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<SEC-DOCUMENT>0000791963-06-000006.txt : 20060616
<SEC-HEADER>0000791963-06-000006.hdr.sgml : 20060616
<ACCEPTANCE-DATETIME>20060616084004
ACCESSION NUMBER:		0000791963-06-000006
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20060616
DATE AS OF CHANGE:		20060616
EFFECTIVENESS DATE:		20060616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-135064
		FILM NUMBER:		06908578

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>s8.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>_____________________________________________</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/15/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>_____________________________________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D. C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>REGISTRATION STATEMENT UNDER</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>THE SECURITIES ACT OF 1933, AS AMENDED</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact name of Registrant as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Ontario, Canada &nbsp;&nbsp;&nbsp;98-0080034</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(State or Other Jurisdiction of &nbsp;&nbsp;&nbsp;(I.R.S. Employer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Incorporation or Organization) &nbsp;&nbsp;&nbsp;Identification No.)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>P.O. Box 2015, Suite 1110</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>20 Eglinton Avenue West</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Toronto, Ontario, Canada &nbsp;M4R 1K8</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address, including zip code, of Registrant&#146;s principal executive office)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SELECT INCENTIVE PLAN</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Full title of the plan)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Elaine K. Roberts</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>P.O. Box 2015, Suite 1110</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20 Eglinton Avenue West</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Toronto, Ontario, Canada M4R 1K8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Telephone (416) 322-1515</P>
<P style="margin:0pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:1.5pt solid #000000" align=center>(Name, address and telephone number, including area code, of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR></U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Calculation of Registration Fee</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border:0.75pt solid #000000" valign=top width=128><P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title of Securities <U>to be Registered</U></P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=103><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Amount to be <U>Registered</U></P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=88><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Proposed Maximum Offering Price Per <U>Unit</U></P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=127><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Proposed Maximum Aggregate <U>Offering Price</U></P>
</TD><TD style="border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=104.6><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Amount of Registration <U>Fee</U></P>
</TD></TR>
<TR><TD style="border-left:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=128><P style="margin:0pt; padding-left:-1.05pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Class A non-voting shares</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=103><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1,508,621 shares<SUP>(1)(2)(3)</SUP></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=88><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$23.20<SUP>(1)</SUP></P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=127><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$35,000,00.00</P>
</TD><TD style="border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000" valign=top width=104.6><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$3,745.00</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Oppenheimer Holdings Inc. Select Incentive Plan (the &#147;Plan&#148;) provides that participants may purchase Units representing an indirect interest in up to an aggregate of $35,000,000.00 of variable rate exchange debentures of E.A. Viner International, Inc., a subsidiary of Oppenheimer Holdings Inc., at a price of $5,000 per Unit with a minimum purchase of five (5) Units. &nbsp;Each Unit represents debentures having a face value of $5,000.00 on the date of purchase of the Unit. &nbsp;The Plan provides that, on January 2, 2013, the maturity date of the debentures, the debentures may either be repaid in full or be exchanged for shares of Class A non-voting commmon stock of Oppenheimer Holdings Inc. at an exchange price of $23.20 per share at the option of the participants. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Plus such additional shares as may be issued by reason of stock splits, stock dividends or similar transactions.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the Plan.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt" align=center><B><U><BR>
