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NOMURA HOLDINGS INC·4

Apr 28, 7:44 AM ET

Iiyama Toshiyasu 4

Research Summary

AI-generated summary

Updated

Nomura (NMR) Deputy President Toshiyasu Iiyama Receives Awards, Sells Shares

What Happened

  • Toshiyasu Iiyama, Executive Officer and Deputy President (Chief of Staff & Head of China Committee) had two award events reported: Notional Stock Units (NSUs) were cash-settled on April 24, 2026, and Restricted Stock Units (RSUs) vested and were settled in shares on April 27, 2026. The NSU settlement converted 60,745 units into $498,716 in cash. The RSU settlement converted 107,300 units into shares, of which 49,450 shares (valued at $381,260) were withheld/surrendered to the issuer to satisfy tax withholding, leaving a net of 57,850 shares issued to Iiyama.

Key Details

  • Transaction dates and amounts:
    • 2026-04-24: 60,745 NSUs cashed for $498,716 (reported price converted to USD at JPY 159.84 = $1). (Codes: M = conversion; D = disposition to issuer)
    • 2026-04-27: 107,300 RSUs vested and were settled in shares; 49,450 shares withheld for taxes for $381,260 (reported price converted to USD at JPY 159.56 = $1). (Codes: M = conversion; F = tax withholding)
  • Net shares delivered from the RSU settlement: 107,300 − 49,450 = 57,850 shares issued to the insider.
  • NSUs were cash-settled (no shares issued) — each NSU equals the cash value of one share (Footnotes F1–F3).
  • RSUs settled into actual shares — each RSU equals one share (Footnotes F4, F8); shares were withheld to meet tax obligations (F5).
  • Filing: Form 4 filed 2026-04-28 covering transactions on 2026-04-24 and 2026-04-27. The filing date is within two business days after the 4/27 transactions and within the reporting window for the 4/24 cash settlement (filed on the next business reporting day).
  • Shares owned after the transactions: not specified in the provided filing excerpt.

Context

  • This was award vesting and tax-related withholding, not an open-market purchase or discretionary sale; NSUs were cash-settled and RSUs were largely converted into shares with a portion withheld to cover taxes (a common practice).
  • Transaction codes: M = exercise/conversion of derivative awards (used here for NSU/RSU settlement), D = disposition to issuer (cash settlement), F = shares surrendered/withheld to pay taxes. These actions reflect compensation settlement rather than an intentional market-direction trade.