SHUSTER BRADLEY M 4

4 · NMI Holdings, Inc. · Filed Mar 25, 2026

AI-generated summary of this filing

Updated Mar 25, 2026

NMIH Executive Chairman Bradley Shuster Sells Shares After Exercising Options

What Happened

Bradley M. Shuster, Executive Chairman and Director of NMI Holdings, exercised options for 55,156 shares and acquired them at $11.10 each (cost $612,232) on March 23, 2026. To cover the exercise/taxes, 36,203 shares were withheld. The next day (March 24, 2026) he sold 18,953 shares in open-market transactions for a total of $707,832 (weighted average sale price $37.3467).

Key Details

Transaction dates: exercise and withholding on 2026-03-23; open-market sale on 2026-03-24. Form 4 filed 2026-03-25 (appears timely).
Exercise: 55,156 shares @ $11.10 = $612,232 (code M).
Withholding/tax: 36,203 shares withheld @ $0 (code F) to satisfy cashless exercise and tax withholding.
Sale: 18,953 shares sold @ weighted avg $37.3467 = $707,832 (code S). Reported sale price range that day: $36.8850–$37.6100.
Shares owned after transaction (per filing footnote): 363,130 common shares and 52,281 unvested restricted stock units.
Footnotes: option granted Feb 9, 2017 and vested in full Feb 9, 2020; Reporting Person can provide per-price breakdown of sales upon request.

Context

This was a cashless exercise (shares were withheld to cover exercise/taxes) followed by a partial open-market sale of the newly acquired shares — a common way executives realize value from vested options. The filing shows exercise (M), tax withholding (F), and open-market sale (S); these actions are routine and do not, by themselves, indicate the insider's future view of the company.

Form 4

Period: 2026-03-23

DirectorExecutive Chairman

Transactions

Exercise/Conversion
Common Shares, $0.01 par value per share
2026-03-23$11.10/sh+55,156$612,232→ 470,567 total
Tax Payment
Common Shares, $0.01 par value per share
[F1]
2026-03-23−36,203→ 434,364 total
Sale
Common Shares, $0.01 par value per share
[F2][F3]
2026-03-24$37.35/sh−18,953$707,832→ 415,411 total
Exercise/Conversion
Stock Option (right to buy)
[F4]
2026-03-23−55,156→ 0 total
Exercise: $11.10Exp: 2027-02-09→ Common Shares, $0.01 par value per share (55,156 underlying)

Holdings

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 23, 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 $37.3467. The range of sale prices on the transaction date was $36.8850 to $37.6100. 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.

Signature

/s/ Augustin Joo, as Attorney-in-Fact|2026-03-25

1 file