<BR></U></B></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PART I</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to Rule 428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the documents containing the information specified in Items 1 and 2 of Part I of Form S-8 will be delivered to each participant in the Oppenheimer Holdings Inc. Select Incentive Plan. &nbsp;Pursuant to Rule 428 under the Securities Act, these documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus meeting the requirements of Section 10(a) of the Securities Act</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PART II</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 3.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Incorporation of Documents by Reference.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The following documents filed with the Securities and Exchange Commission are incorporated by reference in this Registration Statement:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Annual Report on Form 10-K of Oppenheimer Holdings Inc. for the fiscal year ended December 31, 2005;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Quarterly Report on Form 10-Q of Oppenheimer Holdings Inc. for the fiscal quarter ended March 31, 2006;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">3.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Current Report on Form 8-K/A of Oppenheimer Holdings Inc. filed on April 7, 2006; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The description of the Class A non-voting shares of Fahnestock Viner Holdings Inc. (the predecessor of Oppenheimer Holdings Inc.) contained in the Form 8-A filed with the Securities and Exchange Commission on August 9, 1996 and any amendments thereto or other reports that are filed for the purpose of updating such description.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">In addition to the foregoing, all documents filed by Oppenheimer Holdings Inc. subsequent to the date of this Registration Statement pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Any statement contained in a document incorporated, or deemed to be incorporated herein, by reference shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. &nbsp;Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 4.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Description of Securities.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 5.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Interests of Named Experts and Counsel.</B></P>
<P style="margin-top:0pt; margin-bottom:7.2pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The validity of the Class A non-voting shares issuable pursuant to the Oppenheimer Holdings Inc. Select Incentive Plan have been opined upon by Borden Ladner Gervais LLP of Toronto, Canada. &nbsp;A.W. Oughtred, a member of the Board of Directors and the Secretary of Oppenheimer Holdings Inc., is a partner of Borden Ladner Gervais LLP.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Item 6.</B></P>
<B><P style="margin-top:0pt; margin-bottom:10.8pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indemnification of Directors and Officers.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. is obligated by its bylaws to indemnify its directors and officers and the directors and officers of its subsidiaries to the maximum extent permitted by the Canada Business Corporations Act. &nbsp;Oppenheimer Holdings Inc. has entered into indemnity agreements with each of its directors providing for such indemnities. &nbsp;In addition, Oppenheimer Holdings Inc. carries liability insurance for its directors and officers and the directors and officers of its subsidiaries</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 7.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Exemption from Registration Claimed.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 8.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Exhibits. </B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=96><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Exhibit No</U>.</P>
</TD><TD valign=top width=423><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Description of Exhibit</U></P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.1</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Select Incentive Plan (including form of Variable Rate Exchangeable Debenture of E.A. Viner International Inc. underlying the Units that are issuable pursuant to such plan).</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4.2</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form of Letter to Select Employees of Oppenheimer Holdings Inc.</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of Borden Ladner Gervais LLP.</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of PricewaterhouseCoopers LLP.</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.2</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Borden Ladner Gervais LLP (included in Exhibit 5).</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
</TD><TD valign=top width=423><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Power of Attorney (included on the signature pages of the registration statement)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 9.</B></P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Undertakings.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The registrant hereby undertakes:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To include any prospectus required by Section 10(a)(3) of the Securities Act;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set forth in the Registration Statement; and</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:36pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</P>
<P style="margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:12pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the registrant pursuant to any arrangement, provision or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. &nbsp;In the event that claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by contro
lling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will<B> </B>be governed by the final adjudication of such issue.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Act of 1933, as amended, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on this &nbsp;15th &nbsp;&nbsp;&nbsp;&nbsp;day of June, 2006.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Registrant)</P>
<P style="margin:0pt; text-indent:180pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:180pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: &#147;E.K. Roberts&#148;</P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. K. Roberts, </P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Treasurer,</P>
