TapewireFind a company

person · Reporting owner

Orf David L

Disclosed activity across 1 company

Tapewire entity
22681
SEC CIK
0001838452

Export transaction history ↓

Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
COMMERCE BANCSHARES INC /MO/CBSH · Entity 3630Exec. Vice President & CCOAugust 14, 2026August 18, 2026

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.

COMMERCE BANCSHARES INC /MO/

Report date August 14, 2026 · Filed August 18, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect24,962 Ending reported balance After 2026-08-14 transaction · row 5
5 source rows · reconciled sequence

Row 1 · 2026-08-14 · Exercise / conversion · Acquired 1,194 · Balance 26,156

Row 2 · 2026-08-14 · Exercise / conversion · Acquired 1,353 · Balance 27,509

Row 3 · 2026-08-14 · Tax withholding · Disposed 275 · Balance 27,234

Row 4 · 2026-08-14 · Disposition to issuer · Disposed 1,630 · Balance 25,604

Row 5 · 2026-08-14 · Sale · Disposed 642 · Balance 24,962

Stock Appreciation RightsSEC Table II · derivative / convertible security · Conversion / exercise price $37.91 · Expires 2027-03-02Direct0 Reported balance After 2026-08-14 transaction · row 7 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 7 · 2026-08-14 · Exercise / conversion · Disposed 1,194 · Balance 0

F1: The stock appreciation right vests in four equal annual installments beginning March 2, 2018.

Stock Appreciation RightsSEC Table II · derivative / convertible security · Conversion / exercise price $39.14 · Expires 2028-03-01Direct0 Reported balance After 2026-08-14 transaction · row 8 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 8 · 2026-08-14 · Exercise / conversion · Disposed 1,353 · Balance 0

F2: The stock appreciation right vests in four equal annual installments beginning March 1, 2019.

Common StockSEC Table I · non-derivativeIndirect401(K)24,982 Reported balance Holding disclosure · report date 2026-08-14 · row 6 Holding and transaction disclosures are not merged.
1 source row

Row 6 · Balance 24,982

Filing footnotes · ownership attribution and instrument terms

F1: The stock appreciation right vests in four equal annual installments beginning March 2, 2018.

F2: The stock appreciation right vests in four equal annual installments beginning March 1, 2019.

Transaction history

JSON API
Reset

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
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionStock Appreciation Rights · Derivative 1,353 $0.00 Strike: $39.14 $0.00
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · derivative · entry 8

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,353 shares

Expires 2028-03-01

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: The stock appreciation right vests in four equal annual installments beginning March 1, 2019.

Read SEC document
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionStock Appreciation Rights · Derivative 1,194 $0.00 Strike: $37.91 $0.00
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · derivative · entry 7

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,194 shares

Expires 2027-03-02

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: The stock appreciation right vests in four equal annual installments beginning March 2, 2018.

Read SEC document
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 642 $60.35 $38,744.70
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · nonDerivative · entry 5

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,962

Read SEC document
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Disposition to issuerCommon Stock 1,630 $60.31 $98,305.30
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · nonDerivative · entry 4

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,604

Read SEC document
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 275 $60.31 $16,585.25
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · nonDerivative · entry 3

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,234

Read SEC document
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionCommon Stock 1,353 $39.14 $52,958.58
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 27,509

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
August 14, 2026 Filed Aug 18, 2026 18:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionCommon Stock 1,194 $37.91 $45,263.82
Disclosure

SEC source: 0000022356-26-000197 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,156

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
February 03, 2026 Filed Feb 5, 2026 22:14 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 2,643 $0.00 $0.00
Disclosure

SEC source: 0000022356-26-000049 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,962

Read SEC document
February 02, 2026 Filed Feb 4, 2026 22:45 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 964 $53.23 $51,313.72
Disclosure

SEC source: 0000022356-26-000016 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,319

F1 · balance_after: All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/2/2025, payable 12/16/2025.

Read SEC document
February 05, 2025 Filed Feb 6, 2025 20:57 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 1,036 $68.24 $70,693.53
Disclosure

SEC source: 0001127602-25-003353 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,175

Read SEC document
February 03, 2025 Filed Feb 5, 2025 21:45 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 567 $65.87 $37,348.29
Disclosure

SEC source: 0001127602-25-003224 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,211

Read SEC document
January 28, 2025 Filed Jan 30, 2025 21:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 3,682 $0.00 $0.00
Disclosure

SEC source: 0001127602-25-002463 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,778

F1 · balance_after: All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/3/2024, payable 12/18/2024.

Read SEC document
July 30, 2024 Filed Aug 1, 2024 20:07 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 2,102 $64.83 $136,272.66
Disclosure

SEC source: 0001127602-24-021361 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,140

Read SEC document
March 04, 2024 Filed Mar 5, 2024 19:49 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 307 $52.20 $16,025.40
Disclosure

SEC source: 0001127602-24-008460 · form4.xml · nonDerivative · entry 3

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,242

Read SEC document
March 01, 2024 Filed Mar 5, 2024 19:49 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 431 $51.92 $22,377.52
Disclosure

SEC source: 0001127602-24-008460 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,549

Read SEC document
January 31, 2024 Filed Feb 2, 2024 21:20 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 4,178 $0.00 $0.00
Disclosure

SEC source: 0001127602-24-003124 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,980

F1 · balance_after: All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/4/2023, payable 12/19/2023.

