[Form 4] Oppenheimer Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Oppenheimer Holdings Inc. (OPY) – Form 4 insider transaction: Corporate Secretary Dennis P. McNamara reported the sale of 2,000 Class A non-voting common shares on 08 Aug 2025 at an average price of $73.81, generating roughly $148 k in gross proceeds. After the disposition, the officer still owns 21,766 shares directly, indicating he divested about 8% of his personal stake. No derivative securities were involved and the filing shows no indication that the trade was executed under a Rule 10b5-1 plan. The report is filed individually and lists no additional insider participants.

The transaction is modest relative to the company’s 11.3 m outstanding Class A shares and does not alter control dynamics. However, continuous monitoring of further insider activity is advisable, as clusters of sales by senior officers can foreshadow sentiment shifts.

Positive

• Officer retains 21,766 shares, maintaining meaningful equity alignment with shareholders

Negative

• Sale of 2,000 shares (~$148 k) could be interpreted as a mild softening of insider confidence

Insights

Securities Analyst

TL;DR: Minor insider sale; neutral signal given small size and remaining stake.

The sale amounts to roughly 8% of McNamara’s holdings and less than 0.02% of OPY’s float, so market impact should be minimal. The price level ($73.81) sits near the stock’s 52-week highs, suggesting profit-taking rather than a strategic exit. Retention of 21,766 shares keeps management’s economic alignment intact. I rate the filing neutral as it neither materially improves nor damages the investment thesis.

Corporate Governance Expert

TL;DR: Governance posture unchanged; single-officer trade lacks red flags.

No 10b5-1 plan is disclosed, but the isolated nature and limited size of the sale reduce governance concern. There are no accompanying derivative hedges or multiple insiders trading in concert. From a governance lens, the event is routine and not impactful to shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McNAMARA DENNIS P

(Last) (First) (Middle)

C/O OPPENHEIMER & CO. INC.

85 BROAD STREET

(Street)

NEW YORK NY 10004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
OPPENHEIMER HOLDINGS INC [ OPY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Secretary

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A non-voting common stock	08/05/2025		S		2,000	D	$73.81(1)	21,766	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Sold 2,000 shares at an average price of $73.81 per share

Remarks:

	/s/ Jenny Chan, as Attorney-in-fact for Dennis P. McNamara	08/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many OPY shares did Dennis P. McNamara sell?

He sold 2,000 Class A non-voting common shares.

At what price were the OPY shares sold?

The average sale price was $73.81 per share.

How many OPY shares does the officer still own after the transaction?

McNamara now directly owns 21,766 shares.

Was the transaction executed under a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the sale was made under a Rule 10b5-1 plan.

Does this Form 4 filing materially affect Oppenheimer Holdings (OPY) shareholders?

Given the small size relative to total shares outstanding, the impact is considered immaterial.