CEO William Fallon was paid $4,285,215 in fiscal year 2025, ↑ up 9.8% from fiscal year 2024, the 36th percentile of its disclosed peer group (SEC filing 0000814585-26-000048 ↗): 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.
$4,285,215 ↑ William Fallon total, FY2025 | 36th CEO pay percentile vs peers | 14:1 CEO-to-median pay ratio | 80.66% Say-on-pay support, latest vote |
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MBI's next annual pay disclosure, estimated March 22, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| William Fallon | $900,000 | $0 | $1,676,815 | $0 | $1,416,000 | $0 | $292,400 | $4,285,215 |
| Chief Executive Officer | ||||||||
| Adam Bergonzi | 500,000 | 0 | 798,482 | 0 | 708,000 | 0 | 186,500 | 2,192,982 |
| AVP and National's Chief Risk Officer | ||||||||
| Christopher Young | 375,000 | 0 | 556,518 | 0 | 472,000 | 0 | 125,767 | 1,529,285 |
| AVP and National's Chief Financial Officer | ||||||||
| Daniel Avitabile | 375,000 | 0 | 556,518 | 0 | 472,000 | 0 | 110,767 | 1,514,285 |
| AVP and MBIA Insurance's President and Chief Risk Officer | ||||||||
| Joseph Schachinger | 370,833 | 0 | 250,000 | 0 | 560,500 | 0 | 111,180 | 1,292,513 |
| EVP, Chief Financial Officer and Treasurer | ||||||||
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 |
|---|---|---|---|---|
| William Fallon | $4,285,215 | $3,904,488 | $17,140,688 | ↑ +380,727 |
| Adam Bergonzi | 2,192,982 | 1,976,396 | 8,484,363 | ↑ +216,586 |
| Christopher Young | 1,529,285 | 1,336,191 | 5,686,018 | ↑ +193,094 |
| Daniel Avitabile | 1,514,285 | 1,328,691 | 5,526,018 | ↑ +185,594 |
| Joseph Schachinger | 1,292,513 | 880,710 | — | ↑ +411,803 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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This is the complete answer, not a partial one — the list is never padded.
One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.
| Executive | Role | FY2025 total |
|---|---|---|
| Adam Bergonzi | Executive | $2,192,982 |
| Christopher Young | CFO | $1,529,285 |
| Joseph Schachinger | CFO | $1,292,513 |
| Daniel Avitabile | President | $1,514,285 |
| William Fallon | CEO | $4,285,215 |
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Diane L. Dewbrey | Independent Director | $238,000 |
| Janice L. Innis-Thompson | Independent Director | $213,000 |
| Richard C. Vaughan | Independent Director | $238,000 |
| Steven J. Gilbert | Chair of the Board | $363,000 |
| Theodore Shasta | Independent Director | $238,000 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Christopher Young | RSU | 2025-12-31 | — | — | 4,402 | — | $31,518 |
| Adam Bergonzi | RSU | 2025-03-04 | — | — | 136,612 | — | 750,000 |
| Daniel Avitabile | RSU | 2025-03-04 | — | — | 95,628 | — | 525,000 |
| Christopher Young | RSU | 2025-03-04 | — | — | 95,628 | — | 525,000 |
| William Fallon | RSU | 2025-12-31 | — | — | 14,220 | — | 101,815 |
| William Fallon | RSU | 2025-03-04 | — | — | 286,885 | — | 1,575,000 |
| Daniel Avitabile | RSU | 2025-12-31 | — | — | 4,402 | — | 31,518 |
| Adam Bergonzi | RSU | 2025-12-31 | — | — | 6,771 | — | 48,482 |
| Joseph Schachinger | RSU | 2025-03-04 | — | — | 45,537 | — | 250,000 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Christopher Young | $556,518 | $0 | $0 | 0.0% |
| Adam Bergonzi | 798,482 | 0 | 0 | 0.0% |
| Daniel Avitabile | 556,518 | 0 | 0 | 0.0% |
| William Fallon | 1,676,815 | 0 | 0 | 0.0% |
| Joseph Schachinger | 250,000 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| William Fallon | RSU | 286,885 | — | $2,054,097 |
| William Fallon | RSU | 243,431 | — | 1,742,966 |
| Daniel Avitabile | RSU | 13,042 | — | 93,381 |
