Form 4: CEO Thomas Gallagher Executes Stock Option Exercise

Miami International Holdings CEO Thomas Gallagher exercised 70,000 stock options and sold the resulting shares via a 10b5-1 plan.

Summary

• Thomas P. Gallagher, Chairman and CEO of Miami International Holdings, Inc., exercised 70,000 nonqualified stock options at a strike price of $12.00 per share.
• Following the exercise, the acquired shares were sold at a weighted average price of $42.36 per share.
• The transactions were conducted through Gallagher Investments, LLC, an entity over which Mr. Gallagher maintains voting and dispositive control.
• The trades were executed pursuant to a Rule 10b5-1 trading plan adopted on December 29, 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, as the sale was conducted through a pre-established 10b5-1 plan, which is a routine mechanism for executive financial planning.

Positives

• The transaction was pre-planned under a Rule 10b5-1 plan, indicating a structured approach to liquidity rather than reactive selling.
• The exercise of options demonstrates the executive's participation in the company's equity incentive programs.

Negatives

• The transaction resulted in a net reduction of shares held indirectly by the CEO's investment vehicle.

Risks

• Market volatility could impact the value of remaining holdings.
• Reliance on Rule 10b5-1 plans does not eliminate the potential for negative market perception regarding insider selling.

Future Outlook

No specific forward-looking guidance regarding company operations was provided in this filing.

Management Comments

• The reporting person undertakes to provide full information regarding the number of shares and prices at which the transaction was effected upon request.

Industry Context

StockSavvy.ai notes that executive stock sales executed via 10b5-1 plans are standard practice for liquidity management and are generally viewed as neutral by the market, as they remove the appearance of trading on non-public information.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate insiders to manage equity holdings while maintaining compliance with SEC regulations.

Related Party Transactions

• Transactions were conducted through Gallagher Investments, LLC, an entity controlled by the CEO.

Stakeholder Impact

• Minimal impact expected as the transaction was pre-planned and disclosed in accordance with regulatory requirements.

Next Steps

• Continued monitoring of future Form 4 filings for further insider activity.

Key Dates

Keywords

MIAX, Insider Trading, Form 4, Thomas Gallagher, Stock Options, Miami International Holdings