Form 4: MIAX Executive Executes Stock Option Exercise and Sale
Statement of Changes in Beneficial Ownership
Douglas M. Schafer Jr., EVP and CIO of Miami International Holdings, exercised options and sold 48,000 shares of common stock.
Summary
- Douglas M. Schafer Jr., EVP and CIO of Miami International Holdings, exercised 48,000 stock options at a strike price of $12.00 per share.
- Following the exercise, the reporting person sold 48,000 shares of common stock at a weighted average price of $42.84 per share.
- The transactions were executed pursuant to a Rule 10b5-1 trading plan adopted on December 16, 2025.
- Post-transaction, the reporting person maintains direct beneficial ownership of 396,681 shares of common stock.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a routine administrative filing related to executive compensation and personal financial planning, carrying no significant signal regarding company health.
Positives
- The transaction was pre-planned under a Rule 10b5-1 plan, indicating the sale was not based on sudden non-public information.
- The executive retains a significant equity stake of 396,681 shares following the transaction.
Negatives
- The transaction represents a divestment of 48,000 shares by a key member of the executive leadership team.
Risks
- Market volatility could impact the value of the remaining shares held by the executive.
- 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 performance was provided in this filing.
Industry Context
StockSavvy.ai notes that insider selling via 10b5-1 plans is a standard practice for executives to manage personal liquidity and diversify portfolios, and is generally viewed as neutral by the market when pre-planned.
Comparison to Industry Standards
- The use of Rule 10b5-1 plans is the industry standard for corporate officers to conduct orderly divestments while avoiding potential insider trading allegations.
Stakeholder Impact
- Minimal impact on shareholders as the transaction was conducted under a pre-established 10b5-1 plan.
Next Steps
- No future actions or milestones were disclosed in this filing.
Key Dates
| Date | Description |
|---|---|
| 2025-12-16 | Date the Rule 10b5-1 trading plan was adopted. |
| 2026-06-02 | Date of the option exercise and subsequent sale of common stock. |
| 2026-06-04 | Date the Form 4 was signed and filed. |
| 2026-08-02 | Expiration date of the exercised stock options. |
Keywords
MIAX, Miami International Holdings, Insider Trading, Form 4, Stock Options, Executive Compensation
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