Schafer Douglas M. JR 4

What Happened
Douglas M. Schafer Jr., EVP and CIO of Miami International Holdings, exercised 48,000 stock options (fully vested) by paying $12.00 per share ($576,000) and then sold those 48,000 shares in the open market for a weighted-average price of $42.84, generating proceeds of approximately $2,056,320. The filing also records a derivative-conversion/disposition entry for 48,000 shares at $0, which accompanies the option exercise.

Key Details

• Transaction date: June 2, 2026; Form 4 filed June 4, 2026 (timely filing).
• Option exercise (code M): 48,000 shares acquired @ $12.00 — total cost $576,000.
• Open-market sale (code S): 48,000 shares sold @ weighted avg $42.84 — proceeds ≈ $2,056,320. Reported trade prices ranged from $41.23 to $45.73 (weighted avg reported; reporting person can provide trade-by-trade breakdown on request).
• Derivative disposition: 48,000 shares listed at $0; reflects the option conversion/cancellation associated with the exercise.
• Footnotes: Transaction was executed under a Rule 10b5-1 trading plan adopted Dec 16, 2025; options were fully vested.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context
This was an exercise-plus-sale (often a cashless or sell-to-cover pattern) executed under a pre-established 10b5-1 plan; such planned sales are common and typically considered routine disposition rather than an unsolicited signal of company prospects. Transaction codes: M = exercise/conversion of derivative, S = sale.