SHUSTER BRADLEY M 4
4 · NMI Holdings, Inc. · Filed Mar 12, 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 on March 11, 2026 (exercise price $11.10, aggregate exercise amount $612,254). As part of a cashless/net settlement, 36,182 shares were withheld to cover the exercise/tax obligations. The remaining 18,976 shares were sold in open-market transactions on March 12, 2026 for a weighted average price of $36.5803, generating approximately $694,148 in proceeds.
Key Details
- Transaction dates: exercise/net settlement on 2026-03-11; open-market sale on 2026-03-12.
- Option exercise: 55,158 shares at $11.10 per share (code M). Aggregate exercise amount listed $612,254.
- Withholding/taxes: 36,182 shares withheld (code F) at $0.00 reported (cashless/net settlement per footnote).
- Sale: 18,976 shares sold (code S) at a weighted average price $36.5803; range $36.31–$36.81; proceeds ~$694,148.
- Shares owned after transaction: 363,130 common shares and 52,281 unvested restricted stock units (per footnote).
- Grant/vesting: options were granted Feb 9, 2017 and vested in full on Feb 9, 2020 (footnotes F1, F4).
- Filing: Form 4 filed 2026-03-12 for transactions on 2026-03-11 — filed within the typical 2-business-day window (not marked late).
- Reporter notes availability to provide share-by-price details on the sale to SEC/NMIH/security holders upon request (footnote F2).
Context
This was an option exercise followed by a partial cashless/net settlement (shares withheld to cover exercise and taxes) and a subsequent open-market sale of the remaining shares. Such exercises and routine sales to cover tax/exercise costs are common and are not, by themselves, a clear signal of change in insider sentiment.
Insider Transaction Report
- Exercise/Conversion
Common Shares, $0.01 par value per share
2026-03-11$11.10/sh+55,158$612,254→ 470,569 total - Tax Payment
Common Shares, $0.01 par value per share
[F1]2026-03-11−36,182→ 434,387 total - Sale
Common Shares, $0.01 par value per share
[F2][F3]2026-03-12$36.58/sh−18,976$694,148→ 415,411 total - Exercise/Conversion
Stock Option (right to buy)
[F4]2026-03-11−55,158→ 110,314 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 11, 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 $36.5803. The range of sale prices on the transaction date was $36.31 to $36.81. 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.
- [F4]The option vested in full on February 9, 2020.