Read SEC document
March 01, 2023 Filed Mar 3, 2023 21:04 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 232 $65.68 $15,237.76
Disclosure

SEC source: 0001127602-23-008662 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,955

Read SEC document
February 01, 2023 Filed Feb 3, 2023 21:41 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 2,852 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-003354 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,187

F1 · balance_after: All stock holding balances adjusted to include a 5% stock dividend. Record date 12/2/2022, payable 12/19/2022.

Read SEC document
March 02, 2022 Filed Mar 3, 2022 19:42 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 423 $71.24 $30,134.52
Disclosure

SEC source: 0001127602-22-007932 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,655

Read SEC document
March 01, 2022 Filed Mar 3, 2022 19:42 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 256 $68.68 $17,582.08
Disclosure

SEC source: 0001127602-22-007932 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,078

Read SEC document
February 02, 2022 Filed Feb 4, 2022 20:49 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 2,202 $0.00 $0.00
Disclosure

SEC source: 0001127602-22-003330 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,334

F1 · balance_after: All stock holding balances adjusted to include a 5% stock dividend. Record date 12/2/2021, payable 12/17/2021.

Read SEC document
October 12, 2021 Filed Oct 13, 2021 18:36 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 87 $69.64 $6,058.68
Disclosure

SEC source: 0001127602-21-027010 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,556

Read SEC document
March 03, 2021 Filed Mar 4, 2021 21:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 430 $76.25 $32,786.00
Disclosure

SEC source: 0001127602-21-009428 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,643

F1 · price: Sale prices ranged from $76.185 to $76.30.

Read SEC document
March 02, 2021 Filed Mar 4, 2021 21:43 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 191 $74.36 $14,202.76
Disclosure

SEC source: 0001127602-21-009428 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,073

Read SEC document
February 19, 2021 Filed Feb 22, 2021 18:08 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionStock Appreciation Rights · Derivative 1,587 $0.00 Strike: $34.40 $0.00
Disclosure

SEC source: 0001127602-21-006892 · form4.xml · derivative · entry 6

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,587 shares

Expires 2026-03-01

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: The stock appreciation rights vest in four equal annual installments beginning on March 1, 2017.

Read SEC document
February 19, 2021 Filed Feb 22, 2021 18:08 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 592 $74.07 $43,850.03
Disclosure

SEC source: 0001127602-21-006892 · form4.xml · nonDerivative · entry 4

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,264

Read SEC document
February 19, 2021 Filed Feb 22, 2021 18:08 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Disposition to issuerCommon Stock 738 $74.08 $54,671.04
Disclosure

SEC source: 0001127602-21-006892 · form4.xml · nonDerivative · entry 3

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,856

Read SEC document
February 19, 2021 Filed Feb 22, 2021 18:08 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 257 $74.08 $19,038.56
Disclosure

SEC source: 0001127602-21-006892 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,594

Read SEC document
February 19, 2021 Filed Feb 22, 2021 18:08 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionCommon Stock 1,587 $34.40 $54,600.10
Disclosure

SEC source: 0001127602-21-006892 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,851

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
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionStock Appreciation Rights · Derivative 1,703 $0.00 Strike: $31.28 $0.00
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · derivative · entry 8

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,703 shares

Expires 2025-03-03

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.

F3 · derivative.exercise_date: The stock appreciation rights vest in four equal annual installments beginning March 3, 2016.

Read SEC document
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionStock Appreciation Rights · Derivative 1,141 $0.00 Strike: $31.63 $0.00
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · derivative · entry 7

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,141 shares

Expires 2024-03-05

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: The stock appreciation rights vest in four equal annual installments beginning March 5, 2015.

Read SEC document
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 SaleCommon Stock 2,021 $73.39 $148,311.89
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · nonDerivative · entry 5

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,264

F1 · price: Sale prices ranged from $73.37 to $73.47.

Read SEC document
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Disposition to issuerCommon Stock 1,216 $73.53 $89,412.48
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · nonDerivative · entry 4

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,285

Read SEC document
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Tax withholdingCommon Stock 577 $73.53 $42,426.81
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · nonDerivative · entry 3

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,501

Read SEC document
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionCommon Stock 1,703 $31.28 $53,272.05
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · nonDerivative · entry 2

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,078

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
February 09, 2021 Filed Feb 10, 2021 19:50 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 Exercise / conversionCommon Stock 1,141 $31.63 $36,092.68
Disclosure

SEC source: 0001127602-21-004915 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,375

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
February 02, 2021 Filed Feb 4, 2021 22:32 UTC COMMERCE BANCSHARES INC /MO/ CBSH · Entity 3630 GrantCommon Stock 2,094 $0.00 $0.00
Disclosure

SEC source: 0001127602-21-004026 · form4.xml · nonDerivative · entry 1

Orf David L · CIK 0001838452 · Exec. Vice President & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,234

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.