Fiscal year 2025 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.
Each company listed discloses GLXY 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 GLXY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Anthony Paquette | $400,000 | $2,037,800 | $4,068,038 | $7,049,295 | $0 | $0 | $47,949 | $13,603,082 |
| Chief Financial Officer | ||||||||
| Matthew Friedrich | 125,897 | 1,723,500 | 5,637,600 | 4,811,581 | 0 | 0 | 3,777 | 12,302,355 |
| Chief Legal Officer | ||||||||
| Michael Novogratz | 500,000 | 2,920,400 | 1,102,265 | 3,078,086 | 0 | 0 | 50,976 | 7,651,727 |
| Chief Executive Officer and Director | ||||||||
| Christopher Ferraro | 500,000 | 2,920,400 | 992,037 | 3,078,086 | 0 | 0 | 47,898 | 7,538,421 |
| President and Chief Investment Officer | ||||||||
| Erin Brown | 400,000 | 2,037,800 | 573,181 | 2,052,055 | 0 | 0 | 13,194 | 5,076,230 |
| Chief Operating 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Anthony Paquette | $13,603,082 | — | — | — |
| Matthew Friedrich | 12,302,355 | — | — | — |
| Michael Novogratz | 7,651,727 | — | — | — |
| Christopher Ferraro | 7,538,421 | — | — | — |
| Erin Brown | 5,076,230 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 325,000 | — | $2,350,725 |
| Matthew Friedrich | RSU | 2025-09-08 | — | — | 240,000 | — | 5,637,600 |
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 350,000 | — | 2,442,300 |
| Erin Brown | RSU | 2025-03-31 | — | — | 52,837 | — | 573,181 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,678,372 |
| Michael Novogratz | OPTION | 2025-03-31 | — | — | 409,271 | — | 3,078,086 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,600,535 |
| Anthony Paquette | RSU | 2025-03-31 | — | — | 375,000 | — | 4,068,038 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,532,674 |
| Christopher Ferraro | RSU | 2025-03-31 | — | — | 91,448 | — | 992,037 |
| Christopher Ferraro | OPTION | 2025-03-31 | — | — | 409,271 | — | 3,078,086 |
| Michael Novogratz | RSU | 2025-03-31 | — | — | 101,609 | — | 1,102,265 |
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 300,000 | — | 2,256,270 |
| Erin Brown | OPTION | 2025-03-31 | — | — | 272,847 | — | 2,052,055 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Anthony Paquette | $4,068,038 | $0 | $7,049,295 | 0.0% |
| Matthew Friedrich | 5,637,600 | 0 | 4,811,581 | 0.0% |
| Erin Brown | 573,181 | 0 | 2,052,055 | 0.0% |
| Michael Novogratz | 1,102,265 | 0 | 3,078,086 | 0.0% |
| Christopher Ferraro | 992,037 | 0 | 3,078,086 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Matthew Friedrich | RSU | 240,000 | — | $5,366,400 |
| Erin Brown | RSU | 52,837 | — | 1,181,435 |
| Christopher Ferraro | RSU | 91,448 | — | 2,044,777 |
| Erin Brown | Option | 108,967 | 9.63 | — |
| Anthony Paquette | RSU | 281,250 | — | 6,288,750 |
| Erin Brown | RSU | 70,881 | — | 1,584,899 |
| Michael Novogratz | Option | 409,271 | 11.77 | — |
| Michael Novogratz | RSU | 201,000 | — | 4,494,360 |
| Christopher Ferraro | RSU | 120,600 | — | 2,696,616 |
| Erin Brown | RSU | 74,370 | — | 1,662,913 |
| Christopher Ferraro | Option | 54,484 | 9.63 | — |
| Christopher Ferraro | Option | 340,000 | 4.83 | — |
| Erin Brown | Option | 272,847 | 11.77 | — |
| Anthony Paquette | Option | 262,500 | 16.06 | — |
| Anthony Paquette | Option | 225,000 | 11.77 | — |
| Anthony Paquette | Option | 243,750 | 13.91 | — |
| Christopher Ferraro | Option | 409,271 | 11.77 | — |
| Erin Brown | Option | 340,000 | 4.83 | — |
| Michael Novogratz | RSU | 101,609 | — | 2,271,977 |
| Christopher Ferraro | RSU | 57,987 | — | 1,296,589 |
The Compensation Committee's objective is to provide for an executive compensation program that attracts, motivates, and rewards leaders with the skills and experience necessary to successfully execute on our strategic plan in order to maximize stockholder value.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Semler Brossy |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-28 | 256,939,983 | 15,237,120 | 235,514 | 94.32% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-05-28 | 94.32%a |
a. Approved under the standard stated in the filing — “Abstentions (shares present at the Annual Meeting and marked "ABSTAIN") will count as a vote against such 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.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Douglas DeasonIndependent · Nominating and Corporate Governance | $40,000 | $650,000 | $0 | $0 | $0 | $690,000 |
| Bill KoutsourasIndependent · Lead Independent Director · Audit (Chair) · Nominating and Corporate Governance | 125,000 | 150,000 | 0 | 0 | 0 | 275,000 |
| Richard TavosoIndependent · Compensation (Chair) · Audit · Not standing for re-election | 107,500 | 150,000 | 0 | 0 | 0 | 257,500 |
| Jane DietzeIndependent · Audit · Compensation | 92,500 | 150,000 | 0 | 0 | 0 | 242,500 |
| Rhonda Adams-MedinaIndependent · Nominating and Corporate Governance (Chair) | 85,000 | 150,000 | 0 | 0 | 0 | 235,000 |
| Michael DaffeyNot independent · Board Chair | 37,500 | 150,000 | 0 | 0 | 0 | 187,500 |
| Michael NovogratzEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 10,000 |
