Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-18

Miami International Holdings (MIAX)

CEO Thomas Gallagher was paid $21,187,093 in fiscal year 2025, ↑ up 103.8% from fiscal year 2024, the 25th percentile of its disclosed peer group (SEC filing 0001628280-26-027312 ↗): 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.

$21,187,093 ↑
Thomas Gallagher total, FY2025
25th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
73.88%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Thomas Gallagher (Chairman & Chief Executive Officer), FY2025 total compensation $21,187,093 (base salary $2,500,000) [exec_comp, SEC accession 0001628280-26-027312, filed 2026-04-27]

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MIAX's next annual pay disclosure, estimated April 27, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Gallagher$2,500,000$11,000,000$6,720,000$877,134$0$0$89,959$21,187,093
Chairman & Chief Executive Officer
Barbara Comly1,608,1252,810,0002,240,000591,3260081,9217,331,372
Executive Vice President, General Counsel and Corporate Secretary
Douglas Schafer Jr.2,075,0002,560,0000591,32600165,6095,391,935
Executive Vice President and Chief Information Officer
Lance Emmons780,0002,694,0000492,7720018,2003,984,972
Executive Vice President, Chief Financial Officer
Shelly Brown721,0001,795,0000394,2170035,9142,946,131
Executive Vice President, Chief Strategy 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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Thomas Gallagher$21,187,093$10,395,918$33,613,913↑ +10,791,175
Barbara Comly7,331,3723,784,81214,372,253↑ +3,546,560
Douglas Schafer Jr.5,391,9356,978,9913,735,044↓ −1,587,056
Lance Emmons3,984,972———
Shelly Brown2,946,1314,845,007—↓ −1,898,876

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

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Companies that benchmark against MIAX
No companies currently name MIAX as a compensation peer in their most recent disclosure.

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

01b

Executives — the named officers

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.

ExecutiveRoleFY2025 total
Barbara ComlyGeneral Counsel$7,331,372
Lance EmmonsCFO$3,984,972
Shelly BrownExecutive$2,946,131
Thomas GallagherCEO$21,187,093
Douglas Schafer Jr.Executive$5,391,935
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Abdulwahab Ahmad Al-NakibFormer director (through FY2025)$100,000
Albert M. Barro JrFormer director (through FY2025)$140,833
Barry J. BelmontFormer director (through FY2025)$100,000
Christopher D. BradyFormer director (through FY2025)$100,000
Cynthia SchwarzkopfIndependent Director$322,083
David BrownIndependent Director$174,167
J. Gray TeekellIndependent Director$164,167
Jamil NazaraliFormer director (through FY2025)$16,667
Jassem Hassan ZainalFormer director (through FY2025)$100,000
Kenneth W. LozierIndependent Director$281,500
Khaled Magdy El-MarsafyFormer director (through FY2025)$100,000
Kurt M. EckertDirector$450,437
Lisa MooreIndependent Director$175,000
Mark F. RaymondIndependent Director$90,000
Michael P. AmeenFormer director (through FY2025)$266,667
Paul V. StahlinIndependent Director$100,000
Ricardo BlachFormer director (through FY2025)$100,000
Robert D. PrunettiFormer director (through FY2025)$597,292
Thomas J. Kelly JrFormer director (through FY2025)$141,667
William J. O'Brien IIIFormer director (through FY2025)$100,000
William W. HopkinsFormer director (through FY2025)$140,833
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 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Shelly BrownOPTION2025-06-16——50,000—$394,217
Barbara ComlyOPTION2025-06-16——75,000—591,326
Douglas Schafer Jr.OPTION2025-06-16——75,000—591,326
Barbara ComlyRSU2025-06-16——100,000—2,240,000
Thomas GallagherRSU2025-06-16——300,000—6,720,000
Thomas GallagherOPTION2025-06-16——111,250—877,134
Lance EmmonsOPTION2025-06-16——62,500—492,772
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Shelly Brown$0$0$394,2170.0%
Barbara Comly2,240,0000591,3260.0%
Douglas Schafer Jr.00591,3260.0%
Thomas Gallagher6,720,0000877,1340.0%
Lance Emmons00492,7720.0%

