SHUSTER BRADLEY M 4
4 · NMI Holdings, Inc. · Filed Mar 19, 2026
Research Summary
AI-generated summary of this filing
NMIH Exec Chair Bradley Shuster Exercises Options and Sells Shares
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.
Insider Transaction Report
- Exercise/Conversion
Common Shares, $0.01 par value per share
2026-03-18$11.10/sh+55,158$612,254→ 470,569 total - Tax Payment
Common Shares, $0.01 par value per share
[F1]2026-03-18−36,162→ 434,407 total - Sale
Common Shares, $0.01 par value per share
[F2][F3]2026-03-19$37.05/sh−18,996$703,885→ 415,411 total - Exercise/Conversion
Stock Option (right to buy)
[F4]2026-03-18−55,158→ 55,156 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 18, 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 $37.0544. The range of sale prices on the transaction date was $36.8550 to $37.4000. 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.