SHUSTER BRADLEY M 4

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.