MARA Holdings, Inc.: 6 insiders sold $20M of stock in the open market from 2024-09-10 to 2026-09-10, and the top-paid officer's 2025 pay was $27.1M.

Every Form 4 sale as filed, every proxy pay year, $26.7K bought; earlier filings are not on file. Fred Thiel's 2025 pay is 0.6% of the $4.37B market capitalization on 2026-09-04; the market capitalization is 161 times that pay. Definitions

MARA people

DEF 14A filed 2026-04-30

10 people at MARA Holdings, Inc., largest seller first; pay is the latest year of the proxy's table, sales and purchases are the two-year window.

Person	Latest pay	Sold	Shares sold	Sales	Bought	Last sale
Fred ThielChief Executive Officer and Chairman of the Board; director; officer (Chief Executive Officer)	$27.1M2025	$10.1M$10.1M under a plan	687,632	24	none	2026-08-17
Salman KhanChief Financial Officer; officer (Chief Financial Officer)	$18.9M2025	$7.4M$7.4M under a plan	488,725	21	none	2026-08-17
Zabi NowaidGeneral Counsel and Corporate Secretary; officer (General Counsel)	$6.1M2025	$1.4M$904.9K under a plan	104,092	8	$26.7K	2026-08-21
Leupp Jay Pdirector	not in the proxy	$506.4K$506.4K under a plan	18,000	2	none	2024-11-29
MELLINGER DOUGLAS Kdirector	not in the proxy	$360.6K$360.6K under a plan	21,000	13	none	2026-06-22
Mealer-Burke Vickidirector	not in the proxy	$226.6K	14,887	1	none	2025-09-08
ANTOUN GEORGESdirector	not in the proxy	none	none	0	none	no sale
GEORGE JANETdirector	not in the proxy	none	none	0	none	no sale
Humpton Barbaradirector	not in the proxy	none	none	0	none	no sale
Ouissal Saiddirector	not in the proxy	none	none	0	none	no sale

MARA: every sale and every pay year

Each MARA Holdings, Inc. person's sales as filed, newest first, and each year of the proxy's table; 69 sales in all.

Fred Thiel Chief Executive Officer and Chairman of the Board; director; officer (Chief Executive Officer)

Sold 687,632 shares for $10.1M in 24 sales between 2024-09-20 and 2026-08-17, $10.1M of it under a 10b5-1 plan. Filed as Thiel Frederick G.

24 sales

Date	Shares	Price	Value	Terms	Form 4
2026-08-17	27,505	$9.21	$253.3K	10b5-1 plan	filed 2026-08-19
2026-07-17	27,505	$10.90	$299.8K	10b5-1 plan	filed 2026-07-20
2026-06-17	27,505	$14.25	$391.9K	10b5-1 plan	filed 2026-06-22
2026-05-18	27,505	$12.00	$330.1K	10b5-1 plan	filed 2026-05-20
2026-04-17	27,505	$11.68	$321.3K	10b5-1 plan	filed 2026-04-21
2026-03-17	27,505	$9.18	$252.5K	10b5-1 plan	filed 2026-03-19
2026-02-17	27,505	$7.66	$210.7K	10b5-1 plan	filed 2026-02-19
2026-01-20	27,505	$10.80	$297.1K	10b5-1 plan	filed 2026-01-22
2025-12-17	27,505	$10.77	$296.2K	10b5-1 plan	filed 2025-12-19
2025-11-17	27,505	$11.99	$329.8K	10b5-1 plan	filed 2025-11-19
2025-10-17	27,505	$19.57	$538.3K	10b5-1 plan	filed 2025-10-20
2025-09-17	27,505	$17.38	$478K	10b5-1 plan	filed 2025-09-18
2025-09-16	27,505	$16.35	$449.7K	10b5-1 plan	filed 2025-09-18
2025-08-18	27,505	$15.28	$420.3K	10b5-1 plan	filed 2025-08-19
2025-07-16	27,505	$19.52	$536.9K	10b5-1 plan	filed 2025-07-18
2025-06-16	27,505	$15.30	$420.8K	10b5-1 plan	filed 2025-06-18
2025-05-16	27,505	$15.68	$431.3K	10b5-1 plan	filed 2025-05-20
2025-05-09	55,010	$15.00	$825.2K	10b5-1 plan	filed 2025-05-13
2025-02-18	27,505	$16.68	$458.8K	10b5-1 plan	filed 2025-02-20
2025-01-16	27,505	$18.01	$495.4K	10b5-1 plan	filed 2025-01-21
2024-12-16	27,505	$23.50	$646.4K	10b5-1 plan	filed 2024-12-18
2024-11-18	27,505	$19.80	$544.6K	10b5-1 plan	filed 2024-11-20
2024-10-16	27,505	$17.50	$481.3K	10b5-1 plan	filed 2024-10-18
2024-09-20	27,512	$15.70	$431.9K	10b5-1 plan	filed 2024-09-20

