Gallagher Thomas P. 4

What Happened Thomas P. Gallagher, Chairman & CEO of Miami International Holdings, exercised 70,000 stock options at $12.00 per share (total exercise cost $840,000) on July 13, 2026, and sold 70,000 shares the same day in the open market for a weighted average price of $42.52, generating gross proceeds of approximately $2,976,400. The filing also shows the related derivative (the option) was disposed of at $0, reflecting conversion/surrender of the option upon exercise.

Key Details

• Transaction date: July 13, 2026; Form 4 filed July 14, 2026 (timely).
• Option exercise: 70,000 shares at $12.00 (total $840,000).
• Open-market sale: 70,000 shares at weighted avg $42.52 (range $42.00–$43.49), gross proceeds ≈ $2,976,400.
• Derivative disposition: 70,000 options listed as disposed at $0 (converted/surrendered on exercise).
• Footnotes: trades executed under a Rule 10b5‑1 trading plan adopted Dec 29, 2025; options fully vested; Gallagher maintains beneficial ownership/control via Gallagher Investments, LLC.
• Shares owned after the transactions: not stated in the provided filing.

Context This was an exercise-and-sell same-day transaction (effectively a cashless-style exercise followed by open-market sales). The sale was executed under a pre-established 10b5‑1 plan, which typically schedules trades in advance and is not necessarily a directional signal about the insider’s view. The filing is factual and timely; it does not state post-transaction holdings or indicate the insider’s motivation.