Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-12

Q2 Holdings, Inc. (QTWO)

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.

$11,492,510
Matthew Flake total, FY2025
40th
CEO pay percentile vs peers
95:1
CEO-to-median pay ratio
97.14%
Say-on-pay support, latest vote
Companies that benchmark against QTWO
44 companies name QTWO as a compensation peer

Each company listed discloses QTWO 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 QTWO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Flake$520,000$0$10,372,998$0$552,879$0$46,633$11,492,510
President & Chief Executive Officer
Kirk Coleman450,00005,186,4060478,453050,8576,165,716
Chief Business Officer
Jonathan Price439,80805,186,4060446,760035,5896,108,563
Chief Financial Officer
John Breeden400,00003,111,8870318,969038,5723,869,428
Chief Delivery Officer
Himagiri Mukkamala406,15403,111,8870271,080038,5913,827,712
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Matthew Flake$11,492,510$12,099,260$11,354,586−606,750
Kirk Coleman6,165,7166,783,4846,659,911−617,768
Jonathan Price6,108,5635,368,7153,962,772+739,848
John Breeden3,869,4284,027,8964,619,330−158,468
Himagiri Mukkamala3,827,712

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

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael S. KerrGeneral Counsel2026-05-14D397$45$17,857CommonForm 4 ↗
Kirk ColemanChief Business Officer2026-06-01A16,96100CommonForm 4 ↗
Kirk ColemanChief Business Officer2026-06-01A17,93400CommonForm 4 ↗
Kirk ColemanChief Business Officer2026-06-01D20,894501,034,253CommonForm 4 ↗
Kirk ColemanChief Business Officer2026-06-10D3,60343156,658CommonForm 4 ↗
R. Lynn AtchisonDirector2026-06-10A4,74100CommonForm 4 ↗
James R. OfferdahlDirector2026-06-10A4,74100CommonForm 4 ↗
Andre L. MintzDirector2026-06-10A4,74100CommonForm 4 ↗
Margaret L. TaylorDirector2026-06-10A4,74100CommonForm 4 ↗
Stephen C. HooleyDirector2026-06-10A4,74100CommonForm 4 ↗
Lynn Antipas TysonDirector2026-06-10A4,74100CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Himagiri MukkamalaPSU2025-03-064,5669,13318,266$706,255
Matthew FlakePSU2025-03-0615,22130,44360,8863,310,372
John BreedenPSU2025-03-064,5669,13318,266706,255
Kirk ColemanPSU2025-03-067,61115,22230,4441,177,117
Kirk ColemanRSU2025-03-0630,4432,354,157
John BreedenPSU2025-03-064,5669,13318,266993,122
John BreedenRSU2025-03-0618,2661,412,510
Kirk ColemanPSU2025-03-067,61015,22130,4421,655,132
Matthew FlakePSU2025-03-0615,22230,44460,8882,354,235
Matthew FlakeRSU2025-03-0660,8874,708,392
Himagiri MukkamalaPSU2025-03-064,5669,13318,266993,122
Himagiri MukkamalaRSU2025-03-0618,2661,412,510
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Himagiri Mukkamala$1,412,510$1,699,377$054.6%
Matthew Flake4,708,3925,664,607054.6%
John Breeden1,412,5101,699,377054.6%
Kirk Coleman2,354,1572,832,249054.6%