<P style="margin:0pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>POWER OF ATTORNEY</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Each person whose signature appears below hereby constitutes and appoints Elaine K. Roberts his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this Registration Statement and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments or supplements hereto in the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or their substitute or substitutes, may lawfu
lly do or cause to be done by virtue hereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Signature</U></P>
<U><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title</U></P>
<U><P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date &nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&#147;A.G. Lowenthal</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chairman of the Board,</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 15, 2006</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A. G. Lowenthal</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer,</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&#147;E.K. Roberts&#148;</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President, Treasurer,</P>
<P style="margin:0pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;June 15, 2006</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E. K. Roberts</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer,</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>________________</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Secretary, Director</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A. W. Oughtred</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>________________</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">J.L. Bitove</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>________________</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">R. Crystal</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&#147;K.W. McArthur</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 15, 2006</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">K. W. McArthur</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&#147;B. Winberg&#148;</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 15, 2006</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">B. Winberg</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex231.htm
<TEXT>
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<HTML>
<HEAD>
<TITLE>Exhibit 23</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/15/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 23.1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin-top:6pt; margin-bottom:24pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>We hereby consent to the incorporation by reference in this Registration Statement on Form&nbsp;S-8 of our report dated March 9, 2006 relating to the consolidated financial statements, management&#146;s assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, of Oppenheimer Holdings Inc., which appears in Oppenheimer Holdings Inc.'s Annual Report on Form 10-K for the year ended December&nbsp;31, 2005. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:12pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;PricewaterhouseCoopers LLP&#148;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York, New York</P>
<P style="margin-top:0pt; margin-bottom:10pt; font-family:Times New Roman">June 15, 2006</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>3
<FILENAME>ex42.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 4</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="06/15/2006">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 4.2</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=right><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Form of Letter to Select Employees of Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;first name&#148; &#147;last name&#148;</P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;street address&#148;</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;city&#148;,&#148;state&#148; &#147;zip code&#148;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">From: </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Bud Lowenthal</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date:</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 16, 2006</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re:</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;OPY&#148; Ownership Opportunity</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Over the past several years, we have had numerous inquiries from our employees as to a means for them to expand their ownership in our firm. We believe that an opportunity now exists for selected individuals to participate in acquiring an equity interest in the firm. Today, we have announced a transaction that would involve (i) the repurchase of Exchangeable Debentures previously issued by the Company to CIBC and (ii) the transfer of up to $35,000,000 of the Debentures (at cost) to an Employee Benefit Plan. &nbsp;A copy of the press release may be viewed on the Company&#146;s intranet site as well as at <FONT COLOR=#0000FF><U>www.sec.gov</U></FONT> under the Company symbol &#147;OPY&#148;. &nbsp;The Debentures may be exchanged for shares of the Company&#146;s Class A non-voting stock at an exchange rate of $23.20. &nbsp;If the exchange occurred now under current market conditions, the exchange would be &#147;in
