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ATER

Aterian, Inc.

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8078
SEC CIK
0001757715
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224

Last 12 months

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Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
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MonthPurchasesSales
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Dec 202500
Jan 202600
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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
December 02, 2019 Filed Dec 5, 2019 02:22 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 1,100 $5.45 $5,995.00
Disclosure

SEC source: 0000899243-19-028516 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 917,107

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:04 UTC
Sarig Yaniv ZionDirector · See Remarks
GrantCommon Stock 9,406 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028320 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 916,007

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 9,406 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 9,406 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:02 UTC
Chaouat-Fix MihalChief Product Officer
GrantCommon Stock 4,703 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028315 · doc4.xml · nonDerivative · entry 1

Chaouat-Fix Mihal · CIK 0001778022 · Chief Product Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 239,524

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 4,703 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 4,703 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:05 UTC
Datos-Robyn Peter SChief Operating Officer
GrantCommon Stock 3,218 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028321 · doc4.xml · nonDerivative · entry 1

Datos-Robyn Peter S · CIK 0001778443 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 160,910

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 3,218 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 3,218 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 27, 2019 Filed Nov 29, 2019 19:03 UTC
HAMAIDE FABRICEDirector · See Remarks
GrantCommon Stock 12,699 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028318 · doc4.xml · nonDerivative · entry 1

HAMAIDE FABRICE · CIK 0001554303 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 634,976

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 12,699 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 12,699 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:08 UTC
Pascal TomerChief Revenue Officer
GrantCommon Stock 4,703 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028324 · doc4.xml · nonDerivative · entry 1

Pascal Tomer · CIK 0001778646 · Chief Revenue Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · By ELZ Ventures LTD

Disclosed balance after: 235,176

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 4,703 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 4,703 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F3 · ownership.nature: The Reporting Person is the sole owner of ELZ Ventures LTD.

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:06 UTC
Risico Joseph AGeneral Counsel
GrantCommon Stock 2,970 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028322 · doc4.xml · nonDerivative · entry 1

Risico Joseph A · CIK 0001778024 · General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,532

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 2,970 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 2,970 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 27, 2019 Filed Nov 30, 2019 00:02 UTC
Zahut Roi ZionChief Technology Officer
GrantCommon Stock 1,411 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-028313 · doc4.xml · nonDerivative · entry 1

Zahut Roi Zion · CIK 0001778027 · Chief Technology Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 135,534

F1 · kind: The restricted shares of common stock were granted pursuant to the Issuer's 2019 Equity Plan (the "2019 Equity Plan") due to a forfeiture of shares previously granted pursuant to the 2019 Equity Plan to a former employee of the Issuer. In the event of a forfeiture of shares granted under the 2019 Equity Plan, such shares are automatically reallocated to the remaining participants in the 2019 Equity Plan in proportion to the number of shares covered by outstanding awards granted under the 2019 Equity Plan that each such remaining participant holds.

F2 · shares: Comprised of 1,411 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

F2 · price: Comprised of 1,411 shares of restricted common stock granted pursuant to the 2019 Equity Plan that are subject to vesting. The shares of restricted common stock shall vest in four equal installments on each of February 1, 2020, June 14, 2020, December 14, 2020, and June 14, 2021.

Read SEC document
November 26, 2019 Filed Nov 28, 2019 02:35 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 1,000 $5.55 $5,550.00
Disclosure

SEC source: 0000899243-19-028277 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 906,601

Read SEC document
November 14, 2019 Filed Nov 15, 2019 21:09 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 6,000 $6.16 $36,930.00
Disclosure

SEC source: 0000899243-19-027360 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 905,601

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.08 to $6.19, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

Read SEC document
November 13, 2019 Filed Nov 15, 2019 00:28 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 1,000 $6.22 $6,220.00
Disclosure

SEC source: 0000899243-19-027306 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 899,601

Read SEC document
October 30, 2019 Filed Feb 14, 2020 21:49 UTC
Sarig Yaniv ZionDirector · See Remarks
GiftCommon Stock 891,551 $0.00 $0.00
Disclosure

SEC source: 0000899243-20-004659 · doc5.xml · nonDerivative · entry 2

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 891,551

F1 · kind: This transaction involved a gift of securities by the Reporting Person to the Sarig-Bulow Family Trust.

F2 · ownership.nature: Shares are held of record by the Sarig-Bulow Family Trust. The Reporting Person's minor children are the beneficiaries of the Sarig-Bulow Family Trust. The Reporting Person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Read SEC document
October 30, 2019 Filed Feb 14, 2020 21:49 UTC
Sarig Yaniv ZionDirector · See Remarks
GiftCommon Stock 891,551 $0.00 $0.00
Disclosure

SEC source: 0000899243-20-004659 · doc5.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,756

F1 · kind: This transaction involved a gift of securities by the Reporting Person to the Sarig-Bulow Family Trust.

Read SEC document
October 30, 2019 Filed Mar 18, 2020 00:50 UTC Amendment
Sarig Yaniv ZionDirector · See Remarks
GiftCommon Stock 891,551 $0.00 $0.00
Disclosure

SEC source: 0000899243-20-008731 · doc5a.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 891,551

F1 · kind: This transaction involved a gift of securities by the Reporting Person to the Sarig-Bulow Family Trust.

