Schafer Douglas M. JR 4

What Happened
Douglas M. Schafer, Executive Vice President and Chief Investment Officer of Miami International Holdings, Inc. (MIAX), was granted equity awards on June 16, 2026. The filing shows: 23,298 restricted stock units (RSUs) awarded at $0.00 and two derivative awards totaling 23,966 shares (2,485 and 21,481) also at $0.00 — together totaling 47,264 shares subject to future vesting. These were reported as Award/Grant transactions (code A) rather than purchases or sales; no cash changed hands on the grant date.

Key Details

• Transaction date: June 16, 2026; Filing date: June 18, 2026 (timely filing).
• Grant price: $0.00 (typical for RSUs/options grants); reported value on Form 4 = $0.
• Vesting (per footnotes):
  • RSUs (23,298): 7,766 vest on each of June 16, 2027, 2028 and 2029.
  • Derivative award (2,485): 829 vest 6/16/2027, 828 vest 6/16/2028, 828 vest 6/16/2029.
  • Derivative award (21,481): 7,161 vest 6/16/2027, 7,160 vest 6/16/2028, 7,160 vest 6/16/2029.
• Shares owned after the transaction are not specified in the provided extract of the filing.
• Transaction code: A = Award/Grant. No 10b5-1 or tax-withholding notation disclosed in the provided details.

Context
These awards are typical compensation grants that vest over three years and do not represent an immediate open-market buy or sell. The derivative entries reflect option-like awards that will convert to stock only as they vest and upon meeting any exercise conditions. Such grants are retention/compensation events and should be interpreted as part of long-term incentive pay rather than an immediate trading signal.