Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Forge Global Holdings (FRGE)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,226,783
Kelly Rodriques total, FY2024
CEO pay percentile vs peers
CEO-to-median pay ratio
26.53%
Say-on-pay support, latest vote
Companies that benchmark against FRGE
No companies currently name FRGE as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kelly Rodriques$575,000$0$2,764,176$0$771,938$0$115,669$4,226,783
Chief Executive Officer
Drew Sievers419,1920884,3670001,199,0402,502,599
Former Chief Operating Officer
Mark Lee420,00001,658,2350285,01206,9002,370,147
Former Chief Financial Officer
Johnathan Short369,23101,105,468000531,9002,006,599
Former Chief Legal Officer
Jennifer Phillips425,0000884,3670520,20006,9001,836,467
Chief Revenue and Growth 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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Kelly Rodriques$4,226,783
Drew Sievers2,502,599
Mark Lee2,370,147
Johnathan Short2,006,599
Jennifer Phillips1,836,467

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kelly RodriquesPSU2024-04-151,270,5701,945,570$1,270,570
Johnathan ShortPSU2024-04-11275,704400,704275,704
Mark LeeRSU2024-02-2939,8931,244,662
Jennifer PhillipsPSU2024-04-11220,556320,556220,556
Drew SieversRSU2024-02-2921,276663,811
Jennifer PhillipsRSU2024-02-2921,276663,811
Drew SieversPSU2024-04-11220,556320,556220,556
Johnathan ShortRSU2024-02-2926,595829,764
Mark LeePSU2024-04-11413,573601,073413,573
Kelly RodriquesRSU2024-02-2947,8721,493,606
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kelly Rodriques$1,493,606$1,270,570$046.0%
Johnathan Short829,764275,704024.9%
Mark Lee1,244,662413,573024.9%
Jennifer Phillips663,811220,556024.9%
Drew Sievers663,811220,556024.9%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kelly RodriquesRSU16,284$227,382
Mark LeeRSU10,028140,026
Jennifer PhillipsRSU8,916124,499
Kelly RodriquesRSU42,352591,382
Kelly RodriquesRSU33,244464,203
Mark LeeRSU11,761164,225
Johnathan ShortRSU9,034126,146
Jennifer PhillipsRSU2,40533,582
Johnathan ShortRSU7119,928
Johnathan ShortRSU11,254157,145
Kelly RodriquesRSU20,061280,122
Johnathan ShortRSU6,53691,265
Jennifer PhillipsRSU7,03298,191
Drew SieversRSU5,23173,043
Jennifer PhillipsRSU14,776206,325
Kelly RodriquesRSU155,9352,177,398
Kelly RodriquesRSU14,187198,100
Jennifer PhillipsRSU6,25687,356
Johnathan ShortRSU5,05670,599
Mark LeeRSU2,71337,883
Mark LeeRSU10,047140,291
Johnathan ShortRSU1,48120,680
Kelly RodriquesRSU9,021125,965
Mark LeeRSU27,703386,831
05

Incentive-plan design — the Compensation Discussion & Analysis

The overall objective of our executive compensation program is to attract, retain, and incentivize highly talented leaders who embody our mission and values. We do this by designing programs that tie executive compensation to individual performance, overall company performance, and the interests of our stockholders.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantCompensia
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-06-201,608,3964,453,130257,44626.53%Failed
20242024-06-1278,429,2449,906,8773,450,14288.79%Passed
20232023-06-1485,527,6437,492,6753,375,16391.95%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 yearMeeting dateApproval — company's computation
20252025-06-2026.53%a
20242024-06-1288.79%b
20232023-06-1491.95%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the outcome of this proposal.”.