| Stock ownership guideline | Lesser of 50,000 shares or 5x annual cash retainer ($375,000) within 5 years |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $487,500 |
| Equity awards (grant-date value) | $1,400,000 |
| All other compensation | $0 |
| Total cost of the board | $1,887,500 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
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 | Galaxy Digital | 2025 | Michael Novogratz | $500,000 | $1,102,265 | $3,078,086 | $0 | $7,651,727 |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Anthony Paquette | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “2025 Summary Compensation Table”. As printed: 13,603,082. Filing ↗machine: r5 · c21 · span 377925–377935 |
| 2 | Section 01, Matthew Friedrich | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “2025 Summary Compensation Table”. As printed: 12,302,355. Filing ↗machine: r12 · c21 · span 391639–391649 |
| 3 | Section 01, Michael Novogratz | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “2025 Summary Compensation Table”. As printed: 7,651,727. Filing ↗machine: r2 · c21 · span 372282–372291 |
| 4 | Section 01, Christopher Ferraro | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “2025 Summary Compensation Table”. As printed: 7,538,421. Filing ↗machine: r6 · c21 · span 380157–380166 |
| 5 | Section 01, Erin Brown | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “2025 Summary Compensation Table”. As printed: 5,076,230. Filing ↗machine: r9 · c21 · span 385772–385781 |
| 6 | Section 03, Anthony Paquette OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r6 · c10 · span 454368–454377 |
| 7 | Section 03, Matthew Friedrich RSU | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r12 · c10 · span 462889–462898 |
| 8 | Section 03, Anthony Paquette OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r7 · c10 · span 455751–455760 |
| 9 | Section 03, Erin Brown RSU | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r10 · c10 · span 460047–460054 |
| 10 | Section 03, Matthew Friedrich OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r13 · c10 · span 464272–464281 |
| 11 | Section 03, Michael Novogratz OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r3 · c10 · span 450142–450151 |
| 12 | Section 03, Matthew Friedrich OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r14 · c10 · span 465655–465664 |
| 13 | Section 03, Anthony Paquette RSU | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r4 · c10 · span 451602–451611 |
| 14 | Section 03, Matthew Friedrich OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r15 · c10 · span 467390–467399 |
| 15 | Section 03, Christopher Ferraro RSU | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r8 · c10 · span 457213–457220 |
| 16 | Section 03, Christopher Ferraro OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t26 · r5 · c8 · span 329468–329477 |
| 17 | Section 03, Michael Novogratz RSU | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r2 · c10 · span 448756–448765 |
| 18 | Section 03, Anthony Paquette OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r5 · c10 · span 452985–452994 |
| 19 | Section 03, Erin Brown OPTION | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r11 · c10 · span 461428–461437 |
| 20 | Section 07, pay ratio | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 21 | Section 08, Douglas Deason | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 690,000. Filing ↗machine: t10 · r5 · c5 · span 187233–187240 |
| 22 | Section 08, Bill Koutsouras | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t10 · r3 · c5 · span 185042–185049 |
| 23 | Section 08, Richard Tavoso | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 257,500. Filing ↗machine: t10 · r7 · c5 · span 189609–189616 |
| 24 | Section 08, Jane Dietze | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 242,500. Filing ↗machine: t10 · r6 · c5 · span 188323–188330 |
| 25 | Section 08, Rhonda Adams-Medina | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 235,000. Filing ↗machine: t10 · r4 · c5 · span 186140–186147 |
| 26 | Section 08, Michael Daffey | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 187,500. Filing ↗machine: t10 · r2 · c5 · span 183922–183929 |
| 27 | Section 08, Michael Novogratz | DEF 14A | 2026-04-08 | 0001859392-26-000037 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 28 | Section 06, 2026 vote | Form 8-K | 2026-05-28 | 0001859392-26-000060 | Item 5.07 · say-on-pay result. As reported: 94.32% (votes for as printed: 256,939,983). Filing ↗ |
| 29 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 30 | Section 09b board cost (computed) | Computed | — | computed | Cash 487,500 + equity 1,400,000 + all other 0 = 1,887,500, summed across the director compensation table rows.machine: formula: Σ = 1,887,500 |
| 31 | Galaxy Digital (subject), Section 10b CEO total | DEF 14A | 2026-04-08 | 0001859392-26-000037 | CEO total compensation as printed in Galaxy Digital's own proxy. As printed: 7,651,727. Filing ↗machine: r2 · c21 · span 372282–372291 |