| Adam Bergonzi | RSU | 136,612 | — | 978,142 |
| Adam Bergonzi | RSU | 115,920 | — | 829,987 |
| Joseph Schachinger | RSU | 12,039 | — | 86,199 |
| Daniel Avitabile | RSU | 95,628 | — | 684,696 |
| William Fallon | PSU | 81,383 | — | 582,702 |
| Daniel Avitabile | RSU | 75,348 | — | 539,492 |
| William Fallon | PSU | 46,077 | — | 329,911 |
| Joseph Schachinger | RSU | 45,537 | — | 326,045 |
| William Fallon | RSU | 42,135 | — | 301,687 |
| Adam Bergonzi | PSU | 38,753 | — | 277,471 |
| William Fallon | RSU | 26,276 | — | 188,136 |
| Daniel Avitabile | PSU | 25,191 | — | 180,368 |
| William Fallon | RSU | 23,302 | — | 166,842 |
| Joseph Schachinger | RSU | 23,184 | — | 165,997 |
| Adam Bergonzi | RSU | 20,064 | — | 143,658 |
| Adam Bergonzi | PSU | 19,747 | — | 141,389 |
| Daniel Avitabile | PSU | 14,262 | — | 102,116 |
| Adam Bergonzi | RSU | 11,261 | — | 80,629 |
| Adam Bergonzi | RSU | 9,986 | — | 71,500 |
| William Fallon | PSU | 8,305 | — | 59,464 |
| Daniel Avitabile | RSU | 8,133 | — | 58,232 |
| Joseph Schachinger | RSU | 7,507 | — | 53,750 |
| Daniel Avitabile | RSU | 7,212 | — | 51,638 |
| Joseph Schachinger | RSU | 6,657 | — | 47,664 |
| Adam Bergonzi | PSU | 3,559 | — | 25,482 |
| Daniel Avitabile | PSU | 2,571 | — | 18,408 |
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | — |
| Anti-hedging | — |
| Anti-pledging | — |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2024 | 2024-05-02 | 26,130,153 | 6,263,619 | 176,216 | 80.66% | Passed |
| 2023 | 2023-05-03 | 32,921,805 | 1,719,969 | 96,747 | 95.03% | Passed |
| 2022 | 2022-05-03 | 33,558,056 | 1,294,627 | 376,199 | 96.29% | Passed |
| 2021 | 2021-05-05 | 35,343,376 | 930,408 | 540,353 | 97.44% | Passed |
| 2020 | 2020-05-05 | 57,248,445 | 1,390,552 | 181,519 | 97.63% | Passed |
| 2019 | 2019-05-01 | 43,369,885 | 21,731,477 | 2,980,316 | 66.62% | 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 |
|---|---|---|
| 2024 | 2024-05-02 | 80.66%a |
| 2023 | 2023-05-03 | 95.03%b |
| 2022 | 2022-05-03 | 96.29%c |
a. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.
b. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.
c. Approved under the standard stated in the filing — “Abstentions from voting on the proposal and broker non-votes will have no effect on the outcome of the election or the resignation requirement.”.
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) | 14 : 1 |
|---|---|
| CEO total compensation | — |
| Median employee compensation | $298,850 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Steven J. GilbertIndependent · Board Chair | $263,000 | $100,000 | — | — | $0 | $363,000 |
| Diane L. DewbreyIndependent | 138,000 | 100,000 | — | — | 0 | 238,000 |
| Richard C. VaughanIndependent | 138,000 | 100,000 | — | — | 0 | 238,000 |
| Theodore ShastaIndependent | 138,000 | 100,000 | — | — | 0 | 238,000 |
| Janice L. Innis-ThompsonIndependent · Compensation · Audit · Finance and Risk · Compensation & Governance | 113,000 | 100,000 | — | — | 0 | 213,000 |
| William C. FallonEmployee director · Executive | — | — | — | — | — | 0 |
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | $2,000 |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 25,000 |
| Stock ownership guideline | $5 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $790,000 |
| Equity awards (grant-date value) | $500,000 |
| All other compensation | $0 |
| Total cost of the board | $1,290,000 |
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 | Mbia | 2025 | William Fallon | $900,000 | $1,676,815 | $0 | $1,416,000 | $4,285,215 |
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.
