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Megibow Joseph B

Disclosed activity across 2 companies

Tapewire entity
135002
SEC CIK
0001703013

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Purple Innovation, Inc.PRPL · Entity 7764Director · Chief Executive OfficerOctober 01, 2021October 04, 2021

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.

Purple Innovation, Inc.

Report date October 01, 2021 · Filed October 04, 2021

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Employee Stock Option (right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $22.57 · Expires 2026-10-01Direct179,340 Reported balance After 2021-10-01 transaction · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · 2021-10-01 · Grant · Acquired 179,340 · Balance 179,340

F2: 25% of the options granted vest and become exercisable on October 1, 2022. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2022 in the amount of one-forty-eighth of the full amount for the remaining three years.

Class A Common Stock, par value $0.0001 per shareSEC Table I · non-derivativeDirect100,000 Reported balance Holding disclosure · report date 2021-10-01 · row 1 Holding and transaction disclosures are not merged.
1 source row

Row 1 · Balance 100,000

F1: As previously reported, the Company granted Mr. Megibow a performance unit share award of 50,000 shares of Class A Common Stock on May 31, 2019, with shares vesting upon the earlier of the consummation of a change in control of the Company or the satisfaction of the following conditions: (i) Mr. Megibow continuing to be employed by the Company through September 30, 2021, (ii) Mr. Megibow continuing to hold through September 30, 2021 the 50,000 shares acquired to be eligible to receive such award, and (iii) during the twelve-month period immediately prior to March 31, 2022, the closing price of the Company's Class A Common Stock being at or above $10.00 per share for 20 trading days over a 30 trading day period. The conditions were all satisfied, and the performance shares vested, on October 1, 2021.

Filing footnotes · ownership attribution and instrument terms

F1: As previously reported, the Company granted Mr. Megibow a performance unit share award of 50,000 shares of Class A Common Stock on May 31, 2019, with shares vesting upon the earlier of the consummation of a change in control of the Company or the satisfaction of the following conditions: (i) Mr. Megibow continuing to be employed by the Company through September 30, 2021, (ii) Mr. Megibow continuing to hold through September 30, 2021 the 50,000 shares acquired to be eligible to receive such award, and (iii) during the twelve-month period immediately prior to March 31, 2022, the closing price of the Company's Class A Common Stock being at or above $10.00 per share for 20 trading days over a 30 trading day period. The conditions were all satisfied, and the performance shares vested, on October 1, 2021.

F2: 25% of the options granted vest and become exercisable on October 1, 2022. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2022 in the amount of one-forty-eighth of the full amount for the remaining three years.

Past disclosures · reporting ended (1)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

Red Lion Hotels CORP

Report date March 17, 2021 · Filed March 19, 2021

Section 16 reporting ended · disclosed 2021-03-19. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect0 Reported balance After 2021-03-17 transaction · row 1
1 source row

Row 1 · 2021-03-17 · Disposition to issuer · Disposed 57,011 · Balance 0

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
October 01, 2021 Filed Oct 4, 2021 20:09 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantEmployee Stock Option (right to buy) · Derivative 179,340 $0.00 Strike: $22.57 $0.00
Disclosure

SEC source: 0001013762-21-000023 · ownership.xml · derivative · entry 2

Megibow Joseph B · CIK 0001703013 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 179,340

Underlying: Class A Common Stock · 179,340 shares

Expires 2026-10-01

F2 · derivative.exercise_date: 25% of the options granted vest and become exercisable on October 1, 2022. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2022 in the amount of one-forty-eighth of the full amount for the remaining three years.

Read SEC document
March 17, 2021 Filed Mar 19, 2021 15:24 UTC Red Lion Hotels CORP RLH · Entity 141073 Disposition to issuerCommon Stock 57,011 $3.50 $199,538.50
Disclosure

SEC source: 0001209191-21-022030 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Read SEC document
January 05, 2021 Filed Jan 6, 2021 17:39 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon 5,131 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-21-002289 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,011

F1 · shares: Represents the portion of the first quarter of 2021 director fees paid to the recipient in stock; based on the closing price of RLH common stock on January 4 of $3.41. Not applicable.

F2 · price: Not applicable.

Read SEC document
October 05, 2020 Filed Oct 7, 2020 17:35 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 8,027 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-20-054173 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,880

F1 · shares: Represents the portion of fourth quarter 2020 director fees paid to the recipient in stock. Based on the closing price of our common stock on October 1, 2020 of $2.18.

F2 · price: Not applicable.

Read SEC document
October 01, 2020 Filed Oct 1, 2020 23:15 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantEmployee Stock Option (right to buy) · Derivative 179,340 $0.00 Strike: $21.70 $0.00
Disclosure

SEC source: 0001213900-20-029662 · ownership.xml · derivative · entry 2

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 179,340

Underlying: Class A Common Stock · 179,340 shares

Expires 2025-10-01

F2 · derivative.exercise_date: 25% of the options granted vest and become exercisable on October 1, 2021. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2021 in the amount of one-forty-eighth of the full amount for the remaining three years.

