Bradley M Shuster Form 4 NMI / BRADLEY M SHUSTER ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SHUSTER BRADLEY M

(Last) (First) (Middle)

C/O NMI HOLDINGS, INC.

2100 POWELL STREET 12TH FL.

(Street)

EMERYVILLE CA 94608

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NMI Holdings, Inc. [ NMIH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
12/21/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Shares, $0.01 par value per share	12/21/2023		M		115,072	A	$12.32	542,035	D
Class A Common Shares, $0.01 par value per share	12/21/2023		S		115,072(1)	D	$29.7149(2)	426,963	D
Class A Common Shares, $0.01 par value per share	12/21/2023		M		21,578	A	$8.5	448,541	D
Class A Common Shares, $0.01 par value per share	12/21/2023		S		21,578(1)	D	$30(3)	426,963	D
Class A Common Shares, $0.01 par value per share	12/22/2023		M		70,804	A	$8.5	497,767	D
Class A Common Shares, $0.01 par value per share	12/22/2023		S		70,804(1)	D	$30.0839(4)	426,963(5)	D
Class A Common Shares, $0.01 par value per share								47,150	I	By Shuster Family Trust, of which Mr. Shuster and his wife are co-trustees and beneficiaries

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$12.32	12/21/2023		M			115,072	(6)	02/12/2024	Class A Common Shares, $0.01 par value per share	115,072	$0	0	D
Stock Option (right to buy)	$8.5	12/21/2023		M			21,578	(7)	02/12/2025	Class A Common Shares, $0.01 par value per share	21,578	$0	242,222	D
Stock Option (right to buy)	$8.5	12/22/2023		M			70,804	(7)	02/12/2025	Class A Common Shares, $0.01 par value per share	70,804	$0	171,418	D

Explanation of Responses:

1. Mr. Shuster has adopted a 10b5-1 Plan. This 10b5-1 Plan allows for the orderly disposition of a portion of shares owned by Mr. Shuster as part of his investment and financial planning needs, including individual asset diversification. The shares were sold pursuant to the 10b5-1 Plan.

2. The common stock was sold by the reporting person in a series of open market transactions on the transaction date at an average sale price of $29.7149. The range of sale prices was $29.2550 to $30.0000 on the transaction date. The reporting person undertakes to provide, upon request by SEC staff, NMIH, or a securityholder of NMIH, full information regarding the number of shares sold at each price.

3. The common stock was sold by the reporting person in a series of open market transactions on the transaction date at an average sale price of $30.000. The range of sales prices was $30.000 to $30.005 on the transaction date. The reporting person undertakes to provide, upon request by SEC staff, NMIH, or a securityholder of NMIH, full information regarding the number of shares sold at each price.

4. The common stock was sold by the reporting person in a series of open market transactions at an average sale price of $30.0839. The range of sale prices on the transaction date was $30.0000 to $30.2600. 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.

5. Represents 347,640 Class A common shares and 79,323 unvested restricted stock units.

6. The option vested in full on February 12, 2017.

7. The option vested in full on February 12, 2018.

Remarks:

	/s/ Lynn Zheng, as Attorney-in-Fact	12/26/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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