 the money&#148;. Participation in this Employee Benefit Plan is only being extended to a select group of employees and requires a minimum participation of $25,000. There will be no Company leverage or financing available and we expect that subscriptions for Plan interests be received no later than July 15<SUP>th,</SUP> 2006 (coordinated with the repurchase of the debentures). </P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This opportunity arises based on the Company&#146;s agreement in principle with CIBC to purchase from them their entire ownership position in our Exchangeable Debentures totaling $160,822,000. The retirement of the debentures not purchased by the Employee Benefit Plan will be funded through a financing consisting of senior secured debt and internally available funds. The vast majority of these debentures will be retired thus reducing the number of shares outstanding (on a fully diluted basis) by approximately 30%. We are reserving a limited number of the debentures for an Employee Benefit Plan that will be made available to you for your review if you indicate an interest as described below.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>We anticipate that the debentures will be repurchased at par (100%) and the amount subscribed for will be deposited at &#147;cost&#148; in the Plan. The debentures yield 4% (based on 100) for the balance of 2006, and the yield increases to 5% from January 1, 2007 till the debentures mature on January 2, 2013. The debentures have an exchange feature, which permits them to be converted into OPY Class A non-voting shares at U.S.$23.20 per share. Thus each $25,000 of debentures will convert into 1077 OPY Class A shares. The purpose of this offering is to offer our most valued employees the opportunity to have an expanded ownership interest under favorable terms.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>At this time, we are only attempting to determine if you might be interested in participating in the offering. &nbsp;Those employees who express an interest will receive a full description of the Plan and other information relevant to their investment decision for their consideration. &nbsp;This letter is not intended to constitute an offer to purchase securities or a solicitation to purchase securities. &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Should you choose to subscribe for interests in the Plan, your investment will have limited liquidity until the debentures mature on January 2, 2013. The yield on the debentures will be passed through to you and will be taxable at ordinary rates. Should you leave the firm (other than by retirement or death or certain other conditions set forth in the Plan), you will be bought out at &#147;cost&#148;, with the retired interests being re-offered to other employees in the Plan at &#147;cost&#148;. <U>This should be carefully considered, before you decide to &nbsp;invest. </U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Please be advised that your participation is purely voluntary and that there will there be no adverse inference drawn based on your decision. By responding to this letter, your expression of possible interest will not be binding on you and you are under no obligation or pressure to participate in the offering. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>We are interested in your preliminary indication of interest. There will be a Plan description and other material further describing the investment in substantially greater detail. If you may be interested in participating, please sign and return the acknowledgement copy of this letter (via facsimile) to Francine Barna at 212-943-8728. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The units being offered will be allocated based on criteria that are still being developed. We expect, although do not guarantee, that the maximum amount of units that may be offered to you would be &#147;units qty&#148;___ units ($5,000/unit).</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>_______________________________________________________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(Fax to Francine Barna 212-943-8728)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>I am interested in hearing more about the Offering and am (at present) interested in participating in _____ units at $5,000 per unit for a total investment of $________________. &nbsp;I understand that the full amounts of units I am interested in may not be available in the Offering and I may only be able to subscribe for a lesser number of units than indicated above.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Signed</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>_____________________________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Name: _&#148;first name&#148; &#147;last name&#148;___</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Phone number: _______________________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>OPCO e-mail: &nbsp;_______________________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>If it becomes available, I would be interested in purchasing additional units. My interest is to purchase an additional ______ units at $5000 per unit. This does not include the units that I have requested above.</P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><B><U><BR></U></B></P>
<P style="margin:0pt; font-family:Times New Roman"><B><U><BR></U></B></P>
<P style="margin:0pt; font-family:Times New Roman"><B><U><BR></U></B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 4.1</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Oppenheimer Holdings Inc. Select Incentive Plan</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(excluding form of Variable Rate Exchangeable Debenture of E.A. Viner International Inc. underlying the Units that are issuable pursuant to such plan).</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>OPPENHEIMER HOLDINGS, INC. SELECT INCENTIVE PLAN</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 1.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Establishment of Plan</U>.</B> &nbsp;Oppenheimer Holdings Inc. (the &quot;Company&quot;) hereby establishes this Oppenheimer Select Incentive Plan (the &quot;Plan&quot;), effective as of July 28, 2006.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 2.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Purpose of Plan</U>.</B> &nbsp;The purpose of the Plan is to provide incentive and reward to a limited group of key executive, managerial and sales employees of the Company and its subsidiaries and directors of the Company whose contributions, services and decisions have a long term impact on the operations of the Company and its subsidiaries by providing them with an opportunity to invest indirectly in certain debentures which are exchangeable for shares of the Company&#146;s Class A non-voting shares (&#147;Class A Shares&#148;).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 3.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Administration</U>.</B> &nbsp;The Compensation and Stock Option Committee (the &#147;Committee&#148;) of the Company&#146;s Board of Directors (the &#147;Board&#148;) shall administer the Plan. The Committee may delegate day-to-day administration of the Plan to employees of the Company or a third party administrator. The Committee shall have full power and authority, subject to the provisions of the Plan, to designate those employees of the Company and its subsidiaries who shall be provided with the opportunity to participate in the Plan (&#147;Participants&#148;), to determine the terms of their participation, to determine the terms and conditions of the purchase of units under the Plan (&#147;Units&#148;), to interpret the provisions of the Plan, to supervise the administration of the Plan, to promulgate rules and regulations, and to take all actions in connection with or relating to 
