Olga Usvyatsky

A quarterly review of compliance trends, SEC comment letters, and the complexities of recovery analysis SEC Rule 10D-1 – often referred to as the compensation clawback rule — requires public companies to adopt policies to recover excess incentive compensation that was paid to current or former executives because it was based on metrics that were later restated.

This is collaborative effort, co-authored with Deep Quarry the newsletter from Olga Usvyatsky. If you value our work, please subscribe! The Dig is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Microsoft’s annual report rarely goes unnoticed. As one of the world’s largest cloud providers and now OpenAI’s most important commercial partner, Microsoft’s results have become a barometer for the broader AI ecosystem.

In our May 27, 2026, analysis, Francine McKenna and I compared SpaceX's confidential draft registration statement (DRS) with the later public prospectus on Form S-1 to identify disclosure revisions that appeared likely to have been prompted by the SEC's confidential review. At the time, however, those conclusions were necessarily conjectural because the SEC comment letters remained confidential.