TapewireFind a company

person · Reporting owner

Herskowitz Neil

Disclosed activity across 5 companies

Tapewire entity
32768
SEC CIK
0001298246

Export transaction history ↓

Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
AVENUE THERAPEUTICS, INC.ATXI · Entity 8537DirectorDecember 02, 2024December 03, 2024
Journey Medical CorpDERM · Entity 6273DirectorJuly 01, 2026July 02, 2026
MUSTANG BIO, INC.MBIO · Entity 8350DirectorDecember 30, 2025December 30, 2025

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.

AVENUE THERAPEUTICS, INC.

Report date December 02, 2024 · Filed December 03, 2024

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
COMMON STOCK, PAR VALUE $0.0001SEC Table I · non-derivativeDirect97 Reported balance After 2024-12-02 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2024-12-02 · Sale · Disposed 23 · Balance 97

F1: Effective April 26, 2024, the Issuer effected a one-for-seventy-five reverse stock split of its common stock (the "Reverse Stock Split") and the amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.

Filing footnotes · ownership attribution and instrument terms

F1: Effective April 26, 2024, the Issuer effected a one-for-seventy-five reverse stock split of its common stock (the "Reverse Stock Split") and the amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.

Journey Medical Corp

Report date July 01, 2026 · Filed July 02, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common Stock, $0.0001 par valueSEC Table I · non-derivativeDirect168,618 Reported balance After 2026-07-01 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-07-01 · Grant · Acquired 50,000 · Balance 168,618

F1: On July 1, 2026, the reporting person was granted 50,000 restricted stock units pursuant to the Issuer's 2015 Stock Plan, as amended, which will vest in accordance with the following schedule: 16,666 shares on July 1, 2029, 16,667 shares on July 1, 2030 and 16,667 shares on July 1, 2031.

F2: Includes restricted stock units, which vest over various time periods.

Filing footnotes · ownership attribution and instrument terms

F1: On July 1, 2026, the reporting person was granted 50,000 restricted stock units pursuant to the Issuer's 2015 Stock Plan, as amended, which will vest in accordance with the following schedule: 16,666 shares on July 1, 2029, 16,667 shares on July 1, 2030 and 16,667 shares on July 1, 2031.

F2: Includes restricted stock units, which vest over various time periods.

MUSTANG BIO, INC.

Report date December 30, 2025 · Filed December 30, 2025

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
COMMON STOCK, PAR VALUE $0.0001SEC Table I · non-derivativeDirect145 Reported balance After 2025-12-30 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2025-12-30 · Sale · Disposed 247 · Balance 145

F1: Represents a private sale of 247 shares of common stock to another member of the board of directors of the Issuer.

F2: Effective January 15, 2025, the Issuer effected a one-for-fifty reverse stock split of its common stock (the "Reverse Stock Split"). The amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.

Filing footnotes · ownership attribution and instrument terms

F1: Represents a private sale of 247 shares of common stock to another member of the board of directors of the Issuer.

F2: Effective January 15, 2025, the Issuer effected a one-for-fifty reverse stock split of its common stock (the "Reverse Stock Split"). The amount of common stock reflected on this Form 4 has been adjusted to reflect the Reverse Stock Split.

Past disclosures · reporting ended (2)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

Checkpoint Therapeutics, Inc.

Report date May 28, 2025 · Filed May 30, 2025

Section 16 reporting ended · disclosed 2025-05-30. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
COMMON STOCKSEC Table I · non-derivativeDirect147,007 Reported balance After 2025-05-28 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2025-05-28 · Grant · Acquired 12,195 · Balance 147,007

F1: Includes restricted shares of Common Stock which vest over various time periods, subject to Mr. Herskotitz's continued service on the board.

