Companies Core Scientific
Core Scientific (CORZ): executive pay, fiscal 2025
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CEO pay, last three years
- $890,791FY2023
- $41,938,321FY2024
- $22,923,204FY2025
CEO total pay was $22,923,204 in fiscal 2025, down from $41,938,321 in fiscal 2024.
FY2025: salary $815,769 · bonus $0 · stock awards $20,005,674 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Adam Sullivan | $815,769 | $0 | $20,005,674 | $0 | $2,062,500 | $0 | $39,261 | $22,923,204 |
| President and Chief Executive Officer | ||||||||
| James Nygaard | 450,000 | 0 | 8,000,000 | 0 | 1,200,000 | 0 | 30,354 | 9,680,354 |
| Executive Vice President, Chief Financial Officer | ||||||||
| Todd DuChene | 523,846 | 0 | 5,846,793 | 0 | 1,050,000 | 0 | 0 | 7,420,639 |
| Executive Vice President, Chief Legal and Administrative Officer | ||||||||
| Denise Sterling | 500,000 | 1,525,000 | 4,038,000 | 0 | 0 | 0 | 62,647 | 6,125,647 |
| Former Executive Vice President, Chief Financial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Adam Sullivan | $22,923,204 | $41,938,321 | $890,791 | ↓ −19,015,117 |
| James Nygaard | 9,680,354 | — | — | — |
| Todd DuChene | 7,420,639 | 15,428,680 | 492,408 | ↓ −8,008,041 |
| Denise Sterling | 6,125,647 | 4,812,212 | 392,100 | ↑ +1,313,435 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The primary objective of the executive compensation program is to attract, retain, and motivate talented individuals while creating sustainable long-term value for stockholders, with a strong emphasis on a 'pay-for-performance' philosophy that links a substantial portion of total compensation to the achievement of pre-established financial, operational, and strategic goals.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensia, Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Adam Sullivan | RSU | 2025-04-28 | — | — | 665,985 | — | $4,561,997 |
| Todd DuChene | PSU | 2025-04-28 | 64,891 | 129,781 | — | 389,343 | 4,513,783 |
| James Nygaard | RSU | 2025-03-19 | — | — | 819,672 | — | 8,000,000 |
| Adam Sullivan | PSU | 2025-04-28 | 222,020 | 444,039 | — | 1,332,117 | 15,443,676 |
| Todd DuChene | RSU | 2025-04-28 | — | — | 194,600 | — | 1,333,010 |
| Denise Sterling | RSU | 2025-11-07 | — | — | 200,000 | — | 4,038,000 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Adam Sullivan | $4,561,997 | $15,443,676 | $0 | 77.2% |
| Todd DuChene | 1,333,010 | 4,513,783 | 0 | 77.2% |
| James Nygaard | 8,000,000 | 0 | 0 | 0.0% |
| Denise Sterling | 4,038,000 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Denise Sterling | RSU | 2,000 | — | $29,120 |
| Denise Sterling | RSU | 25,000 | — | 364,000 |
| Todd DuChene | RSU | 27,879 | — | 401,179 |
| Todd DuChene | RSU | 30,000 | — | 436,800 |
| Adam Sullivan | RSU | 79,654 | — | 1,146,221 |
| Todd DuChene | RSU | 83,637 | — | 1,217,755 |
| Todd DuChene | RSU | 194,600 | — | 2,833,376 |
| Adam Sullivan | RSU | 238,960 | — | 3,479,258 |
| Todd DuChene | RSU | 389,343 | — | 8,484,649 |
| Todd DuChene | RSU | 501,817 | — | 7,306,456 |
| Adam Sullivan | RSU | 665,985 | — | 9,696,742 |
| James Nygaard | RSU | 819,672 | — | 11,934,424 |
| Adam Sullivan | RSU | 1,332,117 | — | 29,029,790 |
| Adam Sullivan | RSU | 2,150,641 | — | 31,313,333 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Elizabeth CrainIndependent · Audit (Chair) · Newly elected | $76,563 | $500,003 | — | — | — | $576,566 |
| Jordan LevyIndependent · Board Chair · Nominating and Corporate Governance (Chair) · Not standing for re-election | 111,287 | 334,120 | — | — | — | 445,407 |
| Yadin RozovIndependent · Audit · Compensation (Chair) | 90,349 | 334,120 | — | — | — | 424,469 |
| Eric WeissIndependent · Compensation · Nominating and Corporate Governance | 67,849 | 334,120 | — | — | — | 401,969 |
| Jeff BoothIndependent · Audit · Compensation · Nominating and Corporate Governance | 67,849 | 334,120 | — | — | — | 401,969 |
