Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| GLOBAL PARTNERS LPGLP · Entity 4600 | Director · Chief Financial Officer | August 04, 2021 | August 06, 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.
GLOBAL PARTNERS LP
Report date August 04, 2021 · Filed August 06, 2021
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common units representing limited partner interestsSEC Table I · non-derivative | Direct | 37,420 |
Ending reported balance
After 2021-08-04 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2021-08-04 · Exercise / conversion · Acquired 18,850 · Balance 45,779 F1: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Row 2 · 2021-08-04 · Tax withholding · Disposed 8,359 · Balance 37,420 F2: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3: The Issuer's closing market price on July 30, 2021 (the date immediately prior to vesting). |
| Phantom unitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00 | Direct | 21,541 |
Reported balance
After 2021-08-04 transaction · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · 2021-08-04 · Exercise / conversion · Disposed 18,850 · Balance 21,541 F4: Each Phantom Unit is the economic equivalent of one Common Unit. F1: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. F5: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022. |
Filing footnotes · ownership attribution and instrument terms
F1: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis.
F2: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person.
F3: The Issuer's closing market price on July 30, 2021 (the date immediately prior to vesting).
F4: Each Phantom Unit is the economic equivalent of one Common Unit.
F5: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022.
Transaction history
JSON APIPurchases/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 date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| August 04, 2021 Filed Aug 6, 2021 17:24 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom units · Derivative | 18,850 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-21-000029 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 21,541 Underlying: Common units representing limited partner interests · 18,850 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F1 · derivative.exercise_price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022. Read SEC document |
| August 04, 2021 Filed Aug 6, 2021 17:24 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 8,359 | $26.81 | $224,104.79 |
DisclosureSEC source: 0001323468-21-000029 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 37,420 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on July 30, 2021 (the date immediately prior to vesting). Read SEC document |
| August 04, 2021 Filed Aug 6, 2021 17:24 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 18,850 | $0.00 | $0.00 |
DisclosureSEC source: 0001323468-21-000029 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 45,779 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Read SEC document |
| August 06, 2020 Filed Aug 10, 2020 19:20 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 3,949 | $10.70 | $42,254.30 |
DisclosureSEC source: 0001578668-20-000014 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,929 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on July 31, 2020. Read SEC document |
| August 06, 2020 Filed Aug 10, 2020 19:20 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 13,464 | $0.00 | $0.00 |
DisclosureSEC source: 0001578668-20-000014 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 30,878 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Read SEC document |
| August 01, 2020 Filed Aug 10, 2020 19:20 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom units · Derivative | 13,464 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001578668-20-000014 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 40,391 Underlying: Common units representing limited partner interests · 13,464 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F1 · derivative.exercise_price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 25% on August 1, 2020, 60% on August 20, 2021 and 100% on August 1, 2022. Read SEC document |
| July 01, 2019 Filed Jul 2, 2019 18:07 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom units · Derivative | 7,295 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-19-000025 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 0 Underlying: Common units representing limited partner interests · 7,295 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. Read SEC document |
| July 01, 2019 Filed Jul 2, 2019 18:07 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 2,362 | $19.91 | $47,027.42 |
DisclosureSEC source: 0001323468-19-000025 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,355 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on June 28, 2019. Read SEC document |
| July 01, 2019 Filed Jul 2, 2019 18:07 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 7,295 | $0.00 | $0.00 |
DisclosureSEC source: 0001323468-19-000025 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 19,776 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Read SEC document |
| July 01, 2019 Filed Jul 10, 2019 13:06 UTC Amendment | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom units · Derivative | 7,295 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-19-000030 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 0 Underlying: Common units representing limited partner interests · 7,295 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. Read SEC document |
| July 01, 2019 Filed Jul 10, 2019 13:06 UTC Amendment | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 2,362 | $19.91 | $47,027.42 |
DisclosureSEC source: 0001323468-19-000030 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,414 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on June 28, 2019. F6 · balance_after: This filing is an amendment to the Form 4 filed on July 2, 2019 ("Original Filing") and corrects the Amount of Securities Beneficially Owned Following Reported Transaction(s) previously reported in Table I, Line 2, Column 5 of the Original Filing. No other amendments are made to the Original Filing. Read SEC document |
| July 01, 2019 Filed Jul 10, 2019 13:06 UTC Amendment | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 7,295 | $0.00 | $0.00 |
DisclosureSEC source: 0001323468-19-000030 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 19,776 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Read SEC document |
| July 02, 2018 Filed Jul 2, 2018 19:03 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 2,147 | $17.05 | $36,606.35 |
DisclosureSEC source: 0001323468-18-000020 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 12,481 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on June 29, 2018. Read SEC document |
| July 01, 2018 Filed Jul 2, 2018 19:03 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom Units · Derivative | 7,297 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-18-000020 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 7,295 Underlying: Common units representing limited partner interests · 7,297 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. Read SEC document |
| July 01, 2018 Filed Jul 2, 2018 19:03 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 7,297 | $0.00 | $0.00 |
DisclosureSEC source: 0001323468-18-000020 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 14,628 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis. Read SEC document |
| August 16, 2017 Filed Aug 18, 2017 19:15 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | GrantPhantom Units · Derivative | 53,855 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-17-000028 · edgar.xml · derivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 53,855 Underlying: Common units representing limited partner interests · 53,855 shares Expires not disclosed F1 · security: Each phantom unit representing the right to receive one common unit upon vesting ("Phantom Unit") is the economic equivalent of one common unit representing a limited partner interest in the Issuer ("Common Unit") upon vesting. F2 · derivative.exercise_price: Each Phantom Unit converts into a Common Unit on a one-for-one basis. F3 · derivative.exercise_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 25% on August 1, 2020, 60% on August 1, 2021 and 100% on August 1, 2022. F3 · derivative.expiration_date: Pursuant to a Grant Agreement dated August 16, 2017, the Reporting Person was granted 53,855 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 25% on August 1, 2020, 60% on August 1, 2021 and 100% on August 1, 2022. Read SEC document |
| July 01, 2017 Filed Jul 6, 2017 00:58 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionPhantom Units · Derivative | 7,297 | $0.00 Strike: $0.00 | $0.00 |
DisclosureSEC source: 0001323468-17-000021 · edgar.xml · derivative · entry 3 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 14,592 Underlying: Common units representing limited partner interests · 7,297 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. F4 · security: Each Phantom Unit is the economic equivalent of one Common Unit. F1 · derivative.exercise_price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one for one basis. F5 · derivative.exercise_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. F5 · derivative.expiration_date: Pursuant to a Grant Agreement dated June 27, 2013, the Reporting Person was granted 21,889 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units vest as follows: 33 1/3% on July 1, 2017, 66 2/3% on July 1, 2018 and 100% on July 1, 2019. Read SEC document |
| July 01, 2017 Filed Jul 6, 2017 00:58 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Tax withholdingCommon units representing limited partner interests | 2,366 | $18.05 | $42,706.30 |
DisclosureSEC source: 0001323468-17-000021 · edgar.xml · nonDerivative · entry 2 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 7,331 F2 · shares: Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. F3 · price: The Issuer's closing market price on June 30, 2017. Read SEC document |
| July 01, 2017 Filed Jul 6, 2017 00:58 UTC | GLOBAL PARTNERS LP GLP · Entity 4600 | Exercise / conversionCommon units representing limited partner interests | 7,297 | $0.00 | $0.00 |
DisclosureSEC source: 0001323468-17-000021 · edgar.xml · nonDerivative · entry 1 Foster Daphne H. · CIK 0001578668 · Director · Chief Financial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 9,697 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 · price: Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one for one basis. 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.