Comly Barbara J. 4

What Happened

• Barbara J. Comly, EVP, General Counsel & Corporate Secretary of Miami International Holdings, exercised stock options on March 9, 2026. She acquired a total of 33,332 common shares at a $12.00 strike price, paying $399,984 in the aggregate. The filing shows corresponding disposition entries for the derivative instruments (the options) at $0, reflecting conversion/cancellation of the options rather than a cash sale of the shares.
• This was an exercise of vested options (a purchase of stock via option exercise), not an open‑market sale; no immediate sale of the shares is reported in the filing.

Key Details

• Transaction date: 2026-03-09; Form 4 filed: 2026-03-10 (timely).
• Shares acquired: 33,332 common shares (8,333 + 8,333 + 16,666) at $12.00 each; total consideration paid: $399,984.
• Dispositions: Matching derivative dispositions of 33,332 option units at $0 (reflecting conversion/cancellation of the options).
• Footnotes: F1 – options were originally for Nonvoting Common Stock and converted on the IPO closing date to rights to buy Common Stock under the same terms. F2 – the options are fully vested.
• Shares owned after transaction: not specified in the provided filing excerpt.

Context

• This was an options exercise (transaction code M). In such exercises the insider pays the strike price to receive shares; sometimes insiders immediately sell shares to cover costs (a “cashless” exercise), but no sale is reported here.
• Exercises are often routine (vesting-driven) and do not by themselves indicate a change in insider sentiment; they do, however, increase the insider’s direct common‑share position if shares are held.