Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-05

Oppenheimer Holdings (OPY)

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.

$9,546,400
Robert Lowenthal total, FY2025
18th
CEO pay percentile vs peers
48:1
CEO-to-median pay ratio
100%
Say-on-pay support, latest vote
Companies that benchmark against OPY
6 companies name OPY as a compensation peer

Each company listed discloses OPY 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 OPY 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
Robert Lowenthal$500,000$0$1,037,400$0$8,000,000$0$9,000$9,546,400
CEO and Director of the Company and CEO of Oppenheimer & Co. Inc.
Albert Lowenthal500,00002,247,70002,000,00009,0004,756,700
Chairman and Director of the Company and Executive Chairman of Oppenheimer & Co. Inc.
Brad Watkins300,000850,000138,3200003,0001,291,320
CFO of the Company and Executive Vice President and CFO of Oppenheimer & Co. Inc.

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
Robert Lowenthal$9,546,400$8,051,800$4,764,786+1,494,600
Albert Lowenthal4,756,7002,495,4004,764,786+2,261,300
Brad Watkins1,291,3201,182,330912,500+108,990

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Robert LowenthalRSA15,000$1,037,400
Albert LowenthalRSA32,5002,247,700
Brad WatkinsRSA138,320
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% 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
LowenthalRSU32,500$2,349,425
LowenthalRSU125,0009,036,250
LowenthalRSU110,0007,951,900
Brad WatkinsRSU2,500180,725
LowenthalRSU50,0003,614,500
LowenthalRSU20,0001,445,800
Brad WatkinsRSU10,000722,900
Brad WatkinsRSU3,500253,015
LowenthalRSU30,0002,168,700
LowenthalRSU15,0001,084,350
LowenthalRSU75,0005,421,750
LowenthalRSU40,0002,891,600
Brad WatkinsRSU2,000144,580
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee believes that incentive-based variable compensation should generally comprise the vast majority of total annual compensation for the Named Executives because it ties their pay to their individual performance and the performance of our Company.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0497,38124100%Passed
20232023-05-0897,34424100%Passed
20202020-05-1198,02275399.99%Passed
20172017-05-0896,69052699.95%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
20262026-05-04100%a
20232023-05-08100%b
20202020-05-1199.99%c

a. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.

b. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.

c. Approved under the standard stated in the filing — “Broker non-votes and abstentions will not affect the outcome of the matters being voted on at the Meeting, assuming that a quorum is obtained.”.

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)48 : 1
CEO total compensation$8,322,100
Median employee compensation$174,000
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Paul M. FriedmanIndependent · Lead Independent Director · Compensation · Compliance (Chair) · Nominating and Corporate Governance$126,000$173,754$0$0$0$299,754
Timothy M. DwyerIndependent · Audit (Chair) · Compensation · Compliance114,000173,754000287,754
R. Lawrence RothIndependent · Compensation (Chair) · Compliance · Nominating and Corporate Governance101,000173,754000274,754
Stacy J. KanterIndependent · Compensation · Compliance · Nominating and Corporate Governance (Chair)100,000173,754000273,754
Teresa A. GlasserIndependent · Audit · Compensation · Compliance88,000173,754000261,754
Evan BehrensIndependent · Audit · Compliance · Nominating and Corporate Governance88,000173,754000261,754
Suzanne E. SpauldingIndependent · Audit · Compliance · Nominating and Corporate Governance · Newly elected88,00028,234000116,234
Albert G. LowenthalEmployee director · Board Chair00000
Robert S. LowenthalEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer
Per board meeting fee$5,000
Committee chair fees (audit / comp / nom-gov)15,000
Stock ownership guideline6,000 shares
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$705,000
Equity awards (grant-date value)$1,070,758
All other compensation$0
Total cost of the board$1,775,758

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 Oppenheimer Holdings 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 Oppenheimer Holdings.

