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PERLROTH VICTOR

Disclosed activity across 1 company

Tapewire entity
29764
SEC CIK
0001754181

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Kodiak Sciences Inc.KOD · Entity 4388Director · Chairman and CEO · 10% ownerJuly 15, 2026July 17, 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.

Kodiak Sciences Inc.

Report date July 15, 2026 · Filed July 17, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $42.42 · Expires 2036-07-14Direct100,000 Reported balance After 2026-07-15 transaction · row 1 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 1 · 2026-07-15 · Grant · Acquired 100,000 · Balance 100,000

F1: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2026; the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the 2018 Equity Incentive Plan) as of each vesting date.

Filing footnotes · ownership attribution and instrument terms

F1: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2026; the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the 2018 Equity Incentive Plan) as of each vesting 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
July 15, 2026 Filed Jul 17, 2026 20:38 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 100,000 $0.00 Strike: $42.42 $0.00
Disclosure

SEC source: 0001754181-26-000011 · form4-07172026_080728.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 100,000

Underlying: Common Stock · 100,000 shares

Expires 2036-07-14

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2026; the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the 2018 Equity Incentive Plan) as of each vesting date.

Read SEC document
March 25, 2026 Filed Mar 27, 2026 22:08 UTC Kodiak Sciences Inc. KOD · Entity 4388 Exercise / conversionStock Option (Right to Buy) · Derivative 300,000 $0.00 Strike: $1.04 $0.00
Disclosure

SEC source: 0001754181-26-000009 · form4-03272026_100331.xml · derivative · entry 2

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 300,000 shares

Expires 2026-06-22

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 shares subject to this option are fully vested.

Read SEC document
March 25, 2026 Filed Mar 27, 2026 22:08 UTC Kodiak Sciences Inc. KOD · Entity 4388 Exercise / conversionCommon Stock 300,000 $1.04 $312,000.00
Disclosure

SEC source: 0001754181-26-000009 · form4-03272026_100331.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,395,538

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
March 18, 2026 Filed Mar 19, 2026 21:07 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 175,000 $0.00 Strike: $25.00 $0.00
Disclosure

SEC source: 0001754181-26-000006 · form4-03192026_090327.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 175,000

Underlying: Common Stock · 175,000 shares

Expires 2036-03-17

F1 · derivative.exercise_date: Shares subject to the performance-based option will vest as follows based on the 30-day average stock price as measured on June 30, 2027, the Performance Criteria Achievement Date (the "PCAD"). In the event the average stock price on the PCAD is (i) less than $25.00, then zero shares will vest, (ii) greater than or equal to $25.00, then one-third of the shares subject to the option will vest, (iii) greater than $30.00, then two-thirds of the shares subject to the option will vest; or (iv) greater than $35.00, then all the shares subject to the option will vest, subject to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on the PCAD.

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December 26, 2025 Filed Feb 17, 2026 21:11 UTC Kodiak Sciences Inc. KOD · Entity 4388 GiftCommon Stock 12,500 $0.00 $0.00
Disclosure

SEC source: 0001754181-26-000004 · form5-02172026_090256.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,095,538

Read SEC document
July 04, 2025 Filed Jul 8, 2025 20:30 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 340,000 $0.00 Strike: $3.95 $0.00
Disclosure

SEC source: 0001415889-25-019515 · form4-07082025_080742.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 340,000

Underlying: Common Stock · 340,000 shares

Expires 2035-07-03

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2025; the balance of the Shares vest in a series of forty-seven (47) successive equal monthly installments thereafter, subject to Reporting Person's Continuous Service (as defined in the 2018 Equity Incentive Plan) as of each such date.

Read SEC document
August 05, 2024 Filed Aug 7, 2024 20:48 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 406,000 $0.00 Strike: $2.49 $0.00
Disclosure

SEC source: 0001415889-24-020919 · form4-08072024_080807.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 406,000

Underlying: Common Stock · 406,000 shares

Expires 2034-08-04

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2024; the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments thereafter, subject to the Reporting Person's Continuous Service (as defined in the 2018 Equity Incentive Plan) as of each vesting date.

Read SEC document
June 24, 2023 Filed Jun 27, 2023 21:31 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 335,000 $0.00 Strike: $7.24 $0.00
Disclosure

SEC source: 0001209191-23-039936 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 335,000

Underlying: Common Stock · 335,000 shares

Expires 2033-06-23

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2023 (the "Vesting Commencement Date"); the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments measured from the first month anniversary of the Vesting Commencement Date, subject to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on each vesting date.