Read SEC document
July 09, 2020 Filed Jul 10, 2020 14:00 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 5,514 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-20-042132 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 43,853

F1 · shares: Represents the portion of third quarter 2020 director fees paid to the recipient in stock. Based on the closing price of our common stock on July 1, 2020 of $2.38.

F2 · price: Not applicable.

Read SEC document
May 18, 2020 Filed Oct 1, 2020 23:15 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantEmployee Stock Option (right to buy) · Derivative 34,299 $0.00 Strike: $13.12 $0.00
Disclosure

SEC source: 0001213900-20-029662 · ownership.xml · derivative · entry 1

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,299

Underlying: Class A Common Stock · 34,299 shares

Expires 2025-05-18

F1 · derivative.exercise_date: 25% of the options granted vest and became exercisable on March 15, 2021. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on April 1, 2021 in the amount of one-forty-eighth of the full amount for the remaining three years.

Read SEC document
April 08, 2020 Filed Apr 8, 2020 18:26 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 10,334 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-20-023964 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,339

F1 · shares: Represents the portion of second quarter 2020 director fees paid to the recipient in stock. Based on the closing price of our common stock on April 1, 2020 of $1.27.

F2 · price: Not applicable.

Read SEC document
March 13, 2020 Filed Mar 17, 2020 20:01 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantClass A Common Stock, par value $0.0001 per share 3,250 $8.56 $27,814.80
Disclosure

SEC source: 0001213900-20-006672 · ownership.xml · nonDerivative · entry 2

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,500

Read SEC document
March 13, 2020 Filed Mar 17, 2020 20:01 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantClass A Common Stock, par value $0.0001 per share 250 $8.50 $2,125.00
Disclosure

SEC source: 0001213900-20-006672 · ownership.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,250

Read SEC document
March 13, 2020 Filed Mar 31, 2020 22:12 UTC Amendment Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 3,250 $8.56 $27,814.80
Disclosure

SEC source: 0001213900-20-008270 · ownership.xml · nonDerivative · entry 2

Megibow Joseph B · CIK 0001703013 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 103,500

F1 · kind: The original Form 4 filed on March 17, 2020 is amended by this Form 4 Amendment to correct an error to the Transaction Code, which was mistakenly reported as "A" but should have been reported as "P."

Read SEC document
March 13, 2020 Filed Mar 31, 2020 22:12 UTC Amendment Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 250 $8.50 $2,125.00
Disclosure

SEC source: 0001213900-20-008270 · ownership.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,250

F1 · kind: The original Form 4 filed on March 17, 2020 is amended by this Form 4 Amendment to correct an error to the Transaction Code, which was mistakenly reported as "A" but should have been reported as "P."

Read SEC document
January 14, 2020 Filed Jan 14, 2020 17:45 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 4,820 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-20-003347 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,005

F1 · shares: Represents the portion of first quarter 2020 director fees paid to the recipient in stock. Based on the closing price of our common stock on January 2, 2020 of $3.63.

F2 · price: Not applicable.

Read SEC document
October 09, 2019 Filed Oct 11, 2019 16:19 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,764 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-19-053035 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,185

F1 · shares: Represents the portion of fourth quarter 2019 director fees paid to the recipient in stock. Based on the closing price of our common stock on October 1, 2019 of $6.33.

F2 · price: Not applicable.

Read SEC document
October 01, 2019 Filed Oct 3, 2019 21:35 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantEmployee Stock Option (right to buy) · Derivative 179,340 $0.00 Strike: $8.55 $0.00
Disclosure

SEC source: 0001213900-19-019650 · ownership.xml · derivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 717,360

Underlying: Class A Common Stock · 179,340 shares

Expires 2024-10-01

F1 · derivative.exercise_date: 25% of the options granted vest and become exercisable on October 1, 2020. The remaining 75% of the options will vest and become exercisable in monthly installments on the first day of each calendar month beginning on November 1, 2020 in the amount of one-forty-eighth of the full amount for the remaining three years.

Read SEC document
July 11, 2019 Filed Jul 12, 2019 16:51 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock19 2,433 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-19-041946 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,988

F1 · shares: Represents the portion of third quarter 2019 director fees paid to the recipient in stock. Based on the closing price of our common stock on July 1, 2019 of $7.19.

F2 · price: Not applicable.