% 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
John BreedenRSU29,998$2,164,656
Himagiri MukkamalaRSU18,2661,318,075
John BreedenRSU9,133659,037
Himagiri MukkamalaRSU9,133659,037
Matthew FlakeRSU30,4432,196,767
Matthew FlakeRSU76,3345,508,261
Matthew FlakeRSU17,0991,233,864
Jonathan PriceRSU15,2211,098,347
Kirk ColemanRSU23,5551,699,729
Jonathan PriceRSU32,1412,319,295
Kirk ColemanRSU23,5561,699,801
Matthew FlakeRSU71,0585,127,545
John BreedenRSU7,222521,140
Kirk ColemanRSU26,7841,932,733
John BreedenRSU18,2661,318,075
Himagiri MukkamalaRSU13,473972,212
Himagiri MukkamalaRSU5,357386,561
Jonathan PriceRSU21,4271,546,172
John BreedenRSU14,9991,082,328
Kirk ColemanRSU18,6021,342,320
Kirk ColemanRSU30,4432,196,767
Matthew FlakeRSU30,4442,196,839
Kirk ColemanRSU15,2211,098,347
Himagiri MukkamalaRSU20,2101,458,354
John BreedenRSU26,6961,926,383
Matthew FlakeRSU60,8874,393,606
Jonathan PriceRSU30,4432,196,767
Kirk ColemanRSU40,1762,899,100
Jonathan PriceRSU23,5551,699,729
Kirk ColemanRSU15,2221,098,420
Himagiri MukkamalaRSU8,036579,878
Kirk ColemanRSU53,5683,865,467
Matthew FlakeRSU50,8893,672,150
John BreedenRSU22,4991,623,528
Jonathan PriceRSU5,310383,170
Kirk ColemanRSU17,9341,294,117
Jonathan PriceRSU23,5561,699,801
Matthew FlakeRSU101,7787,344,300
Jonathan PriceRSU15,2221,098,420
Matthew FlakeRSU71,0595,127,617
Jonathan PriceRSU42,8543,092,345
Himagiri MukkamalaRSU10,714773,122
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is guided by our strong pay-for-performance culture and our overarching philosophy of paying only for demonstrable performance.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantMercer
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1052,396,4341,518,92824,20297.14%Passed
20252025-06-0348,778,3636,876,29313,77987.62%Passed
20242024-06-1149,278,0625,064,68043,09790.61%Passed
20232023-05-3144,845,4893,126,08519,65193.45%Passed
20222022-06-0152,142,940462,06423,55799.08%Passed
20212021-06-0848,800,9302,276,666208,62995.15%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
20262026-06-1097.14%a
20252025-06-0387.62%b
20242024-06-1190.61%c

a. Approved under the standard stated in the filing — “2 and 3, broker non-votes, if any, will not be counted in determining the number of votes cast and will have no effect on the approval of these proposals, but abstentions will have the same effect as a vote against these proposals.”.

b. Approved under the standard stated in the filing — “2 and 3, broker non-votes, if any, will not be counted in determining the number of votes cast and will have no effect on the approval of these proposals, but abstentions will have the same effect as ”.

c. Approved under the standard stated in the filing — “2 and 3, broker non-votes, if any, will not be counted in determining the number of votes cast and will have no effect on the approval of these proposals, but abstentions will have the same effect as ”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)95 : 1
CEO total compensation$11,492,510
Median employee compensation$121,334
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen C. HooleyIndependent · Lead Independent Director · Compensation (Chair) · Nominating and Corporate Governance$63,116$209,045$0$0$0$272,161
James R. OfferdahlIndependent · Audit (Chair) · Risk and Compliance62,500209,045000271,545
R. Lynn AtchisonIndependent · Audit · Risk and Compliance (Chair)57,500209,045000266,545
Margaret L. TaylorIndependent · Compensation · Nominating and Corporate Governance (Chair) · Risk and Compliance51,733209,045000260,778
Lynn Antipas TysonIndependent · Audit · Nominating and Corporate Governance44,000209,045000253,045
Andre L. MintzIndependent · Audit · Risk and Compliance · Newly elected39,823209,045000248,868
Jeffrey T. DiehlIndependent · Compensation · Not standing for re-election · Departed during FY24,26000024,260
Matthew P. FlakeEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)6,473 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$342,932
Equity awards (grant-date value)$1,254,270
All other compensation$0
Total cost of the board$1,597,202

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 Q2 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 Q2 Holdings, Inc..