COMMON STOCKSEC Table I · non-derivativeDirect0 Reported balance After 2025-05-30 transaction · row 2 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 2 · 2025-05-30 · Other · Disposed 147,007 · Balance 0

F2: Disposed of in connection with an offer made pursuant to the Agreement and Plan of Merger, dated as of March 9, 2025 and as amended on April 14, 2025 (the "Merger Agreement"), in exchange for $4.10 per share, net to the holder in cash, plus one contractual contingent value right ("CVR") per share. Each CVR represents the right to receive a payment ranging from $0.20 to $0.70 pursuant to certain milestone payments as defined in the Merger Agreement relating to the regulatory approval for cosibelimab in the European Union. The CVR milestone must be achieved within thirty-six (36) months after the date on which a marketing authorization application or equivalent application for cosibelimab receives a positive validation outcome by the European Medicines Agency.

Filing footnotes · ownership attribution and instrument terms

F1: Includes restricted shares of Common Stock which vest over various time periods, subject to Mr. Herskotitz's continued service on the board.

F2: Disposed of in connection with an offer made pursuant to the Agreement and Plan of Merger, dated as of March 9, 2025 and as amended on April 14, 2025 (the "Merger Agreement"), in exchange for $4.10 per share, net to the holder in cash, plus one contractual contingent value right ("CVR") per share. Each CVR represents the right to receive a payment ranging from $0.20 to $0.70 pursuant to certain milestone payments as defined in the Merger Agreement relating to the regulatory approval for cosibelimab in the European Union. The CVR milestone must be achieved within thirty-six (36) months after the date on which a marketing authorization application or equivalent application for cosibelimab receives a positive validation outcome by the European Medicines Agency.

NATIONAL HOLDINGS CORP

Report date February 12, 2018 · Filed March 06, 2019

Section 16 reporting ended · disclosed 2019-03-06. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect60,593 Ending reported balance After 2019-02-13 transaction · row 4
4 source rows · reconciled sequence

Row 1 · 2019-02-12 · Exercise / conversion · Acquired 25,000 · Balance 25,000

F1: Each restricted stock unit converted into one share of National Holdings Corporation (the "Company") common stock.

Row 2 · 2019-02-12 · Exercise / conversion · Acquired 3,495 · Balance 28,495

F1: Each restricted stock unit converted into one share of National Holdings Corporation (the "Company") common stock.

Row 3 · 2019-02-13 · Exercise / conversion · Acquired 25,000 · Balance 53,495

F1: Each restricted stock unit converted into one share of National Holdings Corporation (the "Company") common stock.

Row 4 · 2019-02-13 · Exercise / conversion · Acquired 7,098 · Balance 60,593

F1: Each restricted stock unit converted into one share of National Holdings Corporation (the "Company") common stock.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect50,000 Reported balance After 2018-02-12 transaction · row 5 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 5 · 2018-02-12 · Grant · Acquired 50,000 · Balance 50,000

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F3: The restricted stock units vest in two equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect60,593 Reported balance After 2018-02-12 transaction · row 6 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 6 · 2018-02-12 · Grant · Acquired 10,593 · Balance 60,593

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F4: The restricted stock units vest in three equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect35,593 Reported balance After 2019-02-12 transaction · row 7 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 7 · 2019-02-12 · Exercise / conversion · Disposed 25,000 · Balance 35,593

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F5: On February 12, 2018, the reporting person was granted 50,000 restricted stock units. These stock units vest in two equal annual installments beginning February 12, 2019.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect32,098 Reported balance After 2019-02-12 transaction · row 8 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 8 · 2019-02-12 · Exercise / conversion · Disposed 3,495 · Balance 32,098

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F6: On February 12, 2018, the reporting person was granted 10,593 restricted stock units. These stock units vest in three equal annual installments beginning February 12, 2019.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect7,098 Reported balance After 2019-02-13 transaction · row 9 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 9 · 2019-02-13 · Exercise / conversion · Disposed 25,000 · Balance 7,098

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F7: On February 12, 2018, the reporting person was granted 50,000 restricted stock units. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect0 Reported balance After 2019-02-13 transaction · row 10 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 10 · 2019-02-13 · Exercise / conversion · Disposed 7,098 · Balance 0

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F8: On February 12, 2018, the reporting person was granted 10,593 restricted stock units. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Filing footnotes · ownership attribution and instrument terms

F1: Each restricted stock unit converted into one share of National Holdings Corporation (the "Company") common stock.

