Schafer Douglas M. JR 4

What Happened

• Douglas M. Schafer Jr., Executive Vice President and Chief Investment Officer of Miami International Holdings (MIAX), exercised 48,000 stock options on March 17, 2026 (strike $12.00), paying $576,000 to acquire the shares. Those 48,000 shares were subsequently sold in the open market at a weighted average price of $39.74 for total gross proceeds of approximately $1,907,520. The filing also reports the corresponding derivative conversion tied to the exercise.

Key Details

• Transaction date: March 17, 2026.
• Exercise: 48,000 options at $12.00 per share (cost $576,000).
• Sale: 48,000 shares sold at a weighted average price of $39.74 — proceeds ≈ $1,907,520. Trades executed across price range $39.51–$39.94 (weighted avg reported).
• Footnotes: Transaction executed under a previously established Rule 10b5‑1 plan adopted Dec 16, 2025 (F1). Options were fully vested (F3). Filer can provide detailed per‑trade prices on request (F2).
• Shares owned after transaction: not specified in the provided filing extract.
• Filing timeliness: Report was filed the next day (filed 2026-03-18 for a 2026-03-17 transaction), which appears timely.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. Sales executed under a pre-established 10b5‑1 plan are routine and indicate the trades were pre-planned rather than necessarily reflecting a new view on the company.
• The presence of vested options and immediate sale means the insider realized the spread between the market price and strike price; purchases (which can be stronger bullish signals) were not part of this filing.