MIAX EVP Shelly Brown Exercises Options, Sells 16,000 Shares

What Happened Shelly Brown, EVP and Chief Strategy Officer of Miami International Holdings, Inc. (MIAX), exercised 16,000 stock options and immediately sold 16,000 shares on May 4, 2026. The exercise price paid was $12.00 per share (total $192,000) and the open-market sale was at a weighted-average price of $47.28 per share (total proceeds $756,480). The filing shows the derivative (options) were converted/removed in connection with the exercise (reported at $0.00 on the derivative disposal line).

Key Details

• Transaction date: 2026-05-04. Filing date: 2026-05-05 (timely).
• Exercise: 16,000 shares, $12.00 per share, $192,000 total (transaction code M).
• Sale: 16,000 shares, weighted-average $47.28 per share, $756,480 total (transaction code S). Trades ranged $46.75–$47.69; the $47.28 is the weighted average (F2).
• Derivative disposal: 16,000 shares reported at $0.00 reflecting the exercise/conversion (M).
• Footnotes: transaction was executed under a previously established Rule 10b5-1 trading plan adopted Dec 22, 2025 (F1); options were fully vested (F3).
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context This was an option exercise followed by an immediate sale (a common way executives realize gains from vested options). The sale was conducted under a pre-established 10b5-1 plan, which typically means the trades were preplanned according to a rule-based schedule rather than timed ad hoc by the insider. The filing is factual and does not indicate insider intent beyond the reported transactions.