Brown Shelly 4

What Happened
Shelly Brown, Executive Vice President and Chief Strategy Officer of Miami International Holdings (MIAX), exercised multiple option grants on 2026-03-30 to acquire a total of 30,016 common shares for aggregate cash consideration of roughly $500,000. The filing also shows 1,809 shares were surrendered to the company to satisfy tax withholding obligations, with a value of $67,838 (this surrender is not an open‑market sale).

The Form 4 lists corresponding disposals of the derivative instruments (the options) at $0, which reflects the conversion/extinguishment of those options upon exercise. The options exercised are noted as fully vested.

Key Details

• Transaction date: 2026-03-30; Form 4 filed 2026-04-01 (timely).
• Option exercises (acquired):
  • 8,333 shares @ $12.00 = $99,996
  • 6,570 shares @ $15.22 = $99,995
  • 6,195 shares @ $16.14 = $99,987
  • 3,878 shares @ $25.78 = $99,975
  • 5,040 shares @ $19.84 = $99,994
  • Total acquired: 30,016 shares for ≈ $499,947.
• Tax withholding: 1,809 shares surrendered @ $37.50 = $67,838 (footnote F1: surrendered to satisfy tax withholding; not a sale by the reporting person).
• Derivative disposition: matching disposals of the options are reported at $0 (these reflect the option conversion/extinguishment).
• Footnotes: F1 = shares surrendered for tax withholding (not a sale). F2 = options are fully vested.
• Shares owned after transaction: not specified in the information provided in this summary.

Context
This was an option exercise (transaction code M) with shares issued to the insider and the associated option instruments extinguished. The surrendered shares were used solely to cover tax withholding (a routine administrative action), not sold in the open market. Exercises like this are common for executives realizing vested option awards and do not by themselves indicate a buy or sell signal about the company’s stock.