F2: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F3: The restricted stock units vest in two equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

F4: The restricted stock units vest in three equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

F5: On February 12, 2018, the reporting person was granted 50,000 restricted stock units. These stock units vest in two equal annual installments beginning February 12, 2019.

F6: On February 12, 2018, the reporting person was granted 10,593 restricted stock units. These stock units vest in three equal annual installments beginning February 12, 2019.

F7: On February 12, 2018, the reporting person was granted 50,000 restricted stock units. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

F8: On February 12, 2018, the reporting person was granted 10,593 restricted stock units. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Transaction history

JSON API
Reset

Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
February 04, 2019 Filed Feb 6, 2019 21:31 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 7,000 $5.91 $41,370.00
Disclosure

SEC source: 0001144204-19-005339 · tv512626_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 84,813

F1 · price: Reflects the weighted average purchase price of multiple same-day open market purchase transactions effected by the Reporting Person on the same day at different prices through a purchase order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The range of prices for the purchase transactions on February 4, 2019 was $5.90 to $5.97. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares purchased at each separate price.

F2 · balance_after: Includes 64,663 shares of restricted stock.

Read SEC document
January 30, 2019 Filed Feb 1, 2019 17:48 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 650 $5.91 $3,841.50
Disclosure

SEC source: 0001144204-19-004355 · tv512263_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,813

F1 · balance_after: Includes 64,663 shares of restricted stock.

Read SEC document
January 29, 2019 Filed Jan 30, 2019 21:18 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 8,553 $5.91 $50,548.23
Disclosure

SEC source: 0001144204-19-003774 · tv512042_form4.xml · nonDerivative · entry 2

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,163

F1 · price: Reflects the weighted average purchase price of multiple same-day open market purchase transactions effected by the Reporting Person on the same day at different prices through a purchase order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The range of prices for the purchase transactions on January 28, 2019 was $5.82 to $5.89 and the range of prices for the purchase transactions on January 29, 2019 was $5.86 to $5.99. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares purchased at each separate price.

F2 · balance_after: Includes 64,663 shares of restricted stock.

Read SEC document
January 28, 2019 Filed Jan 30, 2019 21:18 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 1,447 $5.84 $8,450.48
Disclosure

SEC source: 0001144204-19-003774 · tv512042_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 68,610

F1 · price: Reflects the weighted average purchase price of multiple same-day open market purchase transactions effected by the Reporting Person on the same day at different prices through a purchase order executed by a broker-dealer. The reporting person reported on a single line all such transactions that occurred within a one dollar price range. The range of prices for the purchase transactions on January 28, 2019 was $5.82 to $5.89 and the range of prices for the purchase transactions on January 29, 2019 was $5.86 to $5.99. The reporting person hereby undertakes to provide upon request by the Securities Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares purchased at each separate price.

F2 · balance_after: Includes 64,663 shares of restricted stock.

Read SEC document
November 23, 2018 Filed Dec 7, 2018 21:44 UTC MUSTANG BIO, INC. MBIO · Entity 8350 PurchaseCOMMON STOCK 1,000 $3.96 $3,960.00
Disclosure

SEC source: 0001144204-18-063619 · tv507723_form4.xml · nonDerivative · entry 2

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,000

F1 · balance_after: 70,000 shares are restricted Common Stock which vest over various time periods.

Read SEC document
August 07, 2018 Filed Aug 9, 2018 01:45 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 GiftCommon Stock 14,663 $0.00 $0.00
Disclosure

SEC source: 0001144204-18-042958 · tv500468_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,163

F1 · shares: The 14,663 shares of restricted common stock will vest on August 7, 2021.

F2 · balance_after: Includes 64,663 shares of restricted stock.

Read SEC document
June 14, 2018 Filed Jun 15, 2018 21:25 UTC Checkpoint Therapeutics, Inc. CKPT · Entity 78931 GrantCOMMON STOCK 16,448 $0.00 $0.00
Disclosure

SEC source: 0001144204-18-034457 · tv496608_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 76,448

F1 · shares: The 16,448 shares of restricted Common Stock will vest on June 14, 2021, subject to Mr. Herskowitz's continued service on the board on such date.

