What changed in this filing

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Item 1A. Risk Factors

2026-02-26 compared with 2025-02-27 · 75 added, 61 removed, 375 unchanged (27% of the section changed)

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Our results of operations may be materially affected by market fluctuations and by global and economic conditions and other factors, including changes in asset values.

Our results of operations have been, in the past, and may, in the future, be materially affected by market fluctuations due to global financial markets, economic conditions, weather events, public health epidemics, changes to global trade policies, tax legislation and tariffs and other factors, including the level and volatility of equity, fixed income and commodity prices, the level and term structure of interest rates, inflation and currency values, and the level of other market indices.

Our results of operations have been, in the past, and/or may, in the future, be materially affected by market fluctuations due to global financial markets, economic conditions, sanctions, weather events, public health epidemics, changes to global trade policies, tax legislation and tariffs, bank failures and other factors, including the level and volatility of equity, fixed income and commodity prices, the level and term structure of interest rates, inflation and currency values, and the level of other market indices.

The results of our Capital Markets business segment, particularly results relating to our involvement in primary and secondary markets for all types of financial products, are subject to substantial market fluctuations due to a variety of factors that we cannot control or predict with great certainty.

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Substantial market fluctuations could also cause variations in the value of our investments in our funds, the flow of investment capital into or from Assets Under Management ("AUM"), and the way customers allocate capital among money market, equity, fixed income or other investment alternatives, which could negatively impact our Wealth Management business segment.

Additionally, increases in the fair value of OPY Class A non-voting common stock will likely result in higher compensation expense associated with the Oppenheimer stock appreciation rights (“OARs”) offered to certain employees as part of their compensation package.

Additionally, increases in the fair value of OPY Class A non-voting common stock generally result in higher compensation expense associated with the Oppenheimer stock appreciation rights (“OARs”) offered to certain employees as part of their compensation package.

The value of our financial instruments may be materially affected by market fluctuations.

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Changes in interest rates (especially if such changes are rapid), sustained low or high interest rates or uncertainty regarding the future direction of interest rates, may create a less favorable environment for certain of the Company's businesses, particularly its fixed income business, resulting in reduced business volume and reduced revenue.

Prior to the Federal Reserve increasing the federal funds rate during its 2022 and 2023 monetary tightening cycle, the historical low interest rate environment substantially reduced the interest profits available to the Company through its margin lending and also reduced profit contributions from cash sweep products such as the FDIC-insured Bank Deposit program.

If interest rates continue to decrease in immediate future periods, which appears highly probable, and/or balances within our cash sweep products decrease, the Company's profitability will be negatively impacted.

Additionally, decreases in interest rates will likely result in a reduction in interest revenue available to the Company through its margin lending and also reduced profit contributions from cash sweep products such as the FDIC-insured Bank Deposit program.

If interest rates continue to decrease in immediate future periods, and/or balances within our cash sweep products decrease, the Company's profitability will be negatively impacted.

Credit risk may expose the Company to losses caused by the inability of borrowers or other third parties to satisfy their obligations.

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While Oppenheimer limits customer loans to an amount not greater than 65% of the fair value of the securities, our two largest customer accounts collectively comprise approximately 47.8% of the margin loans as of December 31, 2025.

Defaults by another large financial institution could adversely affect financial markets generally.

The commercial soundness of many financial institutions may be closely interrelated as a result of credit, trading, clearing, or other relationships between these institutions.

During 2023, several large regional banks failed and their operations were assumed by other institutions.

During this period of uncertainty, markets were negatively impacted and clients redeployed their cash deposits to institutions deemed to be “safer”.

As a result, concerns about, or a default or threatened default by, one institution could lead to significant market-wide liquidity and credit problems, losses, or defaults by other institutions.

This is sometimes referred to as "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges with which the Company interacts on a daily basis, and therefore could adversely affect the Company.

The development and use of digital currencies may create additional credit risks.

Recent failures of enterprises central to the functioning of the digital currency market have created uncertainty as to the impact of this market on currency markets and the general economy.

Both accounts are significantly over collateralized.

Liquidity Risk

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and other geographic areas, could impair our ability to raise funding, including from our contingent funding sources.