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
1Goldman Sachs Group, Inc.2025David Solomon$2,000,000$105,287,875$0$0$118,891,684
2Citigroup Inc.2025Jane Fraser1,500,00059,570,80028,600,000095,757,800
3Moelis & Company2025Navid Mahmoodzadegan400,00034,120,7010042,846,376
4JP Morgan Chase & Co.2025James Dimon1,500,00032,500,00040,632,724
5Morgan Stanley2025Edward Pick1,500,00024,476,4630037,187,657
6Bank of America Corporation2025Brian Moynihan1,500,00030,666,7470033,711,521
7Jefferies Financial Group Inc.2025Richard Handler1,000,00017,206,2430028,447,020
8Stifel Financial Corp.2025Ronald Kruszewski200,0008,880,0000018,908,297
9Raymond James Financial, Inc.2025Paul Shoukry750,0008,549,748017,277,875
10Evercore Inc.2025John S. Weinberg500,0005,888,5390017,138,539
11B. Riley Financial Inc.2025Bryant Riley639,2920015,298,38816,123,180
12Lazard Inc.2025Peter Orszag900,0008,666,5480013,723,452
13Houlihan Lokey Inc.2025Scott Adelson500,0000010,500,00011,329,033
14Piper Sandler & Co.2025Chad Abraham650,0003,735,35506,165,00011,030,039
15Oppenheimer Holdings2025Robert Lowenthal500,0001,037,40008,000,0009,546,400
16Perella Weinberg Partners2025Andrew Bednar500,0003,636,55305,147,053
17PJT Partners Inc.2025Paul Taubman1,000,0000001,031,350
UBS Group AGnot in coverage universe
Deutsche Bank AGnot in coverage universe
Barclays PLCnot in coverage universe

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
Oppenheimer Holdingsnot disclosedRSU 100not disclosedPay Governance LLC
B. Riley Financial Inc.not disclosedRSU 100not disclosedMercer LLC
Bank of America Corporationnot disclosednot disclosedNoSemler Brossy
Barclays PLCnot disclosednot disclosednot disclosednot disclosed
Citigroup Inc.not disclosedPSU 50 · RSU 50Yes — TSRFW Cook
Deutsche Bank AGnot disclosednot disclosednot disclosednot disclosed
Evercore Inc.not disclosedRSU 50not disclosednot disclosed
Goldman Sachs Group, Inc.not disclosedPSU 100NoFrederic W. Cook & Co., Inc. (FW Cook)
Houlihan Lokey Inc.2100%not disclosedNoWTW
Jefferies Financial Group Inc.not disclosednot disclosedNoPearl Meyer
JP Morgan Chase & Co.not disclosedcash 40 · PSU 30 · RSU 30Nonot disclosed
Lazard Inc.not disclosedMSU 50 · PIPR 50Yes — 3-year relative TSR vs. S&P 1500Compensation Advisory Partners (CAP)
Moelis & Companynot disclosednot disclosedYes — TSR Performance ConditionWillis Towers Watson
Morgan Stanleynot disclosedPSU 100NoSemler Brossy
Perella Weinberg Partnersnot disclosednot disclosedNoExequity LLP
Piper Sandler & Co.not disclosedPSU 100Yes — Relative TSRSemler Brossy
PJT Partners Inc.not disclosednot disclosedNoWillis Towers Watson
Raymond James Financial, Inc.not disclosedPSU 60NoMeridian Compensation Partners
Stifel Financial Corp.not disclosednot disclosedNoCompensation Advisory Partners LLC
UBS Group AGnot disclosednot disclosednot disclosednot disclosed

