging disclosed for Aasmundstad in related-party section .

Governance Assessment

• Board effectiveness: Aasmundstad provides continuity and sector expertise; high attendance and broad committee participation signal engagement .
• Independence and control dynamics: Although determined independent under Nasdaq rules, he chairs the parent (Nodak Mutual Group, Inc.) that controls ~61% of NODK—a structural interlock investors should monitor for influence over nominations, strategy, and auditor oversight; company emphasizes it does not rely on controlled-company exemptions .
• Compensation alignment: Director pay mix is modest cash plus time-based RSUs; deferral election suggests long-term alignment; no options or performance-based equity for directors .
• Related-party exposure: Ongoing royalty payments to NDFB ($1.662M in 2024); formal policy requires recusal and fair-dealing assessment; Missling’s executive role at NDFB increases linkage; Aasmundstad’s historic NDFB leadership warrants continued conflict monitoring though no current NDFB role disclosed .
• Shareholder sentiment: 2024 say-on-pay passed (For: 17,072,090; Against: 1,720,485; Abstain: 305,551; Broker non-votes: 610,453), indicating broad support for compensation governance framework .

RED FLAGS to watch

• Parent-company interlock: Board Chair role at controlling parent may affect perceived independence despite Nasdaq determination .
• Related-party flows: Royalty to NDFB with overlapping director ties (Missling) merits continued audit committee oversight .

Appendix: Committee Snapshot (2025 Slate)