Schafer Douglas M. JR 4

What Happened
Douglas M. Schafer Jr., Executive Vice President and Chief Investment Officer of Miami International Holdings, exercised vested stock options to acquire 48,000 shares at a $12.00 strike (cost $576,000) on July 2, 2026, and sold 48,000 shares in the open market the same day for total gross proceeds of $1,978,560 (weighted avg $41.22). The transactions were effected pursuant to a previously established Rule 10b5-1 trading plan.

Key Details

• Transaction date: July 2, 2026. Form filed July 7, 2026 (timely filed within the 2 business‑day window given the July 3 holiday observation).
• Option exercise: 48,000 shares exercised at $12.00 — total exercise cost $576,000. Options are fully vested (footnote).
• Sale: 48,000 shares sold in multiple trades at a weighted average price of $41.22 for $1,978,560; trade prices ranged $39.79–$41.79 (footnote).
• Net proceeds (gross proceeds minus strike cost): approximately $1,402,560 before taxes and fees.
• Filing notes: Sale was made under a 10b5-1 plan adopted December 16, 2025; the filer offers to provide detailed per-trade prices and quantities upon request.
• Shares owned after the transactions: not specified in the excerpt provided.

Context

• The filing shows an option exercise followed by an immediate open‑market sale of the resulting shares — a common outcome when insiders exercise and sell shares (sometimes described as a cashless exercise).
• The sale occurred under a prearranged 10b5-1 plan, which is designed to allow scheduled trades and may reduce the appearance that the sale reflects contemporaneous insider views.
• This report is factual and not a statement about the insider’s expectations for the company; purchases generally carry more weight as bullish signals, while option exercises followed by sales often reflect liquidity/tax planning.