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.
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, William Fallon | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Summary compensation table for 2025” · page 31. As printed: 4,285,215. Filing ↗machine: r4 · c27 · span 1123964–1123973 |
| 2 | Section 01, Adam Bergonzi | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Summary compensation table for 2025” · page 31. As printed: 2,192,982. Filing ↗machine: r11 · c27 · span 1195949–1195958 |
| 3 | Section 01, Christopher Young | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Summary compensation table for 2025” · page 31. As printed: 1,529,285. Filing ↗machine: r19 · c27 · span 1278830–1278839 |
| 4 | Section 01, Daniel Avitabile | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Summary compensation table for 2025” · page 31. As printed: 1,514,285. Filing ↗machine: r15 · c27 · span 1237380–1237389 |
| 5 | Section 01, Joseph Schachinger | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Summary compensation table for 2025” · page 31. As printed: 1,292,513. Filing ↗machine: r8 · c27 · span 1165397–1165406 |
| 6 | Section 03, Christopher Young RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1649462–1649468 |
| 7 | Section 03, Adam Bergonzi RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1527204–1527211 |
| 8 | Section 03, Daniel Avitabile RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1579468–1579475 |
| 9 | Section 03, Christopher Young RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1631151–1631158 |
| 10 | Section 03, William Fallon RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1458316–1458323 |
| 11 | Section 03, William Fallon RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1440002–1440011 |
| 12 | Section 03, Daniel Avitabile RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1597779–1597785 |
| 13 | Section 03, Adam Bergonzi RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1545515–1545521 |
| 14 | Section 03, Joseph Schachinger RSU | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Grants of plan-based awards in 2025” · grants of plan-based awards table. Filing ↗machine: span 1493509–1493516 |
| 15 | Section 07, pay ratio | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “CEO Pay Ratio”. As printed: 14 : 1. Filing ↗ |
| 16 | Section 08, Steven J. Gilbert | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 363,000. Filing ↗machine: span 291249–291475 |
| 17 | Section 08, Diane L. Dewbrey | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 238,000. Filing ↗machine: span 284850–285076 |
| 18 | Section 08, Richard C. Vaughan | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 238,000. Filing ↗machine: span 310996–311222 |
| 19 | Section 08, Theodore Shasta | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 238,000. Filing ↗machine: span 304052–304278 |
| 20 | Section 08, Janice L. Innis-Thompson | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 213,000. Filing ↗machine: span 297655–297881 |
| 21 | Section 08, William C. Fallon | DEF 14A | 2026-03-23 | 0000814585-26-000048 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 22 | Section 06, 2024 vote | Form 8-K | 2024-05-07 | 0000950170-24-054508 | Item 5.07 · say-on-pay result. As reported: 80.66% (votes for as printed: 26,130,153 (80.66%)). Filing ↗ |
| 23 | Section 06, 2023 vote | Form 8-K | 2023-05-05 | 0001193125-23-136552 | Item 5.07 · say-on-pay result. As reported: 95.03% (votes for as printed: 32,921,805). Filing ↗ |
| 24 | Section 06, 2022 vote | Form 8-K | 2022-05-05 | 0001193125-22-142332 | Item 5.07 · say-on-pay result. As reported: 96.29% (votes for as printed: 33,558,056 (96.28%)). Filing ↗ |
| 25 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 26 | 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).machine: formula: sums + PSU ratio |
| 27 | Section 09b board cost (computed) | Computed | — | — | Cash 790,000 + equity 500,000 + all other 0 = 1,290,000, summed across the director compensation table rows.machine: formula: Σ = 1,290,000 |
| 28 | Mbia (subject), Section 10b CEO total | DEF 14A | 2026-03-23 | 0000814585-26-000048 | CEO total compensation as printed in Mbia's own proxy. As printed: 4,285,215. Filing ↗machine: r4 · c27 · span 1123964–1123973 |