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.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Larry LeibowitzIndependent · Compensation · Nominating and Corporate Governance$38,580$406,243$0$0$0$444,823
Kimberley VogelIndependent · Audit (Chair) · Compensation (Chair) · Nominating and Corporate Governance118,250164,984000283,234
Asiff HirjiIndependent · Lead Independent Director · Nominating and Corporate Governance (Chair)76,372164,984000241,356
Ashwin KumarIndependent · Risk (Chair) · Audit66,250164,984000231,234
Debra ChrapatyIndependent · Compensation · Risk63,109164,984000228,093
Blythe MastersIndependent · Audit · Compensation · Departed during FY53,804164,984000218,788
Eric LeupoldIndependent · Audit · Compensation · Departed during FY53,261164,984000218,245
Kelly RodriquesEmployee director · Board Chair00000
Brian McDonaldIndependent · Audit · Risk · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$35,000
Annual equity retainer$170,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 12,000 / 8,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$469,626
Equity awards (grant-date value)$1,396,147
All other compensation$0
Total cost of the board$1,865,773

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Forge Global Holdings names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Forge Global Holdings.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Tradeweb Markets2025Billy Hult$1,000,000$15,082,345$0$4,500,000$20,620,952
2Open Lending2025Jessica Buss661,83009,122,160892,80011,170,573
3Mitek Systems2025Edward H. West500,0007,902,3610761,5009,414,057
4Alkami Technology2025Alex Shootman558,4806,222,6750699,7757,492,018
5MarketAxess Holdings2025Christopher Concannon750,0003,599,8811,208,6461,525,0007,101,027
6Forge Global Holdings2024Kelly Rodriques575,0002,764,1760771,9384,226,783
7CS Disco2025Eric Friedrichsen550,0002,837,0110544,5004,063,757
8Paysign2025Mark Newcomer1,050,0001,398,000002,754,265
9Asure Software2025Patrick Goepel475,0001,894,000002,638,000
10Digimarc2025Riley McCormack415,0001,662,9310371,8402,449,771
11Red Violet2025Derek Dubner505,4311,022,304002,118,235
12Cass Information2025Martin Resch683,675860,6260453,7002,046,984
13Expensify2025David Barrett1,845,85157,853001,903,704
14Enfusion2023Oleg Movchan650,025370,401250,000180,6001,455,190
15eGain2025Ashutosh Roy250,0000161,83560,000471,835
MarketWisenot in coverage universe
CoreCardnot in coverage universe
Blend Labsnot 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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Forge Global Holdings89.5%RSU 50 · PSU 50NoCompensia
Alkami Technology125.3%RSU 100not disclosedFW Cook
Asure Softwarenot disclosedRSU 50 · PSU 50NoCompensia
Blend Labsnot disclosednot disclosedNoSequoia Benefits and Insurance Services, LLC d/b/a Sequoia Consulting Group
Cass Informationnot disclosedPSU 60 · RSU 40NoPay Governance
CoreCardnot disclosednot disclosednot disclosednot disclosed
CS Disconot disclosednot disclosedNoCompensia
Digimarcnot disclosedPRSU 50 · RSU 50not disclosedF.W. Cook & Co.
eGainnot disclosednot disclosednot disclosednot disclosed
Enfusion75.3%not disclosedNoMeridian Compensation Partners
Expensifynot disclosedRSU 100not disclosednot disclosed
MarketAxess Holdings86%PSU 50 · RSU 25 · Options 25NoFW Cook
MarketWisenot disclosednot disclosednot disclosednot disclosed
Mitek Systems152.3%PSU 80 · RSU 20NoFrederic W. Cook & Company, Inc.
