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person · Reporting owner

SAUNDERS JOSEPH W

Disclosed activity across 2 companies

Tapewire entity
12773
SEC CIK
0001222058

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Green Visor Financial Technology Acquisition Corp IGVCI · Entity 133425Director · CEO & Chairman of the BoardNovember 09, 2021November 09, 2021
VISA INC.V · Entity 495Director · EXECUTIVE CHAIRMANDecember 17, 2012December 19, 2012

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

Green Visor Financial Technology Acquisition Corp I

Report date November 09, 2021 · Filed November 09, 2021

This filing explicitly reported no securities owned.

VISA INC.

Report date December 17, 2012 · Filed December 19, 2012

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeDirect31,661 Ending reported balance After 2012-12-17 transaction · row 4
4 source rows · reconciled sequence

Row 1 · 2012-12-17 · Exercise / conversion · Acquired 75,701 · Balance 117,604

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

Row 2 · 2012-12-17 · Exercise / conversion · Acquired 111,309 · Balance 228,913

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

Row 3 · 2012-12-17 · Exercise / conversion · Acquired 45,043 · Balance 273,956

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

Row 4 · 2012-12-17 · Sale · Disposed 242,295 · Balance 31,661

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F2: The price reported in column 4 is a weighted average price. These shares were disposed of in multiple transactions at prices ranging from $146.97 - $149.10, inclusive. The reporting person undertakes to provide to Visa Inc., any security holder of Visa Inc., or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares disposed of at each separate price within the ranges set forth in this Form 4.

Class A Common StockSEC Table I · non-derivativeIndirectJoseph W. & Sharon P. Saunders Trust Dated 3/31/20000 Reported balance After 2012-12-17 transaction · row 5 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 5 · 2012-12-17 · Sale · Disposed 91,112 · Balance 0

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F2: The price reported in column 4 is a weighted average price. These shares were disposed of in multiple transactions at prices ranging from $146.97 - $149.10, inclusive. The reporting person undertakes to provide to Visa Inc., any security holder of Visa Inc., or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares disposed of at each separate price within the ranges set forth in this Form 4.

Employee Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $56.47 · Expires 2018-11-05Direct0 Reported balance After 2012-12-17 transaction · row 7 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 7 · 2012-12-17 · Exercise / conversion · Disposed 75,701 · Balance 0

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F3: This option was granted on November 5, 2008 and vested in three installments over a three-year period after the date of grant.

Employee Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $79.59 · Expires 2019-11-05Direct0 Reported balance After 2012-12-17 transaction · row 8 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 8 · 2012-12-17 · Exercise / conversion · Disposed 111,309 · Balance 0

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F4: This option was granted on November 5, 2009 and vested in three installments over a three-year period after the date of grant.

Employee Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $79.80 · Expires 2020-11-05Direct22,522 Reported balance After 2012-12-17 transaction · row 9 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 9 · 2012-12-17 · Exercise / conversion · Disposed 45,043 · Balance 22,522

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F5: This option was granted on November 5, 2010 and vests in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Class A Common StockSEC Table I · non-derivativeIndirectBy Son375 Reported balance Holding disclosure · report date 2012-12-17 · row 6 Holding and transaction disclosures are not merged.
1 source row

Row 6 · Balance 375

Filing footnotes · ownership attribution and instrument terms

F1: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 16, 2012.

F2: The price reported in column 4 is a weighted average price. These shares were disposed of in multiple transactions at prices ranging from $146.97 - $149.10, inclusive. The reporting person undertakes to provide to Visa Inc., any security holder of Visa Inc., or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares disposed of at each separate price within the ranges set forth in this Form 4.

F3: This option was granted on November 5, 2008 and vested in three installments over a three-year period after the date of grant.

F4: This option was granted on November 5, 2009 and vested in three installments over a three-year period after the date of grant.

F5: This option was granted on November 5, 2010 and vests in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Transaction history

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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 dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
November 05, 2011 Filed Nov 9, 2011 02:28 UTC VISA INC. V · Entity 495 Exercise / conversionClass A Common Stock 6,874 $0.00 $0.00
Disclosure

SEC source: 0001127602-11-029047 · form4.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 46,488

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
November 05, 2011 Filed Nov 15, 2011 00:05 UTC Amendment VISA INC. V · Entity 495 Tax withholdingClass A Common Stock 20,497 $92.64 $1,898,842.08
Disclosure

SEC source: 0001127602-11-029522 · form4a.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,429

Read SEC document
September 19, 2011 Filed Sep 21, 2011 23:25 UTC VISA INC. V · Entity 495 SaleClass A Common Stock 12,420 $89.77 $1,114,943.40
Disclosure

SEC source: 0001127602-11-025758 · form4.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Joseph W. & Sharon P. Saunders Trust Dated 3/31/2000

Disclosed balance after: 66,081

F1 · kind: This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 2, 2011.

