Form 4: MIAX CFO Exercises Significant Stock Options

Miami International Holdings' EVP and CFO, Lance Emmons, exercised a substantial number of incentive stock options, increasing his direct common stock holdings.

Summary

• Lance Emmons, Executive Vice President and Chief Financial Officer of Miami International Holdings, Inc. (MIAX), reported transactions involving the exercise of incentive stock options.
• On December 16, 2025, Emmons exercised options to acquire 22,221 shares of common stock at an exercise price of $13.50 per share.
• Concurrently, he exercised options for an additional 6,195 shares of common stock at an exercise price of $16.14 per share.
• A further 5,040 shares of common stock were acquired through option exercise at a price of $19.84 per share.
• Following these transactions, Emmons directly beneficially owns a total of 127,612 shares of Miami International Holdings, Inc. common stock.
• The options for 22,221 shares (expiring 03/05/2030) and 6,195 shares (expiring 09/09/2031) were fully vested and are now fully exercised.
• For the options related to the 5,040 shares exercised (expiring 03/28/2033), 5,040 shares were vested and exercised, with an additional 5,040 options from the same grant remaining, which will vest on March 29, 2026, subject to continued service.

Sentiment

Score: 7

Explanation: The exercise of incentive stock options by a key executive, leading to increased direct beneficial ownership, is generally viewed as a positive signal of management's confidence in the company's future prospects and stock value.

Positives

• Increased insider ownership by a key executive (EVP and CFO) signals confidence in the company's future performance and valuation.
• The exercise of options at various price points indicates a long-term commitment and belief in the stock's appreciation potential.

Future Outlook

An additional 5,040 incentive stock options held by the EVP and CFO are scheduled to vest on March 29, 2026, contingent upon his continued service to the company.

Industry Context

This filing is a standard insider transaction report and does not provide specific industry context. However, executive option exercises are common across industries and often reflect management's positive outlook on their company's stock performance.

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive indicator of management alignment with shareholder interests and confidence in the company's long-term value.
• Employees may perceive this as a sign of stability and positive outlook from senior leadership.

Next Steps

• The remaining 5,040 incentive stock options held by Lance Emmons are expected to vest on March 29, 2026, subject to his continued employment.

Key Dates

Keywords

MIAX, Miami International Holdings, Lance Emmons, Insider Trading, Stock Options, Executive Compensation, Common Stock, Beneficial Ownership, Form 4