What changed in this filing

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Item 3. Legal Proceedings

2022-02-22 compared with 2021-02-23 · 26 added, 44 removed, 103 unchanged (40% of the section changed)

1 unchanged sentence

From time to time, we have been subjected to and are currently subject to legal and regulatory proceedings arising out of our business operations, including lawsuits, arbitration claims, and inquiries, investigations and enforcement proceedings initiated by the SEC, FINRA and state securities regulators, as well as other actions and claims.

For a discussion of legal proceedings, see Note 14 - Commitments and Contingencies , within the notes to the consolidated financial statements in this Annual Report on Form 10-K.

Please also see “Risk Factors - Any failure to comply with applicable federal or state laws or regulations exposes us to litigation and regulatory actions, which could increase our costs or negatively affect our reputation” and “Risk Factors – Our business is subject to risks related to litigation, arbitration claims and regulatory actions” within Part I, “Item 1A.

Risk Factors”.

For a discussion of legal proceedings, see Note 14 - Commitments and Contingencies within the notes to the consolidated financial statements and Part I, “Item 1A.

Risk Factors” in this Annual Report on Form 10-K.

Mine Safety Disclosures

7 unchanged sentences

Edward Fandrey 46 Managing Director, Divisional President, Advisor Solutions

Andrew Kalbaugh (1)

57 Managing Director, Divisional President, National Sales and Consulting

Greg Gates 44 Managing Director, Chief Technology & Information Officer

Larsen 68 Managing Director, Chief Human Capital Officer

Michelle Oroschakoff 60 Managing Director, Chief Legal Officer

Scott Seese (2)

51 Managing Director, Chief Information Officer

Dayton Semerjian 57 Managing Director, Chief Customer Care Officer

Richard Steinmeier 48 Managing Director, Divisional President, Business Development

White 52 Managing Director, Investor and Investment Solutions and Chief Investment Officer

53 Managing Director, Investor and Investment Solutions, Chief Investment Officer

____________________

Kalbaugh will be retiring from the Company in March 2021.

Seese is on a leave of absence as of the date of this Annual Report on Form 10-K.

White will be retiring from the Company in March 2022.

Executive Officers

16 unchanged sentences

financial planning and analysis, controllership, tax, internal audit, treasury, corporate development and investor relations.

Prior to joining LPL in September 2015, he served as executive vice president and chief financial officer of E*TRADE Financial Corporation (“E*Trade”) from January 2011 until June 2015.

During his 16 years with E*TRADE, he led the formation of the firm’s Finance department and was a key contributor in the growth of the franchise, leading a variety of corporate transactions and capital activities.

Prior to joining LPL Financial in 2015, Mr.

Audette served as executive vice president and chief financial officer of E*TRADE Financial Corporation (E*TRADE”).

During his 16 years with E*TRADE, he was a key contributor in the growth of the franchise, leading a variety of corporate transactions and capital activities.

Audette began his career in the financial services practice at KPMG.

Audette earned a B.S.

in accounting from Virginia Polytechnic Institute and State University, popularly known as Virginia Tech.

Audette earned a Bachelor of Science in accounting from Virginia Polytechnic Institute and State University, popularly known as Virginia Tech.

Matthew Enyedi — Managing Director, Business Solutions

Enyedi has served as managing director, business solutions of LPL Financial since November 2020.

He is responsible for developing and deploying a suite of automated professional services to LPL advisors, and aligning them with the firm’s other programs that support advisors as business owners.

He is responsible for developing and deploying a suite of automated professional services to LPL Financial advisors, and aligning them with the firm’s other programs that support advisors as business owners.

From January to November 2020, Mr.

Enyedi served as managing director, national sales of LPL Financial, overseeing an integrated group of product

and platform sales consultants focused on helping financial advisors and institutions navigate and grow in an increasingly complex financial services landscape.

Enyedi served as managing director, national sales of LPL Financial, overseeing an integrated group of product and platform sales consultants focused on helping financial advisors and institutions navigate and grow in an increasingly complex financial services landscape.

Prior to his promotion to managing director, Mr.

9 unchanged sentences

Fandrey has served as managing director, divisional president, advisor solutions of LPL Financial since January 2021.

In this role, he is responsible for leading the company’s strategic plan to expand engagement with advisors, partnering with them to utilize the firm’s evolving affiliation models, optimally leverage its tools and capabilities, and fully support their growth initiatives and other business needs.

Prior to joining LPL, he served from 2016 to 2021 as vice president of the Financial Services business at Microsoft Corporation, where he led an organization of sales, support, technology and customer success professionals driving client-centric digital transformation across leading banks, insurance companies, hedge funds and capital markets firms.

In this role, he is responsible for leading LPL Financial’s strategic plan to expand engagement with advisors, partnering with them to utilize the firm’s evolving affiliation models, optimally leverage its tools and capabilities, and fully support their growth initiatives and other business needs.