% 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 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lance EmmonsOption62,50022.4—
BrownOption41,66712—
Lance EmmonsOption125,00015.22—
Lance EmmonsOption102,77913.5—
Barbara ComlyOption150,00012—
Douglas Schafer Jr.RSU400,000—17,752,000
BrownOption65,33412—
Thomas GallagherOption111,25022.4—
Thomas GallagherRSU441,666—19,601,137
Barbara ComlyRSU103,333—4,585,919
BrownRSU95,833—4,253,069
Lance EmmonsRSU16,666—739,637
Thomas GallagherOption375,00012—
Thomas GallagherOption300,00012—
Thomas GallagherOption250,00012—
Thomas GallagherOption300,00015.22—
Thomas GallagherOption375,00016.14—
BrownOption25,00020—
Lance EmmonsOption68,80416.14—
Lance EmmonsOption58,33319.84—
Lance EmmonsOption66,66620.08—
Douglas Schafer Jr.Option150,00012—
Douglas Schafer Jr.Option200,00012—
Douglas Schafer Jr.Option150,00015.22—
Douglas Schafer Jr.Option150,00016.14—
Douglas Schafer Jr.Option41,66619.84—
Douglas Schafer Jr.Option100,00020.08—
Douglas Schafer Jr.Option75,00022.4—
Barbara ComlyOption150,00015.22—
Barbara ComlyOption150,00016.14—
BrownOption49,99925.78—
Barbara ComlyOption41,66619.84—
Barbara ComlyOption66,66620.08—
Barbara ComlyOption75,00022.4—
BrownOption91,66712—
BrownOption150,00012—
BrownOption150,00015.22—
BrownOption24,99916.14—
BrownOption16,66619.84—
BrownOption50,00022.4—
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is to link executive compensation with individual achievement, company performance and stockholder value creation. Our executive compensation program is designed to attract, motivate, and retain high-caliber leaders, align pay with performance and support our long-term strategy with an appropriately balanced mix of fixed and variable compensation.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedging—
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1649,020,02817,331,303972,64673.88%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
20262026-06-1673.88%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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Robert D. PrunettiIndependent · Departed during FY$377,292—$120,000—$100,000$597,292
Kurt M. EckertNot independent · Risk330,437—120,000—0450,437
Cynthia SchwarzkopfIndependent · Nominating and Corporate Governance · Compensation262,083—60,000—0322,083
Kenneth W. LozierIndependent · Nominating and Corporate Governance221,500—60,000—0281,500
Michael P. AmeenIndependent · Departed during FY166,667—0—100,000266,667
Lisa MooreIndependent · Risk (Chair) · Audit145,000—30,000—0175,000
David BrownIndependent · Audit114,167—60,000—0174,167
J. Gray TeekellIndependent · Compensation164,167—0—0164,167
Thomas J. Kelly JrIndependent · Compensation · Departed during FY41,667—0—100,000141,667
Albert M. Barro JrIndependent · Departed during FY40,833—0—100,000140,833
William W. HopkinsIndependent · Departed during FY40,833—0—100,000140,833
William J. O'Brien IIIDeparted during FY0—0—100,000100,000
Abdulwahab Ahmad Al-NakibIndependent · Departed during FY0—0—100,000100,000
Ricardo BlachIndependent · Departed during FY0—0—100,000100,000
Khaled Magdy El-MarsafyIndependent · Departed during FY0—0—100,000100,000
Christopher D. BradyIndependent · Departed during FY0—0—100,000100,000
Jassem Hassan ZainalIndependent · Departed during FY0—0—100,000100,000
Barry J. BelmontIndependent · Departed during FY0—0—100,000100,000
Paul V. StahlinIndependent · Audit (Chair) · Risk100,000—0—0100,000
Mark F. RaymondIndependent · Nominating and Corporate Governance (Chair) · Compensation90,000—0—090,000
Jamil NazaraliIndependent · Departed during FY16,667—0—016,667
Thomas P. GallagherEmployee director · Board Chair—————0
Eric SitesNot independent · Newly elected——————
John BeckelmanNot independent · Newly elected——————
Jill E. SommersNewly elected——————
Talal Jassim Al-BaharIndependent · Compensation (Chair)——————
Mark I. MassadIndependent · Newly elected——————
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$2,111,313
Equity awards (grant-date value)$0
All other compensation$1,200,000
Total cost of the board$3,311,313

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

10

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.

