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Knauer Gerard M.

Disclosed activity across 1 company

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60247
SEC CIK
0001851639

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Reported relationships

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CompanyLast reported asReport datePublished
LAUREATE EDUCATION, INC.LAUR · Entity 1751VP, ACCTG, GLOBAL CONTROLLERMarch 15, 2026March 18, 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.

LAUREATE EDUCATION, INC.

Report date March 15, 2026 · Filed March 18, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect21,851 Reported balance After 2026-03-15 transaction · row 1
1 source row

Row 1 · 2026-03-15 · Tax withholding · Disposed 1,124 · Balance 21,851

F1: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Filing footnotes · ownership attribution and instrument terms

F1: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

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 15, 2026 Filed Mar 18, 2026 00:00 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,124 $34.26 $38,508.24
Disclosure

SEC source: 0001851639-26-000008 · form4-03172026_080304.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,851

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Read SEC document
February 06, 2026 Filed Feb 10, 2026 22:30 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 1,212 $0.00 $0.00
Disclosure

SEC source: 0001851639-26-000005 · form4-02102026_050209.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,695

F1 · shares: Represents restricted stock units that will vest in three equal installments on each of December 31, 2026, 2027 and 2028, subject to the reporting person's continued employment through the applicable vesting dates.

Read SEC document
December 31, 2025 Filed Jan 5, 2026 21:10 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,001 $33.94 $33,973.94
Disclosure

SEC source: 0001851639-26-000002 · form4-01052026_040105.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 18,483

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Common Stock in Table I.

Read SEC document
March 15, 2025 Filed Mar 18, 2025 22:42 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,092 $18.89 $20,627.88
Disclosure

SEC source: 0001415889-25-008502 · form4-03182025_100317.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,484

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Read SEC document
February 25, 2025 Filed Feb 28, 2025 00:49 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionEmployee Stock Option (right to buy) · Derivative 1,976 $0.00 Strike: $7.64 $0.00
Disclosure

SEC source: 0001415889-25-005940 · form4-02282025_120200.xml · derivative · entry 3

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,976 shares

Expires 2025-03-04

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_date: The option vested in five substantially equal installments on each of December 31, 2015, 2016, 2017, 2018 and 2019.

Read SEC document
February 25, 2025 Filed Feb 28, 2025 00:49 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 SaleCommon Stock 1,250 $19.27 $24,082.13
Disclosure

SEC source: 0001415889-25-005940 · form4-02282025_120200.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,576

F1 · kind: The purpose of the sale was to cover the exercise price and taxes related to exercise of stock options on the same date.

F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $19.26 to $19.2684. The reporting person undertakes to provide to Laureate Education, Inc., any security holder of Laureate Education, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

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February 25, 2025 Filed Feb 28, 2025 00:49 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionCommon Stock 1,976 $7.64 $15,096.64
Disclosure

SEC source: 0001415889-25-005940 · form4-02282025_120200.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,826

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
February 12, 2025 Filed Feb 14, 2025 21:48 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 2,241 $0.00 $0.00
Disclosure

SEC source: 0001415889-25-004138 · form4-02142025_090252.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,850

F2 · shares: Represents shares earned under performance share unit awards granted in 2023 and 2024 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2024.

Read SEC document
February 12, 2025 Filed Feb 14, 2025 21:48 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 2,074 $0.00 $0.00
Disclosure

SEC source: 0001415889-25-004138 · form4-02142025_090252.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,609

F1 · shares: Represents restricted stock units that will vest in three equal installments on each of December 31, 2025, 2026 and 2027, subject to the reporting person's continued employment through the applicable vesting dates.

Read SEC document
February 12, 2025 Filed Feb 10, 2026 22:30 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 3,280 $0.00 $0.00
Disclosure

SEC source: 0001851639-26-000005 · form4-02102026_050209.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,975

F2 · shares: Represents shares earned under performance share unit awards granted in 2023, 2024 and 2025 upon certification by the Compensation Committee that performance criteria was achieved for the year ended December 31, 2025.

Read SEC document
December 31, 2024 Filed Jan 3, 2025 22:16 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,093 $18.08 $19,761.44
Disclosure

SEC source: 0001415889-25-000568 · form4-01032025_100103.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,535

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Common Stock in Table I.

Read SEC document
June 03, 2024 Filed Jun 5, 2024 23:00 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionEmployee Stock Option (right to buy) · Derivative 1,965 $0.00 Strike: $7.64 $0.00
Disclosure

SEC source: 0001415889-24-015657 · form4-06052024_070602.xml · derivative · entry 3

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,965 shares

Expires 2024-07-10

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: The option vested in five substantially equal installments on each of December 31, 2014, 2015, 2016, 2017 and 2018.

