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BEHRMAN MARK T

Disclosed activity across 2 companies

Tapewire entity
51265
SEC CIK
0001078002

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
LSB INDUSTRIES, INC.LXU · Entity 5122Director · President and CEOApril 24, 2026April 27, 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.

LSB INDUSTRIES, INC.

Report date April 24, 2026 · Filed April 27, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect2,194,075 Reported balance After 2026-04-24 transaction · row 1
1 source row

Row 1 · 2026-04-24 · Grant · Acquired 706,880 · Balance 2,194,075

F1: Grant of time-based Restricted Stock Units pursuant to the Company's 2025 Long Term Incentive Plan.

Filing footnotes · ownership attribution and instrument terms

F1: Grant of time-based Restricted Stock Units pursuant to the Company's 2025 Long Term Incentive Plan.

Past disclosures · reporting ended (1)

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

PHX MINERALS INC.

Report date June 04, 2025 · Filed June 23, 2025

Section 16 reporting ended · disclosed 2025-06-23. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect0 Ending reported balance After 2025-06-23 transaction · row 4
4 source rows · reconciled sequence

Row 1 · 2025-06-04 · Grant · Acquired 1,467 · Balance 350,105

F1: Represents Deferred Stock Units credited to the reporting person's account as a result of the reinvestment of dividends on the Deferred Stock Units previously credited to the reporting person's account pursuant to the PHX Minerals Inc. Deferred Compensation Plan for Non-Employee Directors (the "Director Deferred Compensation Plan"). Each Deferred Stock Unit is the economic equivalent of one share of common stock of the Issuer. The Deferred Stock Units become payable solely in common stock upon the reporting person's termination of service as a director or death or upon the effectiveness of a change of control of the Issuer.

Row 2 · 2025-06-23 · Grant · Acquired 4,509 · Balance 354,614

F2: Represents Deferred Stock Units credited to the reporting person's account in lieu of cash for director's fees pursuant to the Director Deferred Compensation Plan.

Row 3 · 2025-06-23 · Other · Disposed 173,704 · Balance 180,910

F3: On May 8, 2025, PHX Minerals Inc. (the "Issuer") entered into an Agreement and Plan of Merger with the WhiteHawk Acquisition, Inc., a Delaware corporation (the "Parent"), and WhiteHawk Merger Sub, Inc., a Delaware corporation (the "Merger Sub") and a wholly owned subsidiary of Parent (the "Merger Agreement"). On June 23, 2025, Merger Sub completed a tender offer (the "Offer") pursuant to the terms of the Merger Agreement for the outstanding shares of common stock of the Issuer for an offer price of $4.35 per share, without interest and subject to applicable tax withholding (the "Offer Price"). Thereafter, Merger Sub merged with and into the Issuer (the "Merger") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with the Issuer being the surviving corporation and becoming a wholly owned subsidiary of the Parent.

F4: Represents shares of common stock tendered to Merger Sub pursuant to the Offer.

Row 4 · 2025-06-23 · Disposition to issuer · Disposed 180,910 · Balance 0

F3: On May 8, 2025, PHX Minerals Inc. (the "Issuer") entered into an Agreement and Plan of Merger with the WhiteHawk Acquisition, Inc., a Delaware corporation (the "Parent"), and WhiteHawk Merger Sub, Inc., a Delaware corporation (the "Merger Sub") and a wholly owned subsidiary of Parent (the "Merger Agreement"). On June 23, 2025, Merger Sub completed a tender offer (the "Offer") pursuant to the terms of the Merger Agreement for the outstanding shares of common stock of the Issuer for an offer price of $4.35 per share, without interest and subject to applicable tax withholding (the "Offer Price"). Thereafter, Merger Sub merged with and into the Issuer (the "Merger") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with the Issuer being the surviving corporation and becoming a wholly owned subsidiary of the Parent.

F5: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, all of the restricted shares held by the reporting person vested in full, became free of restrictions and were automatically cancelled and converted into the right to receive an amount in cash equal to $4.35 per share, without interest and subject to applicable tax withholding.

F6: Includes 164,371 Deferred Stock Units previously credited to the reporting person's account pursuant to the Director Deferred Compensation Plan. Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, all of the Deferred Stock Units held by the reporting person were automatically cancelled and converted into the right to receive an amount in cash equal to $4.35 per share, without interest and subject to applicable tax withholding.

Filing footnotes · ownership attribution and instrument terms

F1: Represents Deferred Stock Units credited to the reporting person's account as a result of the reinvestment of dividends on the Deferred Stock Units previously credited to the reporting person's account pursuant to the PHX Minerals Inc. Deferred Compensation Plan for Non-Employee Directors (the "Director Deferred Compensation Plan"). Each Deferred Stock Unit is the economic equivalent of one share of common stock of the Issuer. The Deferred Stock Units become payable solely in common stock upon the reporting person's termination of service as a director or death or upon the effectiveness of a change of control of the Issuer.