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
1BILL Holdings2025Ren Lacerte$550,000$14,861,481$0$688,050$16,139,836
2Qualys2025Sumedh Thakar616,16714,597,5650723,37715,947,158
3Intapp2025John Hall500,99013,872,85514,917,881
4Q2 Holdings, Inc.2025Matthew Flake520,00010,372,9980552,87911,492,510
5Smartsheet2024Mark P. Mader587,0779,085,2220511,13410,205,886
6Alkami Technology2025Alex Shootman558,4806,222,6750699,7757,492,018

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
Q2 Holdings, Inc.106.3%PSU 50 · RSU 50Yes — Relative TSRMercer
Alkami Technology125.3%RSU 100not disclosedFW Cook
BILL Holdings125.1%RSU 50 · PSU 50Yes — Relative TSRSemler Brossy Consulting Group LLC
Intapp106.6%not disclosedNoAlpine Rewards, LLC
Qualysnot disclosednot disclosedNoCompensia, Inc.
Smartsheet87.4%PSU 50 · RSU 50NoCompensia

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.

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, Matthew FlakeDEF 14A2026-04-290001410384-26-000029Section “Summary Compensation Table”. As printed: 11,492,510. Filing ↗machine: span 684167–684177
2Section 01, Kirk ColemanDEF 14A2026-04-290001410384-26-000029Section “Summary Compensation Table”. As printed: 6,165,716. Filing ↗machine: span 693588–693597
3Section 01, Jonathan PriceDEF 14A2026-04-290001410384-26-000029Section “Summary Compensation Table”. As printed: 6,108,563. Filing ↗machine: span 702766–702775
4Section 01, John BreedenDEF 14A2026-04-290001410384-26-000029Section “Summary Compensation Table”. As printed: 3,869,428. Filing ↗machine: span 711943–711952
5Section 01, Himagiri MukkamalaDEF 14A2026-04-290001410384-26-000029Section “Summary Compensation Table”. As printed: 3,827,712. Filing ↗machine: span 721311–721320
6Section 03, Himagiri Mukkamala PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r20 · c25 · span 844786–844793
7Section 03, Matthew Flake PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r5 · c25 · span 788273–788282
8Section 03, John Breeden PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r16 · c25 · span 829708–829715
9Section 03, Kirk Coleman PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r8 · c25 · span 799545–799554
10Section 03, Kirk Coleman RSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r10 · c25 · span 807000–807009
11Section 03, John Breeden PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r17 · c25 · span 833514–833521
12Section 03, John Breeden RSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r18 · c25 · span 837158–837167
13Section 03, Kirk Coleman PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r9 · c25 · span 803354–803363
14Section 03, Matthew Flake PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r4 · c25 · span 784463–784472
15Section 03, Matthew Flake RSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r6 · c25 · span 791919–791928
16Section 03, Himagiri Mukkamala PSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t63 · r21 · c25 · span 848592–848599
17Section 03, Himagiri Mukkamala RSUDEF 14A2026-04-290001410384-26-000029Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t60 · r18 · c5 · span 752088–752097
18Section 07, pay ratioDEF 14A2026-04-290001410384-26-000029Section “CEO Pay Ratio”. As printed: 95 : 1. Filing ↗machine: span 1144279–1144286
19Section 08, Stephen C. HooleyDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 272,161. Filing ↗machine: t20 · r4 · c8 · span 342737–342744
20Section 08, James R. OfferdahlDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 271,545. Filing ↗machine: t20 · r6 · c8 · span 346581–346588
21Section 08, R. Lynn AtchisonDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 266,545. Filing ↗machine: t20 · r2 · c11 · span 339065–339072
22Section 08, Margaret L. TaylorDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 260,778. Filing ↗machine: t20 · r7 · c8 · span 348505–348512
23Section 08, Lynn Antipas TysonDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 253,045. Filing ↗machine: t20 · r8 · c8 · span 350425–350432
24Section 08, Andre L. MintzDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 248,868. Filing ↗machine: t20 · r5 · c8 · span 344657–344664