Pay by year, 3 years

Year	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	All other	Total
2025	$978.5K	$0	$19.5M	not printed	$2.2M	$4.4M	$27.1M
2024	$950K	$0	$40.1M	not printed	$2M	$201.4K	$43.2M
2023	$800K	$1.8M	$33.5M	not printed	$0	$9.9K	$36.1M

Salman Khan Chief Financial Officer; officer (Chief Financial Officer)

Sold 488,725 shares for $7.4M in 21 sales between 2024-09-16 and 2026-08-17, $7.4M of it under a 10b5-1 plan. Filed as Khan Salman Hassan.

21 sales

Date	Shares	Price	Value	Terms	Form 4
2026-08-17	16,000	$9.21	$147.4K	10b5-1 plan	filed 2026-08-19
2026-07-17	16,000	$10.90	$174.4K	10b5-1 plan	filed 2026-07-20
2026-06-17	16,000	$14.25	$228K	10b5-1 plan	filed 2026-06-22
2026-05-18	16,000	$12.00	$192K	10b5-1 plan	filed 2026-05-20
2026-04-17	16,000	$11.68	$186.9K	10b5-1 plan	filed 2026-04-21
2026-03-17	16,000	$9.18	$146.9K	10b5-1 plan	filed 2026-03-19
2026-02-17	16,000	$7.66	$122.6K	10b5-1 plan	filed 2026-02-19
2025-12-15	34,732	$11.48	$398.7K	10b5-1 plan	filed 2025-12-17
2025-11-17	34,732	$11.99	$416.4K	10b5-1 plan	filed 2025-11-19
2025-10-15	34,732	$22.74	$789.8K	10b5-1 plan	filed 2025-10-17
2025-09-15	34,732	$16.24	$564K	10b5-1 plan	filed 2025-09-17
2025-08-15	34,732	$15.73	$546.3K	10b5-1 plan	filed 2025-08-19
2025-07-15	34,732	$19.05	$661.6K	10b5-1 plan	filed 2025-07-17
2025-06-12	34,733	$15.85	$550.5K	10b5-1 plan	filed 2025-06-13
2025-05-16	16,700	$15.68	$261.9K	10b5-1 plan	filed 2025-05-20
2025-05-09	33,400	$15.00	$501K	10b5-1 plan	filed 2025-05-13
2025-03-03	16,700	$15.31	$255.7K	10b5-1 plan	filed 2025-03-04
2024-12-16	16,700	$23.50	$392.5K	10b5-1 plan	filed 2024-12-18
2024-11-18	16,700	$19.80	$330.7K	10b5-1 plan	filed 2024-11-20
2024-10-16	16,700	$17.50	$292.3K	10b5-1 plan	filed 2024-10-18
2024-09-16	16,700	$15.70	$262.2K	10b5-1 plan	filed 2024-09-20

Pay by year, 3 years

Year	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	All other	Total
2025	$643.8K	$0	$12.8M	not printed	$1.4M	$4M	$18.9M
2024	$625K	$0	$26.4M	not printed	$1.3M	$123.1K	$28.4M
2023	$241.1K	$623.4K	$20.2M	not printed	$0	$134.9K	$21.2M

Zabi Nowaid General Counsel and Corporate Secretary; officer (General Counsel)

Sold 104,092 shares for $1.4M in 8 sales between 2025-11-06 and 2026-08-21, $904.9K of it under a 10b5-1 plan, $480.2K to cover tax withholding. Bought 2,000 shares for $26.7K in 1 purchase. Filed as Nowaid Zabi.

