SHUSTER BRADLEY M 4
4 · NMI Holdings, Inc. · Filed Feb 27, 2026
Research Summary
AI-generated summary of this filing
NMI Holdings (NMIH) Exec Chairman Bradley Shuster Sells Shares
What Happened
Bradley M. Shuster, Executive Chairman and Director of NMI Holdings (NMIH), exercised stock options on Feb 25, 2026 to acquire 55,158 shares at an exercise price of $11.10/share (cost $612,254). To cover the cashless exercise and withholding taxes, 35,601 shares were withheld. The remaining 19,557 shares were sold in open-market transactions on Feb 26, 2026 at a weighted average price of $39.8541/share, generating proceeds of approximately $779,427. These actions represent an option exercise followed by a partial immediate sale (routine liquidity/tax-related).
Key Details
- Transaction dates: exercise and withholding recorded Feb 25, 2026; open-market sale executed Feb 26, 2026; Form 4 filed Feb 27, 2026.
- Exercise: 55,158 shares acquired at $11.10/share = $612,254 (code M).
- Withholding/tax: 35,601 shares withheld to satisfy cashless exercise and taxes (code F), no cash reported for those withheld shares.
- Sale: 19,557 shares sold (code S) at weighted avg price $39.8541 (range $39.56–$40.05) for ~$779,427.
- Holdings after transactions: reporting person holds 308,130 common shares and has 107,281 unvested restricted stock units (per footnote).
- Notable footnotes: options were originally granted Feb 9, 2017 and vested in full on Feb 9, 2020; the exercise was net-settled (cashless) with shares withheld for taxes.
Context
This was an option exercise with a net (cashless) settlement: some shares were withheld to cover the exercise/taxes and the remainder was sold in the open market. Such transactions are commonly used for tax payment or liquidity and are not, by themselves, a clear signal of the insider’s view on the company.
Insider Transaction Report
- Exercise/Conversion
Common Shares, $0.01 par value per share
2026-02-25$11.10/sh+55,158$612,254→ 470,569 total - Tax Payment
Common Shares, $0.01 par value per share
[F1]2026-02-25−35,601→ 434,968 total - Sale
Common Shares, $0.01 par value per share
[F2][F3]2026-02-26$39.85/sh−19,557$779,427→ 415,411 total - Exercise/Conversion
Stock Option (right to buy)
[F4]2026-02-25−55,158→ 220,630 totalExercise: $11.10Exp: 2027-02-09→ Common Shares, $0.01 par value per share (55,158 underlying)
- 47,150(indirect: By Trust)
Common Shares, $0.01 par value per share
Footnotes (4)
- [F1]Represents shares withheld to satisfy the cashless exercise of certain options granted to the Reporting Person on February 9, 2017 at a net settlement price equal to the closing stock price on February 25, 2026, and withholding taxes due in connection with the exercise of such options. The option vested in full on February 9, 2020.
- [F2]The common stock was sold by the Reporting Person in a series of open market transactions at a weighted average sale price of $39.8541. The range of sale prices on the transaction date was $39.56 to $40.05. The Reporting Person undertakes to provide, upon request by the SEC staff, NMIH or a security holder of NMIH, full information regarding the shares sold at each price.
- [F3]Represents 308,130 common shares and 107,281 unvested restricted stock units.
- [F4]The option vested in full on February 9, 2020.