SHUSTER BRADLEY M 4

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.