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SPANA CARL

Disclosed activity across 1 company

Tapewire entity
29912
SEC CIK
0001042011

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
PALATIN TECHNOLOGIES INCPTN · Entity 7649Director · President and CEOJuly 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.

PALATIN TECHNOLOGIES INC

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

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect64,899 Ending reported balance After 2026-07-15 transaction · row 3
3 source rows · reconciled sequence

Row 1 · 2026-07-15 · Tax withholding · Disposed 33 · Balance 65,160

F1: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $11.77 determined as of June 22, 2026, the date of vesting, for a grant of 91 shares less the 33 shares withheld.

Row 2 · 2026-07-15 · Tax withholding · Disposed 119 · Balance 65,041

F2: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $11.72 determined as of June 20, 2026, the date of vesting, for a grant of 330 shares less the 119 shares withheld.

Row 3 · 2026-07-15 · Tax withholding · Disposed 142 · Balance 64,899

F3: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $14.34 determined as of June 4, 2026, the date of vesting, for a grant of 395 shares less the 142 shares withheld.

Filing footnotes · ownership attribution and instrument terms

F1: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $11.77 determined as of June 22, 2026, the date of vesting, for a grant of 91 shares less the 33 shares withheld.

F2: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $11.72 determined as of June 20, 2026, the date of vesting, for a grant of 330 shares less the 119 shares withheld.

F3: Shares withheld by the issuer, on election of the Reporting Person with the consent of the issuer, to pay employee withholding taxes. Such taxes were withheld and reported for the payroll in the period ended July 15, 2026, with the per share value of $14.34 determined as of June 4, 2026, the date of vesting, for a grant of 395 shares less the 142 shares withheld.

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
June 16, 2020 Filed Jun 18, 2020 21:00 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (Right to Buy) · Derivative 535,750 $0.00 Strike: $0.58 $0.00
Disclosure

SEC source: 0001654954-20-006782 · section16.xml · derivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 535,750

Underlying: Common Stock · 535,750 shares

Expires 2030-06-16

F2 · derivative.exercise_date: Options vest at the rate of 25% per year, starting on June 16, 2021.

Read SEC document
June 16, 2020 Filed Jun 18, 2020 21:00 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 323,250 $0.00 $0.00
Disclosure

SEC source: 0001654954-20-006782 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,097,102

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on June 16, 2021.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on June 16, 2021.

Read SEC document
August 02, 2019 Filed Aug 5, 2019 20:12 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 PurchaseCommon Stock 20,000 $0.86 $17,260.00
Disclosure

SEC source: 0001654954-19-008834 · section16.xml · nonDerivative · entry 3

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,993,852

Read SEC document
August 01, 2019 Filed Aug 5, 2019 20:12 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 PurchaseCommon Stock 20,000 $0.86 $17,260.00
Disclosure

SEC source: 0001654954-19-008834 · section16.xml · nonDerivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,973,852

Read SEC document
August 01, 2019 Filed Aug 5, 2019 20:12 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 PurchaseCommon Stock 10,000 $0.86 $8,599.00
Disclosure

SEC source: 0001654954-19-008834 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,953,852

Read SEC document
June 24, 2019 Filed Jun 26, 2019 20:38 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to buy) · Derivative 312,500 $0.00 Strike: $0.85 $0.00
Disclosure

SEC source: 0001654954-19-007684 · section16.xml · derivative · entry 4

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 312,500

Underlying: Common Stock · 312,500 shares

Expires 2027-12-12

F4 · derivative.exercise_date: Vesting of performance condition stock option grant, made December 12, 2017, which vested in part on June 24, 2019, upon certification by the Compensation Committee that a defined performance objection as to 50% of the target number of share units had been achieved, the approval by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal woemen during the defined performance period.

Read SEC document
June 24, 2019 Filed Jun 26, 2019 20:38 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to buy) · Derivative 744,000 $0.00 Strike: $1.34 $0.00
Disclosure

SEC source: 0001654954-19-007684 · section16.xml · derivative · entry 3

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 744,000

Underlying: Common Stock · 744,000 shares

Expires 2029-06-24

F3 · derivative.exercise_date: Options vest at the rate of 25% per year, starting on June 24, 2020.