F2 · balance_after: Represents shares of restricted Common Stock which vest over various time periods.

Read SEC document
June 14, 2018 Filed Dec 7, 2018 21:44 UTC MUSTANG BIO, INC. MBIO · Entity 8350 GrantCOMMON STOCK 10,000 $0.00 $0.00
Disclosure

SEC source: 0001144204-18-063619 · tv507723_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,000

F1 · balance_after: 70,000 shares are restricted Common Stock which vest over various time periods.

Read SEC document
April 25, 2018 Filed Apr 25, 2018 20:30 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 1,000 $3.80 $3,800.00
Disclosure

SEC source: 0001144204-18-022402 · tv492043_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 52,500

F1 · balance_after: Includes 50,000 shares of restricted stock.

Read SEC document
February 12, 2018 Filed Mar 6, 2019 19:47 UTC NATIONAL HOLDINGS CORP NHLD · Entity 142239 GrantRestricted Stock Units · Derivative 10,593 $0.00 $0.00
Disclosure

SEC source: 0001437749-19-004251 · rdgdoc.xml · derivative · entry 6

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,593

Underlying: Common Stock · 10,593 shares

Expires not disclosed

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Read SEC document
February 12, 2018 Filed Mar 6, 2019 19:47 UTC NATIONAL HOLDINGS CORP NHLD · Entity 142239 GrantRestricted Stock Units · Derivative 50,000 $0.00 $0.00
Disclosure

SEC source: 0001437749-19-004251 · rdgdoc.xml · derivative · entry 5

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

Underlying: Common Stock · 50,000 shares

Expires not disclosed

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of the Company's common stock.

F3 · derivative.exercise_date: The restricted stock units vest in two equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

F3 · derivative.expiration_date: The restricted stock units vest in two equal annual installments beginning February 12, 2019. Vested shares will be delivered to the reporting person annually in accordance to the vesting delivery schedule. The Company's Board of Directors approved accelerated vesting of the remaining shares on February 13, 2019.

Read SEC document
October 17, 2017 Filed Oct 18, 2017 16:19 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 1,000 $5.01 $5,010.00
Disclosure

SEC source: 0001144204-17-052957 · tv477192_4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,500

F1 · balance_after: Includes 50,000 shares of restricted stock.

Read SEC document
October 09, 2017 Filed Oct 10, 2017 12:27 UTC AVENUE THERAPEUTICS, INC. ATXI · Entity 8537 PurchaseCommon Stock 500 $5.24 $2,620.00
Disclosure

SEC source: 0001144204-17-051782 · tv476706_4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,500

F1 · balance_after: Includes 10,000 shares of restricted stock.

Read SEC document
June 15, 2017 Filed Jun 15, 2017 21:17 UTC Checkpoint Therapeutics, Inc. CKPT · Entity 78931 GrantCOMMON STOCK 10,000 $0.00 $0.00
Disclosure

SEC source: 0001144204-17-032762 · v469072_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,000

F1 · shares: The 10,000 shares of restricted Common Stock will vest on June 15, 2020.

F2 · balance_after: Represents shares of restricted Common Stock which vest over various time periods.

Read SEC document
January 13, 2017 Filed Jan 19, 2017 21:35 UTC Checkpoint Therapeutics, Inc. CKPT · Entity 78931 GrantCOMMON STOCK (RESTRICTED) 50,000 $0.00 $0.00
Disclosure

SEC source: 0001144204-17-002930 · v457182_form4.xml · nonDerivative · entry 1

Herskowitz Neil · CIK 0001298246 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 50,000

F1 · shares: The shares of restricted stock vest as follows: One-third on January 13, 2020, one-third on January 13, 2021 and one-third on January 13, 2022.

F1 · balance_after: The shares of restricted stock vest as follows: One-third on January 13, 2020, one-third on January 13, 2021 and one-third on January 13, 2022.

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.