the Plan as it deems to be necessary. &nbsp;All decisions and designations of the Committee under the Plan shall be final. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 4.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Eligibility</U>.</B> &nbsp;Key executive, managerial and sales employees of the Company and its subsidiaries, including officers, who are from time to time responsible for the management, growth and protection of the business of the Company and its subsidiaries shall be eligible to become Participants, as shall be selected from time to time by the Committee, in its sole discretion. &nbsp;Directors of the Company shall automatically be Participants in the Plan and shall not be subject to the selection or approval process set forth in this Section 4 applicable to executive and management employees.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 5.</B></P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>The Debentures</U></B>. &nbsp;The debentures subject to the Plan (the &#147;Debentures&#148;) shall be variable rate exchangeable debentures, due 2013, of the Company&#146;s subsidiary, E.A. Viner International Co., dated May 12, 2003, and having an aggregate face value of not more than $35,000,000.00. &nbsp;The Debentures shall accrue interest at the rate of four percent (4%) per annum through December 31, 2006 and five percent (5%) per annum until the Maturity Date. &nbsp;Interest on the Debentures shall be paid semi-annually. &nbsp;The Debentures shall mature on January 2, 2013 (the &#147;Maturity Date&#148;). &nbsp;The Debentures shall at all times until their repayment or exchange into Class A Shares be held in trust by an institutional trustee selected by the Company for purposes of the Plan (the &#147;Trustee&#148;).</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 6.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Units</U>.</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.1.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>In General</U>. &nbsp;Bookkeeping units (&#147;Units&#148;) shall be maintained under the Plan to account for the interests of Participants in the Plan. &nbsp;Each Unit shall correspond to that number of Debentures having an aggregate face value of $5,000.00.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.2.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Purchase of Units</U>. &nbsp;In addition to the automatic participation of directors of the Company, the Committee shall from time to time determine which employees of the Company and its subsidiaries shall be offered the opportunity to purchase one or more Units under the Plan. &nbsp;The minimum cash purchase price for any Unit under the Plan shall be equal to $5,000.00, which shall be the fair market value of that number of Debentures having a face value of $5,000.00 on the Unit purchase date. &nbsp;The minimum number of Units a Participant may purchase shall be five (5) Units; <U>provided</U>, <U>however</U>, the Committee in its discretion may allow for a lower minimum number. &nbsp;The Committee shall establish a bookkeeping account for each Participant in the Plan and shall record the number of Units purchased by each Participant and the date of purchase.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.3.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Vesting</U>. &nbsp;A Participant&#146;s right to any Unit purchased thereby under the Plan shall vest on January 2, 2013, the maturity date of the Debentures (the &#147;Maturity Date&#148;). &nbsp;Prior to the Maturity Date, should a Participant (a) have his or her employment with the Company or any of its subsidiaries terminated for &#147;cause&#148; as determined by the Committee in its sole discretion, or (b) terminate his or her employment with the Company or one of its subsidiaries for any reason and subsequently become employed by or provide services for a competitor of the Company, as determined by the Committee in its sole discretion, in any such case the Participant shall thereupon forfeit all of his or her Units and shall receive a cash payment from the Company equal to the amount of the purchase price he or she paid plus accrued interest for such forfeited Units hereunder. &nbsp;
In the event of a Participant&#146;s termination of employment or separation from the Company for any other reason, including death, disability (i.e., satisfaction of the &#147;disability&#148; standard applicable to the Company (or subsidiary) sponsored long-term disability coverage then in effect for the Participant) or retirement or departure from the Company&#146;s business, the Participant shall not forfeit his or her Units. &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>6.4.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>Valuation</U>. &nbsp;All valuation determinations under the Plan shall be made in good faith by the Committee, in its sole discretion.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 7.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Repayment or Exchange Rights to Class A Shares</U>.</B> &nbsp;Each Participant (or beneficiary) under the Plan prior to the Maturity Date shall elect whether (a) to receive a cash payment from the Company equal to the amount of the purchase price he or she paid for the Unit(s) plus accrued interest due on the Maturity Date, or (b) to exercise the exchange rights under the applicable Debenture(s). &nbsp;In the event the Participant elects to convert the Debentures, upon the Trustee&#146;s receipt of such election, the Company shall issue to the Participant, pursuant to the terms of the Debentures, the equivalent number of Class A Shares. &nbsp;In no event, however, shall any Participant have the right to payment from the Company prior to the Maturity Date unless the Participant requests the return of the purchase price he or she paid on the basis of an unforeseeable emergency and the Com