Read SEC document
May 31, 2019 Filed May 31, 2019 19:40 UTC Purple Innovation, Inc. PRPL · Entity 7764 GrantClass A Common Stock, par value $0.0001 per share 50,000 $0.00 $0.00
Disclosure

SEC source: 0001213900-19-009879 · ownership.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,000

F1 · shares: Represents a performance unit share award granted pursuant to Mr. Megibow's employment agreement, which provided that the Company would grant to Mr. Megibow a number of shares of the Company's Class A Common Stock equal to the number of shares of Class A Common Stock held by Mr. Megibow as of a specific date. These shares vest upon the earlier of the consummation of a change in control of the Company or the satisfaction of the following conditions: (i) Mr. Megibow continues to be employed by the Company through September 30, 2021, (ii) Mr. Megibow continues to hold the shares acquired to be eligible to receive such award through September 30, 2021, and (iii) during the twelve-month period immediately prior to March 31, 2022, the closing price of the Company's Class A Common Stock is at or above $10.00 per share for 20 trading days over a 30 trading day period.

Read SEC document
May 16, 2019 Filed May 17, 2019 00:38 UTC Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 7,036 $6.82 $48,001.70
Disclosure

SEC source: 0001213900-19-009061 · ownership.xml · nonDerivative · entry 3

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Read SEC document
May 15, 2019 Filed May 17, 2019 00:38 UTC Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 4,564 $6.60 $30,104.14
Disclosure

SEC source: 0001213900-19-009061 · ownership.xml · nonDerivative · entry 2

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,964

Read SEC document
May 14, 2019 Filed May 17, 2019 00:38 UTC Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 11,109 $6.60 $73,290.52
Disclosure

SEC source: 0001213900-19-009061 · ownership.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,400

Read SEC document
May 13, 2019 Filed May 14, 2019 14:59 UTC Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 2,451 $6.62 $16,229.30
Disclosure

SEC source: 0001213900-19-008520 · ownership.xml · nonDerivative · entry 2

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,291

Read SEC document
May 10, 2019 Filed May 14, 2019 14:59 UTC Purple Innovation, Inc. PRPL · Entity 7764 PurchaseClass A Common Stock, par value $0.0001 per share 4,840 $6.65 $32,203.91
Disclosure

SEC source: 0001213900-19-008520 · ownership.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,840

Read SEC document
April 18, 2019 Filed Apr 22, 2019 17:54 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,100 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-19-025534 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,988

F1 · shares: Represents the portion of second quarter 2019 director fees paid to the recipient in stock. Based on the closing price of our common stock on April 1, 2019 of $8.33.

F2 · price: Not applicable.

Read SEC document
January 15, 2019 Filed Jan 16, 2019 18:19 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,073 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-19-003977 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,888

F1 · shares: Represents the portion of first quarter 2019 director fees paid to the recipient in stock. Based on the closing price of our common stock on January 2, 2019 of $8.44.

F2 · price: Not applicable.

Read SEC document
October 19, 2018 Filed Oct 22, 2018 17:51 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 1,401 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-18-055890 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,815

F1 · shares: Represents the portion of fourth quarter 2018 director fees paid to the recipient in stock. Based on the closing price of our common stock on October 1, 2018 of $12.49.

F2 · price: Not applicable.

Read SEC document
July 17, 2018 Filed Jul 19, 2018 17:01 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 1,535 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-18-043364 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,414

F1 · shares: Represents the portion of third quarter 2018 director fees paid to the recipient in stock. Based on the closing price of our common stock on July 2, 2018 of $11.40.

F2 · price: Not applicable.

Read SEC document
April 19, 2018 Filed Apr 19, 2018 18:10 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 1,842 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-18-025632 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,879

F1 · shares: Represents the portion of second quarter 2018 director fees paid to the recipient in stock. Based on the closing price of our common stock on April 2, 2018 of $9.50.

F2 · price: Not applicable.

Read SEC document
January 12, 2018 Filed Jan 16, 2018 18:17 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 1,785 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-18-003668 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,037

F1 · shares: Represents the portion of first quarter 2018 director fees paid to the recipient in stock. Based on the closing price of our common stock on January 2, 2018 of $9.80.

F2 · price: Not applicable.

Read SEC document
October 11, 2017 Filed Oct 13, 2017 13:27 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,011 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-056825 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,252

F1 · shares: Represents the portion of fourth quarter 2017 director fees paid to the recipient in stock. Based on the closing price of our common stock on October 2, 2017 of $8.70.

F2 · price: Not applicable.

Read SEC document
July 13, 2017 Filed Jul 14, 2017 17:48 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,364 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-045234 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,241

F1 · shares: Represents the portion of third quarter 2017 director fees paid to the recipient in stock. Based on the closing price of our common stock on July 3, 2017 of $7.40.

F2 · price: Not applicable.

Read SEC document
April 17, 2017 Filed Apr 18, 2017 16:18 UTC Red Lion Hotels CORP RLH · Entity 141073 GrantCommon Stock 2,877 Not disclosed Not disclosed
Disclosure

SEC source: 0001209191-17-027293 · doc4.xml · nonDerivative · entry 1

Megibow Joseph B · CIK 0001703013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,877

F1 · shares: Represents the portion of second quarter 2017 director fees paid to the recipient in stock. Based on the closing price of our common stock on April 3, 2017 of $6.95.

F2 · price: Not applicable.

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.