Brown Shelly 4

What Happened

• Shelly Brown, EVP & Chief Strategy Officer of Miami International Holdings, exercised 16,434 stock options (strike $12.00) on 2026-04-08 (cost reported as $197,208) and immediately sold those 16,434 shares in the open market for a weighted-average price of $42.08, generating proceeds of approximately $691,543. The filing also records the related derivative disposition (0.00 consideration) associated with the option conversion.

Key Details

• Transaction date: 2026-04-08; Form 4 filed: 2026-04-09 (timely).
• Exercise: 16,434 shares at $12.00 / $197,208 total (acquired).
• Sale: 16,434 shares at weighted avg $42.08 / ~$691,543 total; trade prices ranged $42.00–$42.26 (executed in multiple trades).
• Derivative line: 16,434 shares recorded as disposed at $0.00 (reflects the option conversion/surrender).
• Options were fully vested (footnote).
• Transaction effected under a pre-established Rule 10b5-1 trading plan adopted Dec 22, 2025 (footnote).
• Shares owned after the transaction are not disclosed in the provided filing.

Context

• This is a same-day exercise-and-sell (commonly a cashless exercise) executed under a 10b5-1 plan, which is a pre-arranged program that can make sales routine and less indicative of a change in insider sentiment. The filing is timely and includes a footnote offering to provide detailed per-trade prices and quantities on request.