Form 4: MIAX Executive's Tax-Related Stock Disposition

A Miami International Holdings executive surrendered 16,283 shares of common stock to cover tax withholding obligations related to restricted stock awards.

Summary

• Shelly Brown, Executive Vice President of Strategic Planning & Business Development at Miami International Holdings, Inc. (MIAX), reported a transaction on September 10, 2025.
• The transaction involved the disposition of 16,283 shares of common stock.
• These shares were surrendered to the company to satisfy tax withholding and remittance obligations associated with the net settlement of restricted stock awards.
• The shares were valued at $36.81 per share for the purpose of this transaction.
• Following this transaction, Shelly Brown beneficially owns 311,699 shares of common stock directly.

Sentiment

Score: 5

Explanation: The transaction is a neutral, non-discretionary event for tax purposes, not indicating a positive or negative sentiment towards the company's prospects.

Positives

• The transaction was not a discretionary sale by the reporting person, but rather a routine event to cover tax obligations, which typically does not signal a lack of confidence in the company.
• The reporting person continues to hold a substantial number of shares (311,699) after the transaction, indicating continued alignment with shareholder interests.

Negatives

• A reduction in the direct beneficial ownership of common stock by an executive, even if for tax purposes, slightly decreases insider holdings.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• Shares represent those surrendered to the Company to satisfy tax withholding and remittance obligations in connection with the net settlement of restricted stock awards and do not represent a sale by the reporting person.

Industry Context

This is a routine insider transaction related to equity compensation and tax obligations, which is common across all industries for executives receiving restricted stock awards. It does not reflect broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: Minimal impact as the transaction is a routine tax event and does not signal a change in the executive's confidence or a significant reduction in overall insider ownership.

Key Dates

Keywords

MIAX, Miami International Holdings, Shelly Brown, Form 4, Insider Transaction, Stock Disposition, Tax Withholding, Restricted Stock Awards, Equity Compensation