mittee, in its sole discretion, approves such request. &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For purposes of the Plan, an &#147;unforeseeable emergency&#148; shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant&#146;s spouse or a dependent (as defined in Section 152(a) of the Internal Revenue Code of 1986, as amended), loss of the Participant&#146;s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. &nbsp;Any amounts to be so repaid early may not exceed the amounts necessary to satisfy such emergency after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant&#146;s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 8.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Change of Control</U>.</B> &nbsp;Notwithstanding anything to the contrary contained in the Plan, each Participant on the date prior to the date on which a Change of Control occurs (&#147;Change of Control Date&#148;), shall have the opportunity on the day immediately preceding the date of the occurrence of such Change of Control to elect to exchange his or her Units for Class A Shares at the Exchange Price as such term is defined in the Debentures. &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>For purposes of the Plan, &#147;Change of Control&#148; shall mean (x) a change in the ownership of the Company, (y) a change in the effective control of the Company, or (z) a change in the ownership of a substantial portion of the assets of the Company. &nbsp;For purposes hereof: &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(i) a &#147;change in the ownership of the Company&#148; shall occur on the date on which any one person, or more than one person acting as a group, acquires ownership of shares of the Company that, together with shares held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the shares of the Company; provided, however, that if any one person or more than one person acting as a group, shall be considered to own more than fifty percent (50%) of the total fair market value or total voting power of the shares of the Company, the acquisition of additional shares by the same person or persons shall not be considered to cause a change in the ownership of the Company (or to cause a change in the effective control of the Company for purposes of clause (ii) of this Section). &nbsp;However, notwithstanding the foregoing, an increase
 in the percentage of shares of the Company owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its shares in exchange for property, shall be treated as an acquisition of shares of the Company for purposes hereof; &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(ii) a &#147;change in the effective control of the Company&#148; shall occur on the date on which either: (A) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) ownership of shares of the Company possessing thirty-five percent (35%) or more of the total voting power of the shares of the Company; or (B) a majority of the members of the Company&#146;s Board of Directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Company&#146;s Board of Directors prior to the date of the appointment or election; and </P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>(iii) a &#147;change in the ownership of a substantial portion of the Company&#146;s assets&#148; shall occur on the date on which any one person, or more than one person acting as a group, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or greater than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; <U>provided</U> <U>however</U>, that an acquisition of the assets comprising the Company&#146;s clearing operations shall not constitute a &#147;change in the ownership of a substantial portion of the Company&#146;s assets.&#148; &nbsp;For purposes of this clause (iii), &#147;gross fair market value&#148; shall mean the value of the ass
ets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. &nbsp;Notwithstanding the foregoing, a transfer of assets by the Company shall not be treated as a change of ownership of such assets if the assets are transferred to (A) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its shares, (B) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (C) a person, or more than one person action as a group, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all of the outstanding shares of the Company, or (D) an entity, as least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a person described in clause (C) of this paragraph (iii).</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 9.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Reallocation of Forfeited Units</U>.</B> &nbsp;Units that have been forfeited per the terms of the Plan shall be offered to the then remaining Participants by the Committee every six (6) months on a pro rata basis or utilizing such other method as the Committee shall determine in its discretion. &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 10.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Beneficiaries</U>.</B> &nbsp;Designation of beneficiaries to receive any Class A Shares issuable under the Plan subsequent to the death of a Participant shall be made in writing and filed with the Company in such form and manner as the Company may from time to time prescribe. &nbsp;Beneficiary designations may be changed by a Participant in the same manner at any time prior to death, and may thereafter be designated or changed by a surviving beneficiary eligible to receive any payment unless a successor beneficiary to such surviving beneficiary has been designated by the Participant or prior beneficiary. &nbsp;If a Participant or beneficiary eligible to receive Class A Shares under the Plan dies without a surviving beneficiary having been designated, or with his or her estate or a trust designated as beneficiary, such Participant&#146;s or beneficiary&#146;s Class A Shares shall be dist