Read SEC document
December 30, 2022 Filed Feb 14, 2023 21:24 UTC Kodiak Sciences Inc. KOD · Entity 4388 GiftCommon Stock 60,000 $0.00 $0.00
Disclosure

SEC source: 0001209191-23-009128 · doc5.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,448,038

Read SEC document
July 06, 2022 Filed Jul 8, 2022 21:19 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 325,000 $0.00 Strike: $8.15 $0.00
Disclosure

SEC source: 0001209191-22-041685 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 325,000

Underlying: Common Stock · 325,000 shares

Expires 2032-07-05

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after July 1, 2022 (the "Vesting Commencement Date"); the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments measured from the first month anniversary of the Vesting Commencement Date, subject to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on each vesting date.

Read SEC document
February 25, 2022 Filed Mar 1, 2022 00:08 UTC Kodiak Sciences Inc. KOD · Entity 4388 SaleCommon Stock 340,000 $8.99 $3,055,988.00
Disclosure

SEC source: 0001209191-22-013787 · doc4.xml · nonDerivative · entry 2

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,168,038

F1 · kind: 2,000,000 shares of common stock owned by the Reporting Person were pledged as collateral to secure obligations under a loan entered into in connection with a previously disclosed Stipulation for Settlement with the Reporting Person's spouse. The sales reported in this Form 4 were sold pursuant to a contractual enforcement action, pursuant to which the pledgee bank unilaterally liquidated the shares. The Reporting Person was not involved in the determination to sell such shares.

F3 · price: The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $8.72 to $9.40, inclusive.

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February 24, 2022 Filed Mar 1, 2022 00:08 UTC Kodiak Sciences Inc. KOD · Entity 4388 SaleCommon Stock 1,000,000 $9.20 $9,201,700.00
Disclosure

SEC source: 0001209191-22-013787 · doc4.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,508,038

F1 · kind: 2,000,000 shares of common stock owned by the Reporting Person were pledged as collateral to secure obligations under a loan entered into in connection with a previously disclosed Stipulation for Settlement with the Reporting Person's spouse. The sales reported in this Form 4 were sold pursuant to a contractual enforcement action, pursuant to which the pledgee bank unilaterally liquidated the shares. The Reporting Person was not involved in the determination to sell such shares.

F2 · price: The price reported in Column 4 is a weighted-average price. The shares were sold in multiple transactions ranging from $8.95 to $9.49, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in these footnotes.

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February 16, 2022 Filed Feb 18, 2022 22:10 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 60,000 $0.00 Strike: $131.44 $0.00
Disclosure

SEC source: 0001209191-22-011366 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,000

Underlying: Common Stock · 60,000 shares

Expires 2031-02-20

F1 · derivative.exercise_date: On February 21, 2021, the Reporting Person was awarded a performance-based option. 1/4th of the shares subject to the option vested on February 16, 2022 upon the achievement of certain performance criteria (the "Performance Criteria Achievement Date"); thereafter, the shares subject to the option will vest in thirty-six (36) successive equal monthly installments measured from the Performance Criteria Achievement Date, subject, in each case, to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on each vesting date.

Read SEC document
August 12, 2021 Filed Aug 13, 2021 22:41 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 241,000 $0.00 Strike: $88.21 $0.00
Disclosure

SEC source: 0001209191-21-051483 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 241,000

Underlying: Common Stock · 241,000 shares

Expires 2031-08-12

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares vest one month after the Vesting Commencement Date (June 30, 2021); the balance of the shares vest in a series of forty-seven (47) successive equal monthly installments measured from the first month anniversary of the Vesting Commencement Date, subject to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on each vesting date.

Read SEC document
June 11, 2021 Filed Jun 15, 2021 23:02 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 111,850 $0.00 Strike: $73.51 $0.00
Disclosure

SEC source: 0001209191-21-040736 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 111,850

Underlying: Common Stock · 111,850 shares

Expires 2029-12-29

F1 · derivative.exercise_date: On December 30, 2019 the Reporting Person was awarded a performance-based option. 1/4th of the shares subject to the option vested on June 11, 2021 upon the achievement of certain performance criteria ("Performance Achievement Date"); thereafter, the shares subject to the option will vest in three equal annual installments on each of the first, second, and third anniversaries of the Performance Achievement Date, subject, in each case, to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) on each vesting date.

Read SEC document
November 19, 2020 Filed Feb 17, 2021 00:10 UTC Kodiak Sciences Inc. KOD · Entity 4388 GiftCommon Stock 3,500 $0.00 $0.00
Disclosure

SEC source: 0001209191-21-010983 · doc5.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman, President and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,508,038

F1 · balance_after: Since the date of the Reporting Person's last ownership report, the Reporting Person transferred 600,000 shares of Issuer's common stock, as more fully described on the Issuer's Current Report on Form 8-K, filed with the Securities and Exchange Commission on September 12, 2019.

