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Companies MIAMI INTERNATIONAL HOLDINGS, INC.

MIAMI INTERNATIONAL (MIAX): executive pay, fiscal 2025

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CEO total pay$21,187,093CEO Thomas Gallagher · source
Say-on-pay support73.88%Latest vote · source
CEO vs. named peers25th pct.Of 4 peer CEOs

CEO pay, last three years

  • $33,613,913FY2023
  • $10,395,918FY2024
  • $21,187,093FY2025

CEO total pay was $21,187,093 in fiscal 2025, up from $10,395,918 in fiscal 2024.

FY2025: salary $2,500,000 · bonus $11,000,000 · stock awards $6,720,000 · option awards $877,134

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
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.

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—
Equity grants and outstanding awards

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

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.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lance EmmonsRSU16,666—$739,637
BrownOption16,66619.84—
BrownOption25,00020—
Douglas Schafer Jr.Option41,66619.84—
Barbara ComlyOption41,66619.84—
BrownOption50,00022.4—
Lance EmmonsOption58,33319.84—
Lance EmmonsOption62,50022.4—
Lance EmmonsOption66,66620.08—
Barbara ComlyOption66,66620.08—
Douglas Schafer Jr.Option75,00022.4—
Barbara ComlyOption75,00022.4—
BrownRSU95,833—4,253,069
Barbara ComlyRSU103,333—4,585,919
Thomas GallagherOption111,25022.4—
Douglas Schafer Jr.RSU400,000—17,752,000
Thomas GallagherRSU441,666—19,601,137
Director compensation
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——————

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—

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.

Peer group, and who names MIAMI INTERNATIONAL as a peer

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.

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

Of the companies MIAMI INTERNATIONAL HOLDINGS, INC. 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, INC..

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 HOLDINGS, INC.2025Thomas 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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
MIAMI INTERNATIONAL HOLDINGS, INC.not 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.

Say-on-pay history and pay ratio
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.

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (51 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, Thomas Gallagher. DEF 14A, filed 2026-04-27. Section “Executive Compensation”. As printed: 21,187,093. View filing ↗
  • Section 01, Barbara Comly. DEF 14A, filed 2026-04-27. Section “Executive Compensation”. As printed: 7,331,372. View filing ↗
  • Section 01, Douglas Schafer Jr.. DEF 14A, filed 2026-04-27. Section “Executive Compensation”. As printed: 5,391,935. View filing ↗
  • Section 01, Lance Emmons. DEF 14A, filed 2026-04-27. Section “Executive Compensation”. As printed: 3,984,972. View filing ↗
  • Section 01, Shelly Brown. DEF 14A, filed 2026-04-27. Section “Executive Compensation”. As printed: 2,946,131. View filing ↗
  • Section 03, Shelly Brown OPTION. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Barbara Comly OPTION. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Douglas Schafer Jr. OPTION. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Barbara Comly RSU. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas Gallagher RSU. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas Gallagher OPTION. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Lance Emmons OPTION. DEF 14A, filed 2026-04-27. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 08, Robert D. Prunetti. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 597,292. View filing ↗
  • Section 08, Kurt M. Eckert. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 450,437. View filing ↗
  • Section 08, Cynthia Schwarzkopf. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 322,083. View filing ↗
  • Section 08, Kenneth W. Lozier. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 281,500. View filing ↗
  • Section 08, Michael P. Ameen. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 266,667. View filing ↗
  • Section 08, Lisa Moore. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 175,000. View filing ↗
  • Section 08, David Brown. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 174,167. View filing ↗
  • Section 08, J. Gray Teekell. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 164,167. View filing ↗
  • Section 08, Thomas J. Kelly Jr. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 141,667. View filing ↗
  • Section 08, Albert M. Barro Jr. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 140,833. View filing ↗
  • Section 08, William W. Hopkins. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 140,833. View filing ↗
  • Section 08, William J. O'Brien III. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Abdulwahab Ahmad Al-Nakib. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Ricardo Blach. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Khaled Magdy El-Marsafy. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Christopher D. Brady. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Jassem Hassan Zainal. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Barry J. Belmont. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Paul V. Stahlin. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 100,000. View filing ↗
  • Section 08, Mark F. Raymond. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 90,000. View filing ↗
  • Section 08, Jamil Nazarali. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 16,667. View filing ↗
  • Section 08, Thomas P. Gallagher. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Eric Sites. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, John Beckelman. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Jill E. Sommers. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Talal Jassim Al-Bahar. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 08, Mark I. Massad. DEF 14A, filed 2026-04-27. Section “Director Compensation”. As printed: —. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-18. Item 5.07 · say-on-pay result. As reported: 73.88% (votes for as printed: 49,020,028). 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 2,111,313 + equity 0 + all other 1,200,000 = 3,311,313, summed across the director compensation table rows.
  • Nasdaq, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Nasdaq's own proxy. As printed: 25,014,550. View filing ↗
  • CME Group Inc, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in CME Group Inc's own proxy. As printed: 23,394,854. View filing ↗
  • ICE, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in ICE's own proxy. As printed: 22,133,386. View filing ↗
  • MIAMI INTERNATIONAL HOLDINGS, INC. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-27. CEO total compensation as printed in MIAMI INTERNATIONAL HOLDINGS, INC.'s own proxy. As printed: 21,187,093. View filing ↗
  • Cboe, Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Cboe's own proxy. As printed: 18,347,037. View filing ↗
  • Section 10a, Cboe reciprocity. DEF 14A. Cboe's most recent proxy was read; its disclosed peer group does not include MIAMI INTERNATIONAL HOLDINGS, INC.. View filing ↗
  • Section 10a, Nasdaq reciprocity. DEF 14A. Nasdaq's most recent proxy was read; its disclosed peer group does not include MIAMI INTERNATIONAL HOLDINGS, INC.. View filing ↗
  • Section 10a, CME Group Inc reciprocity. DEF 14A. CME Group Inc's most recent proxy was read; its disclosed peer group does not include MIAMI INTERNATIONAL HOLDINGS, INC.. View filing ↗
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