Open Lending111.6%not disclosednot disclosedKorn Ferry
Paysignnot disclosedPSU 67 · RSU 33Nonot disclosed
Red Violetnot disclosedRSU 100Nonot disclosed
Tradeweb Markets150%PSU 66 · RSU 33Yes — Cumulative Absolute TSRClearBridge Compensation Group

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Kelly RodriquesDEF 14A2025-04-300001628280-25-021043Section “Executive Compensation Tables” · page 41. As printed: 4,226,783. Filing ↗machine: t21 · r2 · c11 · span 507695–507704
2Section 01, Drew SieversDEF 14A2025-04-300001628280-25-021043Section “Executive Compensation Tables” · page 41. As printed: 2,502,599. Filing ↗machine: t21 · r10 · c10 · span 531621–531630
3Section 01, Mark LeeDEF 14A2025-04-300001628280-25-021043Section “Executive Compensation Tables” · page 41. As printed: 2,370,147. Filing ↗machine: t21 · r5 · c11 · span 516599–516608
4Section 01, Johnathan ShortDEF 14A2025-04-300001628280-25-021043Section “Executive Compensation Tables” · page 41. As printed: 2,006,599. Filing ↗machine: t21 · r12 · c10 · span 537902–537911
5Section 01, Jennifer PhillipsDEF 14A2025-04-300001628280-25-021043Section “Executive Compensation Tables” · page 41. As printed: 1,836,467. Filing ↗machine: t21 · r8 · c11 · span 525510–525519
6Section 03, Kelly Rodriques PSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r4 · c6 · span 559692–559701
7Section 03, Johnathan Short PSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r16 · c6 · span 587335–587342
8Section 03, Mark Lee RSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r8 · c9 · span 570028–570037
9Section 03, Jennifer Phillips PSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r10 · c6 · span 573506–573513
10Section 03, Drew Sievers RSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r6 · c3 · span 453131–453138
11Section 03, Jennifer Phillips RSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r11 · c9 · span 576932–576939
12Section 03, Drew Sievers PSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t18 · r6 · c8 · span 454213–454220
13Section 03, Johnathan Short RSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r17 · c9 · span 591081–591088
14Section 03, Mark Lee PSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r7 · c6 · span 566602–566609
15Section 03, Kelly Rodriques RSUDEF 14A2025-04-300001628280-25-021043Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t22 · r5 · c9 · span 563124–563133
16Section 08, Larry LeibowitzDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 444,823. Filing ↗machine: t11 · r8 · c7 · span 335897–335904
17Section 08, Kimberley VogelDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 283,234. Filing ↗machine: t11 · r7 · c7 · span 333410–333417
18Section 08, Asiff HirjiDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 241,356. Filing ↗machine: t11 · r3 · c7 · span 324490–324497
19Section 08, Ashwin KumarDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 231,234. Filing ↗machine: t11 · r2 · c7 · span 322263–322270
20Section 08, Debra ChrapatyDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 228,093. Filing ↗machine: t11 · r5 · c7 · span 328950–328957
21Section 08, Blythe MastersDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 218,788. Filing ↗machine: t11 · r4 · c7 · span 326720–326727
22Section 08, Eric LeupoldDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 218,245. Filing ↗machine: t11 · r6 · c7 · span 331178–331185
23Section 08, Kelly RodriquesDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 0. Filing ↗
24Section 08, Brian McDonaldDEF 14A2025-04-300001628280-25-021043Section “Director Compensation”. As printed: 0. Filing ↗
25Section 06, 2025 voteForm 8-K2025-06-240001628280-25-032830Item 5.07 · say-on-pay result. As reported: 26.53% (votes for as printed: 1,608,396). Filing ↗
26Section 06, 2024 voteForm 8-K2024-06-180001628280-24-028796Item 5.07 · say-on-pay result. As reported: 88.79% (votes for as printed: 78,429,244). Filing ↗
27Section 06, 2023 voteForm 8-K2023-06-210001628280-23-022916Item 5.07 · say-on-pay result. As reported: 91.95% (votes for as printed: 85,527,643). Filing ↗
28Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
