MIAX EVP Shelly Brown Exercises Options, Sells 16,000 Shares

What Happened
Shelly Brown, EVP and Chief Strategy Officer of Miami International Holdings, exercised 16,000 vested stock options at $12.00 per share (cost $192,000) and immediately sold 16,000 resulting shares in the open market at a weighted average price of $42.13 for total gross proceeds of $674,080. The filing shows the option exercise and the same-day sale, which is commonly a cashless exercise (exercise followed by immediate sale).

Key Details

• Transaction date: 2026-07-06; Form 4 filed 2026-07-07 (timely filing).
• Exercise: 16,000 shares @ $12.00 = $192,000 (code M, options fully vested — F3).
• Sale: 16,000 shares @ weighted avg $42.13 = $674,080 (code S). Trades executed throughout the day at $42.00–$42.32; $42.13 is the weighted average (F2).
• Additional reported derivative entry: 16,000 shares @ $0.00 marked as disposed (reporting of conversion/settlement under the exercise).
• Transaction effected under a pre-established Rule 10b5-1 trading plan adopted 12/22/2025 (F1).
• Shares owned after the transaction: not disclosed in the provided Form 4 excerpt.

Context
This was an option exercise with an immediate open-market sale under a 10b5-1 plan, a routine way for insiders to monetize vested options. A 10b5-1 plan indicates the sale was prearranged rather than a spontaneous trade; the filing does not by itself indicate insider sentiment about the company.