10a

Peer reciprocity

Of the companies Miami International 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 Miami International 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
1Nasdaq2025Adena Friedman$1,359,616$17,491,321$0$6,086,509$25,014,550
2CME Group Inc2025Terrence Duffy2,000,00013,319,86007,128,83123,394,854
3ICE2025Jeffrey Sprecher1,395,83316,666,55304,050,00022,133,386
4Miami International Holdings2025Thomas Gallagher2,500,0006,720,000877,134021,187,093
5Cboe2025Craig Donohue846,97014,742,57402,553,69918,347,037

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
Miami International Holdingsnot disclosednot disclosednot disclosednot disclosed
Cboenot disclosedRSU 50 · PSU 50YesMeridian
CME Group Incnot disclosedPSU 50 · RSU 50Yes — TSR relative to the S&P 500Meridian Compensation Partners, LLC
ICE108%PSU 70 · RSU 30Yes — Company 3-Year TSR relative to S&P 500 3-Year TSRCompensation Advisory Partners (CAP)
Nasdaq149%not disclosedYes — TSR relative to S&P 500 companiesExequity

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.

10d

Frequently asked questions

Who was the highest-paid executive at Miami International Holdings in fiscal 2025?
As disclosed, Thomas Gallagher (Chairman & Chief Executive Officer) was the highest-paid executive at Miami International Holdings in fiscal 2025, with total compensation of $21,187,093.
How does Miami International Holdings's chief executive pay compare to its disclosed peer group?
As disclosed, Thomas Gallagher's total compensation ranked at the 25th percentile of Miami International Holdings's disclosed peer group.
How did shareholders vote on Miami International Holdings's executive compensation?
As disclosed, 73.88% of shareholders supported Miami International Holdings's executive compensation in the latest say-on-pay vote.
How much does Miami International Holdings spend in total on board compensation for fiscal 2025?
As disclosed, Miami International Holdings reported total board compensation of $3,311,313 for fiscal 2025.

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.