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, Robert LowenthalDEF 14A2026-03-130001104659-26-027365Section “SUMMARY COMPENSATION TABLE For the Year Ended December 31, 2025”. As printed: 9,546,400. Filing ↗machine: span 669539–669548
2Section 01, Albert LowenthalDEF 14A2026-03-130001104659-26-027365Section “SUMMARY COMPENSATION TABLE For the Year Ended December 31, 2025”. As printed: 4,756,700. Filing ↗machine: span 654296–654305
3Section 01, Brad WatkinsDEF 14A2026-03-130001104659-26-027365Section “SUMMARY COMPENSATION TABLE For the Year Ended December 31, 2025”. As printed: 1,291,320. Filing ↗machine: span 715251–715260
4Section 03, Robert Lowenthal RSADEF 14A2026-03-130001104659-26-027365Section “Grants of Plan-Based Awards For the Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t28 · r8 · c29 · span 775882–775888
5Section 03, Albert Lowenthal RSADEF 14A2026-03-130001104659-26-027365Section “Grants of Plan-Based Awards For the Year Ended December 31, 2025” · grants of plan-based awards table. Filing ↗machine: t28 · r4 · c29 · span 761959–761965
6Section 03, Brad Watkins RSADEF 14A2026-03-130001104659-26-027365Section “Summary Compensation Table” · grants of plan-based awards table. Filing ↗machine: t26 · r14 · c23 · span 712509–712516
7Section 07, pay ratioDEF 14A2026-03-130001104659-26-027365Section “CEO Pay Ratio”. As printed: 48 : 1. Filing ↗machine: t25 · r7 · c11 · span 634051–634058
8Section 08, Paul M. FriedmanDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 299,754. Filing ↗machine: t20 · r4 · c23 · span 291723–291730
9Section 08, Timothy M. DwyerDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 287,754. Filing ↗machine: t20 · r3 · c23 · span 289228–289235
10Section 08, R. Lawrence RothDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 274,754. Filing ↗machine: t20 · r7 · c23 · span 299150–299157
11Section 08, Stacy J. KanterDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 273,754. Filing ↗machine: t20 · r6 · c23 · span 296684–296691
12Section 08, Teresa A. GlasserDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 261,754. Filing ↗machine: t20 · r5 · c23 · span 294191–294198
13Section 08, Evan BehrensDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 261,754. Filing ↗machine: t20 · r2 · c23 · span 286761–286768
14Section 08, Suzanne E. SpauldingDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 116,234. Filing ↗machine: t20 · r8 · c23 · span 301644–301651
15Section 08, Albert G. LowenthalDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Robert S. LowenthalDEF 14A2026-03-130001104659-26-027365Section “Director Compensation”. As printed: 0. Filing ↗
17Section 06, 2026 voteForm 8-K2026-05-050001628280-26-030194Item 5.07 · say-on-pay result. As reported: 100%. Filing ↗
18Section 06, 2023 voteForm 8-K2023-05-090000791963-23-000026Item 5.07 · say-on-pay result. As reported: 100%. Filing ↗
19Section 06, 2020 voteForm 8-K2020-05-120000791963-20-000016Item 5.07 · say-on-pay result. As reported: 99.99%. Filing ↗
20Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
21Section 09b board cost (computed)ComputedcomputedCash 705,000 + equity 1,070,758 + all other 0 = 1,775,758, summed across the director compensation table rows.machine: formula: Σ = 1,775,758
22Goldman Sachs Group, Inc., Section 10b CEO totalDEF 14A2026-03-200001193125-26-117433CEO total compensation as printed in Goldman Sachs Group, Inc.'s own proxy. As printed: 118,891,684. Filing ↗machine: t209 · span 2465661–2465672
23Citigroup Inc., Section 10b CEO totalDEF 14A2026-04-020001206774-26-000185CEO total compensation as printed in Citigroup Inc.'s own proxy. As printed: 95,757,800. Filing ↗machine: t303 · r1 · c9 · span 1389939–1389949
24Moelis & Company, Section 10b CEO totalDEF 14A2026-04-300001193125-26-193242CEO total compensation as printed in Moelis & Company's own proxy. As printed: 42,846,376. Filing ↗machine: t240 · r10 · c16 · span 660051–660061
25JP Morgan Chase & Co., Section 10b CEO totalDEF 14A2026-04-060000019617-26-000096CEO total compensation as printed in JP Morgan Chase & Co.'s own proxy. As printed: 40,632,724. Filing ↗machine: span 1754306–1754316
26Morgan Stanley, Section 10b CEO totalDEF 14A2026-04-020001140361-26-012975CEO total compensation as printed in Morgan Stanley's own proxy. As printed: 37,187,657. Filing ↗machine: t623 · r2 · c22 · span 1563319–1563329
27Bank of America Corporation, Section 10b CEO totalDEF 14A2026-03-230001193125-26-118929CEO total compensation as printed in Bank of America Corporation's own proxy. As printed: 33,711,521. Filing ↗machine: r3 · c39 · span 1377520–1377530
