Eckert Kurt M. 4

What Happened

• Kurt M. Eckert, a director of Miami International Holdings, exercised 12,917 stock options at $12.00 per share (cost $155,004) on March 19, 2026. The filing also shows the 12,917 shares from that exercise were disposed (sale) and he separately sold 37,917 shares in the open market for a weighted average price of $39.00, generating proceeds of approximately $1,478,763. The exercise and related disposition are reported in the same filing.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 20, 2026 (timely).
• Exercise: 12,917 shares at $12.00 = $155,004 (reported as "Acquired" via derivative exercise).
• Dispositions: 37,917 shares sold at a weighted average $39.00 = $1,478,763; plus 12,917 shares disposed in connection with the exercise for $155,004.
• Footnotes:
  • F1: The sale was effected pursuant to a previously established Rule 10b5-1 trading plan adopted Dec 18, 2025.
  • F2: The open-market sale executed in multiple trades at prices ranging $38.62–$39.48; $39.00 is the weighted average.
  • F3: The options exercised were fully vested.
• Shares owned after transaction: not specified in the provided excerpt of the filing.

Context

• The filing shows an option exercise combined with immediate disposition of the exercised shares (reported separately) plus a larger open-market sale the same day. This pattern can reflect a cashless exercise or sale-to-cover for taxes, but the filing itself only reports the mechanics (exercise and sales), not the insider's motives.
• The open-market sale was executed under a pre-established 10b5-1 plan (F1), which is a structured trading plan that can provide an affirmative defense against insider trading claims when properly adopted.