Raymond Mark F. 4

What Happened

• Raymond Mark F., a director of Miami International Holdings, Inc. (MIAX), exercised 16,000 stock options on 2026-06-16 at an exercise price of $12.00 per share, costing $192,000. The filing also shows he received 2,267 RSUs that vested and converted to shares on 2026-06-15 (no cash cost) and was granted 4,970 RSUs on 2026-06-16 that vest before the 2027 annual meeting subject to continued service.
• The Form 4 includes a separate derivative conversion/disposition entry for 16,000 units at $0 (reported as a derivative disposition); footnotes state the options were fully vested.

Key Details

• Dates and prices: 2026-06-15 — 2,267 RSUs vested (acquired at $0); 2026-06-16 — exercised 16,000 options at $12.00 ($192,000) and granted 4,970 RSUs (vest later).
• Shares owned after transaction: not specified in the provided filing summary.
• Footnotes: F1 = 2,267 RSUs fully vested on grant (1 RSU = 1 share). F2 = 4,970 RSUs vest prior to 2027 annual meeting, subject to continued service. F3 = options are fully vested.
• Filing timeliness: Reported on 2026-06-17 for transactions on 6/15–6/16 (filed within the normal two-business-day window).

Context

• This was an exercise of vested options (code M) and receipt/grant of RSUs (code A). The filing does not show an immediate sale of the exercised shares — the exercise represents an acquisition of shares by paying the strike price rather than a sale.
• RSU grants/vests and option exercises are common forms of executive/director compensation; the granted RSUs that vest in 2027 are subject to continued service and do not represent current share ownership until they vest.