28Jefferies Financial Group Inc., Section 10b CEO totalDEF 14A2026-02-230001140361-26-006361CEO total compensation as printed in Jefferies Financial Group Inc.'s own proxy. As printed: 28,447,020. Filing ↗machine: r2 · c25 · span 1220527–1220537
29Stifel Financial Corp., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191643CEO total compensation as printed in Stifel Financial Corp.'s own proxy. As printed: 18,908,297. Filing ↗machine: t238 · r3 · c23 · span 1013386–1013396
30Raymond James Financial, Inc., Section 10b CEO totalDEF 14A2026-01-070000720005-26-000019CEO total compensation as printed in Raymond James Financial, Inc.'s own proxy. As printed: 17,277,875. Filing ↗machine: t155 · r2 · c15 · span 1103853–1103864
31Evercore Inc., Section 10b CEO totalDEF 14A2026-04-290001193125-26-191911CEO total compensation as printed in Evercore Inc.'s own proxy. As printed: 17,138,539. Filing ↗machine: t182 · r9 · c23 · span 595538–595548
32B. Riley Financial Inc., Section 10b CEO totalDEF 14A2026-04-090001213900-26-042006CEO total compensation as printed in B. Riley Financial Inc.'s own proxy. As printed: 16,123,180. Filing ↗machine: span 558769–558779
33Lazard Inc., Section 10b CEO totalDEF 14A2026-04-070001628280-26-024088CEO total compensation as printed in Lazard Inc.'s own proxy. As printed: 13,723,452. Filing ↗machine: r3 · c11 · span 3696981–3696991
34Houlihan Lokey Inc., Section 10b CEO totalDEF 14A2025-07-250001302215-25-000084CEO total compensation as printed in Houlihan Lokey Inc.'s own proxy. As printed: 11,329,033. Filing ↗machine: t36 · r2 · c14 · span 344700–344710
35Piper Sandler & Co., Section 10b CEO totalDEF 14A2026-04-090001104659-26-041101CEO total compensation as printed in Piper Sandler & Co.'s own proxy. As printed: 11,030,039. Filing ↗machine: t78 · r1 · c41 · span 720190–720200
36Oppenheimer Holdings (subject), Section 10b CEO totalDEF 14A2026-03-130001104659-26-027365CEO total compensation as printed in Oppenheimer Holdings's own proxy. As printed: 9,546,400. Filing ↗machine: span 669539–669548
37Perella Weinberg Partners, Section 10b CEO totalDEF 14A2026-04-100001777835-26-000029CEO total compensation as printed in Perella Weinberg Partners's own proxy. As printed: 5,147,053. Filing ↗machine: t15 · r5 · c8 · span 817572–817581
38PJT Partners Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028424CEO total compensation as printed in PJT Partners Inc.'s own proxy. As printed: 1,031,350. Filing ↗machine: t143 · r5 · c16 · span 827753–827762
39Section 10a, Stifel Financial Corp. reciprocityDEF 14A0001193125-26-191643Stifel Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
40Section 10a, Evercore Inc. reciprocityDEF 14A0001193125-26-191911Evercore Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
41Section 10a, Raymond James Financial, Inc. reciprocityDEF 14A0000720005-26-000019Raymond James Financial, Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
42Section 10a, Bank of America Corporation reciprocityDEF 14A0001193125-26-118929Bank of America Corporation's most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
43Section 10a, PJT Partners Inc. reciprocityDEF 14A0001628280-26-028424PJT Partners Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
44Section 10a, JP Morgan Chase & Co. reciprocityDEF 14A0000019617-26-000096JP Morgan Chase & Co.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
45Section 10a, Moelis & Company reciprocityDEF 14A0001193125-26-193242Moelis & Company's most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
46Section 10a, Perella Weinberg Partners reciprocityDEF 14A0001777835-26-000029Perella Weinberg Partners's most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
47Section 10a, Citigroup Inc. reciprocityDEF 14A0001206774-26-000185Citigroup Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
48Section 10a, Goldman Sachs Group, Inc. reciprocityDEF 14A0001193125-26-117433Goldman Sachs Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
49Section 10a, Houlihan Lokey Inc. reciprocityDEF 14A0001302215-25-000084Houlihan Lokey Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
50Section 10a, B. Riley Financial Inc. reciprocityDEF 14A0001213900-26-042006B. Riley Financial Inc. names Oppenheimer Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Piper Sandler & Co. reciprocityDEF 14A0001104659-26-041101Piper Sandler & Co. names Oppenheimer Holdings in its own disclosed peer group (read from its most recent proxy). Filing ↗
52Section 10a, Jefferies Financial Group Inc. reciprocityDEF 14A0001140361-26-006361Jefferies Financial Group Inc.'s most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗
53Section 10a, Morgan Stanley reciprocityDEF 14A0001140361-26-012975Morgan Stanley's most recent proxy was read; its disclosed peer group does not include Oppenheimer Holdings. Filing ↗