Form 4: Director David A. Brown Increases Stake in MIAX

Director David A. Brown acquired 7,237 shares of common stock and 5,142 stock options in Miami International Holdings, Inc.

Summary

• Director David A. Brown received 2,267 restricted stock units (RSUs) on June 15, 2026, which vested immediately.
• Director David A. Brown received 4,970 RSUs on June 16, 2026, scheduled to vest before the 2027 annual meeting.
• Director David A. Brown was granted 5,142 nonqualified stock options with an exercise price of $40.24 per share.
• The stock options are subject to a tiered vesting schedule throughout 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine regulatory disclosure regarding director compensation, which is neutral in terms of immediate market impact.

Positives

• Increased alignment between director interests and shareholder value through equity ownership.
• Director maintains a long-term commitment to the company through multi-stage option vesting.

Negatives

• Dilutive impact of new equity grants to board members.

Risks

• Vesting of equity is contingent upon continued service to the issuer or its subsidiaries.

Future Outlook

The director's equity compensation is tied to continued service through 2026 and the 2027 annual meeting, indicating an expectation of ongoing board participation.

Industry Context

StockSavvy.ai notes that equity-based compensation for directors is standard practice in the financial exchange industry to ensure long-term strategic alignment with shareholders.

Comparison to Industry Standards

• The use of RSUs and stock options for board compensation is consistent with practices at other major financial exchange operators like CBOE, CME Group, and Intercontinental Exchange.

Stakeholder Impact

• Shareholders may experience minor dilution from the issuance of new equity to the director.

Next Steps

• Vesting of stock options on June 30, 2026, September 30, 2026, and December 31, 2026.
• Vesting of 4,970 RSUs prior to the 2027 annual meeting.

Key Dates

Keywords

Miami International Holdings, MIAX, Form 4, Insider Trading, Director Compensation, Equity Grant