MIAX Insider Exercise: 150,000+ Options Exercised; 52,054 Shares Surrendered for Taxes
Rhea-AI Filing Summary
John Smollen, EVP Traded Products & Relation of Miami International Holdings, Inc. (MIAX), reported option exercises on 09/11/2025 and subsequent net settlement for tax withholding. The filing shows two nonqualified stock option exercises of 125,001 and 24,999 shares at an exercise price of $12 per share, and the surrender of 52,054 shares to satisfy tax-withholding obligations at an indicated price of $37.39 per share. The options were fully vested and exercisable on 09/17/2025. Following the transactions the reporting person beneficially owned 166,119 shares directly. The form is signed by an attorney-in-fact on 09/15/2025.
Positive
- Options fully vested before exercise, enabling the reporting person to exercise without vesting contingencies
- Post-transaction ownership disclosed with a clear direct beneficial ownership figure of 166,119 shares
- Net settlement for tax withholding was used rather than an open-market sale, indicating withholding compliance rather than cash liquidation
Negative
- 52,054 shares surrendered to satisfy tax-withholding obligations, which reduced the reporting person's direct holdings
- No sale to third parties is reported, so liquidity realized by the reporting person is not disclosed beyond tax withholding
Insights
TL;DR: Insider exercised vested options, increasing direct ownership while using shares to cover tax withholding; net position reported as 166,119 shares.
The reporting shows material option exercises executed at a $12 strike with net settlement for taxes of 52,054 shares reported as a disposition. The transactions do not state any sales to third parties; rather, surrendered shares were used solely to satisfy withholding. The disclosure confirms full vesting of the options and provides explicit post-transaction ownership counts, which are useful for assessing insider alignment with shareholders but do not indicate external monetization.
TL;DR: Executive exercised fully vested options and followed standard net-settlement tax procedures; disclosure appears complete and timely.
The Form 4 documents option exercises and tax withholding via share surrender, which is a common practice that preserves immediate compliance with tax obligations. The filing includes transaction codes, amounts, exercise price, vesting confirmation, and a signature by an attorney-in-fact, meeting typical disclosure expectations. No indications of atypical related-party transactions or undisclosed derivative arrangements are present in the filing.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Nonqualified Stock Option (Right to Buy) | 125,001 | $0.00 | $0.00 |
| Exercise | Incentive Stock Option (Right to Buy) | 24,999 | $0.00 | $0.00 |
| Exercise | Common Stock | 125,001 | $12.00 | $1.50M |
| Exercise Price or Tax Liability | Common Stock | 52,054 | $37.39 | $1.95M |
| Exercise | Common Stock | 24,999 | $12.00 | $300K |
Footnotes (2)
- F1. Represents shares that have been surrendered to the Company to satisfy tax withholding and remittance obligations in connection with the net settlement of options exercised and does not represent a sale by the reporting person.
- F2. The options are fully vested.
FAQ
What transactions did MIAX insider John Smollen report on Form 4?
Were the options exercised by the MIAX reporting person vested?
When was the Form 4 signed and filed for the MIAX transactions?
AI-generated analysis. How Rhea-AI works. Not financial advice.
