Earlier quoted context omitted.
Location does make a huge difference. I make $110,000 as a CTO with 20 years experience but if you calculate for cost of living differences that is $164,162 in San Fransisco. Although I'm probable still underpaid if #1 is true... some of these salaries are approaching that.
$110K as a CTO does seem low to me. Do you mind if I ask where you live?
I started as a Senior Software Engineer and kept getting promoted but not getting any higher pay. As a Senior Software Engineer in 2013 it was great pay. CTO in 2017... not so much.
For various reasons I'm eating the lower pay though. It's rough but I'm ok with it for now.