Form 4: Insider Transaction: Barbara Comly Exercises MIAX Options

Barbara J. Comly, EVP and General Counsel of Miami International Holdings, exercised options and sold 29,667 shares of common stock.

Summary

• Barbara J. Comly, EVP, GC & Corporate Secretary, exercised 29,667 stock options at a strike price of $12.00 per share.
• Following the exercise, the reporting person sold the 29,667 shares at a weighted average price of $43.64 per share.
• The transactions were executed on April 15, 2026, pursuant to a Rule 10b5-1 trading plan adopted on December 18, 2025.
• The reporting person retains beneficial ownership of 843,844 shares of common stock following these transactions.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; it is a routine, pre-planned divestment by an executive that does not signal a change in company fundamentals.

Positives

• The transaction was conducted under a pre-established Rule 10b5-1 plan, indicating a systematic approach to liquidity rather than reactive trading.
• The reporting person maintains a significant remaining equity stake of 843,844 shares.

Negatives

• The transaction represents a divestment of shares by a key executive, which may be perceived as a reduction in direct skin-in-the-game.

Risks

• Future share price volatility could impact the value of the remaining 843,844 shares held by the executive.

Future Outlook

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

Management Comments

• The reporting person confirmed the transaction was executed in multiple trades at prices ranging from $42.68 to $44.37.

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 are pre-planned to avoid concerns regarding insider information.

Comparison to Industry Standards

• The use of Rule 10b5-1 plans is the industry standard for corporate officers to manage equity holdings while maintaining regulatory compliance.
• The retention of over 840,000 shares suggests strong alignment with long-term shareholder interests compared to peers who may liquidate larger portions of their holdings.

Stakeholder Impact

• Shareholders should view this as a routine liquidity event for the executive rather than a signal of company performance.

Next Steps

• The reporting person will continue to hold the remaining 843,844 shares and 112,000 unexercised options.

Key Dates

Keywords

MIAX, Insider Trading, Form 4, Miami International Holdings, Equity Compensation, Rule 10b5-1