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Dada Santos Salvador

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142567
SEC CIK
0001742431

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CompanyLast reported asReport datePublished
ESTABLISHMENT LABS HOLDINGS INC.ESTA · Entity 4473Chief Operating OfficerFebruary 12, 2021February 17, 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.

ESTABLISHMENT LABS HOLDINGS INC.

Report date February 12, 2021 · Filed February 17, 2021

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Stock Option (Right to buy)SEC Table II · derivative / convertible security · Conversion / exercise price $69.49 · Expires 2031-02-15Direct20,331 Reported balance After 2021-02-12 transaction · row 1 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 1 · 2021-02-12 · Grant · Acquired 20,331 · Balance 20,331

F1: One-fourth of the shares subject to the option shall vest on February 15, 2022 and each one-year anniversary thereafter, subject to the Reporting Person continuing as a service provider through each such date.

Filing footnotes · ownership attribution and instrument terms

F1: One-fourth of the shares subject to the option shall vest on February 15, 2022 and each one-year anniversary thereafter, subject to the Reporting Person continuing as a service provider through each such date.

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
February 12, 2021 Filed Feb 17, 2021 16:29 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 GrantStock Option (Right to buy) · Derivative 20,331 $0.00 Strike: $69.49 $0.00
Disclosure

SEC source: 0001742431-21-000002 · wf-form4_161359736029871.xml · derivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,331

Underlying: Common Shares · 20,331 shares

Expires 2031-02-15

F1 · derivative.exercise_date: One-fourth of the shares subject to the option shall vest on February 15, 2022 and each one-year anniversary thereafter, subject to the Reporting Person continuing as a service provider through each such date.

Read SEC document
January 13, 2021 Filed Jan 13, 2021 18:37 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 300 $51.03 $15,307.74
Disclosure

SEC source: 0001742431-21-000001 · wf-form4_161058103431647.xml · nonDerivative · entry 4

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,660

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F5 · price: This transaction was executed in multiple trades at prices ranging from $51.00 to $51.08 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

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January 13, 2021 Filed Jan 13, 2021 18:37 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 9,947 $50.36 $500,915.00
Disclosure

SEC source: 0001742431-21-000001 · wf-form4_161058103431647.xml · nonDerivative · entry 3

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,960

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: This transaction was executed in multiple trades at prices ranging from $50.00 to $50.98 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

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January 12, 2021 Filed Jan 13, 2021 18:37 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 500 $51.02 $25,507.50
Disclosure

SEC source: 0001742431-21-000001 · wf-form4_161058103431647.xml · nonDerivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,907

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: This transaction was executed in multiple trades at prices ranging from $51.00 to $51.06 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
January 12, 2021 Filed Jan 13, 2021 18:37 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 9,253 $50.49 $467,149.73
Disclosure

SEC source: 0001742431-21-000001 · wf-form4_161058103431647.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,407

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $50.00 to $50.99 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 30, 2020 Filed Dec 30, 2020 17:31 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 421 $35.03 $14,748.01
Disclosure

SEC source: 0001742431-20-000008 · wf-form4_160936746093486.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 119,660

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.08 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 29, 2020 Filed Dec 29, 2020 18:33 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 5,679 $35.02 $198,900.16
Disclosure

SEC source: 0001742431-20-000007 · wf-form4_160928480262789.xml · nonDerivative · entry 3

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,081

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.17 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 28, 2020 Filed Dec 29, 2020 18:33 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 3,400 $35.00 $119,012.24
Disclosure

SEC source: 0001742431-20-000007 · wf-form4_160928480262789.xml · nonDerivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 125,760

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.03 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 24, 2020 Filed Dec 29, 2020 18:33 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 2,000 $35.05 $70,108.40
Disclosure

SEC source: 0001742431-20-000007 · wf-form4_160928480262789.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 129,160

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.15 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 23, 2020 Filed Dec 23, 2020 18:41 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 3,000 $35.01 $105,018.60
Disclosure

SEC source: 0001742431-20-000006 · wf-form4_160876688613391.xml · nonDerivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 131,160

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.07 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 22, 2020 Filed Dec 23, 2020 18:41 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 500 $35.07 $17,536.20
Disclosure

SEC source: 0001742431-20-000006 · wf-form4_160876688613391.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 134,160

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $35.00 to $35.13 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 03, 2020 Filed Dec 3, 2020 18:06 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 4,915 $27.28 $134,099.88
Disclosure

SEC source: 0001742431-20-000005 · wf-form4_160703679605676.xml · nonDerivative · entry 3

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 134,660

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F4 · price: This transaction was executed in multiple trades at prices ranging from $27.02 to $27.52 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 02, 2020 Filed Dec 3, 2020 18:06 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 7,786 $27.49 $214,010.67
Disclosure

SEC source: 0001742431-20-000005 · wf-form4_160703679605676.xml · nonDerivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 139,575

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: This transaction was executed in multiple trades at prices ranging from $27.00 to $27.94 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
December 01, 2020 Filed Dec 3, 2020 18:06 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 300 $27.02 $8,106.99
Disclosure

SEC source: 0001742431-20-000005 · wf-form4_160703679605676.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 147,361

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $27.000 to $27.035 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
November 27, 2020 Filed Dec 1, 2020 16:08 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 300 $27.00 $8,100.00
Disclosure