In addition, our ability to raise funding could be impaired if investors or lenders develop a negative perception of our long-term or short-term financial prospects due to factors such as an incurrence of large trading or operational losses, or a decline in the level of our business activity, if regulatory authorities take significant action against us or our industry, or we discover significant employee misconduct or illegal activity.

With the increase in the value of financial assets (particularly equity securities), utilities, of which we are a member, have significantly increased their deposit requirements, which are purported to reflect the risks to the financial system of members unable to meet their settlement obligations.

Under some scenarios, such requirements required even on simple agency transactions could be so significant as to be beyond the Company’s ability to fund.

If we are unable to raise funding using the methods described above, we would likely need to finance or liquidate unencumbered assets, such as our investment portfolios, trading assets or corporate-owned life insurance policies, to meet maturing liabilities or other obligations.

In addition, our

ability to raise funding could be impaired if investors or lenders develop a negative perception of our long-term or short-term financial prospects due to factors such as an incurrence of large trading or operational losses, or a decline in the level of our business activity, if regulatory authorities take significant action against us or our industry, or we discover significant employee misconduct or illegal activity.

With the increase in the value of financial assets (particularly equity securities), clearing organizations, of which we are a member, have significantly increased their deposit requirements, which are purported to reflect the risks to the financial system of members unable to meet their settlement obligations.

Under some scenarios, such requirements imposed even on simple agency transactions could be so significant as to be beyond the Company’s ability to fund.

If we are unable to raise funding using the methods described above, we would likely need to finance or liquidate unencumbered assets, such as our investment portfolios, trading assets or company-owned life insurance policies, to meet maturing liabilities or other obligations.

The shortening of the settlement cycle of equities transactions to one day has significantly mitigated the risks of counterparty failure.

We may be unable to sell some of our assets or we may have to sell assets at a discount to market value, either of which could adversely affect our results of operations, cash flows and financial condition.

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The Company has uncommitted short-term lines of credit in the form of bank call loans with multiple third-party financial institutions.

All these arrangements are secured in nature, with the Company fully collateralizing any drawdowns with marketable securities.

All of these arrangements are secured in nature, with the Company fully collateralizing any drawdowns with marketable securities.

Under these arrangements, lenders are not contractually obligated to make loans to us and may decline to fund any requested loan in their sole discretion.

It is possible that our lenders exit these uncommitted relationships or reduce the amount of our available funding, which could have a material adverse effect on our available liquidity and our ability to meet short-term obligations.

If the Company is unable to repay its outstanding indebtedness when due, its operations may be materially adversely affected.

The Company cannot assure that its operations will generate funds sufficient to repay its existing debt obligations as they come due.

The Company's failure to repay its indebtedness and make interest payments as required by our debt obligations could have a material adverse effect on our results of operations and financial condition.

Operational Risk

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Further shortening of settlement cycles may place additional stresses on our systems and resources and may impact our ability to perform these processes on a timely basis.

We may introduce new products or services or change processes or reporting, including in connection with new regulatory requirements, resulting in new operational risks that we may not fully

appreciate or identify.

We may introduce new products or services or change processes or reporting, including in connection with new regulatory requirements, resulting in new operational risks that we may not fully appreciate or identify.

The trend toward direct access to automated, electronic markets and the move to more automated trading platforms has resulted in the use of increasingly complex technology that relies on the continued effectiveness of the programming code and integrity of the data to process the trades.

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There can be no assurance that our business contingency and security response plans fully mitigate all potential risks to us.

Our ability to conduct business may be adversely affected by a disruption in the infrastructure that supports our businesses and the communities where we are located.

Our ability to conduct business

may be adversely affected by a disruption in the infrastructure that supports our businesses and the communities where we are located.

This may include a disruption involving physical site access;

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Introduction of new technology presents challenges on a regular basis.

There are significant technical and financial costs and risks in the

development of new or enhanced applications, including the risk that we might be unable to effectively use new technologies or adapt our applications to emerging industry standards.

There are significant technical and financial costs and risks in the development of new or enhanced applications, including the risk that we might be unable to effectively use new technologies or adapt our applications to emerging industry standards.

There are also risks associated with discontinuing and transitioning away from older but proven technologies, as such system migrations may experience cost overruns and involve operational disruptions, data migration challenges and increased risk of errors that could adversely affect our financial reporting and internal controls.

Our continued success depends, in part, upon our ability to:

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Our operations rely on the secure processing, storage and transmission of confidential and other information in our computer systems and networks.

