SHUSTER BRADLEY M 4

What Happened
Bradley M. Shuster, Executive Chairman and Director of NMI Holdings (NMIH), exercised stock options to acquire 55,158 shares at an exercise price of $11.10 per share (total exercise cost ≈ $612,254) on March 18, 2026. To satisfy the cashless exercise and related tax withholding, 36,162 of those shares were withheld. The remaining 18,996 shares were sold in open-market transactions on March 19, 2026 at a weighted average price of $37.0544, generating proceeds of $703,885. The exercise stemmed from options granted Feb 9, 2017 that vested in full Feb 9, 2020.

Key Details

• Transaction dates: options exercised 2026-03-18; shares sold in open market 2026-03-19.
• Exercise: 55,158 shares @ $11.10 (acquired) — total exercise cost ≈ $612,254.
• Withholding/tax: 36,162 shares were withheld to cover net settlement/taxes (cashless exercise).
• Open-market sale: 18,996 shares sold at a weighted average $37.0544 (range $36.8550–$37.4000) for proceeds ≈ $703,885. Reporter can provide per-price details on request (footnote).
• Shares owned after transaction: 363,130 common shares and 52,281 unvested restricted stock units (per filing footnote).
• Option grant/vesting: options granted Feb 9, 2017; vested in full Feb 9, 2020.
• Filing: Form 4 filed Mar 19, 2026 reporting transactions on Mar 18–19, 2026 (not marked as late in the filing).

Context

• This was a cashless exercise: Shuster exercised options and used a portion of the acquired shares to satisfy the exercise/tax obligations, then sold the remainder in the open market. Such transactions are routine for option holders and do not, by themselves, indicate a change in insider sentiment.