| Jarrod PattenIndependent · Departed during FY | 92,500 | 0 | — | — | — | 92,500 |
| Todd BeckerIndependent · Departed during FY | 62,500 | 0 | — | — | — | 62,500 |
| Adam SullivanEmployee director | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $300,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $568,897 |
| Equity awards (grant-date value) | $1,836,483 |
| All other compensation | $0 |
| Total cost of the board | $2,405,380 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Core Scientific as a peer
Companies that benchmark against CORZ
3 companies name CORZ as a compensation peer
- Cipher Digital Inc.CIFRFY2025
- CLEANSPARK, INC.CLSKFY2025
- Riot Platforms, Inc.RIOTFY2025
Each company listed discloses CORZ in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CORZ in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
The companies Core Scientific names as compensation peers that name it back in their own disclosed peer groups.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | CleanSpark | 2025 | S. Matthew Schultz | $862,917 | $37,098,637 | $0 | $0 | $44,901,507 |
| 2 | Okta | 2026 | Todd McKinnon | 595,233 | 35,684,266 | 0 | 561,719 | 36,843,718 |
| 3 | Mara Holdings | 2025 | Fred Thiel | 978,500 | 19,518,868 | 0 | 2,201,625 | 27,053,236 |
| 4 | Core Scientific | 2025 | Adam Sullivan | 815,769 | 20,005,674 | 0 | 2,062,500 | 22,923,204 |
| 5 | Intapp | 2026 | John Hall | 526,040 | 17,422,991 | 0 | 0 | 18,548,023 |
| 6 | VeriSign | 2025 | D. James Bidzos | 950,000 | 12,999,929 | 0 | 1,586,025 | 15,536,674 |
| 7 | Rambus | 2025 | Luc Seraphin | 726,250 | 7,898,072 | 0 | 869,652 | 9,507,546 |
| 8 | nCino | 2026 | Sean Desmond | 500,000 | 8,083,356 | 0 | 486,110 | 9,089,558 |
| 9 | Informatica | 2024 | Amit Walia | 1,000,000 | 6,712,160 | 0 | 891,800 | 8,611,892 |
| 10 | SolarWinds | 2023 | Sudhakar Ramakrishna | 750,000 | 6,772,653 | 0 | 1,035,000 | 8,570,853 |
| 11 | Zeta Global Holdings | 2025 | David Steinberg | 750,000 | 1,869,577 | 0 | 1,500,000 | 6,083,236 |
| 12 | DigitalOcean Holdings | 2025 | Padmanabhan Srinivasan | 600,000 | 0 | 0 | 588,000 | 1,210,795 |
| — | SentinelOne | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Core Scientific | not disclosed | PSU 67 · RSU 33 | not disclosed | Compensia, Inc. |
| CleanSpark | not disclosed | RSU 60 · PRSU 40 | No | Compensia Inc. |
| DigitalOcean Holdings | 98% | PSU 65 · RSU 35 | No | Compensia |
| Informatica | 48.7% | RSU 50 · PSU 50 | No | Compensia |
| Intapp | not disclosed | not disclosed | not disclosed | Alpine Rewards, LLC |
| Mara Holdings | not disclosed | PSU 67 · RSU 33 | Yes — Relative TSR | Compensia, Inc. |
| nCino | 97.2% | RSU 100 | not disclosed | Aon Human Capital Solutions |
| Okta | 98.7% | PSU 60 · RSU 40 | Yes — TSR relative to the TSR of the Index | Compensia |
| Rambus | 98.6% | PSU 60 · RSU 40 | Yes — TSR relative to SOX semiconductor index minus Equipment Companies | Farient |
| SentinelOne | 96% | RSU 60 · PSU 40 | No | Aon |
| SolarWinds | 138% | PSU 50 · RSU 50 | No | Compensia |
| VeriSign | 111.3% | PSU 60 · RSU 40 | Yes — TSR of Verisign compared to the TSR of the S&P 500 Index | Frederic W. Cook & Co., Inc. |
| Zeta Global Holdings | 200% | not disclosed | No | FW Cook |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-12 | 138,785,477 | 79,166,695 | 2,168,439 | 63.68% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-12 | 63.68%a |
a. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 171 : 1 |
|---|---|
| CEO total compensation | $22,923,204 |
| Median employee compensation | $134,231 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (36 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Adam Sullivan. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table” · page 44. As printed: 22,923,204. View filing ↗
