SHUSTER BRADLEY M 4

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.