MIAX EVP/CIO Douglas M. Schafer Exercises Options, Sells 48,000 Shares

What Happened
Douglas M. Schafer Jr., EVP and Chief Investment Officer of Miami International Holdings, exercised a total of 48,000 vested stock options (43,334 + 4,666) with a $12.00 strike and immediately sold the 48,000 shares in the open market. The exercise cost was $576,000 (48,000 × $12.00). The shares were sold at a weighted-average price of $40.48 for total gross proceeds of $1,943,040 — roughly $1.37M in proceeds after subtracting the exercise cost (before taxes and fees).

Key Details

• Transaction date: 2026-09-02; Form 4 filed 2026-09-04 (timely filing).
• Exercise: 48,000 options exercised at $12.00 per share (options are fully vested).
• Sale: 48,000 shares sold in multiple trades, weighted average price $40.48; price range reported $39.69–$41.80. Total sale proceeds $1,943,040.
• Net cash difference (sale proceeds minus exercise cost): approximately $1,367,040 (pre-tax, pre-fees).
• Footnotes: Sale was executed pursuant to a previously established Rule 10b5-1 trading plan adopted Dec 16, 2025. Reporting person can provide trade-by-trade details on request.
• Shares owned after the transaction: not specified in the provided filing details.

Context

• This was an exercise of vested options combined with an immediate sale of the resulting shares (a common cashless-style outcome). The 10b5-1 plan indicates the sales were pre-arranged and routine rather than ad hoc trading.
• For retail investors: purchases (buys) often signal direct insider conviction; exercises followed by sales are frequently liquidity events for the insider. This filing is factual disclosure of such a liquidity event, not an endorsement of company prospects.