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Karaivanov Dimitar

Disclosed activity across 1 company

Tapewire entity
57263
SEC CIK
0001866135

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
COMMUNITY FINANCIAL SYSTEM, INC.CBU · Entity 4178Director · President & CEOMarch 17, 2026March 19, 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.

COMMUNITY FINANCIAL SYSTEM, INC.

Report date March 17, 2026 · Filed March 19, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect6,277 Reported balance After 2026-03-17 transaction · row 3 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 3 · 2026-03-17 · Grant · Acquired 6,277 · Balance 6,277

F2: Each restricted stock unit represents a contingent right to receive one share of Community Financial System, Inc. common stock.

F3: The restricted stock units vest in three equal installments beginning March 1, 2027.

Stock OptionSEC Table II · derivative / convertible security · Conversion / exercise price $56.64 · Expires 2036-03-17Direct23,984 Reported balance After 2026-03-17 transaction · row 4 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 4 · 2026-03-17 · Grant · Acquired 23,984 · Balance 23,984

F4: The option vests ratably on March 17, 2027, 2028, 2029, 2030, and 2031.

Common StockSEC Table I · non-derivativeDirect23,657 Reported balance Holding disclosure · report date 2026-03-17 · row 1 Holding and transaction disclosures are not merged.
1 source row

Row 1 · Balance 23,657

Common StockSEC Table I · non-derivativeIndirectBy 401(k) Plan3,303.5335 Reported balance Holding disclosure · report date 2026-03-17 · row 2 Holding and transaction disclosures are not merged.
1 source row

Row 2 · Balance 3,303.5335

F1: The number of shares reported herein acquired pursuant to Community Financial System, Inc.'s 401(k) Plan and are based on a current plan statement.

Filing footnotes · ownership attribution and instrument terms

F1: The number of shares reported herein acquired pursuant to Community Financial System, Inc.'s 401(k) Plan and are based on a current plan statement.

F2: Each restricted stock unit represents a contingent right to receive one share of Community Financial System, Inc. common stock.

F3: The restricted stock units vest in three equal installments beginning March 1, 2027.

F4: The option vests ratably on March 17, 2027, 2028, 2029, 2030, and 2031.

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
March 17, 2026 Filed Mar 19, 2026 16:15 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 23,984 $0.00 Strike: $56.64 $0.00
Disclosure

SEC source: 0000723188-26-000069 · form4.xml · derivative · entry 4

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,984

Underlying: Common Stock · 23,984 shares

Expires 2036-03-17

F4 · derivative.exercise_date: The option vests ratably on March 17, 2027, 2028, 2029, 2030, and 2031.

Read SEC document
March 17, 2026 Filed Mar 19, 2026 16:15 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantRestricted Stock Units · Derivative 6,277 $0.00 $0.00
Disclosure

SEC source: 0000723188-26-000069 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,277

Underlying: Common Stock · 6,277 shares

Expires not disclosed

F2 · derivative.exercise_price: Each restricted stock unit represents a contingent right to receive one share of Community Financial System, Inc. common stock.

F3 · derivative.exercise_date: The restricted stock units vest in three equal installments beginning March 1, 2027.

F3 · derivative.expiration_date: The restricted stock units vest in three equal installments beginning March 1, 2027.

Read SEC document
March 04, 2026 Filed Mar 6, 2026 18:40 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 2,825.2062 $59.87 $169,145.10
Disclosure

SEC source: 0000723188-26-000039 · form4.xml · nonDerivative · entry 2

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,657

F2 · kind: Payment of tax liability associated with vesting of performance stock award.

Read SEC document
March 04, 2026 Filed Mar 6, 2026 18:40 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 5,224.2062 $0.00 $0.00
Disclosure

SEC source: 0000723188-26-000039 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,482.2062

F1 · shares: On March 4, 2026, the Compensation Committee approved the vesting of the three-year performance-based restricted stock award, granted to the reporting person in 2023, based on achievement of predetermined performance criteria at the target level. The reporting person received 4,698 shares of common stock under the award and 526.2062 shares of common stock acquired under the dividend reinvestment feature of the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan").

Read SEC document
March 02, 2026 Filed Mar 4, 2026 16:32 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 2,501 $60.55 $151,435.55
Disclosure

SEC source: 0000723188-26-000021 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,258

F1 · kind: Payment of tax liability associated with vesting of restricted stock award.

Read SEC document
March 18, 2025 Filed Mar 19, 2025 21:36 UTC Amendment COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 16,725 $0.00 Strike: $58.10 $0.00
Disclosure

SEC source: 0001127602-25-010024 · form4a.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,725

Underlying: Common Stock · 16,725 shares

Expires 2035-03-18

F3 · shares: This amendment is filed to correct the number of stock options acquired. The correct number is 16,725 shares.

