Schafer Douglas M. JR 4

What Happened
Douglas M. Schafer Jr., EVP and Chief Investment Officer of Miami International Holdings, Inc. (MIAX), exercised 48,000 stock options (exercise price $12.00) on 2026-05-04 (cost $576,000) and sold the 48,000 shares the same day at a weighted-average price of $47.25 for total proceeds of $2,268,000. The net proceeds before taxes and fees were approximately $1,692,000. The Form 4 shows the option-to-share conversion (derivative disposition) and the subsequent open-market sale.

Key Details

• Transaction date: 2026-05-04 (Form filed 2026-05-05). Filing appears timely.
• Exercise: 48,000 options exercised at $12.00 = $576,000 outlay. (Transaction code M)
• Sale: 48,000 shares sold at a weighted-average price of $47.25 = $2,268,000. Traded across prices $46.80–$47.71; weighted average reported (footnote F2). (Transaction code S)
• Derivative reporting: The conversion of options into shares is also shown as a disposition at $0.00 in the filing (reflects option conversion). (footnote F3 notes options were fully vested)
• Plan/authorization: Sale was effected pursuant to a previously established Rule 10b5‑1 trading plan adopted Dec 16, 2025 (footnote F1).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Additional: Reporting person offers to provide full execution details on request per the filing (F2).

Context
Because the options were exercised and the shares were sold the same day, this is effectively a cashless exercise followed by an immediate sale — a common way insiders realize value from vested options. The presence of a Rule 10b5‑1 plan indicates the sale was preplanned; this is routine insider selling and does not, by itself, indicate the insider’s view on the company’s prospects.