Companies MIAMI INTERNATIONAL HOLDINGS, INC.
MIAMI INTERNATIONAL (MIAX): executive pay, fiscal 2025
Free brief. Every figure links to the company’s own filing.
Email me MIAMI INTERNATIONAL HOLDINGS, INC.’s executive pay brief as a PDF
It arrives in about 2 minutes, with every figure cited to its filing.
After the PDF, up to three short notes on the deeper reports for this company. Reply “unsubscribe” to any of them, any time.
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
Order MIAX
Add the email the receipt and the PDF go to, then press the report you want. Each button opens its own card payment on Stripe.
Executives and directors
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| 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 Comly | 1,608,125 | 2,810,000 | 2,240,000 | 591,326 | 0 | 0 | 81,921 | 7,331,372 |
| Executive Vice President, General Counsel and Corporate Secretary | ||||||||
| Douglas Schafer Jr. | 2,075,000 | 2,560,000 | 0 | 591,326 | 0 | 0 | 165,609 | 5,391,935 |
| Executive Vice President and Chief Information Officer | ||||||||
| Lance Emmons | 780,000 | 2,694,000 | 0 | 492,772 | 0 | 0 | 18,200 | 3,984,972 |
| Executive Vice President, Chief Financial Officer | ||||||||
| Shelly Brown | 721,000 | 1,795,000 | 0 | 394,217 | 0 | 0 | 35,914 | 2,946,131 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Thomas Gallagher | $21,187,093 | $10,395,918 | $33,613,913 | ↑ +10,791,175 |
| Barbara Comly | 7,331,372 | 3,784,812 | 14,372,253 | ↑ +3,546,560 |
| Douglas Schafer Jr. | 5,391,935 | 6,978,991 | 3,735,044 | ↓ −1,587,056 |
| Lance Emmons | 3,984,972 | — | — | — |
| Shelly Brown | 2,946,131 | 4,845,007 | — | ↓ −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 policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Shelly Brown | OPTION | 2025-06-16 | — | — | 50,000 | — | $394,217 |
| Barbara Comly | OPTION | 2025-06-16 | — | — | 75,000 | — | 591,326 |
| Douglas Schafer Jr. | OPTION | 2025-06-16 | — | — | 75,000 | — | 591,326 |
| Barbara Comly | RSU | 2025-06-16 | — | — | 100,000 | — | 2,240,000 |
| Thomas Gallagher | RSU | 2025-06-16 | — | — | 300,000 | — | 6,720,000 |
| Thomas Gallagher | OPTION | 2025-06-16 | — | — | 111,250 | — | 877,134 |
| Lance Emmons | OPTION | 2025-06-16 | — | — | 62,500 | — | 492,772 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Shelly Brown | $0 | $0 | $394,217 | 0.0% |
| Barbara Comly | 2,240,000 | 0 | 591,326 | 0.0% |
| Douglas Schafer Jr. | 0 | 0 | 591,326 | 0.0% |
| Thomas Gallagher | 6,720,000 | 0 | 877,134 | 0.0% |
| Lance Emmons | 0 | 0 | 492,772 | 0.0% |
% 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
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Lance Emmons | RSU | 16,666 | — | $739,637 |
| Brown | Option | 16,666 | 19.84 | — |
| Brown | Option | 25,000 | 20 | — |
| Douglas Schafer Jr. | Option | 41,666 | 19.84 | — |
| Barbara Comly | Option | 41,666 | 19.84 | — |
| Brown | Option | 50,000 | 22.4 | — |
| Lance Emmons | Option | 58,333 | 19.84 | — |
| Lance Emmons | Option | 62,500 | 22.4 | — |
| Lance Emmons | Option | 66,666 | 20.08 | — |
| Barbara Comly | Option | 66,666 | 20.08 | — |
| Douglas Schafer Jr. | Option | 75,000 | 22.4 | — |
| Barbara Comly | Option | 75,000 | 22.4 | — |
| Brown | RSU | 95,833 | — | 4,253,069 |
| Barbara Comly | RSU | 103,333 | — | 4,585,919 |
| Thomas Gallagher | Option | 111,250 | 22.4 | — |
| Douglas Schafer Jr. | RSU | 400,000 | — | 17,752,000 |