F4 · derivative.exercise_date: The option vests ratably on March 18, 2026, 2027, 2028, 2029, and 2030.

Read SEC document
March 18, 2025 Filed Mar 19, 2025 21:36 UTC Amendment COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 4,529 $0.00 $0.00
Disclosure

SEC source: 0001127602-25-010024 · form4a.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 23,759

F1 · shares: This amendment is filed to correct the number of shares of restricted stock acquired. The correct number is 4,529 shares.

Read SEC document
March 18, 2025 Filed Mar 19, 2025 20:06 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 4,529 $0.00 Strike: $58.10 $0.00
Disclosure

SEC source: 0001127602-25-009960 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,529

Underlying: Common Stock · 4,529 shares

Expires 2035-03-18

F2 · derivative.exercise_date: The option vests ratably on March 18, 2026, 2027, 2028, 2029, and 2030.

Read SEC document
March 18, 2025 Filed Mar 19, 2025 20:06 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 16,725 $0.00 $0.00
Disclosure

SEC source: 0001127602-25-009960 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,955

Read SEC document
March 12, 2025 Filed Mar 13, 2025 17:23 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 1,833.9843 $0.00 $0.00
Disclosure

SEC source: 0001127602-25-009322 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,230

F1 · kind: Payment of tax liability associated with vesting of performance stock award.

Read SEC document
March 07, 2025 Filed Mar 11, 2025 17:00 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 3,391.9843 $0.00 $0.00
Disclosure

SEC source: 0001127602-25-008970 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,063.9843

F1 · shares: On March 7, 2025, the Compensation Committee approved the vesting of the three-year performance-based restricted stock award, granted to the reporting person in 2022, based on achievement of predetermined performance criteria at the target level. The reporting person received 3,069 shares of common stock under the award and 322.9843 shares of common stock acquired under the dividend reinvestment feature of the Community Financial System, Inc. 2022 Long-Term Incentive Plan, as amended (the "Plan").

Read SEC document
March 03, 2025 Filed Mar 4, 2025 17:58 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 1,981 $63.29 $125,377.49
Disclosure

SEC source: 0001127602-25-007691 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,672

F1 · kind: Payment of tax liability associated with vesting of restricted stock award.

Read SEC document
June 13, 2024 Filed Jun 13, 2024 21:37 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 PurchaseCommon Stock 1,000 $43.52 $43,520.00
Disclosure

SEC source: 0001127602-24-018610 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,653

Read SEC document
June 04, 2024 Filed Jun 5, 2024 18:55 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 1,951 $44.76 $87,326.76
Disclosure

SEC source: 0001127602-24-017884 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,653

Read SEC document
March 19, 2024 Filed Mar 20, 2024 14:44 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 19,114 $0.00 Strike: $44.27 $0.00
Disclosure

SEC source: 0001127602-24-010734 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,114

Underlying: Common Stock · 19,114 shares

Expires 2034-03-19

F2 · derivative.exercise_date: The option vests ratably on March 19, 2025, 2026, 2027, 2028, and 2029.

Read SEC document
March 19, 2024 Filed Mar 20, 2024 14:44 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 5,332 $0.00 $0.00
Disclosure

SEC source: 0001127602-24-010734 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,604

Read SEC document
March 01, 2024 Filed Mar 5, 2024 20:13 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 993 $45.30 $44,982.90
Disclosure

SEC source: 0001127602-24-008469 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,272

F1 · kind: Payment of tax liability associated with vesting of restricted stock award.

Read SEC document
February 14, 2024 Filed Feb 14, 2024 17:12 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 PurchaseCommon Stock 1,000 $43.70 $43,700.00
Disclosure

SEC source: 0001127602-24-004932 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · Director · President & CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,265

Read SEC document
September 07, 2023 Filed Sep 7, 2023 22:19 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 PurchaseCommon Stock 1,000 $44.50 $44,500.00
Disclosure

SEC source: 0001127602-23-023866 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,265

Read SEC document
August 16, 2023 Filed Aug 18, 2023 19:58 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 PurchaseCommon Stock 1,000 $48.50 $48,500.00
Disclosure

SEC source: 0001127602-23-022941 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,265

Read SEC document
June 05, 2023 Filed Jun 6, 2023 17:56 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 1,770 $53.05 $93,898.50
Disclosure

SEC source: 0001127602-23-018017 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,265

Read SEC document
May 02, 2023 Filed May 3, 2023 17:50 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 OtherCommon Stock 526.3158 $47.50 $25,000.00
Disclosure

SEC source: 0001127602-23-014197 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · By 401(k) Plan

Disclosed balance after: 1,333.3721

F1 · ownership.nature: The number of shares reported herein acquired pursuant to Community Bank System, Inc.'s 401(k) Plan and are based on a current plan statement.

