Gallagher Thomas P. 4

What Happened

• Thomas P. Gallagher, Chairman & CEO of Miami International Holdings, exercised 15,771 stock options (fully vested) at a $12.00 exercise price (cost $189,252) on May 5, 2026 and sold the 15,771 shares the same day in open-market trades for total proceeds of $755,746. The exercise and immediate sale produced a gross spread of roughly $566,494 before fees and taxes.
• The sale was executed under a previously established Rule 10b5-1 trading plan adopted December 29, 2025.

Key Details

• Transaction date: May 5, 2026; Form filed May 7, 2026 (timely filing).
• Exercise: 15,771 shares @ $12.00 = $189,252 (acquired).
• Sale: 15,771 shares @ weighted average $47.92 = $755,746 (disposed). Reported trade prices ranged $47.13–$48.35 (multiple trades).
• A related derivative line shows the option conversion/disposition as $0, reflecting the options were exercised/terminated.
• Options were fully vested. Reporting person retains beneficial ownership/control via Gallagher Investments, LLC (per filing).
• Shares owned after the transaction are not specified in the Form 4.

Context

• This is effectively a cashless exercise: the insider exercised options and immediately sold the acquired shares the same day to realize proceeds. Such transactions are often for liquidity (taxes/financing) and are commonly executed under 10b5-1 plans; they do not by themselves indicate a change in insider sentiment.
• The filing discloses the 10b5-1 plan and provides a weighted-average sale price; the filer offered to supply detailed per-trade prices on request.