Read SEC document
June 24, 2019 Filed Jun 26, 2019 20:38 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 236,000 $0.00 $0.00
Disclosure

SEC source: 0001654954-19-007684 · section16.xml · nonDerivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,891,352

F2 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on June 24, 2020.

F2 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on June 24, 2020.

Read SEC document
June 24, 2019 Filed Jun 26, 2019 20:38 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 312,500 $0.00 $0.00
Disclosure

SEC source: 0001654954-19-007684 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,655,352

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 12, 2017, vested in part on June 24, 2019 upon certification by the Compensation Committee that a defined performance objective as to 50% of the target number of share units had been achieved, the approval by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal women during the defined performance period. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 12, 2017, vested in part on June 24, 2019 upon certification by the Compensation Committee that a defined performance objective as to 50% of the target number of share units had been achieved, the approval by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal women during the defined performance period. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
November 16, 2018 Filed Nov 19, 2018 21:23 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 PurchaseCommon Stock 20,000 $0.79 $15,766.00
Disclosure

SEC source: 0001654954-18-012961 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,348,102

F1 · price: Weighted average of price paid per share on order. The reporting person hereby undertakes upon request to provide 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 transaction was effected.

Read SEC document
June 26, 2018 Filed Jun 28, 2018 20:23 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to buy) · Derivative 187,500 $0.00 Strike: $0.85 $0.00
Disclosure

SEC source: 0001654954-18-007089 · section16.xml · derivative · entry 4

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 187,500

Underlying: Common Stock · 187,500 shares

Expires 2027-12-12

F4 · derivative.exercise_date: Vesting of performance condition stock option grant, made December 12, 2017, which vested in part on June 26, 2018, upon certification by the Compensation Committee that a defined performance objective as to 30% of the target number of share units had been achieved, the acceptance for filing by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal women during the defined performance period.

Read SEC document
June 26, 2018 Filed Jun 28, 2018 20:23 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to buy) · Derivative 533,000 $0.00 Strike: $1.00 $0.00
Disclosure

SEC source: 0001654954-18-007089 · section16.xml · derivative · entry 3

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 533,000

Underlying: Common Stock · 533,000 shares

Expires 2028-06-26

F3 · derivative.exercise_date: Options vest at the rate of 25% per year, starting on June 26, 2019.

Read SEC document
June 26, 2018 Filed Jun 28, 2018 20:23 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 356,000 $0.00 $0.00
Disclosure

SEC source: 0001654954-18-007089 · section16.xml · nonDerivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,130,352

F2 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 50% June 26, 2019 and as to the remaining shares on June 26, 2020. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F2 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 50% June 26, 2019 and as to the remaining shares on June 26, 2020. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
June 26, 2018 Filed Jun 28, 2018 20:23 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 187,500 $0.00 $0.00
Disclosure

SEC source: 0001654954-18-007089 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,774,352

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 12, 2017, vested in part on June 26, 2018, upon certification by the Compensation Committee that a defined performance objective as to 30% of the target number of share units had been achieved, the acceptance for filing by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal women during the defined performance period. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 12, 2017, vested in part on June 26, 2018, upon certification by the Compensation Committee that a defined performance objective as to 30% of the target number of share units had been achieved, the acceptance for filing by the U.S. Food and Drug Administration of a New Drug Application for bremelanotide for hypoactive sexual desire disorder in premenopausal women during the defined performance period. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
December 12, 2017 Filed Dec 13, 2017 21:13 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to acquire) · Derivative 625,000 $0.00 Strike: $0.85 $0.00
Disclosure

SEC source: 0001654954-17-011583 · section16.xml · derivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 625,000

Underlying: Common Stock · 625,000 shares

Expires 2027-12-12

F2 · derivative.exercise_date: Options vest at the rate of 25% per year, starting on December 12, 2018.

