BROWN DAVID A 4

What Happened

• David A. Brown, a director of Miami International Holdings, Inc. (MIAX), was granted/received a total of 12,379 shares/awards in mid‑June 2026. The filings show acquisitions at $0.00 (awards, not open‑market purchases): 2,267 RSUs that vested immediately, 4,970 RSUs that vest before the 2027 annual meeting, and 5,142 derivative shares (option‑style award) with time‑based vesting.

Key Details

• Transaction dates and prices:
  • 2026-06-15: 2,267 RSUs acquired at $0.00 (vested on grant) — Footnote F1.
  • 2026-06-16: 4,970 RSUs acquired at $0.00 (vest on last business day before 2027 annual meeting, subject to continued service) — Footnote F2.
  • 2026-06-16: 5,142 derivative shares acquired at $0.00 (option/award with staged vesting) — Footnote F3.
• Vesting schedule for the 5,142 derivative shares (F3): 2,571 on 2026-06-30; 1,285 on 2026-09-30; 1,286 on 2026-12-31, subject to continued service.
• Total shares involved: 12,379. Reported acquisition value: $0 (awarded equity, not a cash purchase).
• Shares owned after the transaction: not disclosed in the provided filing.
• Filing: Form 4 filed 2026-06-17 for transactions dated 2026-06-15 and 06-16 — appears timely (no late filing indicated).

Context

• These were equity awards and a time‑vested derivative grant, not open‑market purchases or sales. Because some RSUs vested immediately and others vest over time, the awards represent compensation/retention arrangements rather than a direct market signal from an outright purchase or sale. The derivative award will vest in installments if Brown remains in service through the vesting dates.