F2: Represents Deferred Stock Units credited to the reporting person's account in lieu of cash for director's fees pursuant to the Director Deferred Compensation Plan.

F3: On May 8, 2025, PHX Minerals Inc. (the "Issuer") entered into an Agreement and Plan of Merger with the WhiteHawk Acquisition, Inc., a Delaware corporation (the "Parent"), and WhiteHawk Merger Sub, Inc., a Delaware corporation (the "Merger Sub") and a wholly owned subsidiary of Parent (the "Merger Agreement"). On June 23, 2025, Merger Sub completed a tender offer (the "Offer") pursuant to the terms of the Merger Agreement for the outstanding shares of common stock of the Issuer for an offer price of $4.35 per share, without interest and subject to applicable tax withholding (the "Offer Price"). Thereafter, Merger Sub merged with and into the Issuer (the "Merger") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with the Issuer being the surviving corporation and becoming a wholly owned subsidiary of the Parent.

F4: Represents shares of common stock tendered to Merger Sub pursuant to the Offer.

F5: Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, all of the restricted shares held by the reporting person vested in full, became free of restrictions and were automatically cancelled and converted into the right to receive an amount in cash equal to $4.35 per share, without interest and subject to applicable tax withholding.

F6: Includes 164,371 Deferred Stock Units previously credited to the reporting person's account pursuant to the Director Deferred Compensation Plan. Pursuant to the Merger Agreement, immediately prior to the effective time of the Merger, all of the Deferred Stock Units held by the reporting person were automatically cancelled and converted into the right to receive an amount in cash equal to $4.35 per share, without interest and subject to applicable tax withholding.

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
December 29, 2020 Filed Dec 31, 2020 15:35 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 13,675 $2.82 $38,563.50
Disclosure

SEC source: 0001567619-20-021732 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 918,217

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
September 01, 2020 Filed Sep 2, 2020 17:54 UTC PHX MINERALS INC. PHX · Entity 77308 PurchasePanhandle Class A Common 30,000 $1.63 $48,900.00
Disclosure

SEC source: 0001209191-20-049225 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,407

F1 · kind: The reporting person purchased these shares in an underwritten public offering by the issuer.

Read SEC document
February 18, 2020 Filed Feb 19, 2020 16:40 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 12,185 $2.79 $33,996.15
Disclosure

SEC source: 0001567619-20-004271 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 931,892

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
January 13, 2020 Filed Jan 14, 2020 18:05 UTC PHX MINERALS INC. PHX · Entity 77308 GrantPanhandle Class A Common 4,460 $0.02 $74.48
Disclosure

SEC source: 0001209191-20-003354 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,407

F1 · kind: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · shares: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · price: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · acquired: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F2 · balance_after: Total number of shares includes restricted shares with vesting based on elapsed time.

Read SEC document
January 13, 2020 Filed Jan 14, 2020 18:06 UTC PHX MINERALS INC. PHX · Entity 77308 GrantPanhandle Class A Common 4,460 $0.02 $74.48
Disclosure

SEC source: 0001209191-20-003356 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,407

F1 · kind: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · shares: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · price: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F1 · acquired: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest at the end of the calendar year.

F2 · balance_after: Total number of shares includes restricted shares with vesting based on elapsed time.

Read SEC document
December 31, 2019 Filed Jan 2, 2020 17:17 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 193,452 $4.20 $812,498.40
Disclosure

SEC source: 0001567619-20-000020 · doc1.xml · nonDerivative · entry 3

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 944,077

F3 · shares: Restricted Stock Award pursuant to the LSB Industries, Inc. 2016 Incentive Stock Plan. The Restricted Stock granted under this award will vest on the third anniversary of the grant date subject to the achievement of certain performance metrics established by the Board of Directors as set out in the grant. Upon third anniversary grant may be modified in a range between 0 and 200% based upon achievement of the performance goals.

Read SEC document
December 31, 2019 Filed Jan 2, 2020 17:17 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 193,452 $4.20 $812,498.40
Disclosure

SEC source: 0001567619-20-000020 · doc1.xml · nonDerivative · entry 2

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 750,625

F2 · shares: Restricted Stock Award pursuant to the LSB Industries, Inc. 2016 Incentive Stock Plan. One-third of the award will vest on the first anniversary of the grant date, and each subsequent anniversary, such that 100% of the award shall be vested on the third anniversary of the grant date.

Read SEC document
December 30, 2019 Filed Jan 2, 2020 17:17 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 34,211 $4.24 $145,054.64
Disclosure

SEC source: 0001567619-20-000020 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 557,173

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
August 02, 2019 Filed Aug 5, 2019 14:50 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 PurchaseCommon Stock 19,300 $5.14 $99,202.00
Disclosure

SEC source: 0001567619-19-015762 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 591,384

F1 · price: This transaction was executed in multiple trades at prices ranging from $5.07 to $5.15. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

Read SEC document
February 15, 2019 Filed Feb 19, 2019 15:01 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 11,415 $7.33 $83,671.95
Disclosure

SEC source: 0001567619-19-004757 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 572,084

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
January 04, 2019 Filed Jan 7, 2019 18:11 UTC PHX MINERALS INC. PHX · Entity 77308 GrantPanhandle Class A Common 2,258 $0.02 $37.71
Disclosure

SEC source: 0001209191-19-002619 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,947

F1 · kind: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · shares: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · price: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · acquired: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F2 · balance_after: Total number of shares includes restricted shares with vesting based on elapsed time.

