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Feiner Gary

Disclosed activity across 1 company

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327
SEC CIK
0001608933

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
VirnetX Holding CorpVHC · Entity 326DirectorAugust 31, 2026September 02, 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.

VirnetX Holding Corp

Report date August 31, 2026 · Filed September 02, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect16,874 Ending reported balance After 2026-09-01 transaction · row 3
3 source rows · reconciled sequence

Row 1 · 2026-08-31 · Sale · Disposed 3,749 · Balance 20,625

F1: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

F2: This sale price represents the weighted average sale price of the shares sold ranging from $11.00 to $11.615 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

Row 2 · 2026-08-31 · Sale · Disposed 1 · Balance 20,624

F1: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

Row 3 · 2026-09-01 · Sale · Disposed 3,750 · Balance 16,874

F1: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

F3: This sale price represents the weighted average sale price of the shares sold ranging from $10.63 to $11.545 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

Filing footnotes · ownership attribution and instrument terms

F1: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

F2: This sale price represents the weighted average sale price of the shares sold ranging from $11.00 to $11.615 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

F3: This sale price represents the weighted average sale price of the shares sold ranging from $10.63 to $11.545 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

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
September 01, 2026 Filed Sep 2, 2026 20:05 UTC VirnetX Holding Corp VHC · Entity 326 SaleCommon Stock 3,750 $11.00 $41,253.75
Disclosure

SEC source: 0001608933-26-000004 · form4-09022026_040907.xml · nonDerivative · entry 3

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 16,874

F1 · kind: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

F3 · price: This sale price represents the weighted average sale price of the shares sold ranging from $10.63 to $11.545 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

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August 31, 2026 Filed Sep 2, 2026 20:05 UTC VirnetX Holding Corp VHC · Entity 326 SaleCommon Stock 1 $12.03 $12.03
Disclosure

SEC source: 0001608933-26-000004 · form4-09022026_040907.xml · nonDerivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 20,624

F1 · kind: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

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August 31, 2026 Filed Sep 2, 2026 20:05 UTC VirnetX Holding Corp VHC · Entity 326 SaleCommon Stock 3,749 $11.17 $41,883.83
Disclosure

SEC source: 0001608933-26-000004 · form4-09022026_040907.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 20,625

F1 · kind: The sales reported by the Reporting Person were effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2026.

F2 · price: This sale price represents the weighted average sale price of the shares sold ranging from $11.00 to $11.615 per share. Upon request by the Commission staff, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

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June 11, 2026 Filed Jun 15, 2026 23:24 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 7,500 $0.00 $0.00
Disclosure

SEC source: 0001608933-26-000002 · form4-06152026_110611.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,374

F1 · shares: The total number of restricted shares ("Restricted Stock") shall vest on the earlier of (i) the one-year anniversary of the grant date or (ii) the close of business on the day prior to the Company's 2027 annual meeting of stockholders, in each case, so long as the Reporting Person's continuous status as a Service Provider (as defined in the Company's Amended and Restated 2013 Equity Incentive Plan) has not terminated prior to each such date. If a Change in Control occurs, all of the Restricted Stock then unvested as of the date of the Change in Control, will vest immediately prior to the consummation of the Change in Control transaction.

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November 26, 2025 Filed Nov 27, 2025 00:32 UTC VirnetX Holding Corp VHC · Entity 326 SaleCommon Stock 1,875 $22.70 $42,562.50
Disclosure

SEC source: 0001608933-25-000004 · form4-11272025_121120.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,874

Read SEC document
June 12, 2025 Filed Jun 16, 2025 20:05 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 7,500 $0.00 $0.00
Disclosure

SEC source: 0001415889-25-017376 · form4-06162025_040619.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,749

F1 · shares: The total number of restricted shares ("Restricted Stock") shall vest on the earlier of (i) the one-year anniversary of the grant date or (ii) the close of business on the day prior to the Company's 2026 annual meeting of stockholders, in each case, so long as the Reporting Person's continuous status as a Service Provider (as defined in the Company's Amended and Restated 2013 Equity Incentive Plan) has not terminated prior to each such date. If a Change in Control occurs, all of the Restricted Stock then unvested as of the date of the Change in Control, will vest immediately prior to the consummation of the Change in Control transaction.