SEC source: 0001742431-20-000004 · wf-form4_160685689045229.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 147,661

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

Read SEC document
November 24, 2020 Filed Nov 24, 2020 19:03 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 899 $27.05 $24,317.95
Disclosure

SEC source: 0001742431-20-000003 · wf-form4_160626256599449.xml · nonDerivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 147,961

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F3 · price: This transaction was executed in multiple trades at prices ranging from $27.00 to $27.20 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
November 20, 2020 Filed Nov 24, 2020 19:03 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 200 $27.04 $5,407.00
Disclosure

SEC source: 0001742431-20-000003 · wf-form4_160626256599449.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 148,860

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $27.00 to $27.07 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
November 11, 2020 Filed Nov 13, 2020 16:02 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 SaleCommon Shares 600 $27.12 $16,274.22
Disclosure

SEC source: 0001742431-20-000002 · wf-form4_160530134776692.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,060

F1 · kind: The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person.

F2 · price: This transaction was executed in multiple trades at prices ranging from $27.00 to $27.325 per share. The price reported above reflects the weighted average sale price. 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 sold at each separate price.

Read SEC document
April 25, 2019 Filed Apr 29, 2019 16:38 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 GrantStock Option (Right to buy) · Derivative 35,000 $0.00 Strike: $25.25 $0.00
Disclosure

SEC source: 0001742431-19-000004 · wf-form4_155657031753911.xml · derivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,000

Underlying: Common Shares · 35,000 shares

Expires 2029-04-25

F1 · derivative.exercise_date: One-fourth of the shares subject to the option shall vest on January 1, 2021 and each one-year anniversary thereafter, subject to the Reporting Person continuing as a service provider through each such date.

Read SEC document
July 23, 2018 Filed Jul 23, 2018 16:26 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 ConversionClass A Ordinary Shares · Derivative 121,053 $0.00 $0.00
Disclosure

SEC source: 0001628280-18-009506 · wf-form4_153237756543818.xml · derivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 121,053 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_price: The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis upon the closing of the Issuer's initial public offering of Common Shares and had no expiration date.

F1 · derivative.exercise_date: The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis upon the closing of the Issuer's initial public offering of Common Shares and had no expiration date.

F1 · derivative.expiration_date: The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis upon the closing of the Issuer's initial public offering of Common Shares and had no expiration date.

Read SEC document
July 23, 2018 Filed Jul 23, 2018 16:26 UTC ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 ConversionCommon Shares 121,053 Not disclosed Not disclosed
Disclosure

SEC source: 0001628280-18-009506 · wf-form4_153237756543818.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 121,053

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: The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis upon the closing of the Issuer's initial public offering of Common Shares and had no expiration date.

Read SEC document
July 23, 2018 Filed Jan 22, 2019 16:37 UTC Amendment ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 ConversionRestricted Stock Award · Derivative 28,607 $0.00 $0.00
Disclosure

SEC source: 0001742431-19-000002 · wf-form4a_154819303876013.xml · derivative · entry 2

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Shares · 28,607 shares

Expires 2019-09-09

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_price: The Restricted Stock Award was originally exercisable for Class A Ordinary Shares. The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis immediately prior to the closing of the Issuer's initial public offering of Common Shares (the "IPO"). Upon the closing of the IPO, the Restricted Stock Award became exercisable for Common Shares. The original Form 4 filing did not reflect that the Restricted Stock Award is exercisable for Common Shares.

F2 · derivative.exercise_date: Of these shares, 147,120 were originally granted as Restricted Stock Awards, of which 118,513 have been released as of July 23, 2018. The 147,120 share grant vested as to one half of the shares on September 9, 2016 and as to 1/72nd of the shares each month thereafter, subject to the Reporting Person continuing as a service provider through each such date.

F1 · derivative.underlying: The Restricted Stock Award was originally exercisable for Class A Ordinary Shares. The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis immediately prior to the closing of the Issuer's initial public offering of Common Shares (the "IPO"). Upon the closing of the IPO, the Restricted Stock Award became exercisable for Common Shares. The original Form 4 filing did not reflect that the Restricted Stock Award is exercisable for Common Shares.

Read SEC document
July 23, 2018 Filed Jan 22, 2019 16:37 UTC Amendment ESTABLISHMENT LABS HOLDINGS INC. ESTA · Entity 4473 ConversionCommon Shares 28,607 Not disclosed Not disclosed
Disclosure

SEC source: 0001742431-19-000002 · wf-form4a_154819303876013.xml · nonDerivative · entry 1

Dada Santos Salvador · CIK 0001742431 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 149,660

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: The Restricted Stock Award was originally exercisable for Class A Ordinary Shares. The Class A Ordinary Shares automatically converted into Common Shares on a one-for-one basis immediately prior to the closing of the Issuer's initial public offering of Common Shares (the "IPO"). Upon the closing of the IPO, the Restricted Stock Award became exercisable for Common Shares. The original Form 4 filing did not reflect that the Restricted Stock Award is exercisable for Common Shares.

F2 · balance_after: Of these shares, 147,120 were originally granted as Restricted Stock Awards, of which 118,513 have been released as of July 23, 2018. The 147,120 share grant vested as to one half of the shares on September 9, 2016 and as to 1/72nd of the shares each month thereafter, subject to the Reporting Person continuing as a service provider through each such date.

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.