Read SEC document
December 12, 2017 Filed Dec 13, 2017 21:13 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 625,000 $0.00 $0.00
Disclosure

SEC source: 0001654954-17-011583 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,411,102

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on December 12, 2018. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest at the rate of 25% per year, starting on December 12, 2018. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
June 20, 2017 Filed Jun 22, 2017 20:06 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to acquire) · Derivative 938,000 $0.00 Strike: $0.37 $0.00
Disclosure

SEC source: 0001654954-17-005802 · section16.xml · derivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 938,000

Underlying: Common Stock · 938,000 shares

Expires 2027-06-20

F2 · derivative.exercise_date: Options vest at the rate of 25% per year, starting on June 20, 2018.

Read SEC document
June 20, 2017 Filed Jun 22, 2017 20:06 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 595,000 $0.00 $0.00
Disclosure

SEC source: 0001654954-17-005802 · section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,917,852

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 50% June 20, 2018 and as to the remaining shares on June 20, 2019. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 50% June 20, 2018 and as to the remaining shares on June 20, 2019. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
June 12, 2017 Filed Jun 13, 2017 20:26 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 Tax withholdingCommon Stock 38,824 $0.36 $13,976.64
Disclosure

SEC source: 0001354488-17-000574 · issuerdirect_section16.xml · nonDerivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,322,852

F3 · shares: Shares withheld by the issuer to pay employee withholding taxes, valued at $0.36 per share, the closing price on 06/09/2017, the business day immediately preceding the vesting date.

Read SEC document
June 12, 2017 Filed Jun 13, 2017 20:26 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 Exercise / conversionCommon Stock 105,000 $0.00 $0.00
Disclosure

SEC source: 0001354488-17-000574 · issuerdirect_section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,361,676

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 · shares: Shares issued on vesting of restricted stock units.

F2 · price: Each restricted stock unit represented the right to receive on vesting, without further payment, one share of common stock.

Read SEC document
February 02, 2017 Filed Feb 3, 2017 21:29 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 325,000 $0.00 $0.00
Disclosure

SEC source: 0001354488-17-000208 · issuerdirect_section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,114,829

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 8, 2015, vested on February 2, 2017, upon the Issuer entering into a collaboration agreement for North America for its Rekynda? (bremelanotide) product. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The performance condition grant, made December 8, 2015, vested on February 2, 2017, upon the Issuer entering into a collaboration agreement for North America for its Rekynda? (bremelanotide) product. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

Read SEC document
September 07, 2016 Filed Sep 8, 2016 20:10 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantStock Option (right to acquire) · Derivative 432,000 $0.00 Strike: $0.68 $0.00
Disclosure

SEC source: 0001354488-16-008268 · issuerdirect_section16.xml · derivative · entry 2

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 432,000

Underlying: Common · 432,000 shares

Expires 2026-09-07

F2 · derivative.exercise_date: Options to purchase 199,500 shares vest on September 7, 2017, and the remaining options vest at the rate of 33.3% per year, starting on September 7, 2018.

Read SEC document
September 07, 2016 Filed Sep 8, 2016 20:10 UTC PALATIN TECHNOLOGIES INC PTN · Entity 7649 GrantCommon Stock 290,000 $0.00 $0.00
Disclosure

SEC source: 0001354488-16-008268 · issuerdirect_section16.xml · nonDerivative · entry 1

SPANA CARL · CIK 0001042011 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,011,079

F1 · shares: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 182,500 shares on September 7, 2017, and as to the remaining shares on September 7, 2018. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

F1 · price: Restricted share units granted under the 2011 Stock Incentive Plan, each of which represents the right to receive, without further payment, one share of common stock. The restricted share units vest as to 182,500 shares on September 7, 2017, and as to the remaining shares on September 7, 2018. Vested shares, subject to the terms of the applicable restricted share unit agreement, will be delivered following the reporting person ceasing to serve as an employee of Palatin Technologies, Inc.

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.