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June 16, 2024 Filed Jun 18, 2024 20:30 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 7,500 $0.00 $0.00
Disclosure

SEC source: 0001415889-24-017418 · form4-06182024_040614.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,249

F1 · shares: The total number of restricted shares ("Restricted Stock") shall vest on the earlier of (i) the one-year anniversary of the grant date or (ii) the close of business on the day prior to the Company's 2025 annual meeting of stockholders, in each case, so long as the Reporting Person's continuous status as a Service Provider (as defined in the Company's Amended and Restated 2013 Equity Incentive Plan) has not terminated prior to each such date. If a Change in Control occurs, all of the Restricted Stock then unvested as of the date of the Change in Control, will vest immediately prior to the consummation of the Change in Control transaction.

F2 · balance_after: The number of shares beneficially owned reflects the Issuer's 1-for-20 reverse stock split effected October 25, 2023.

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June 15, 2023 Filed Jun 20, 2023 22:13 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $0.51 $0.00
Disclosure

SEC source: 0001209191-23-038587 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2033-06-15

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2024 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

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June 15, 2023 Filed Jun 20, 2023 22:13 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-23-038587 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 74,997

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2024 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

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June 03, 2022 Filed Jun 14, 2022 20:49 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $1.22 $0.00
Disclosure

SEC source: 0001209191-22-036725 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2032-06-03

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2023 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

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June 03, 2022 Filed Jun 14, 2022 20:49 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-22-036725 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,664

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2023 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

Read SEC document
June 03, 2021 Filed Jun 8, 2021 00:42 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $4.76 $0.00
Disclosure

SEC source: 0001209191-21-038777 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2031-06-03

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2022 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

Read SEC document
June 03, 2021 Filed Jun 8, 2021 00:42 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-21-038777 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,331

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2022 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

Read SEC document
May 29, 2020 Filed Jun 2, 2020 21:08 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $6.65 $0.00
Disclosure

SEC source: 0001209191-20-033626 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2030-05-29

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2021 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

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May 29, 2020 Filed Jun 2, 2020 21:08 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-20-033626 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,998

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2021 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

Read SEC document
May 23, 2019 Filed May 29, 2019 21:16 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $5.68 $0.00
Disclosure

SEC source: 0001209191-19-033248 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2029-05-23

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2020 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

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May 23, 2019 Filed May 29, 2019 21:16 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-19-033248 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,665

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2020 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

Read SEC document
May 24, 2018 Filed May 30, 2018 00:02 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option(Right to Buy) · Derivative 12,500 $0.00 Strike: $3.10 $0.00
Disclosure

SEC source: 0001140361-18-026116 · form4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2028-05-24

F2 · derivative.exercise_date: All shares underlying this Option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2019 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this Option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction. This Option will be exercisable for twelve (12) months after Participant ceases to be a Service Provider, unless such termination is due to Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan).

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May 24, 2018 Filed May 30, 2018 00:02 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001140361-18-026116 · form4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,332

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2019 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control will vest immediately prior to the consummation of the Change in Control transaction.

Read SEC document
June 01, 2017 Filed Jun 5, 2017 22:48 UTC VirnetX Holding Corp VHC · Entity 326 GrantStock Option (Right to Buy) · Derivative 12,500 $0.00 Strike: $3.70 $0.00
Disclosure

SEC source: 0001209191-17-037958 · doc4.xml · derivative · entry 2

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

Underlying: Common Stock · 12,500 shares

Expires 2027-06-01

F2 · derivative.exercise_date: All shares underlying this option shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2018 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Plan) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all shares underlying this option then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control. This option will be exercisable for twelve (12) months after the Participant ceases to be a Service Provider, unless such termination is due to the Participant's death, Disability (as defined in the Plan), or Cause (as defined in the Plan), in which case the option shall vest in accordance with the terms of the Participant's option agreement.

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June 01, 2017 Filed Jun 5, 2017 22:48 UTC VirnetX Holding Corp VHC · Entity 326 GrantCommon Stock 8,333 $0.00 $0.00
Disclosure

SEC source: 0001209191-17-037958 · doc4.xml · nonDerivative · entry 1

Feiner Gary · CIK 0001608933 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,999

F1 · shares: The restricted stock units shall vest and become exercisable upon the earlier of (a) one year from the date of grant or (b) the close of business on the day prior to the Company's 2018 annual meeting of stockholders, in either case, so long as the Participant (as defined in the Company's 2013 Equity Incentive Plan (the "Plan")) has not earlier terminated his continuous status as a Service Provider (as defined in the Plan). If a Change in Control (as defined in the Plan) occurs, all of the restricted stock units then unvested as of the date of the Change in Control, will vest and become exercisable immediately prior to the consummation of the Change in Control transaction.

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Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.