8 sales

Date	Shares	Price	Value	Terms	Form 4
2026-08-21	8,376	$12.00	$100.5K	10b5-1 plan	filed 2026-08-21
2026-07-20	8,376	$12.00	$100.5K	10b5-1 plan	filed 2026-07-20
2026-06-17	7,000	$14.25	$99.8K	10b5-1 plan	filed 2026-06-22
2026-05-18	8,250	$12.00	$99K	10b5-1 plan	filed 2026-05-20
2026-04-17	42,090	$12.00	$505.1K	10b5-1 plan	filed 2026-04-21
2025-11-10	25,023	$15.87	$397.1K	to cover tax withholding	filed 2025-11-10
2025-11-10	90	$16.58	$1.5K	to cover tax withholding	filed 2025-11-10
2025-11-06	4,887	$16.70	$81.6K	to cover tax withholding	filed 2025-11-10

1 purchase

Date	Shares	Price	Value	Terms	Form 4
2025-03-11	2,000	$13.34	$26.7K	coded S as filed, read by its footnote	filed 2025-03-12

Pay by year, 2 years

Year	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	All other	Total
2025	$386.3K	$0	$5.1M	not printed	$579.4K	$10.5K	$6.1M
2024	$375K	$125K	$10.6M	not printed	$525.9K	$9.8K	$11.6M

Leupp Jay P director

Sold 18,000 shares for $506.4K in 2 sales between 2024-11-25 and 2024-11-29, $506.4K of it under a 10b5-1 plan.

2 sales

Date	Shares	Price	Value	Terms	Form 4
2024-11-29	6,800	$29.90	$203.3K	10b5-1 plan	filed 2024-12-03
2024-11-25	11,200	$27.06	$303.1K	10b5-1 plan	filed 2024-11-27

MELLINGER DOUGLAS K director

Sold 21,000 shares for $360.6K in 13 sales between 2024-09-12 and 2026-06-22, $360.6K of it under a 10b5-1 plan.

13 sales

Date	Shares	Price	Value	Terms	Form 4
2026-06-22	7,000	$16.00	$112K	10b5-1 plan	filed 2026-06-24
2025-11-10	1,000	$16.55	$16.6K	10b5-1 plan	filed 2025-11-12
2025-10-07	1,000	$20.71	$20.7K	10b5-1 plan	filed 2025-10-08
2025-09-10	1,000	$16.10	$16.1K	10b5-1 plan	filed 2025-09-11
2025-08-07	1,000	$16.21	$16.2K	10b5-1 plan	filed 2025-08-08
2025-07-07	1,000	$17.42	$17.4K	10b5-1 plan	filed 2025-07-09
2025-06-06	1,000	$16.00	$16K	10b5-1 plan	filed 2025-06-10
2025-05-09	3,000	$16.00	$48K	10b5-1 plan	filed 2025-05-13
2025-01-13	1,000	$17.00	$17K	10b5-1 plan	filed 2025-01-15
2024-12-12	1,000	$23.80	$23.8K	10b5-1 plan	filed 2024-12-16
2024-11-12	1,000	$24.06	$24.1K	10b5-1 plan	filed 2024-11-13
2024-10-14	1,000	$16.77	$16.8K	10b5-1 plan	filed 2024-10-16
2024-09-12	1,000	$16.00	$16K	10b5-1 plan	filed 2024-09-16

Mealer-Burke Vicki director

Sold 14,887 shares for $226.6K in 1 sale between 2025-09-08 and 2025-09-08, $226.6K to cover tax withholding.

1 sale

Date	Shares	Price	Value	Terms	Form 4
2025-09-08	14,887	$15.22	$226.6K	to cover tax withholding	filed 2025-09-10