- Section 01, James Nygaard. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table”. As printed: 9,680,354. View filing ↗
- Section 01, Todd DuChene. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table”. As printed: 7,420,639. View filing ↗
- Section 01, Denise Sterling. DEF 14A, filed 2026-03-31. Section “Summary Compensation Table”. As printed: 6,125,647. View filing ↗
- Section 03, Adam Sullivan RSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Todd DuChene PSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, James Nygaard RSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Adam Sullivan PSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Todd DuChene RSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Denise Sterling RSU. DEF 14A, filed 2026-03-31. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-31. Section “CEO Pay Ratio”. As printed: 171 : 1. View filing ↗
- Section 08, Elizabeth Crain. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 576,566. View filing ↗
- Section 08, Jordan Levy. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 445,407. View filing ↗
- Section 08, Yadin Rozov. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 424,469. View filing ↗
- Section 08, Eric Weiss. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 401,969. View filing ↗
- Section 08, Jeff Booth. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 401,969. View filing ↗
- Section 08, Jarrod Patten. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 92,500. View filing ↗
- Section 08, Todd Becker. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 62,500. View filing ↗
- Section 08, Adam Sullivan. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-15. Item 5.07 · say-on-pay result. As reported: 63.68% (votes for as printed: 138,785,477). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 568,897 + equity 1,836,483 + all other 0 = 2,405,380, summed across the director compensation table rows.
- CleanSpark, Section 10b CEO total. DEF 14A, filed 2026-01-22. CEO total compensation as printed in CleanSpark's own proxy. As printed: 44,901,507. View filing ↗
- Okta, Section 10b CEO total. DEF 14A, filed 2026-05-07. CEO total compensation as printed in Okta's own proxy. As printed: 36,843,718. View filing ↗
- Mara Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Mara Holdings's own proxy. As printed: 27,053,236. View filing ↗
- Core Scientific (subject), Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Core Scientific's own proxy. As printed: 22,923,204. View filing ↗
- Intapp, Section 10b CEO total. DEF 14A, filed 2026-10-06. CEO total compensation as printed in Intapp's own proxy. As printed: 18,548,023. View filing ↗
- VeriSign, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in VeriSign's own proxy. As printed: 15,536,674. View filing ↗
- Rambus, Section 10b CEO total. DEF 14A, filed 2026-03-06. CEO total compensation as printed in Rambus's own proxy. As printed: 9,507,546. View filing ↗
- nCino, Section 10b CEO total. DEF 14A, filed 2026-05-08. CEO total compensation as printed in nCino's own proxy. As printed: 9,089,558. View filing ↗
- Informatica, Section 10b CEO total. DEF 14A, filed 2025-04-28. CEO total compensation as printed in Informatica's own proxy. As printed: 8,611,892. View filing ↗
- SolarWinds, Section 10b CEO total. DEF 14A, filed 2024-04-11. CEO total compensation as printed in SolarWinds's own proxy. As printed: 8,570,853. View filing ↗
- Zeta Global Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Zeta Global Holdings's own proxy. As printed: 6,083,236. View filing ↗
- DigitalOcean Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in DigitalOcean Holdings's own proxy. As printed: 1,210,795. View filing ↗
- Section 10a, CleanSpark reciprocity. DEF 14A. CleanSpark names Core Scientific in its own disclosed peer group (read from its most recent proxy). View filing ↗