ributed to the legal representative of his or her estate, or to the trustees of any such trust, as soon as practicable after the applicable Class A Shares are received by the Trustee.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 11.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Amendment and Termination of Plan</U>.</B> &nbsp;The Board, in its sole discretion and at any time, may terminate the Plan or adopt such written amendments or modifications of the Plan as it may deem advisable; <U>provided</U>, <U>however</U>, that notwithstanding the foregoing, the Plan shall terminate on the earlier of (i) a Change of Control, or (ii) January 2, 2013, and <U>provided</U>, <U>further</U>, that no such termination, amendment or modification shall deprive any Participant of any right or benefit to which he or she has previously become entitled under the Plan, without such Participant&#146;s written consent.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 12.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>No Employment or Director Rights Created</U>.</B> &nbsp;Nothing herein is intended or shall be interpreted to give any Participant in the Plan the right to be employed, reemployed or continue to be employed by the Company or any of its subsidiaries or to serve or continue to serve as a director of the Company.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B>Section 13.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><B><U>Non-Alienation of Benefits</U></B>. &nbsp;Except as set forth in Section 8, no right or benefit under the Plan shall be subject to anticipation, transfer, sale, assignment, pledge, encumbrance, charge, levy, attachment or execution of a judgment of any kind. &nbsp;No right or benefit under the Plan shall in any manner be liable for or subject to the debts, contract liabilities or torts of any employee or director participating in the Plan.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Section 14.</B></P>
<P style="margin:0pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U>Applicable State Law</U>.</B> &nbsp;All questions pertaining to the Plan shall be determined under the laws of the State of Delaware.</P>
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<TITLE>Exhibit 5</TITLE>
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<META NAME="date" CONTENT="06/15/2006">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 5</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Opinion of Borden Ladner Gervais LLP.</P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[LETTERHEAD OF BORDEN LADNER GERVAIS LLP]</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">June 15, 2006</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Securities and Exchange Commission</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">450 Fifth Street N.W.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Judiciary Plaza</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Washington, D.C. 20549</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U.S.A.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dear Sirs:</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Re:</B></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Oppenheimer Holdings Inc.</B></P>
<B><P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Registration Statement on Form S-8</B></P>
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<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We have acted as Ontario counsel to Oppenheimer Holdings Inc., a Canadian corporation (the &quot;Corporation&quot;), in connection with the preparation and filing with the Securities and Exchange Commission of a Registration Statement on Form S-8 dated June 15, 2006, registering an aggregate of 1,508,621 Class A non-voting shares (the &quot;Class A Shares&quot;) of the Corporation reserved for issuance under the Oppenheimer Holdings Inc. Select Management Incentive Plan (the &quot;Plan&quot;), subject to compliance with applicable United States and Ontario securities laws and the requirements of the New York Stock Exchange and the Toronto Stock Exchange.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We are qualified to practice in various Provinces of Canada including the Province of Ontario. &nbsp;We have made no investigation of the laws of any jurisdiction other than, and the opinions hereinafter expressed are confined to the laws of Ontario and the laws of Canada applicable to Ontario.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We have examined such corporate records of the Corporation and other documents as we have deemed necessary and appropriate under the circumstances to furnish the following opinions:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Corporation is a corporation duly continued and validly existing under the laws of Canada.</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2.</P>
<P style="margin-top:0pt; margin-bottom:12pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">When the 1,508,621 Class A Shares have been duly issued upon the exchange of Variable Rate Exchangeable Debentures of E. A. Viner International Inc., the Class A Shares will be duly issued as fully paid and non-assessable shares.</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We hereby consent to the filing of this letter as an exhibit to the Registration Statement and all amendments thereto and to the reference to our name under the heading &quot;Interests of Named Experts and Counsel&quot; in the Registration Statement</P>
<P style="margin-top:0pt; margin-bottom:12pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Yours very truly,</P>
<P style="margin-top:0pt; margin-bottom:10pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Borden Ladner Gervais LLP&#148;</P>
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