F2 · price: The price reported in column 4 is a weighted average price. These shares were disposed of in multiple transactions at prices ranging from $88.74 - $90.64, inclusive. The reporting person undertakes to provide to Visa Inc., any security holder of Visa Inc., or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares disposed of at each separate price within the ranges set forth in this Form 4.

F3 · balance_after: Since the date of the reporting person's last ownership report, 72,500 shares which were previously held directly were transferred to the Joseph W. and Sharon P. Saunders Trust, of which Mr. Saunders and his wife are the sole trustees and beneficiaries.

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 GrantEmployee Stock Options · Derivative 67,565 $0.00 Strike: $79.80 $0.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · derivative · entry 8

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,565

Underlying: Common Stock · 67,565 shares

Expires 2020-11-05

F4 · derivative.exercise_date: Options vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 GrantPerformance Shares Award · Derivative 41,369 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · derivative · entry 7

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,369

Underlying: Common Stock · 41,369 shares

Expires not disclosed

F1 · derivative.exercise_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F1 · derivative.expiration_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 Exercise / conversionRestricted Stock Units · Derivative 6,873 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · derivative · entry 6

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,873

Underlying: Common Stock · 6,873 shares

Expires 2020-11-05

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_date: Represents restricted stock units granted pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The restricted stock units vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances specified in the award agreement.

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 Exercise / conversionPerformance Shares Award · Derivative 31,542 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · derivative · entry 5

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,542

Underlying: Common Stock · 31,542 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F1 · derivative.expiration_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 Tax withholdingClass A Common Stock 19,830 $79.80 $1,582,434.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · nonDerivative · entry 2

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 112,114

Read SEC document
November 05, 2010 Filed Nov 10, 2010 01:02 UTC VISA INC. V · Entity 495 Exercise / conversionClass A Common Stock 38,415 $0.00 $0.00
Disclosure

SEC source: 0001181431-10-054544 · rrd290488.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 131,944

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · shares: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F2 · shares: Represents restricted stock units granted pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The restricted stock units vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F3 · balance_after: Since the date of the reporting person's last ownership report, 16,401 shares which were previously held directly were transferred to the Joseph W. and Sharon P. Saunders Trust, of which Mr. Saunders and his wife are the sole trustees and beneficiaries and 30,000 shares were transferred to the Saunders Family Charitable Fund, a 501(c)(3) entity.

Read SEC document
November 05, 2010 Filed Nov 9, 2011 02:28 UTC VISA INC. V · Entity 495 GrantRestricted Stock Units · Derivative 20,685 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001127602-11-029047 · form4.xml · derivative · entry 7

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,685

Underlying: Common Stock · 20,685 shares

Expires 2020-11-05

F1 · derivative.exercise_date: Each restricted stock unit represents a contingent right to receive one share of Visa Inc. common stock or a cash equivalent of its value. The restricted stock units vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Read SEC document
November 05, 2009 Filed Nov 10, 2009 01:12 UTC VISA INC. V · Entity 495 GrantEmployee Stock Options · Derivative 111,309 $0.00 Strike: $79.59 $0.00
Disclosure

SEC source: 0001181431-09-050714 · rrd256482.xml · derivative · entry 6

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 111,309

Underlying: Common Stock · 111,309 shares

Expires 2019-11-05

F3 · derivative.exercise_date: Options vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Read SEC document
November 05, 2009 Filed Nov 10, 2009 01:12 UTC VISA INC. V · Entity 495 GrantPerformance Shares Award · Derivative 63,086 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001181431-09-050714 · rrd256482.xml · derivative · entry 5

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,086

Underlying: Common Stock · 63,086 shares

Expires not disclosed

F2 · derivative.exercise_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F2 · derivative.expiration_date: Represents performance share awards granted and earned pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The performance shares award earned vests in two equal installments on each of the first two anniversaries of the date earned, subject to earlier vesting in full in limited circumstances specified in the award agreement.

