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Mara Holdings Executive Compensation (FY25)

MARA · Hallandale Beach, FL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Fred Thiel
Latest say-on-pay support
=
June 18, 2026
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Data as of November 5, 2026Latest filing (8-K): June 22, 2026
5 filings cited on this page
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148 figures on this page: 146 cited to the filing that reported them, 2 calculated from figures it prints. See the citations

More on Mara Holdings

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Fred Thiel: $43,244,809 → $27,053,236 (37.4% lower)
Say-on-pay support: 21.6% → 59.1% (37.5 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Mara Holdings' chief executive and what were they paid?
Fred Thiel, Chief Executive Officer and Chairman of the Board, received $27,053,236 in total compensation for fiscal 2025. Thiel's total moved 37.4% lower from the $43,244,809 reported for fiscal 2024.
What was Mara Holdings' say-on-pay result?
The say-on-pay proposal drew 59.1% of votes cast for or against in favor at the meeting held June 18, 2026 for fiscal 2025.
Which companies are in Mara Holdings' peer group?
The disclosed peer group names AppFolio, Braze, C3.ai, Cipher Mining and CleanSpark, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Hugh Gallagher
CFO
◇◇◇————◇
James Crawford
COO
◇◇◇————◇
John Lee
CAO
◇◇◇————◇
Fred Thiel
CEO and Executive Chairman
◇◇—————◇
Simeon Salzman
Former CFO and CAO
Departed during or after this year
◇◇◇————◇
Adam Swick
Chief Growth Officer
◇◇◇————◇
Ashu Swami
Chief Technology Officer
◇◇—————◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Fred Thiel
Chief Executive Officer and Chairman of the Board
◇◇◇———◇◇
Salman Khan
Chief Financial Officer
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Fred Thiel
Chief Executive Officer and Chairman of the Board
◇—◇—◇—◇◇
Salman Khan
Chief Financial Officer
◇—◇—◇—◇◇
Zabi Nowaid
General Counsel and Corporate Secretary
◇◇◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Fred Thiel
Chief Executive Officer and Chairman of the Board
◇—◇—◇—◇◇
Salman Khan
Chief Financial Officer
◇—◇—◇—◇◇
Zabi Nowaid
General Counsel and Corporate Secretary
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Fred ThielPSU◇—◇◇◇—◇
Salman KhanPSU◇—◇◇◇—◇
Zabi NowaidPSU◇—◇◇◇—◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Fred ThielRSU◇◇——
PSU◇◇——
Salman KhanRSU◇◇——
PSU◇◇——
Zabi NowaidRSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Fred Thiel
Chief Executive Officer and Chairman of the Board · Severance agreement
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Salman Khan
Chief Financial Officer · Severance agreement
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Zabi Nowaid
General Counsel and Corporate Secretary · Employment agreement
Severance multiple◇
Severance base◇
Severance cash amount◇
Change-in-control multiple◇
Change-in-control base◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Douglas Mellinger
Lead independent director
◇◇————◇
Vicki Mealer-Burke
◇◇————◇
Barbara Humpton
◇◇————◇
Janet George
◇◇————◇
Jay Leupp
◇◇————◇
Georges Antoun
◇◇————◇
Sarita James, Fred Thiel, Kevin DeNuccio and Said Ouissal served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: Non-employee directors are expected to meet their ownership requirement within three years of appointment.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • AppFolio APPF
  • Braze BRZE
  • C3.ai AI
  • Cipher Mining CIFR
  • CleanSpark CLSK
  • Confluent CFLT
  • Couchbase BASE
  • DoubleVerify Holdings DV
  • Fastly FSLY
  • GitLab GTLB
  • MicroStrategy symbol not shown
  • Rapid7 RPD
  • Riot Platforms RIOT
  • Samsara IOT
  • SPS Commerce SPSC
  • Squarespace SQSP

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 18, 2026=◇◇◇
2024June 26, 2025=◇◇◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Fred Thiel (Chief Executive Officer and Chairman of the Board), FY2025 total compensation $27,053,236 (base salary $978,500) [exec_comp, SEC accession 0001507605-26-000010, filed 2026-04-30]

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What this page does not include

Everything above is a fact Mara Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Mara Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Say-on-pay responsiveness
Mara Holdings recorded a low support level. The responsiveness analysis covers what the company said it would do, what it did, and how that compares with the companies that recovered their vote.
Responsiveness analysis
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
148 figures on this page: 146 cited to the filing that reported them, 2 calculated from figures it prints.
146 cited to the filing
2 calculated from the filing

Documents cited

  1. 0001493152-26-029615
    Proposal No. 3: Approval, on an advisory basis, of the compensation of the Named Executive Officers The stockholders approved, on a non-binding advisory basis, the compensation of the Named Executive Officers.
  2. 0001507605-26-000010
    Director Compensation · Executive Compensation Tables
  3. 0001507605-25-000006
    Compensation Discussion and Analysis
  4. 0001641172-25-016953
    Proposal No. 3: Approval, on an advisory basis, of the compensation of the Named Executive Officers The stockholders did not approve, on a non-binding advisory basis, the compensation of the Named Executive Officers.
  5. 0001493152-23-014714
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Mara Holdings executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MARA (accessed 2026).
Short form: data: Velarion

The paid brief for Mara Holdings

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
Get the executive briefGet the board briefNo account needed.
5 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Mara Holdings discloses

The companies named in MARA's own disclosed peer group.

AppFolioBrazeC3.aiCipher MiningCleanSparkConfluentCouchbaseDoubleVerify HoldingsFastlyGitLabRapid7Riot PlatformsSamsaraSPS CommerceSquarespace

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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