SHUSTER BRADLEY M 4
4 · NMI Holdings, Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
NMIH Exec. Chairman Bradley Shuster Exercises Options, Sells Shares
What Happened
Bradley M. Shuster, Executive Chairman and Director of NMI Holdings (NMIH), exercised 55,158 stock options and acquired shares, had 35,728 shares withheld to cover the cashless exercise/taxes, and sold 19,430 shares in the open market for about $755,944. The exercise is reported at an $11.10 per-share exercise price (total ~$612,254); the open-market sale was at a weighted average price of $38.9060 per share (range $38.66–$39.19) for proceeds of roughly $756k. These transactions are routine insider activity (exercise + partial sale to satisfy withholding/liquidate).
Key Details
- Dates: option exercise and withholding reported 2026-03-04; open-market sale executed 2026-03-05; Form 4 filed 2026-03-06 (timely).
- Exercise: 55,158 shares acquired via option exercise (reported at $11.10/share, ~$612,254). (Code M)
- Withholding: 35,728 shares withheld to satisfy cashless exercise settlement and tax withholding (no cash reported). (Code F; see F1)
- Sale: 19,430 shares sold in open market at a weighted avg $38.9060 ($38.66–$39.19 range) for ~$755,944. (Code S; see F2)
- Shares owned after transactions: reported as 363,130 common shares and 52,281 unvested restricted stock units (corrected per filing). (See F3)
- Notable footnotes: F1 = cashless exercise and tax withholding; F4 = option vested in full on Feb 9, 2020; F3 = correction to previously reported ownership amounts.
- Filing timeliness: Form 4 appears timely (filed within required reporting window).
Context
- This was an option exercise with a net/cashless settlement: some shares were withheld to cover the exercise/taxes and a portion of the acquired shares were sold in the open market. Cashless exercises and follow-up sales to cover tax obligations are common and do not, by themselves, indicate a change in insider sentiment.
- Transaction codes: M = option exercise, F = tax withholding/net settlement, S = open-market sale.
Insider Transaction Report
- Exercise/Conversion
Common Shares, $0.01 par value per share
2026-03-04$11.10/sh+55,158$612,254→ 470,569 total - Tax Payment
Common Shares, $0.01 par value per share
[F1]2026-03-04−35,728→ 434,841 total - Sale
Common Shares, $0.01 par value per share
[F2][F3]2026-03-05$38.91/sh−19,430$755,944→ 415,411 total - Exercise/Conversion
Stock Option (right to buy)
[F4]2026-03-04−55,158→ 165,472 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 March 4, 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 $38.9060. The range of sale prices on the transaction date was $38.66 to $39.19. 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 363,130 common shares and 52,281 unvested restricted stock units. This Form 4 reflects a correction of previously disclosed amounts of common shares and unvested restricted stock units reported in the Form 4s filed on February 18, 2026 and February 27, 2026. No transactions were omitted or incorrectly reported.
- [F4]The option vested in full on February 9, 2020.