MIAX EVP Jayabalan Harish Exercises Options, Sells 20,000 Shares

What Happened

• Jayabalan Harish, EVP, Chief Information Security Officer and Chief Risk Officer of Miami International Holdings (MIAX), exercised 20,000 stock options and immediately sold the 20,000 resulting shares in the open market. He exercised 14,168 options at $12.00 (cost $170,016) and 5,832 options at $15.22 (cost $88,763), for total exercise cost of $258,779, and sold the 20,000 shares at a weighted average price of $45.90 for total proceeds of $918,000 (gross proceeds). Net proceeds before taxes/fees are roughly $659,221.

Key Details

• Transaction date: August 4, 2026; Form 4 filed August 6, 2026 (timely).
• Exercise details: 14,168 shares @ $12.00; 5,832 shares @ $15.22 (options fully vested per filing).
• Sale: 20,000 shares sold in multiple trades at prices ranging $45.04–$46.78; weighted average $45.90, total proceeds $918,000.
• Shares owned after transaction: not disclosed in the filing.
• Footnotes: sale executed pursuant to a previously established Rule 10b5-1 trading plan adopted March 9, 2026 (F1); price range and weighted-average details provided (F2); options were fully vested (F3).

Context

• This was effectively a cashless exercise followed by an immediate sale: options were exercised and the resulting shares were sold the same day under a pre-established 10b5-1 plan. Such sales are often routine (liquidity or tax planning) and, while they reduce the insider's shareholding, they do not by themselves indicate the insider’s long-term view of the company.