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June 30, 2020 Filed Jul 3, 2020 01:02 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 247,498 $0.00 Strike: $54.12 $0.00
Disclosure

SEC source: 0001209191-20-040809 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman, President and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 247,498

Underlying: Common Stock · 247,498 shares

Expires 2030-06-29

F1 · derivative.exercise_date: One-forty-eighth (1/48th) of the shares subject to the option vests in equal monthly installments over four years measured from June 30, 2020, subject to Reporting Person's continued service on the applicable vesting date.

Read SEC document
December 30, 2019 Filed Jan 2, 2020 22:29 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 241,500 $0.00 Strike: $73.51 $0.00
Disclosure

SEC source: 0001209191-20-000401 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman, President and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 241,500

Underlying: Common Stock · 241,500 shares

Expires 2029-12-29

F1 · derivative.exercise_date: 1/48th of the shares subject to the option will vest on January 30, 2020, and 1/48th of the shares subject to the option vest on the same day of each month thereafter, subject to the Reporting Person's status as a Service Provider (as defined in the 2018 Equity Incentive Plan) as of each such date.

Read SEC document
July 16, 2019 Filed Jul 18, 2019 21:49 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 241,500 $0.00 Strike: $14.23 $0.00
Disclosure

SEC source: 0000899243-19-019934 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman, President and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 241,500

Underlying: Common Stock · 241,500 shares

Expires 2029-07-15

F1 · derivative.exercise_date: The option is subject to an early exercise provision and is immediately exercisable. One forty-eighth of the shares subject to the option will vest on August 16, 2019, and 1/48th of the shares subject to the option vest on the same day of each month thereafter, subject to the Reporting Person's continuous service as a service provider on each such date.

Read SEC document
October 09, 2018 Filed Oct 9, 2018 21:58 UTC Kodiak Sciences Inc. KOD · Entity 4388 ConversionSeries A Redeemable Convertible Preferred Stock · Derivative 56,180 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0000899243-18-026453 · doc4.xml · derivative · entry 4

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 0

Underlying: Common Stock · 56,180 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 · kind: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F1 · derivative.exercise_date: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F1 · derivative.expiration_date: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F2 · ownership.nature: Shares held by PENSCO Trust Company FBO Daniel Victor Perlroth.

Read SEC document
October 09, 2018 Filed Oct 9, 2018 21:58 UTC Kodiak Sciences Inc. KOD · Entity 4388 ConversionSeries A Redeemable Convertible Preferred Stock · Derivative 56,180 $0.00 Strike: $0.00 $0.00
Disclosure

SEC source: 0000899243-18-026453 · doc4.xml · derivative · entry 3

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 56,180 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 · kind: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F1 · derivative.exercise_date: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F1 · derivative.expiration_date: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

Read SEC document
October 09, 2018 Filed Oct 9, 2018 21:58 UTC Kodiak Sciences Inc. KOD · Entity 4388 ConversionCommon Stock 56,180 $0.00 $0.00
Disclosure

SEC source: 0000899243-18-026453 · doc4.xml · nonDerivative · entry 2

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnote

Disclosed balance after: 56,180

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 · kind: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

F2 · ownership.nature: Shares held by PENSCO Trust Company FBO Daniel Victor Perlroth.

Read SEC document
October 09, 2018 Filed Oct 9, 2018 21:58 UTC Kodiak Sciences Inc. KOD · Entity 4388 ConversionCommon Stock 56,180 $0.00 $0.00
Disclosure

SEC source: 0000899243-18-026453 · doc4.xml · nonDerivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,055,358

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 · kind: Each share of Series A Redeemable Convertible Preferred Stock automatically converted into one share of common stock upon the closing of the Issuer's initial public offering of common stock and had no expiration date.

Read SEC document
October 03, 2018 Filed Oct 5, 2018 20:49 UTC Kodiak Sciences Inc. KOD · Entity 4388 GrantStock Option (Right to Buy) · Derivative 540,791 $0.00 Strike: $10.00 $0.00
Disclosure

SEC source: 0000899243-18-026301 · doc4.xml · derivative · entry 1

PERLROTH VICTOR · CIK 0001754181 · Director · Chairman, President and CEO · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 540,791

Underlying: Common Stock · 540,791 shares

Expires 2028-10-02

F1 · derivative.exercise_date: One-sixtieth of the shares subject to the option will vest on November 3, 2018, and 1/60th of the shares subject to the option vest on the same day of each month thereafter.

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.