Although cybersecurity incidents among financial services firms are on the rise, we have not experienced any material losses relating to cyber-attacks or other information security breaches, although such attacks are occurring more frequently and with increased sophistication.

Although cybersecurity incidents among financial

services firms are on the rise, we have not experienced any material losses relating to cyber-attacks or other information security breaches, although such attacks are occurring more frequently and with increased sophistication.

However, there can be no assurance that we will not suffer such losses in the future.

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Depending on the circumstances giving rise to the breach, this liability may not be subject to a contractual limit or an exclusion of consequential or indirect damages.

The federally mandated Consolidated Audit Trail ("CAT") program which requires that client personally identifiable information be submitted to a database not controlled by us may expose us to liability for breaches of that data base not under our control.

See “Business – REGULATION – Consolidated Audit Trail” in Part I, Item 1.

As a result of the foregoing, the Company has and is likely to incur significant costs in preparing its infrastructure and maintaining it to resist any such attacks.

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The effective use of technology increases efficiency and enables financial institutions to better serve customers and reduce costs.

The Company's future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that

will satisfy customer demands, as well as to create additional efficiencies in the Company's operations.

The Company's future success depends, in part, upon its ability to address the needs of its customers by using technology to provide products and services that will satisfy customer demands, as well as to create efficiencies in the Company's operations.

Many of the Company's competitors have substantially greater resources to invest in technological improvements.

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Our future success depends, in part, on our ability to anticipate and respond effectively to the risk of, and the opportunity presented by, digital disruption and other technology change.

These may include new applications based on artificial intelligence, machine learning, or new approaches to data mining.

These may include new applications based on artificial intelligence, machine learning, quantum computing or new approaches to data mining.

Risks related to artificial intelligence, including our use of third-party products incorporating artificial intelligence, include the generation of factually incorrect or biased results, also known as hallucinations, data security vulnerabilities, potential IP infringement, mishandling of confidential, proprietary, or private information, and potentially problematic third-party license terms.

In addition, the SEC has recently proposed new rules on the use of artificial intelligence by investment advisers that could add to the compliance risks and burdens of using this technology.

We continue to evaluate emerging technologies like artificial intelligence, machine learning and generative artificial intelligence for incorporation into our business.

State and federal regulations relating to these emerging technologies are quickly evolving, and, should we adopt such technologies, we may require significant resources to maintain our business practices while seeking to comply with applicable laws.

Any failure to accurately identify and address our responsibilities and liabilities in this new environment could negatively affect any solutions we develop incorporating such technologies and could subject us to reputational harm, regulatory action or litigation, any of which may harm our financial condition and operating results.

Several states have introduced or proposed regulations governing the use of artificial intelligence which may limit our ability to use these technologies and/or may result in increased compliance and operational costs.

It is possible that federal or other regulations may be issued in the future that are similar or potentially more restrictive, requiring significant resources to comply with applicable laws.

We continue to evaluate emerging technologies like agentic artificial intelligence for incorporation into our business.

Any failure to accurately identify and address our responsibilities and liabilities in this new environment could

negatively affect any solutions we develop or deploy and could subject us to reputational harm, regulatory action or litigation, any of which may harm our financial condition and operating results.

Additionally, growing industry interest and regulatory discussions around expanding trading hours, including proposals for near-continuous or 24/7 markets, could significantly alter market structure and introduce new business, operational and compliance risks.

Extended or continuous trading sessions may experience lower liquidity and wider bid-ask spreads, which could increase execution risk and market volatility.

These conditions may adversely affect our ability to provide efficient trade execution and could result in higher transaction costs for clients.

Furthermore, operating in a 24/7 environment could require substantial investment in technology infrastructure, cybersecurity, and staffing to maintain system resilience and regulatory compliance across all hours.

Additionally, continuous trading may increase exposure to operational errors, system outages, and heightened surveillance obligations.

Regulatory frameworks governing margin, settlement cycles, and market oversight for extended-hours trading remain uncertain.

Changes in these areas could impose additional compliance burdens or alter competitive dynamics.

Failure to adapt effectively to these developments could negatively impact our reputation, business, financial condition, and results of operations.

The Company does not currently offer the direct purchase or sale of digital or related custody services, which may limit our ability to compete or adapt to market trends.