Read SEC document
March 24, 2023 Filed Mar 28, 2023 19:04 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 OtherCommon Stock 469.3954 $53.26 $25,000.00
Disclosure

SEC source: 0001127602-23-011467 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · By 401(k) Plan

Disclosed balance after: 773.8785

Read SEC document
March 14, 2023 Filed Mar 15, 2023 15:18 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 8,563 $0.00 Strike: $54.06 $0.00
Disclosure

SEC source: 0001127602-23-010247 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,563

Underlying: Common Stock · 8,563 shares

Expires 2033-03-14

F1 · derivative.exercise_date: The option vests ratably on March 14, 2024, 2025, 2026, 2027, and 2028.

Read SEC document
March 14, 2023 Filed Mar 15, 2023 15:18 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 2,348 $0.00 $0.00
Disclosure

SEC source: 0001127602-23-010247 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,035

Read SEC document
March 08, 2023 Filed Mar 9, 2023 18:28 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 517 $61.05 $31,562.85
Disclosure

SEC source: 0001127602-23-009547 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,687

F1 · kind: Payment of tax liability associated with vesting of restricted stock award.

Read SEC document
June 06, 2022 Filed Jun 8, 2022 19:53 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 1,591 $67.17 $106,867.47
Disclosure

SEC source: 0001127602-22-017034 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,204

Read SEC document
March 15, 2022 Filed Mar 16, 2022 21:12 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 6,166 $0.00 Strike: $72.51 $0.00
Disclosure

SEC source: 0001127602-22-009499 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,166

Underlying: Common Stock · 6,166 shares

Expires 2032-03-15

F2 · derivative.exercise_date: The option vests ratably on March 15, 2023, 2024, 2025, 2026, and 2027.

Read SEC document
March 15, 2022 Filed Mar 16, 2022 21:12 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 1,534 $0.00 $0.00
Disclosure

SEC source: 0001127602-22-009499 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,795

Read SEC document
March 15, 2022 Filed Mar 15, 2023 14:51 UTC Amendment COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 6,166 $0.00 Strike: $71.78 $0.00
Disclosure

SEC source: 0001127602-23-010241 · form4a.xml · derivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP, Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,166

Underlying: Common Stock · 6,166 shares

Expires 2032-03-15

F1 · derivative.exercise_price: This amendment is filed to correct the exercise price of the stock option which was originally reported as $72.51. The correct exercise price is $71.78 as set forth in this amendment.

F2 · derivative.exercise_date: The option vests ratably on March 15, 2023, 2024, 2025, 2026, and 2027.

Read SEC document
March 04, 2022 Filed Mar 8, 2022 22:46 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 Tax withholdingCommon Stock 265 $72.94 $19,329.10
Disclosure

SEC source: 0001127602-22-008641 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,261

F1 · kind: Payment of tax liability associated with vesting of restricted stock award.

Read SEC document
June 10, 2021 Filed Jun 14, 2021 20:24 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantStock Option · Derivative 11,714 $0.00 Strike: $80.01 $0.00
Disclosure

SEC source: 0001127602-21-019789 · form4.xml · derivative · entry 3

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,714

Underlying: Common Stock · 11,714 shares

Expires 2031-06-10

F3 · derivative.exercise_date: The option vests ratably on June 10, 2022, 2023, 2024, 2025, and 2026

Read SEC document
June 10, 2021 Filed Jun 14, 2021 20:24 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 2,700 $0.00 $0.00
Disclosure

SEC source: 0001127602-21-019789 · form4.xml · nonDerivative · entry 2

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,526

F2 · shares: Annual grant of restricted stock that vests ratably on June 10, 2022, 2023, 2024, 2025 and 2026.

Read SEC document
June 10, 2021 Filed Jun 14, 2021 20:24 UTC COMMUNITY FINANCIAL SYSTEM, INC. CBU · Entity 4178 GrantCommon Stock 10,826 $0.00 $0.00
Disclosure

SEC source: 0001127602-21-019789 · form4.xml · nonDerivative · entry 1

Karaivanov Dimitar · CIK 0001866135 · EVP Financial Serv & Corp Dev

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,826

F1 · shares: Initial grant of restricted stock that vests ratably on June 10, 2022, 2023 and 2024.

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.