Form 4: MIAX EVP & CIO Boosts Common Stock Holdings

MIAMI INTERNATIONAL HOLDINGS, INC. EVP and CIO Douglas M. Schafer Jr. converted preferred and nonvoting shares and exercised stock options, increasing his direct common stock beneficial ownership to 537,796 shares.

Summary

• Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer of MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX), engaged in several equity transactions on August 15, 2025.
• He converted 500 shares of Series B Preferred Stock into Common Stock on a one-for-one basis.
• Additionally, 387,296 shares of Nonvoting Common Stock were converted into Common Stock on a one-for-one basis.
• Mr. Schafer also exercised various incentive and nonqualified stock options, acquiring a total of 800,000 shares of Common Stock.
• These options, initially for Nonvoting Common Stock, converted to rights to buy Common Stock upon the company's IPO and were fully vested.
• Following these transactions, Mr. Schafer's direct beneficial ownership of Common Stock stands at 537,796 shares.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive as it indicates an executive's increased direct ownership of common stock through conversions and option exercises, aligning their interests with common shareholders. These are generally pre-planned and expected events.

Positives

• A significant number of non-voting and preferred shares were converted into voting Common Stock, increasing the executive's direct stake in the company's primary equity.
• The exercise of 800,000 stock options indicates a conversion of potential equity into actual common stock, aligning the executive's interests more closely with common shareholders.
• All exercised options were fully vested, indicating the executive has met the conditions for these equity awards.

Future Outlook

The filing does not provide any forward-looking statements or guidance.

Industry Context

This filing reflects an executive's equity transactions within a publicly traded company, common in the financial services industry for aligning management incentives with shareholder interests, particularly following an IPO.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with common shareholders due to conversions of non-common equity and exercise of options into common stock.

Key Dates

Keywords

MIAX, MIAMI INTERNATIONAL HOLDINGS, Insider Transaction, Form 4, Stock Options, Common Stock, Preferred Stock Conversion, Nonvoting Common Stock, Executive Compensation, Equity Ownership