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  4. [Form 4] MIAMI INTERNATIONAL HOLDINGS, INC. Insider Trading Activity

MIAX (MIAX) EVP & CIO exercises 48K options, sells 48K shares under 10b5-1 plan

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

MIAMI INTERNATIONAL HOLDINGS, INC. EVP and CIO Douglas M. Schafer Jr. reported exercising stock options and selling shares of common stock. He exercised options covering a total of 48,000 shares at an exercise price of $12.00 per share, converting derivative awards into common stock.

On the same date, he executed an open‑market sale of 48,000 common shares at a weighted average price of $41.22 per share, in trades ranging from $39.79 to $41.79. After the reported sale, he directly held 387,414 common shares. The filing notes that the sale was carried out under a previously established Rule 10b5‑1 trading plan adopted on December 16, 2025, indicating the transactions were pre‑scheduled rather than opportunistic.

Positive

  • None.

Negative

  • None.
Insider Schafer Douglas M. JR
Role EVP and CIO
Sold 48,000 shs ($1.98M)
Type Security Shares Price Value
Exercise Nonqualified Stock Option (Right to Buy) 6,000 $0.00 --
Exercise Nonqualified Stock Option (Right to Buy) 42,000 $0.00 --
Exercise Common Stock 6,000 $12.00 $72K
Exercise Common Stock 42,000 $12.00 $504K
Sale Common Stock 48,000 $41.22 $1.98M
Holdings After Transaction: Nonqualified Stock Option (Right to Buy) — 0 shares (Direct); Common Stock — 393,414 shares (Direct)
Footnotes (1)
  1. This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the Reporting Person on December 16, 2025. This transaction was executed in multiple trades throughout the day at prices ranging from $39.79 to $41.79. The price reported above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected. The options are fully vested.
Shares sold 48,000 shares Open-market sale on July 2, 2026
Weighted average sale price $41.22 per share Common stock sale on July 2, 2026
Sale price range $39.79–$41.79 per share Intraday trade range for 48,000-share sale
Options exercised 48,000 shares Nonqualified stock options converted to common stock
Option exercise price $12.00 per share Conversion price for exercised options
Shares held after sale 387,414 shares Direct common stock ownership after 48,000-share sale
10b5-1 plan adoption date December 16, 2025 Date pre-arranged trading plan was established
Option expiration date August 2, 2026 Expiration for one nonqualified stock option grant
Rule 10b5-1 Plan regulatory
"This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the Reporting Person on December 16, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
Nonqualified Stock Option (Right to Buy) financial
"security_title: "Nonqualified Stock Option (Right to Buy)" with underlying security title "Common Stock"."
weighted average sales price financial
"The price reported above reflects the weighted average sales price."
derivative security financial
"transaction_code_description: "Exercise or conversion of derivative security"."
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Schafer Douglas M. JR
(Last)(First)(Middle)
C/O MIAMI INTERNATIONAL HOLDINGS, INC.
7 ROSZEL ROAD, SUITE 1A
(Street)
PRINCETON NEW JERSEY 08540
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
MIAMI INTERNATIONAL HOLDINGS, INC. [ MIAX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP and CIO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock07/02/2026M(1)6,000A$12393,414D
Common Stock07/02/2026M(1)42,000A$12435,414D
Common Stock07/02/2026S(1)48,000D$41.22(2)387,414D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Nonqualified Stock Option (Right to Buy)$1207/02/2026M(1)6,000 (3)08/02/2026Common Stock6,000$00D
Nonqualified Stock Option (Right to Buy)$1207/02/2026M(1)42,000 (3)05/17/2028Common Stock42,000$091,334D
Explanation of Responses:
1. This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the Reporting Person on December 16, 2025.
2. This transaction was executed in multiple trades throughout the day at prices ranging from $39.79 to $41.79. The price reported above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide upon request to the Securities and Exchange Commission staff, the Issuer or a security holder of the Issuer, full information regarding the number of shares and prices at which the transaction was effected.
3. The options are fully vested.
Remarks:
/s/ Alessandra Henriques Corona, Attorney-in-fact07/07/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR