Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Live Oak Bancshares, Inc.LOB · Entity 2023 | Chief Banking Officer | July 28, 2026 | July 29, 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.
Live Oak Bancshares, Inc.
Report date July 28, 2026 · Filed July 29, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Voting Common StockSEC Table I · non-derivative | Direct | 12,110 |
Reported balance
After 2026-07-28 transaction · row 1
1 source rowRow 1 · 2026-07-28 · Sale · Disposed 6,100 · Balance 12,110 F1: This transaction was executed in multiple trades at prices ranging from $42.01 to $42.18. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 1,580 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 2
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 2 · Balance 1,580 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F3: The RSUs vest in two equal annual installments beginning on February 14, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 5,659 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 3
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 3 · Balance 5,659 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F4: The RSUs vest in three equal annual installments beginning on December 9, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 6,760 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 4
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 4 · Balance 6,760 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F5: The RSUs vest in four equal annual installments beginning on February 12, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 7,412 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 5
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 5 · Balance 7,412 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F6: The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 28,470 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 6
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 6 · Balance 28,470 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F7: The RSUs vest in five equal annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. |
| Restricted Stock UnitsSEC Table II · derivative / convertible security | Direct | 8,982 |
Reported balance
Holding disclosure · report date 2026-07-28 · row 7
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 7 · Balance 8,982 F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F8: The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date. |
Filing footnotes · ownership attribution and instrument terms
F1: This transaction was executed in multiple trades at prices ranging from $42.01 to $42.18. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected.
F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock.
F3: The RSUs vest in two equal annual installments beginning on February 14, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
F4: The RSUs vest in three equal annual installments beginning on December 9, 2025, subject to the reporting person's continuous service to the Company or a related entity on such date.
F5: The RSUs vest in four equal annual installments beginning on February 12, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
F6: The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
F7: The RSUs vest in five equal annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date.
F8: The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date.
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 |
|---|---|---|---|---|---|---|
| July 28, 2026 Filed Jul 29, 2026 20:42 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | SaleVoting Common Stock | 6,100 | $42.08 | $256,669.70 |
DisclosureSEC source: 0002066890-26-000012 · wk-form4_1785357757.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 12,110 F1 · price: This transaction was executed in multiple trades at prices ranging from $42.01 to $42.18. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected. Read SEC document |
| May 20, 2026 Filed May 22, 2026 00:08 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 7,117 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000010 · wk-form4_1779408527.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 28,470 Underlying: Voting Common Stock · 7,117 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs vest in five equal annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: The RSUs vest in five equal annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| May 20, 2026 Filed May 22, 2026 00:08 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 3,163 | $36.20 | $114,500.60 |
DisclosureSEC source: 0002066890-26-000010 · wk-form4_1779408527.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 18,210 Read SEC document |
| May 20, 2026 Filed May 22, 2026 00:08 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 7,117 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-26-000010 · wk-form4_1779408527.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 21,373 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| February 23, 2026 Filed Feb 25, 2026 22:25 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 4,000 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000008 · wk-form4_1772058344.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 0 Underlying: Voting Common Stock · 4,000 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs vested on February 23, 2026. F2 · derivative.expiration_date: The RSUs vested on February 23, 2026. Read SEC document |
| February 23, 2026 Filed Feb 25, 2026 22:25 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 1,778 | $38.30 | $68,097.40 |
DisclosureSEC source: 0002066890-26-000008 · wk-form4_1772058344.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 14,256 Read SEC document |
| February 23, 2026 Filed Feb 25, 2026 22:25 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 4,000 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-26-000008 · wk-form4_1772058344.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 16,034 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| February 17, 2026 Filed Feb 19, 2026 22:02 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 1,580 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000006 · wk-form4_1771538563.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,580 Underlying: Voting Common Stock · 1,580 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs vest in two equal annual installments beginning on February 14, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: The RSUs vest in two equal annual installments beginning on February 14, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| February 17, 2026 Filed Feb 19, 2026 22:02 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 703 | $40.75 | $28,647.25 |
DisclosureSEC source: 0002066890-26-000006 · wk-form4_1771538563.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 12,034 Read SEC document |
| February 17, 2026 Filed Feb 19, 2026 22:02 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 1,580 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-26-000006 · wk-form4_1771538563.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 12,737 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| February 12, 2026 Filed Feb 17, 2026 23:12 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 2,253 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000004 · wk-form4_1771369921.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 6,760 Underlying: Voting Common Stock · 2,253 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs vest in four equal annual installments beginning on February 12, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: The RSUs vest in four equal annual installments beginning on February 12, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| February 12, 2026 Filed Feb 17, 2026 23:12 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 1,002 | $40.22 | $40,300.44 |
DisclosureSEC source: 0002066890-26-000004 · wk-form4_1771369921.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 11,157 Read SEC document |
| February 12, 2026 Filed Feb 17, 2026 23:12 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 2,253 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-26-000004 · wk-form4_1771369921.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 12,159 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| February 10, 2026 Filed Feb 11, 2026 22:09 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 1,852 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000002 · wk-form4_1770847771.xml · derivative · entry 4 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 7,412 Underlying: Voting Common Stock · 1,852 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F3 · derivative.exercise_date: The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. F3 · derivative.expiration_date: The RSUs vest in five equal annual installments beginning on February 10, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| February 10, 2026 Filed Feb 11, 2026 22:09 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 824 | $41.04 | $33,816.96 |
DisclosureSEC source: 0002066890-26-000002 · wk-form4_1770847771.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 9,906 Read SEC document |
| February 10, 2026 Filed Feb 11, 2026 22:09 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 1,852 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-26-000002 · wk-form4_1770847771.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 10,730 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| February 09, 2026 Filed Feb 11, 2026 22:09 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | GrantRestricted Stock Units · Derivative | 8,982 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-26-000002 · wk-form4_1770847771.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 8,982 Underlying: Voting Common Stock · 8,982 shares Expires not disclosed F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: The RSUs vest in five equal annual installments beginning on February 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| December 09, 2025 Filed Dec 10, 2025 21:23 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionRestricted Stock Units · Derivative | 2,829 | $0.00 | $0.00 |
DisclosureSEC source: 0002066890-25-000002 · wk-form4_1765401812.xml · derivative · entry 3 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 5,659 Underlying: Voting Common Stock · 2,829 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: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: 2,829 of the RSUs vested on December 9, 2025, 2,830 of the RSUs will vest on December 9, 2026, and 2,829 of the RSUs will vest on December 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: 2,829 of the RSUs vested on December 9, 2025, 2,830 of the RSUs will vest on December 9, 2026, and 2,829 of the RSUs will vest on December 9, 2027, subject to the reporting person's continuous service to the Company or a related entity on such date. Read SEC document |
| December 09, 2025 Filed Dec 10, 2025 21:23 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Tax withholdingVoting Common Stock | 1,258 | $33.02 | $41,539.16 |
DisclosureSEC source: 0002066890-25-000002 · wk-form4_1765401812.xml · nonDerivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 8,878 Read SEC document |
| December 09, 2025 Filed Dec 10, 2025 21:23 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | Exercise / conversionVoting Common Stock | 2,829 | Not disclosed | Not disclosed |
DisclosureSEC source: 0002066890-25-000002 · wk-form4_1765401812.xml · nonDerivative · entry 1 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 10,136 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 restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. Read SEC document |
| May 19, 2025 Filed May 21, 2025 22:17 UTC | Live Oak Bancshares, Inc. LOB · Entity 2023 | GrantRestricted Stock Units · Derivative | 35,587 | $0.00 | $0.00 |
DisclosureSEC source: 0001578563-25-000266 · wk-form4_1747865849.xml · derivative · entry 2 Moroz Mark Michael · CIK 0002066890 · Chief Banking Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 35,587 Underlying: Voting Common Stock · 35,587 shares Expires not disclosed F1 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Live Oak Bancshares, Inc. (the "Company") voting common stock. F2 · derivative.exercise_date: The RSUs will vest in five pro-rata annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on such date. F2 · derivative.expiration_date: The RSUs will vest in five pro-rata annual installments beginning on May 19, 2026, subject to the reporting person's continuous service to the Company or a related entity on 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.