Prior to joining LPL Financial, he served as vice president of the Financial Services business at Microsoft Corporation from 2016 to 2021, where he led an organization of sales, support, technology and customer success professionals driving client-centric digital transformation across leading banks, insurance companies, hedge funds and capital markets firms.

Fandrey joined Microsoft in 2000 and held various leadership roles including chief of staff for Worldwide Sales and Marketing.

He earned his bachelor’s degree in psychology from the State University of New York at Albany and has multiple technology and developer certifications.

Andrew Kalbaugh — Managing Director, Divisional President, National Sales and Consulting

Kalbaugh has served as managing director and divisional president, national sales and consulting of LPL Financial since January 2016.

He is responsible for the long-term growth, satisfaction and retention of financial advisors and institutions.

In addition, he leads the strategy for national sales and consulting support teams across LPL Financial’s retirement planning services, high-net-worth and private client solutions, financial planning and insurance services.

Previously, Mr.

Kalbaugh served as managing director and divisional president of Institution Services and led business development and business consulting for all financial institutions from November 2011 to January 2016.

Prior to being named managing director in 2011, Mr.

Kalbaugh served as executive vice president, business consulting, for Independent Advisor Services, responsible for providing support to advisors and their practices.

He joined the Company in July 2007 following the acquisition of Mutual Service Corporation (“MSC”) and served as chief executive officer for MSC as well as for Associated Securities Corporation.

Prior to that, he held senior positions at several financial services firms.

Kalbaugh earned a B.A.

in business and economics from the University of Maryland.

Greg Gates — Managing Director, Chief Technology & Information Officer

Gates has served as managing director, chief technology & information officer of LPL Financial since July 2021.

In this role he is responsible for managing all aspects of the firm’s technology and systems applications.

He leads a high-performing information technology organization responsible for delivering technology solutions and market-leading platforms that enable positive, compelling experiences for LPL Financial advisors and employees.

Gates joined LPL in 2018 with nearly two decades of senior-level management experience focused on the application of technology to solve business challenges on a global scale.

Before joining LPL Financial, Mr.

Gates led product management and engineering teams at PayPal from 2011 to 2018, focusing on internal technology platforms, merchant and consumer experiences, risk and security, and global operations.

Prior to that, at Bank of America he led a number of technology organizations, culminating in leadership of Bank of America’s Contact Center Technology from 2002 to 2011.

Gates earned his bachelor’s degree in biomedical engineering from Vanderbilt University in 1999, and has successfully completed multiple leadership, continuing education, and certification programs from several organizations.

Larsen — Managing Director, Chief Human Capital Officer

9 unchanged sentences

Oroschakoff is managing director, chief legal officer of LPL Financial.

She is responsible for company-wide legal and government relations matters, risk management processes and controls, compliance and governance, and has a leading role in the Company’s ongoing focus on enhancing the corporate risk profile.

Oroschakoff has more than 20 years of financial services industry experience deeply rooted in legal, compliance and risk management.

She is responsible for company-wide legal and government relations matters, risk management processes and controls, compliance and governance, and has a leading role in LPL Financial’s ongoing focus on enhancing the corporate risk profile.

Oroschakoff has more than 20 years of financial services industry experience in legal, compliance and risk management.

She joined LPL Financial as managing director, chief risk officer in September 2013 from Morgan Stanley, and was promoted to chief legal and risk officer in June 2017.

She became chief legal officer in

She became chief legal officer in June 2018.

At Morgan Stanley, she most recently served as managing director and global chief risk officer of the firm’s Global Wealth Management Group from 2011 to 2013.

6 unchanged sentences

in English literature from the University of Oregon and a J.D., with honors, from the University of Michigan.

Scott Seese — Managing Director, Chief Information Officer

Seese is managing director, chief information officer of LPL Financial, responsible for managing all aspects of the firm’s technology and systems applications.

He leads our Technology department, which is responsible for delivering technology solutions and market-leading platforms that enable positive, compelling experiences for LPL Financial advisors and employees.

Prior to joining LPL Financial in 2017, Mr.

Seese served as CIO of American Express’s global consumer business unit, from November 2014 to June 2016, where he was responsible for leveraging technology for revenue growth, gaining new customers and lowering costs.

From August 2010 to October 2014, he served as CIO and vice president, information technology, at eBay, Inc.

Prior to joining eBay, he served in a variety of senior technology roles at Bank of America and, before that, spent the first 12 years of his career at General Electric, where he helped start three different businesses.

Seese earned his B.S.

in electrical engineering from Ohio State University.

Dayton Semerjian — Managing Director, Chief Customer Care Officer

21 unchanged sentences

from Stanford University.

White — Managing Director, Investor and Investment Solutions and Chief Investment Officer

White — Managing Director, Investor and Investment Solutions, Chief Investment Officer

White has served as managing director, investor and investment solutions and chief investment officer of LPL Financial since January 2017.

8 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 3. Legal Proceedings