Miami International CIO sells 40,000 and 8,000 shares

Q: How many MIAX shares did its EVP and CIO sell, and at what prices?

Douglas M. Schafer Jr. sold 40,000 shares on November 3, 2026, at a weighted average price of $34.07 per share, and 8,000 shares on November 4, 2026, at $35 per share. The November 3 sale involved multiple trades priced from $33.32 to $34.56 per share. Both sales were effected under a previously established Rule 10b5-1 Plan adopted December 16, 2025.

Q: What were the terms of MIAX's November 4 option exercise?

Douglas M. Schafer Jr. exercised 8,000 options at $12 per share. The options were fully vested and expire July 31, 2029. They were initially granted as the right to buy Nonvoting Common Stock and converted on the IPO closing date to the right to buy Common Stock for the same price and under the same conditions.

The November 3 sale price was a weighted average across trades priced from $33.32 to $34.56.

Available on EDGAR 11/05/2026 - 04:10 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:10 PM EST

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Form Type

Rhea-AI Filing Summary

On November 3, 2026, MIAMI INTERNATIONAL HOLDINGS, INC. EVP and CIO Douglas M. Schafer Jr. exercised options for 40,000 shares at $12 per share and sold 40,000 shares at a weighted average price of $34.07 per share. On November 4, 2026, he exercised options for 8,000 shares at $12 per share and sold 8,000 shares at $35 per share. Both sales were effected under a previously established Rule 10b5-1 Plan adopted December 16, 2025. The November 3 sale involved multiple trades priced from $33.32 to $34.56 per share.

Insider Trade Summary 10b5-1

Exercise and Sale: 48,000 shares ($1.07M approx. pre-tax spread)

Exercise and Sale 6 txns

Insider Schafer Douglas M. JR

Role EVP and CIO

Sold 48,000 shs ($1.64M)

Approx. gross sale proceeds $1.64M

Approx. exercise cost $576K

Approx. pre-tax spread $1.07M

Share of Position Sold 11.0%

Type	Security	Shares	Price	Value
Exercise	Nonqualified Stock Option (Right to Buy) ^{F4, F1, F3}	8,000	$0.00	$0.00
Exercise	Common Stock ^F1	8,000	$12.00	$96K
Sale	Common Stock ^F1	8,000	$35.00	$280K
Exercise	Nonqualified Stock Option (Right to Buy) ^{F1, F3}	40,000	$0.00	$0.00
Exercise	Common Stock ^F1	40,000	$12.00	$480K
Sale	Common Stock ^{F1, F2}	40,000	$34.07	$1.36M

Holdings After Transaction: Nonqualified Stock Option (Right to Buy) — 99,334 contracts (Direct); Common Stock — 387,414 shares (Direct)

Holdings Before and After: Nonqualified Stock Option (Right to Buy), 147,334 to 99,334 contracts (Direct); Common Stock, 387,414 to 387,414 shares (Direct)

Other Insiders: 1 other insider reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (4)

F1. This transaction was effected pursuant to a previously established Rule 10b5-1 Plan adopted by the Reporting Person on December 16, 2025.
F2. This transaction was executed in multiple trades throughout the day at prices ranging from $33.32 to $34.56. 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.
F3. The options are fully vested.
F4. The options were granted initially as the right to buy Nonvoting Common Stock. On the closing date of the IPO, these converted to the right to buy Common Stock instead of Nonvoting Common Stock, for the same price and under the same conditions.

Key Figures

Shares acquired on option exercise: 40,000 shares Exercise price: $12 per share Shares sold: 40,000 shares +5 more

8 metrics

Shares acquired on option exercise 40,000 shares November 3, 2026

Exercise price $12 per share November 3, 2026 option exercise

Shares sold 40,000 shares November 3, 2026

Weighted average sale price $34.07 per share November 3, 2026 sale

Shares acquired on option exercise 8,000 shares November 4, 2026

Exercise price $12 per share November 4, 2026 option exercise

Shares sold 8,000 shares November 4, 2026 at $35 per share

November 3 sale price range $33.32 to $34.56 per share Multiple trades during the November 3, 2026 sale

Key Terms

Rule 10b5-1 Plan, Nonqualified Stock Option (Right to Buy), weighted average sales price

3 terms

Rule 10b5-1 Plan regulatory

"under a previously established Rule 10b5-1 Plan"

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) technical

"Nonqualified Stock Option (Right to Buy)"

weighted average sales price financial

"reflects the weighted average sales price"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MIAX shares did its EVP and CIO sell, and at what prices?

Douglas M. Schafer Jr. sold 40,000 shares on November 3, 2026, at a weighted average price of $34.07 per share, and 8,000 shares on November 4, 2026, at $35 per share. The November 3 sale involved multiple trades priced from $33.32 to $34.56 per share. Both sales were effected under a previously established Rule 10b5-1 Plan adopted December 16, 2025.

What were the terms of MIAX's November 4 option exercise?

Douglas M. Schafer Jr. exercised 8,000 options at $12 per share. The options were fully vested and expire July 31, 2029. They were initially granted as the right to buy Nonvoting Common Stock and converted on the IPO closing date to the right to buy Common Stock for the same price and under the same conditions.

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

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED 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).

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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP and CIO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/03/2026		M⁽¹⁾		40,000	A	$12	427,414	D
Common Stock	11/03/2026		S⁽¹⁾		40,000	D	$34.07⁽²⁾	387,414	D
Common Stock	11/04/2026		M⁽¹⁾		8,000	A	$12	395,414	D
Common Stock	11/04/2026		S⁽¹⁾		8,000	D	$35	387,414	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Nonqualified Stock Option (Right to Buy)	$12	11/03/2026		M⁽¹⁾			40,000	⁽³⁾	07/31/2029	Common Stock	40,000	$0	107,334	D
Nonqualified Stock Option (Right to Buy)	$12⁽⁴⁾	11/04/2026		M⁽¹⁾			8,000	⁽³⁾	07/31/2029	Common Stock	8,000	$0	99,334	D

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 $33.32 to $34.56. 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.

4. The options were granted initially as the right to buy Nonvoting Common Stock. On the closing date of the IPO, these converted to the right to buy Common Stock instead of Nonvoting Common Stock, for the same price and under the same conditions.

Remarks:

	/s/ Alessandra Henriques Corona, Attorney-in-fact	11/05/2026
	** Signature of Reporting Person	Date
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