We do not currently offer the ability to transact directly in cryptocurrencies or other direct digital asset products, nor do we provide custody services for such assets.

As investor interest in digital assets and blockchain-based financial products continues to grow, certain competitors may seek to differentiate themselves by offering crypto or crypto-related investment products, custody solutions, or tokenized securities.

If we do not offer services related to digital assets, this could limit our ability to attract or retain clients who seek exposure to digital assets or integrated custody solutions, including investment banking clients who wish to pursue a tokenized IPO.

Furthermore, if market demand for digital asset products accelerates or regulatory frameworks continue to evolve to permit broader adoption, we may need to invest significant resources to develop, acquire, or partner for the necessary technology, licenses, and operational capabilities.

There can be no assurance that we would be able to do so on commercially reasonable terms, in a timely manner, or at all.

Failure to adapt to changing market expectations could result in loss of market share, outflow of client assets, reputational harm and adversely affect the Company’s financial position and results of operations.

There is risk associated with the sufficiency of coverage under the Company’s insurance policies.

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In addition, insurance claims may divert management resources away from operating the business.

Climate change concerns could disrupt our businesses, adversely affect client activity levels, adversely affect the creditworthiness of our counterparties and damage our reputation.

Climate change and emerging state-level sustainability reporting requirements could adversely affect our operations, financial condition and reputation.

Climate change may cause extreme weather events that, among other things, could damage our facilities and equipment, injure our employees, disrupt operations at one or more of our primary locations, negatively affect our ability to service and interact with our clients, and adversely affect the value of our investments.

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Additionally, our reputation and client relationships may be damaged as a result of our involvement, or our clients’ involvement, in certain industries associated with causing or exacerbating, or alleged to cause or exacerbate, climate change.

Reporting requirements in connection with climate change may place an increased burden on our business including adopting processes and procedures at increased cost to meet the data reporting measures that may be required.

Recent state-level sustainability regulations, including

California’s SB 253 and SB 261 climate disclosure laws, require large companies doing business in the state, including the Company, to report greenhouse gas emissions and climate-related financial risks.

Other states, including New York, Illinois, Colorado and New Jersey, have proposed similar regulations.

Such reporting requirements may place an increased burden on our business, including requiring the adoption of processes and procedures at increased cost to meet the data reporting measures that are or will be required.

We also may be negatively impacted by any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change.

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We continue to explore implementing ESG considerations across our business practices and operations, a task complicated by the lack of consensus around a defining standard of ESG.

We continue to focus on improving the resilience of our operations, fostering an inclusive

workforce and maintaining a system of good corporate governance.

We continue to focus on improving the resilience of our operations, fostering an inclusive workforce and maintaining a system of good corporate governance.

However, our efforts in this regard may be insufficient and may expose the Company to reputational risk from entities purporting to "grade" ESG platforms, reductions in business with certain clients demanding greater ESG efforts or to regulatory expectation and enforcement if such practices ever become the subject of rule-making by regulators to whom we are subject.

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A growing interest on the part of investors and regulators in ESG factors, and increased demand for, and scrutiny of, ESG-related disclosures by asset managers has likewise increased the risk that we could be perceived as, or accused of, making inaccurate or misleading statements regarding the investment strategies offered to our clients or of our ESG efforts or initiatives, commonly referred to as “greenwashing.” Such perceptions or accusations could damage our reputation, result in litigation or regulatory enforcement actions, and adversely affect our business.

The change in administrations at the federal level may significantly impact expectations around ESG policies and our ability to foresee necessary changes to meet societal standards .

The change in administrations at the federal level has significantly impacted expectations around ESG policies and the need to foresee necessary changes to meet societal standards .

Ongoing political shifts at both federal and state levels — including elections and regulatory appointments — may abruptly alter ESG policy contours, complicating our ability to anticipate and adapt to new expectations and regulatory standards.

REGULATORY AND COMPLIANCE RISKS

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New regulations may result in enhanced standards of duty on broker-dealers in their dealings with their clients (fiduciary standards).

Consequently, these regulations often serve to limit the Company's activities, including through net capital, customer protection

and market conduct requirements, including those relating to principal trading.

Consequently, these regulations often serve to limit the Company's activities, including through net capital, customer protection and market conduct requirements, including those relating to principal trading.

