Form 4: MIAX Executive Exercises Options, Adjusts Holdings

Edward Deitzel, EVP, CRO, and CCO of MIAX Exchanges, exercised stock options and adjusted his direct holdings in Miami International Holdings, Inc. common stock.

Summary

• Edward Deitzel, an Executive Vice President, Chief Risk Officer, and Chief Compliance Officer of MIAX Exchanges, engaged in several pre-planned transactions involving Miami International Holdings, Inc. common stock.
• On September 9, 2025, Deitzel exercised nonqualified stock options to acquire 62,500 shares of common stock at an exercise price of $12 per share.
• Concurrently on September 9, 2025, 38,090 shares were disposed of at a price of $37.3 per share to satisfy tax withholding and remittance obligations related to the option exercise. This disposition was not a sale by the reporting person.
• On September 11, 2025, Deitzel exercised incentive stock options to acquire 16,666 shares of common stock at an exercise price of $12 per share.
• Following these transactions, Deitzel's direct beneficial ownership of common stock stands at 122,963 shares.
• All options exercised were fully vested.
• The transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities of the issuer, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 6

Explanation: The filing reports the exercise of stock options by an executive, which is a positive event for the individual as it realizes value. The subsequent disposition of shares for tax withholding is a standard, neutral event. The overall sentiment is moderately positive as it reflects an executive realizing value from their compensation, without indicating any negative sentiment towards the company.

Positives

• Executive Edward Deitzel exercised stock options, indicating a realization of value from previously granted equity awards.
• The exercise price of $12 per share is significantly lower than the $37.3 per share used for tax withholding, suggesting a substantial in-the-money value for the options.

Negatives

• A portion of the acquired shares (38,090 shares) was immediately surrendered to cover tax obligations, reducing the net increase in direct beneficial ownership.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the inherent risks associated with holding equity securities.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's performance or strategic direction.

Industry Context

This Form 4 filing reports routine insider stock option exercises and tax-related dispositions, which are common events for executives in publicly traded companies across various industries. The transactions are pre-planned under a Rule 10b5-1 plan, a standard practice for insiders to manage equity holdings.

Management Changes

Corporate Governance

Legal Proceedings

• The filing does not mention any litigation or regulatory matters.

Related Party Transactions

• Edward Deitzel, an executive of Miami International Holdings, Inc., engaged in transactions involving the company's common stock, including the exercise of stock options and the disposition of shares for tax withholding purposes. These are considered related party dealings.

Stakeholder Impact

• Shareholders: The exercise of options and subsequent tax-related disposition by an executive can be viewed as a normal part of executive compensation. The net increase in shares held by the executive could be seen as a minor positive signal of alignment with shareholder interests, though the tax-related sale reduces this impact.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on customers, suppliers, or creditors is indicated by this filing.

Next Steps

• The filing does not mention any specific future actions, events, or milestones for the company or the reporting person beyond the reported transactions.

Key Dates

Keywords

Miami International Holdings, MIAX, Edward Deitzel, Insider Trading, Stock Options, Form 4, Executive Compensation, Equity Awards, Common Stock, Rule 10b5-1