SHUSTER BRADLEY M 4

What Happened

• Bradley M. Shuster, Executive Chairman and Director of NMI Holdings, received a grant of 24,437 restricted stock units (RSUs) on February 11, 2026 (reported as transaction code A). These awards were reported at $0.00 per share (typical for RSU grants).
• On February 12, 2026, 4,921 shares were withheld by the company to satisfy tax withholding obligations in connection with vesting of previously granted RSUs (transaction code F). That withholding is recorded as a disposition (no cash proceeds reported).

Key Details

• Transaction dates and codes: Feb 11, 2026 — Award/Grant (A) of 24,437 RSUs; Feb 12, 2026 — Tax withholding (F) of 4,921 shares.
• Reported price/value: both entries show $0.00 per share (standard reporting for RSU grants and company-withheld shares for taxes).
• Shares owned after transactions (per filing footnote): 363,130 common shares and 52,281 unvested RSUs.
• Vesting schedule for the new RSUs (footnote): 40% on each of the first and second anniversaries of the Feb 11, 2026 grant date, and 20% on the third anniversary.
• The withheld shares relate to taxes on RSUs granted Feb 12, 2025 and were net-settled using the closing price on Feb 12, 2026 (per footnote).
• Filing: Form 4 filed Feb 13, 2026 covering transactions through Feb 12 — appears to be filed promptly.

Context

• This was a compensation award (RSUs), not an open-market purchase — RSU grants are common executive compensation and do not by themselves indicate a buy or sell signal.
• The tax-withholding disposition is routine (company withholding shares to cover taxes when RSUs vest) and is not the same as an intentional sale of stock for investment purposes.