F2 · acquired: The original Form 5, filed on February 14, 2020, reported a disposition of 891,551 shares by the Sarig-Bulow Family Trust. This amended Form 5 is being filed to report the acquisition of 891,551 shares by the Sarig-Bulow Family Trust.

F3 · ownership.nature: Shares are held of record by the Sarig-Bulow Family Trust. The Reporting Person's minor children are the beneficiaries of the Sarig-Bulow Family Trust. The Reporting Person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Read SEC document
August 23, 2019 Filed Aug 26, 2019 23:43 UTC GrantCommon Stock 28,325 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-022481 · doc4.xml · nonDerivative · entry 1

KURTZ WILLIAM · CIK 0001231740 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,325

F1 · shares: Comprised of 28,325 shares of restricted common stock granted pursuant to the Issuer's 2018 Equity Incentive Plan that are subject to vesting. 1/3rd of the number of shares of restricted common stock shall vest on August 23, 2020 and 1/24th of the number of shares of restricted common stock shall vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

F1 · price: Comprised of 28,325 shares of restricted common stock granted pursuant to the Issuer's 2018 Equity Incentive Plan that are subject to vesting. 1/3rd of the number of shares of restricted common stock shall vest on August 23, 2020 and 1/24th of the number of shares of restricted common stock shall vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

Read SEC document
August 22, 2019 Filed Aug 23, 2019 23:45 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 1,050 $7.31 $7,675.50
Disclosure

SEC source: 0000899243-19-022409 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 898,601

Read SEC document
August 21, 2019 Filed Aug 21, 2019 23:28 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 3,000 $7.19 $21,570.00
Disclosure

SEC source: 0000899243-19-022257 · doc4.xml · nonDerivative · entry 2

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 897,551

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $7.14 to $7.24, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

Read SEC document
August 21, 2019 Filed Aug 21, 2019 23:27 UTC Disposition to issuerStock Option (Right to Buy) · Derivative 28,325 Not disclosed Strike: $10.00 Not disclosed
Disclosure

SEC source: 0000899243-19-022256 · doc4.xml · derivative · entry 2

von Walter Amy · CIK 0001778706 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 28,325 shares

Expires 2029-06-12

F1 · kind: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 21, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F1 · price: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 21, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F3 · derivative.exercise_date: The cancelled option provided that 1/3rd of the number of shares subject to the option would vest on June 12, 2020 and 1/24th of the number of shares subject to the option would vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

Read SEC document
August 21, 2019 Filed Aug 21, 2019 23:27 UTC GrantCommon Stock 28,325 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-022256 · doc4.xml · nonDerivative · entry 1

von Walter Amy · CIK 0001778706 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,325

F1 · kind: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 21, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F2 · shares: Comprised of 28,325 shares of restricted common stock granted pursuant to the Issuer's 2018 Equity Incentive Plan that are subject to vesting. 1/3rd of the number of shares of restricted common stock shall vest on June 12, 2020 and 1/24th of the number of shares of restricted common stock shall vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

F1 · price: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 21, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

Read SEC document
August 20, 2019 Filed Aug 21, 2019 23:28 UTC
Sarig Yaniv ZionDirector · See Remarks
PurchaseCommon Stock 3,000 $6.86 $20,580.00
Disclosure

SEC source: 0000899243-19-022257 · doc4.xml · nonDerivative · entry 1

Sarig Yaniv Zion · CIK 0001778026 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 894,551

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.71 to $7.06, inclusive. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

Read SEC document
August 19, 2019 Filed Aug 21, 2019 19:26 UTC Disposition to issuerStock Option (Right to Buy) · Derivative 28,325 Not disclosed Strike: $10.00 Not disclosed
Disclosure

SEC source: 0000899243-19-022255 · doc4.xml · derivative · entry 2

Petersen Greg · CIK 0001406815 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 28,325 shares

Expires 2029-06-12

F1 · kind: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 19, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F1 · price: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 19, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F3 · derivative.exercise_date: The cancelled option provided that 1/3rd of the number of shares subject to the option would vest on June 12, 2020 and 1/24th of the number of shares subject to the option would vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

Read SEC document
August 19, 2019 Filed Aug 21, 2019 19:26 UTC GrantCommon Stock 28,325 Not disclosed Not disclosed
Disclosure

SEC source: 0000899243-19-022255 · doc4.xml · nonDerivative · entry 1

Petersen Greg · CIK 0001406815 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,325

F1 · kind: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 19, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

F2 · shares: Comprised of 28,325 shares of restricted common stock granted pursuant to the Issuer's 2018 Equity Incentive Plan that are subject to vesting. 1/3rd of the number of shares of restricted common stock shall vest on June 12, 2020 and 1/24th of the number of shares of restricted common stock shall vest following each one month period thereafter, subject to the Reporting Person's continued service to the Issuer through each such vesting date.

F1 · price: Pursuant to an agreement by and between the Company and the Reporting Person, the Reporting Person's option to purchase shares of common stock was cancelled on August 19, 2019 in exchange for an award of 28,325 shares of restricted common stock under the Issuer's 2018 Equity Incentive Plan, subject to vesting.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.