| Thomas Gallagher | RSU | 441,666 | — | 19,601,137 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Robert D. PrunettiIndependent · Departed during FY | $377,292 | — | $120,000 | — | $100,000 | $597,292 |
| Kurt M. EckertNot independent · Risk | 330,437 | — | 120,000 | — | 0 | 450,437 |
| Cynthia SchwarzkopfIndependent · Nominating and Corporate Governance · Compensation | 262,083 | — | 60,000 | — | 0 | 322,083 |
| Kenneth W. LozierIndependent · Nominating and Corporate Governance | 221,500 | — | 60,000 | — | 0 | 281,500 |
| Michael P. AmeenIndependent · Departed during FY | 166,667 | — | 0 | — | 100,000 | 266,667 |
| Lisa MooreIndependent · Risk (Chair) · Audit | 145,000 | — | 30,000 | — | 0 | 175,000 |
| David BrownIndependent · Audit | 114,167 | — | 60,000 | — | 0 | 174,167 |
| J. Gray TeekellIndependent · Compensation | 164,167 | — | 0 | — | 0 | 164,167 |
| Thomas J. Kelly JrIndependent · Compensation · Departed during FY | 41,667 | — | 0 | — | 100,000 | 141,667 |
| Albert M. Barro JrIndependent · Departed during FY | 40,833 | — | 0 | — | 100,000 | 140,833 |
| William W. HopkinsIndependent · Departed during FY | 40,833 | — | 0 | — | 100,000 | 140,833 |
| William J. O'Brien IIIDeparted during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Abdulwahab Ahmad Al-NakibIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Ricardo BlachIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Khaled Magdy El-MarsafyIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Christopher D. BradyIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Jassem Hassan ZainalIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Barry J. BelmontIndependent · Departed during FY | 0 | — | 0 | — | 100,000 | 100,000 |
| Paul V. StahlinIndependent · Audit (Chair) · Risk | 100,000 | — | 0 | — | 0 | 100,000 |
| Mark F. RaymondIndependent · Nominating and Corporate Governance (Chair) · Compensation | 90,000 | — | 0 | — | 0 | 90,000 |
| Jamil NazaraliIndependent · Departed during FY | 16,667 | — | 0 | — | 0 | 16,667 |
| 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
| Component | FY2025 |
|---|---|
| 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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Nasdaq | 2025 | Adena Friedman | $1,359,616 | $17,491,321 | $0 | $6,086,509 | $25,014,550 |
| 2 | CME Group Inc | 2025 | Terrence Duffy | 2,000,000 | 13,319,860 | 0 | 7,128,831 | 23,394,854 |
| 3 | ICE | 2025 | Jeffrey Sprecher | 1,395,833 | 16,666,553 | 0 | 4,050,000 | 22,133,386 |
| 4 | MIAMI INTERNATIONAL HOLDINGS, INC. | 2025 | Thomas Gallagher | 2,500,000 | 6,720,000 | 877,134 | 0 | 21,187,093 |
| 5 | Cboe | 2025 | Craig Donohue | 846,970 | 14,742,574 | 0 | 2,553,699 | 18,347,037 |
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
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| MIAMI INTERNATIONAL HOLDINGS, INC. | not disclosed | not disclosed | not disclosed | not disclosed |
| Cboe | not disclosed | RSU 50 · PSU 50 | Yes | Meridian |
| CME Group Inc | not disclosed | PSU 50 · RSU 50 | Yes — TSR relative to the S&P 500 | Meridian Compensation Partners, LLC |
| ICE | 108% | PSU 70 · RSU 30 | Yes — Company 3-Year TSR relative to S&P 500 3-Year TSR | Compensation Advisory Partners (CAP) |
| Nasdaq | 149% | not disclosed | Yes — TSR relative to S&P 500 companies | Exequity |
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 year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-16 | 49,020,028 | 17,331,303 | 972,646 | 73.88% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-16 | 73.88%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 ↗