29Section 09b board cost (computed)ComputedcomputedCash 469,626 + equity 1,396,147 + all other 0 = 1,865,773, summed across the director compensation table rows.machine: formula: Σ = 1,865,773
30Tradeweb Markets, Section 10b CEO totalDEF 14A2026-03-260001758730-26-000084CEO total compensation as printed in Tradeweb Markets's own proxy. As printed: 20,620,952. Filing ↗machine: t94 · r2 · c7 · span 1617062–1617072
31Open Lending, Section 10b CEO totalDEF 14A2026-04-200001193125-26-164237CEO total compensation as printed in Open Lending's own proxy. As printed: 11,170,573. Filing ↗machine: span 698906–698916
32Mitek Systems, Section 10b CEO totalDEF 14A2026-01-260001628280-26-003469CEO total compensation as printed in Mitek Systems's own proxy. As printed: 9,414,057. Filing ↗machine: span 685482–685491
33Alkami Technology, Section 10b CEO totalDEF 14A2026-04-070001529274-26-000023CEO total compensation as printed in Alkami Technology's own proxy. As printed: 7,492,018. Filing ↗machine: r2 · c42 · span 376155–376164
34MarketAxess Holdings, Section 10b CEO totalDEF 14A2026-04-290001193125-26-191601CEO total compensation as printed in MarketAxess Holdings's own proxy. As printed: 7,101,027. Filing ↗machine: t49 · r4 · c22 · span 1439393–1439402
35Forge Global Holdings (subject), Section 10b CEO totalDEF 14A2025-04-300001628280-25-021043CEO total compensation as printed in Forge Global Holdings's own proxy. As printed: 4,226,783. Filing ↗machine: t21 · r2 · c11 · span 507695–507704
36CS Disco, Section 10b CEO totalDEF 14A2026-04-300001625641-26-000097CEO total compensation as printed in CS Disco's own proxy. As printed: 4,063,757. Filing ↗machine: r2 · c36 · span 254101–254110
37Paysign, Section 10b CEO totalDEF 14A2026-03-260001683168-26-002222CEO total compensation as printed in Paysign's own proxy. As printed: 2,754,265. Filing ↗machine: span 152267–152276
38Asure Software, Section 10b CEO totalDEF 14A2026-04-020001628280-26-023137CEO total compensation as printed in Asure Software's own proxy. As printed: 2,638,000. Filing ↗machine: span 355789–355798
39Digimarc, Section 10b CEO totalDEF 14A2026-03-240001437749-26-009586CEO total compensation as printed in Digimarc's own proxy. As printed: 2,449,771. Filing ↗machine: span 797567–797576
40Red Violet, Section 10b CEO totalDEF 14A2026-04-210001193125-26-167043CEO total compensation as printed in Red Violet's own proxy. As printed: 2,118,235. Filing ↗machine: span 290303–290312
41Cass Information, Section 10b CEO totalDEF 14A2026-03-060000708781-26-000013CEO total compensation as printed in Cass Information's own proxy. As printed: 2,046,984. Filing ↗machine: r2 · c21 · span 469313–469322
42Expensify, Section 10b CEO totalDEF 14A2026-04-100001476840-26-000020CEO total compensation as printed in Expensify's own proxy. As printed: 1,903,704. Filing ↗machine: r2 · c14 · span 815741–815750
43Enfusion, Section 10b CEO totalDEF 14A2024-04-260001558370-24-005911CEO total compensation as printed in Enfusion's own proxy. As printed: 1,455,190. Filing ↗machine: t60 · r4 · c23 · span 305739–305748
44eGain, Section 10b CEO totalDEF 14A2025-10-170001066194-25-000019CEO total compensation as printed in eGain's own proxy. As printed: 471,835. Filing ↗machine: r2 · c14 · span 422897–422904
45Section 10a, Alkami Technology reciprocityDEF 14A0001529274-26-000023Alkami Technology's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
46Section 10a, Digimarc reciprocityDEF 14A0001437749-24-013039Digimarc's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
47Section 10a, Mitek Systems reciprocityDEF 14A0001628280-26-003469Mitek Systems's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
48Section 10a, Tradeweb Markets reciprocityDEF 14A0001758730-26-000084Tradeweb Markets's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
49Section 10a, MarketAxess Holdings reciprocityDEF 14A0001193125-26-191601MarketAxess Holdings's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
50Section 10a, Cass Information reciprocityDEF 14A0000708781-26-000013Cass Information's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗
51Section 10a, Open Lending reciprocityDEF 14A0001193125-26-164237Open Lending's most recent proxy was read; its disclosed peer group does not include Forge Global Holdings. Filing ↗