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, Thomas GallagherDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation”. As printed: 21,187,093. Filing ↗machine: r3 · c7 · span 901905–901915
2Section 01, Barbara ComlyDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation”. As printed: 7,331,372. Filing ↗machine: r13 · c7 · span 936251–936260
3Section 01, Douglas Schafer Jr.DEF 14A2026-04-270001628280-26-027312Section “Executive Compensation”. As printed: 5,391,935. Filing ↗machine: r9 · c7 · span 922020–922029
4Section 01, Lance EmmonsDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation”. As printed: 3,984,972. Filing ↗machine: r7 · c7 · span 916043–916052
5Section 01, Shelly BrownDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation”. As printed: 2,946,131. Filing ↗machine: r17 · c7 · span 950036–950045
6Section 03, Shelly Brown OPTIONDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1035160–1035167
7Section 03, Barbara Comly OPTIONDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1029968–1029975
8Section 03, Douglas Schafer Jr. OPTIONDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1027191–1027198
9Section 03, Barbara Comly RSUDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1032397–1032406
10Section 03, Thomas Gallagher RSUDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1021641–1021650
11Section 03, Thomas Gallagher OPTIONDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1019212–1019219
12Section 03, Lance Emmons OPTIONDEF 14A2026-04-270001628280-26-027312Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 1024403–1024410
13Section 08, Robert D. PrunettiDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 597,292. Filing ↗machine: span 1645903–1646265
14Section 08, Kurt M. EckertDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 450,437. Filing ↗machine: span 1614346–1614708
15Section 08, Cynthia SchwarzkopfDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 322,083. Filing ↗machine: span 1624401–1624763
16Section 08, Kenneth W. LozierDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 281,500. Filing ↗machine: span 1616923–1617298
17Section 08, Michael P. AmeenDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 266,667. Filing ↗machine: span 1633378–1633741
18Section 08, Lisa MooreDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 175,000. Filing ↗machine: span 1619374–1619736
19Section 08, David BrownDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 174,167. Filing ↗machine: span 1611897–1612256
20Section 08, J. Gray TeekellDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 164,167. Filing ↗machine: span 1628191–1628561
21Section 08, Thomas J. Kelly JrDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 141,667. Filing ↗machine: span 1640873–1641233
22Section 08, Albert M. Barro JrDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 140,833. Filing ↗machine: span 1635841–1636203
23Section 08, William W. HopkinsDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 140,833. Filing ↗machine: span 1638418–1638781
24Section 08, William J. O'Brien IIIDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1659396–1659756
25Section 08, Abdulwahab Ahmad Al-NakibDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1647798–1648161
26Section 08, Ricardo BlachDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1652333–1652696
27Section 08, Khaled Magdy El-MarsafyDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1657154–1657517
28Section 08, Christopher D. BradyDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1654573–1654935
29Section 08, Jassem Hassan ZainalDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1661708–1662071
30Section 08, Barry J. BelmontDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1650028–1650388
31Section 08, Paul V. StahlinDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 1625588–1625957
32Section 08, Mark F. RaymondDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 90,000. Filing ↗machine: span 1620557–1620923
33Section 08, Jamil NazaraliDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 16,667. Filing ↗machine: span 1642058–1642428
34Section 08, Thomas P. GallagherDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: 0. Filing ↗
35Section 08, Eric SitesDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: —. Filing ↗
36Section 08, John BeckelmanDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: —. Filing ↗
37Section 08, Jill E. SommersDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: —. Filing ↗
38Section 08, Talal Jassim Al-BaharDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: —. Filing ↗
39Section 08, Mark I. MassadDEF 14A2026-04-270001628280-26-027312Section “Director Compensation”. As printed: —. Filing ↗
40Section 06, 2026 voteForm 8-K2026-06-180001438472-26-000032Item 5.07 · say-on-pay result. As reported: 73.88% (votes for as printed: 49,020,028). Filing ↗
41Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
42Section 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
43Section 09b board cost (computed)Computed——Cash 2,111,313 + equity 0 + all other 1,200,000 = 3,311,313, summed across the director compensation table rows.machine: formula: Σ = 3,311,313
44Nasdaq, Section 10b CEO totalDEF 14A2026-04-240001628280-26-027245CEO total compensation as printed in Nasdaq's own proxy. As printed: 25,014,550. Filing ↗machine: r3 · c7 · span 2441886–2441897
45CME Group Inc, Section 10b CEO totalDEF 14A2026-03-230001628280-26-020500CEO total compensation as printed in CME Group Inc's own proxy. As printed: 23,394,854. Filing ↗machine: span 1417602–1417612
46ICE, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134700CEO total compensation as printed in ICE's own proxy. As printed: 22,133,386. Filing ↗machine: t89 · r5 · c16 · span 1344962–1344972
47Miami International Holdings (subject), Section 10b CEO totalDEF 14A2026-04-270001628280-26-027312CEO total compensation as printed in Miami International Holdings's own proxy. As printed: 21,187,093. Filing ↗machine: r3 · c7 · span 901905–901915
48Cboe, Section 10b CEO totalDEF 14A2026-04-020001628280-26-022939CEO total compensation as printed in Cboe's own proxy. As printed: 18,347,037. Filing ↗machine: r2 · c14 · span 1788944–1788954
49Section 10a, Cboe reciprocityDEF 14A—0001628280-26-022939Cboe's most recent proxy was read; its disclosed peer group does not include Miami International Holdings. Filing ↗
50Section 10a, Nasdaq reciprocityDEF 14A—0001628280-26-027245Nasdaq's most recent proxy was read; its disclosed peer group does not include Miami International Holdings. Filing ↗
51Section 10a, CME Group Inc reciprocityDEF 14A—0001628280-26-020500CME Group Inc's most recent proxy was read; its disclosed peer group does not include Miami International Holdings. Filing ↗