Mara Holdings Executive Compensation (FY25)
MARA · Hallandale Beach, FL · Executive and director compensation, fiscal 2024 to 2025
The paid brief on 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 $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): June 22, 2026
4 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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114 figures on this page: 112 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.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
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 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Fred Thiel Chief Executive Officer and Chairman of the Board | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Salman Khan Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Zabi Nowaid General Counsel and Corporate Secretary | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Fred Thiel | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Salman Khan | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Zabi Nowaid | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Zabi Nowaid | PSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| Fred Thiel | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Salman Khan | RSU | ◇ | ◇ | — | — |
| 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 · Terms as described in the company’s compensation discussion · citing a 2025 filing
| Severance multiple | ◇ |
| Severance base | ◇ |
| Severance cash amount | ◇ |
| Equity acceleration on change in control | ◇ |
| Benefits continuation | ◇ |
Salman Khan
Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
| Severance multiple | ◇ |
| Severance base | ◇ |
| Change-in-control multiple | ◇ |
| Change-in-control base | ◇ |
| Equity acceleration on change in control | ◇ |
| Benefits continuation on change in control | ◇ |
| Benefits continuation | ◇ |
Zabi Nowaid
General Counsel and Corporate Secretary · Terms as described in the company’s compensation discussion · citing a 2025 filing
| Severance multiple | ◇ |
| Severance base | ◇ |
| Severance cash amount | ◇ |
| Change-in-control multiple | ◇ |
| Change-in-control base | ◇ |
| Equity acceleration on change in control | ◇ |
| Benefits continuation on change in control | ◇ |
| Benefits continuation | ◇ |
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Douglas Mellinger Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Barbara Humpton | ◇ | ◇ | — | — | — | — | ◇ |
Vicki Mealer-Burke | ◇ | ◇ | — | — | — | — | ◇ |
Janet George | ◇ | ◇ | — | — | — | — | ◇ |
Jay Leupp | ◇ | ◇ | — | — | — | — | ◇ |
Georges Antoun | ◇ | ◇ | — | — | — | — | ◇ |
Sarita James, Kevin DeNuccio, Fred Thiel 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 | ◇ |
| 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.
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 MSTR
- Rapid7 RPD
- Riot Platforms RIOT
- Samsara IOT
- SPS Commerce SPSC
- Squarespace SQSP
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 18, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 26, 2025 | = | ◇ | ◇ | ◇ |
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 — $1,500Written 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 — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable 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 IntelligenceSay-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 analysisAdviser 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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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
114 figures on this page: 112 cited to the filing that reported them, 2 calculated from figures it prints.
112 cited to the filing
2 calculated from the filing
Documents cited
- 0001493152-26-029615Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001507605-26-0000102025 Director Compensation Table · 2025 Summary Compensation Table · Director Compensation · Grants of Plan-Based Awards · and 1 more section
- 0001641172-25-016953Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001507605-25-0000062024 Summary Compensation Table · Compensation Discussion and Analysis
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Mara Holdings executive compensation, FY2024–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 $1,200 for the board report; $2,400 for both.
4 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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The headline figures, each with its citation.
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Peers Mara Holdings discloses
The companies named in MARA's own disclosed peer group.
Terms on this page
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}
}