Read SEC document
November 05, 2009 Filed Nov 10, 2009 01:12 UTC VISA INC. V · Entity 495 GrantRestricted Stock Units · Derivative 20,621 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0001181431-09-050714 · rrd256482.xml · derivative · entry 4

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,621

Underlying: Common Stock · 20,621 shares

Expires 2019-11-05

F1 · shares: Each restricted stock unit represents a contingent right to receive one share of Visa Inc. common stock or a cash equivalent of its value. The restricted stock units vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Read SEC document
November 05, 2009 Filed Nov 10, 2009 01:12 UTC VISA INC. V · Entity 495 Tax withholdingClass A Common Stock 4,908 $79.59 $390,627.72
Disclosure

SEC source: 0001181431-09-050714 · rrd256482.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,930

Read SEC document
December 05, 2008 Filed Dec 10, 2008 19:46 UTC VISA INC. V · Entity 495 PurchaseClass A Common Stock 9,800 $49.00 $480,200.00
Disclosure

SEC source: 0001181431-08-066667 · rrd226074.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Joseph W and Sharon P Saunders Trust dtd 03/21/2000

Disclosed balance after: 19,600

F1 · ownership.nature: The trust is a trust, of which Mr. Saunders and his wife are the sole trustees and beneficiaries.

Read SEC document
December 03, 2008 Filed Dec 5, 2008 18:48 UTC VISA INC. V · Entity 495 PurchaseClass A Common Stock 375 $50.46 $18,923.66
Disclosure

SEC source: 0001181431-08-065720 · rrd225245.xml · nonDerivative · entry 2

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · By son

Disclosed balance after: 375

Read SEC document
December 03, 2008 Filed Dec 5, 2008 18:48 UTC VISA INC. V · Entity 495 PurchaseClass A Common Stock 9,800 $50.46 $494,538.38
Disclosure

SEC source: 0001181431-08-065720 · rrd225245.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Joseph W and Sharon P Saunders Trust dtd 03/21/2000

Disclosed balance after: 9,800

F1 · ownership.nature: The trust is a trust, of which Mr. Saunders and his wife are the sole trustees and beneficiaries.

Read SEC document
November 05, 2008 Filed Nov 7, 2008 19:21 UTC VISA INC. V · Entity 495 GrantEmployee Stock Options · Derivative 151,402 $0.00 Strike: $56.47 $0.00
Disclosure

SEC source: 0001181431-08-060311 · rrd222610.xml · derivative · entry 2

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 151,402

Underlying: Common Stock · 151,402 shares

Expires 2018-11-05

F2 · derivative.exercise_date: Options vest in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances as specified in the award agreement.

Read SEC document
November 05, 2008 Filed Nov 7, 2008 19:21 UTC VISA INC. V · Entity 495 GrantClass A Common Stock 31,543 $0.00 $0.00
Disclosure

SEC source: 0001181431-08-060311 · rrd222610.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,838

F1 · shares: Represents restricted stock granted pursuant to the Visa Inc. 2007 Equity Incentive Compensation Plan. The restricted stock vests in the three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances specified in the award agreement.

Read SEC document
March 25, 2008 Filed Mar 25, 2008 20:56 UTC VISA INC. V · Entity 495 PurchaseClass A Common Stock 72,500 $44.00 $3,190,000.00
Disclosure

SEC source: 0001181431-08-021129 · rrd200849.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,295

F1 · shares: Represents shares purchased pursuant to Visa Inc.'s Directed Share Program upon the closing of its initial public offering.

Read SEC document
March 18, 2008 Filed Mar 20, 2008 15:21 UTC VISA INC. V · Entity 495 GrantEmployee Stock Option (right to buy) · Derivative 719,175 $0.00 Strike: $44.00 $0.00
Disclosure

SEC source: 0001181431-08-020257 · rrd200373.xml · derivative · entry 2

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 719,175

Underlying: Common Stock · 719,175 shares

Expires not disclosed

F2 · derivative.exercise_date: The option vests in three equal installments on each of the first three anniversaries of the date of the grant, subject to earlier vesting in full in limited circumstances specified in the award agreement.

F3 · derivative.expiration_date: The option will expire 10 years from the date of the grant.

Read SEC document
March 18, 2008 Filed Mar 20, 2008 15:21 UTC VISA INC. V · Entity 495 GrantClass A Common Stock 10,795 $0.00 $0.00
Disclosure

SEC source: 0001181431-08-020257 · rrd200373.xml · nonDerivative · entry 1

SAUNDERS JOSEPH W · CIK 0001222058 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,795

F1 · security: Represents restricted stock awarded in connection with the initial public offering of Visa Inc. The restricted stock vests on the first anniversary of the offering, subject to earlier vesting in full in limited circumstances specified in the award agreement.

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.