25Section 08, Jeffrey T. DiehlDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 24,260. Filing ↗machine: t20 · r3 · c2 · span 339937–339943
26Section 08, Matthew P. FlakeDEF 14A2026-04-290001410384-26-000029Section “Director Compensation”. As printed: 0. Filing ↗
27Section 02, Michael S. Kerr 2026-05-14Form 42026-05-140001938943-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Kirk Coleman 2026-06-01Form 42026-06-030001957145-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kirk Coleman 2026-06-01Form 42026-06-030001957145-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Kirk Coleman 2026-06-01Form 42026-06-030001957145-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Kirk Coleman 2026-06-10Form 42026-06-120001957145-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, R. Lynn Atchison 2026-06-10Form 42026-06-120001514073-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, James R. Offerdahl 2026-06-10Form 42026-06-120001490198-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Andre L. Mintz 2026-06-10Form 42026-06-120002058673-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Margaret L. Taylor 2026-06-10Form 42026-06-120001205426-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Stephen C. Hooley 2026-06-10Form 42026-06-120001463574-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Lynn Antipas Tyson 2026-06-10Form 42026-06-120001860770-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
38Section 06, 2026 voteForm 8-K2026-06-120001410384-26-000043Item 5.07 · say-on-pay result. As reported: 97.14% (votes for as printed: 52,396,434). Filing ↗
39Section 06, 2025 voteForm 8-K2025-06-050001410384-25-000120Item 5.07 · say-on-pay result. As reported: 87.62% (votes for as printed: 48,778,363). Filing ↗
40Section 06, 2024 voteForm 8-K2024-06-140001410384-24-000145Item 5.07 · say-on-pay result. As reported: 90.61% (votes for as printed: 49,278,062). Filing ↗
41Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
42Section 03b vehicle mix (computed)ComputedcomputedRSU / 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)ComputedcomputedCash 342,932 + equity 1,254,270 + all other 0 = 1,597,202, summed across the director compensation table rows.machine: formula: Σ = 1,597,202
44BILL Holdings, Section 10b CEO totalDEF 14A2025-10-270001193125-25-251571CEO total compensation as printed in BILL Holdings's own proxy. As printed: 16,139,836. Filing ↗machine: t222 · r3 · c34 · span 972693–972703
45Qualys, Section 10b CEO totalDEF 14A2026-04-220001140361-26-016101CEO total compensation as printed in Qualys's own proxy. As printed: 15,947,158. Filing ↗machine: t212 · r2 · c19 · span 828448–828458
46Intapp, Section 10b CEO totalDEF 14A2025-10-070001140361-25-037489CEO total compensation as printed in Intapp's own proxy. As printed: 14,917,881. Filing ↗machine: r2 · c18 · span 476251–476262
47Q2 Holdings, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-290001410384-26-000029CEO total compensation as printed in Q2 Holdings, Inc.'s own proxy. As printed: 11,492,510. Filing ↗machine: span 684167–684177
48Smartsheet, Section 10b CEO totalDEF 14A2024-05-010001366561-24-000093CEO total compensation as printed in Smartsheet's own proxy. As printed: 10,205,886. Filing ↗machine: r2 · c48 · span 623515–623525
49Alkami Technology, Section 10b CEO totalDEF 14A2026-04-070001529274-26-000023CEO total compensation as printed in Alkami Technology's own proxy. As printed: 7,492,018. Filing ↗machine: r2 · c42 · span 376155–376164
50Section 10a, BILL Holdings reciprocityDEF 14A0001193125-25-251571BILL Holdings's most recent proxy was read; its disclosed peer group does not include Q2 Holdings, Inc.. Filing ↗
51Section 10a, Qualys reciprocityDEF 14A0001140361-26-016101Qualys's most recent proxy was read; its disclosed peer group does not include Q2 Holdings, Inc.. Filing ↗
52Section 10a, Alkami Technology reciprocityDEF 14A0001529274-26-000023Alkami Technology names Q2 Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, Intapp reciprocityDEF 14A0001140361-25-037489Intapp names Q2 Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, Smartsheet reciprocityDEF 14A0001366561-24-000093Smartsheet's most recent proxy was read; its disclosed peer group does not include Q2 Holdings, Inc.. Filing ↗