Much of the regulation of broker-dealers has been delegated to self-regulatory organizations, principally FINRA.

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Substantial legal liability or significant regulatory action taken against us could have a material adverse effect on our business prospects including our financial condition and results of operations.

Recent pronouncements by the SEC have implied that some of the aforesaid risks may be ameliorated by changes in administration and evolving policy.

Numerous regulatory changes, and enhanced regulatory and enforcement activity, relating to the asset management business may increase our compliance and legal costs and otherwise adversely affect our business.

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Some methods of risk management are based on the use of historical information.

As a result, these methods may not predict future risk exposures, which could be significantly greater than historical measures indicate.

As a result, these methods may not predict future

risk exposures, which could be significantly greater than historical measures indicate.

Other risk management methods depend on evaluation of information regarding markets, clients or other matters that are publicly available or otherwise accessible.

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The consequences of these developments can include losses due to adverse changes in securities values, decreases in the liquidity of trading positions, higher volatility in earnings, increases in the Company’s credit risk to customers as well as to third parties and increases in general systemic risk.

Shortening of the equities securities settlement cycle to one day has reduced some of the counterparty risk associated with rapid changes in securities pricing.

Certain of the Company’s risk management systems are subject to regulatory review and may be found to be insufficient by the Company’s regulators potentially leading to regulatory sanctions.

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There can be no guarantee that the operation of these systems will allow the Company to prevent or mitigate the various risks faced by its businesses.

Various regulators periodically review the companies’ risk control practices, and, if found inadequate, bring enforcement actions and seek sanctions against such firms.

Various regulators periodically review the Company’s risk control practices, and, if found inadequate, can bring enforcement actions and seek sanctions against the Firm.

RISKS ASSOCIATED WITH THE COMPANY’S COMMON STOCK

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At December 31, 2025, there were 99,665 shares of Class B Stock outstanding compared to 10,387,575 shares of Class A Stock outstanding.

The voting power associated with the Class B Stock allows holders of the

Class B Stock to effectively exercise control over all matters requiring stockholder approval, including the election of all directors and approval of significant corporate transactions, and other matters affecting the Company.

The voting power associated with the Class B Stock allows holders of the Class B Stock to effectively exercise control over all matters requiring stockholder approval, including the election of all directors and approval of significant corporate transactions, and other matters affecting the Company.

Approximately 98% of the Class B Stock is held by an entity controlled by Mr.

Albert Lowenthal, the Chairman and CEO of the Company, which allows Mr.

Albert Lowenthal, the Chairman of the Company, which allows Mr.

Lowenthal to control all matters requiring stockholder approval.

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Our Board of Directors declared cash dividends of $1.72 per share in 2025 to holders of Class A and Class B Stock and also authorized the Company to repurchase shares of its Class A Stock.

The declaration and payment of future cash dividends and authorization of future share repurchases is subject to the Board of Director’s discretion and may be impacted by a number of factors, including but not limited to our net income levels, ability to generate positive operating cash flows, subsidiary capital requirements and general financial and business conditions.

The declaration and payment of future cash dividends and authorization of future share repurchases is subject to the Board of Director’s discretion and may be impacted by a number of factors, including but not limited to our net income levels, ability to generate positive operating cash flows, sources of liquidity, subsidiary capital requirements and general financial and business conditions.

GENERAL BUSINESS AND ECONOMIC RISKS

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In some cases, the new or revised accounting standards may require retrospective application, which would result in us restating prior-period financial statements.

Developments in market and economic conditions have adversely affected, and may in the future adversely affect, the Company's business and profitability.

Developments in market and economic conditions have in the past adversely affected, and may in the future adversely affect, the Company's business and profitability.

Performance in the financial services industry is heavily influenced by the overall strength of economic conditions and financial market activity, which generally have a direct and material impact on the Company's results of operations and financial condition.

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While many global financial markets have shown signs of improvement in recent years, uncertainty remains.

A period of sustained downturns and/or volatility in the securities markets, and/or prolonged levels of increasing interest rates, could lead to a return to increased credit market dislocations, reductions in the value of real estate, and other negative market factors which could significantly impair our revenues and profitability.