Read SEC document
December 31, 2018 Filed Jan 3, 2019 00:29 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 30,622 $5.40 $165,358.80
Disclosure

SEC source: 0001567619-19-000145 · doc1.xml · nonDerivative · entry 4

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 583,499

F3 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
December 30, 2018 Filed Jan 3, 2019 00:29 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 138,889 $5.40 $750,000.60
Disclosure

SEC source: 0001567619-19-000145 · doc1.xml · nonDerivative · entry 3

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 614,121

F2 · shares: Restricted Stock Award pursuant to the LSB Industries, Inc. 2016 Incentive Stock Plan. The Restricted Stock granted under this award will vest on the third anniversary of the grant date subject to the achievement of certain performance metrics established by the Board of Directors as set out in the grant. Upon third anniversary grant may be modified in a range between 0 and 200% based upon achievement of the performance goals.

Read SEC document
December 30, 2018 Filed Jan 3, 2019 00:29 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 138,889 $5.40 $750,000.60
Disclosure

SEC source: 0001567619-19-000145 · doc1.xml · nonDerivative · entry 2

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 475,232

F1 · shares: Restricted Stock Award pursuant to the LSB Industries, Inc. 2016 Incentive Stock Plan. One-third of the award will vest on the first anniversary of the grant date, and each subsequent anniversary, such that 100% of the award shall be vested on the third anniversary of the grant date.

Read SEC document
December 29, 2018 Filed Jan 3, 2019 00:29 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 92,593 $5.40 $500,002.20
Disclosure

SEC source: 0001567619-19-000145 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director · CEO and President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 336,343

F1 · shares: Restricted Stock Award pursuant to the LSB Industries, Inc. 2016 Incentive Stock Plan. One-third of the award will vest on the first anniversary of the grant date, and each subsequent anniversary, such that 100% of the award shall be vested on the third anniversary of the grant date.

Read SEC document
March 13, 2018 Filed Mar 14, 2018 15:11 UTC PHX MINERALS INC. PHX · Entity 77308 PurchasePanhandle Class A Common 1,000 $19.26 $19,262.00
Disclosure

SEC source: 0001209191-18-019518 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,689

Read SEC document
February 15, 2018 Filed Feb 15, 2018 17:19 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 10,958 $7.07 $77,473.06
Disclosure

SEC source: 0001140361-18-008618 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 243,750

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2016 Long Term Incentive Plan.

Read SEC document
December 31, 2017 Filed Jan 8, 2018 16:32 UTC PHX MINERALS INC. PHX · Entity 77308 GrantPanhandle Class A Common 1,703 $0.02 $28.44
Disclosure

SEC source: 0001209191-18-002726 · doc4.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,689

F1 · kind: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · shares: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · price: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F1 · acquired: Amount represents the number of shares of restricted stock granted under the Amended Panhandle Oil and Gas 2010 Restricted Stock Plan. The shares will vest one-forth each calendar quarter.

F2 · balance_after: Total number of shares includes restricted shares with vesting based on elapsed time.

Read SEC document
December 29, 2017 Filed Jan 2, 2018 23:26 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 Tax withholdingCommon Stock 31,759 $8.91 $282,972.69
Disclosure

SEC source: 0001140361-18-000256 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 254,708

F1 · shares: Shares withheld to pay taxes upon vesting of Restricted Stock Award previously awarded pursuant to the LSB Industries, Inc. 2008 Incentive Stock Plan and/or 2016 Long Term Incentive Plan.

Read SEC document
February 15, 2017 Filed Feb 17, 2017 19:57 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 GrantCommon Stock 74,553 $0.00 $0.00
Disclosure

SEC source: 0001140361-17-008080 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 287,467

F1 · shares: Restricted Stock Award pursuant to LSB Industries, Inc. 2016 Long Term Incentive Plan. One-third of the award will vest on the first anniversary of the grant date, and each subsequent anniversary, such that 100% of the shares of the award shall be vested on the third anniversary of the grant date.

Read SEC document
November 17, 2016 Filed Apr 14, 2017 20:11 UTC LSB INDUSTRIES, INC. LXU · Entity 5122 SaleCommon Stock 1,000 $8.48 $8,480.00
Disclosure

SEC source: 0001140361-17-015885 · doc1.xml · nonDerivative · entry 1

BEHRMAN MARK T · CIK 0001078002 · EVP and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 286,467

F1 · shares: Reporting person learned on March 14, 2017 that due to an administrative error, 1,000 shares of the Issuer's common stock were sold without his knowledge.

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.