A period of sustained downturns and/or volatility in the securities markets, and/or prolonged levels of increasing interest rates, could lead to a return

to increased credit market dislocations, reductions in the value of real estate, and other negative market factors which could significantly impair our revenues and profitability.

markets may also be impacted by political and civil unrest occurring in the Middle East, Eastern Europe, Russia, Venezuela and Asia.

Concerns about the EU, including Brexit, and the stability of the EU's sovereign debt, has caused uncertainty and disruption for financial markets globally.

Hostilities between Russia and Ukraine, the conflict between Israel, Hamas and Iran, as well as related disruptions of shipping routes in the Red Sea and related military action, and military and other risks related to China's territorial claims adversely affecting its neighbors including Taiwan, could have unforeseen and negative impacts upon the markets and the Company and its operations.

Concerns about the EU, including Brexit, and the stability of the EU's sovereign debt, may cause uncertainty and disruption for financial markets globally.

Hostilities between Russia and Ukraine, the conflict between Israel, Hamas and Iran, as well as related disruptions of shipping routes in the Red Sea and related military action, military and other risks related to China's territorial claims adversely affecting its neighbors including Taiwan and recent U.S.

military activity in Venezuela could have unforeseen and negative impacts upon the markets and the Company and its operations.

In addition, the U.S.’s recent aggressiveness in foreign affairs including the taking of oil vessels on the high seas, pronouncements concerning Greenland and the threat of involvement in the internal affairs of Iran all may lead to geopolitical risks that are not capable of measurement.

Continued uncertainties loom over the outcome of the EU's financial support programs.

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• A portion of the Company's revenues are derived from various asset management advisory fees that often are primarily comprised of base management and performance (or incentive) fees.

Management fees are primarily based on assets

under management.

Management fees are primarily based on assets under management.

Assets under management balances are impacted by net inflow/outflow of client assets and changes in market values.

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In recent years the Company has experienced, and continues to experience, significant pricing pressures on trading margins and commissions in debt and equity trading.

In the fixed income market, regulatory requirements have resulted in greater price transparency, leading to increased price competition and decreased trading margins.

In the fixed income market, regulatory requirements have resulted in greater price

transparency, leading to increased price competition and decreased trading margins.

In the equity market, the Company has experienced increased pricing pressure from institutional clients to reduce commissions, and this pressure has been augmented by the increased use of electronic and direct market access trading, which has created additional downward pressure on trading margins.

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Some institutions are entering into arrangements that separate (or "unbundle") payments for research products or services from sales commissions.

Institutions subject to MiFID II, which the Company does business with primarily through its European- based subsidiary, were required to unbundle such payments commencing January 3, 2018.

Institutions subject to MiFID II, which the Company does business with primarily through its European- based subsidiary, are required to unbundle such payments.

These arrangements have increased the competitive pressures on sales commissions and have affected the value the Company's clients place on high-quality research.

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As the costs of doing business increase, the Company may not be able to continue to grow its revenues through “organic” growth (the growth attendant to hiring one employee at a time or through expanding into a new business line through a limited investment in technology and employment).

In lieu of organic growth, it becomes increasingly necessary to grow through the acquisition of a business or businesses that fulfill the Company’s strategic decisions

In lieu of organic growth, it becomes increasingly necessary to grow through the acquisition of a business or businesses that fulfill the Company’s strategic decisions for growth.

However, due to competition or the cost of such acquisitions, such expansion may not be available on a profitable basis and may threaten the Company’s ongoing ability to expand its business.

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The Company's success is dependent in large part upon the services of its senior executives and employees.

Any loss of service of the chief executive officer ("CEO") may adversely affect the business and operations of the Company.

The Company maintains key man insurance on the life of its CEO.

Any loss of service of the chief executive officer ("CEO") and/or Chairman may adversely affect the business and operations of the Company.

The Company maintains key man insurance on the life of its Chairman.

Approximately 98% of the shares of Class B Stock are held by Phase II Financial Inc.

("Phase II"), a Delaware corporation controlled by Mr.

Albert Lowenthal, the Chairman and CEO of the Company.

Albert Lowenthal, the Chairman of the Company.

In the event of Mr.

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employee conduct outside of acceptable norms including harassment;

employees posting offensive or inappropriate content on social or other internet media;

employees posting offensive or

inappropriate content on social or other internet media;

or employees engaging in “hacking” or breaching our cybersecurity safeguards.

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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 1A. Risk Factors