Read SEC document
June 03, 2024 Filed Jun 5, 2024 23:00 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 SaleCommon Stock 1,305 $15.78 $20,594.73
Disclosure

SEC source: 0001415889-24-015657 · form4-06052024_070602.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,628

Read SEC document
June 03, 2024 Filed Jun 5, 2024 23:00 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionCommon Stock 1,965 $7.64 $15,012.60
Disclosure

SEC source: 0001415889-24-015657 · form4-06052024_070602.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,933

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
March 15, 2024 Filed Mar 19, 2024 21:33 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,028 $13.56 $13,939.68
Disclosure

SEC source: 0001415889-24-008611 · form4-03192024_090356.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,968

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Read SEC document
February 05, 2024 Filed Feb 8, 2024 00:54 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 2,236 $0.00 $0.00
Disclosure

SEC source: 0001415889-24-002973 · form4-02082024_120207.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,996

F2 · shares: Represents shares earned under performance share unit awards granted in 2022 and 2023 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2023.

Read SEC document
February 05, 2024 Filed Feb 8, 2024 00:54 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 3,128 $0.00 $0.00
Disclosure

SEC source: 0001415889-24-002973 · form4-02082024_120207.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 14,760

F1 · shares: Represents restricted stock units that will vest in three equal installments on each of December 31, 2024, 2025 and 2026, subject to the reporting person's continued employment through the applicable vesting dates.

Read SEC document
December 31, 2023 Filed Jan 4, 2024 00:04 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 1,044 $13.71 $14,313.24
Disclosure

SEC source: 0001415889-24-000392 · form4-01042024_120147.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,632

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Common Stock in Table I.

Read SEC document
August 08, 2023 Filed Aug 10, 2023 20:10 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionEmployee Stock Option (right to buy) · Derivative 1,262 $0.00 Strike: $8.34 $0.00
Disclosure

SEC source: 0001415889-23-012033 · form4-08102023_040801.xml · derivative · entry 3

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,262 shares

Expires 2023-10-02

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: The option vested in five substantially equal installments on each of December 31, 2013, 2014, 2015, 2016 and 2017.

Read SEC document
August 08, 2023 Filed Aug 10, 2023 20:10 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 SaleCommon Stock 926 $14.00 $12,960.30
Disclosure

SEC source: 0001415889-23-012033 · form4-08102023_040801.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,676

Read SEC document
August 08, 2023 Filed Aug 10, 2023 20:10 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Exercise / conversionCommon Stock 1,262 $8.34 $10,525.08
Disclosure

SEC source: 0001415889-23-012033 · form4-08102023_040801.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,602

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

Read SEC document
March 15, 2023 Filed Mar 17, 2023 20:46 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 645 $11.71 $7,552.95
Disclosure

SEC source: 0001415889-23-005129 · form4-03172023_080330.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,340

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Read SEC document
February 28, 2023 Filed Mar 2, 2023 21:15 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 SaleCommon Stock 4,130 $11.85 $48,940.50
Disclosure

SEC source: 0001415889-23-003802 · form4-03022023_040301.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,985

F1 · kind: The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 12, 2022.

Read SEC document
February 15, 2023 Filed Feb 18, 2023 00:49 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 1,934 $0.00 $0.00
Disclosure

SEC source: 0001415889-23-002808 · form4-02182023_120231.xml · nonDerivative · entry 2

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,115

F2 · shares: Represents shares earned under performance share unit awards granted in 2020, 2021 and 2022 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2022.

Read SEC document
February 15, 2023 Filed Feb 18, 2023 00:49 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 3,595 $0.00 $0.00
Disclosure

SEC source: 0001415889-23-002808 · form4-02182023_120231.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,181

F1 · shares: Represents restricted stock units that will vest in three equal installments on each of December 31, 2023, 2024 and 2025, subject to the reporting person's continued employment through the applicable vesting dates.

Read SEC document
December 31, 2022 Filed Jan 4, 2023 23:04 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 974 $9.62 $9,369.88
Disclosure

SEC source: 0001415889-23-000405 · form4-01042023_110115.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,586

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Common Stock in Table I.

Read SEC document
March 15, 2022 Filed Mar 17, 2022 21:30 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 299 $11.98 $3,582.02
Disclosure

SEC source: 0001415889-22-003135 · form4-03172022_050323.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,560

F1 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of performance share units previously reported as shares of Common Stock in Table I.

Read SEC document
February 18, 2022 Filed Feb 24, 2022 00:41 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 4,154 $0.00 $0.00
Disclosure

SEC source: 0001415889-22-001724 · form4-02232022_040220.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,859

F1 · shares: Includes (i) 3,115 restricted stock units that will vest in three substantially equal installments on each of December 31, 2022, 2023 and 2024 and (ii) 1,039 time-based units granted as part of a performance-based award that will vest on March 15, 2025, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

Read SEC document
February 15, 2022 Filed Feb 18, 2022 00:15 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantCommon Stock 895 $0.00 $0.00
Disclosure

SEC source: 0001415889-22-001533 · form4-02172022_040216.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,705

F1 · shares: Represents shares earned under performance share unit awards granted in 2019, 2020 and 2021 upon certification by the Compensation Committee that performance criteria was met for the year ended December 31, 2021.

Read SEC document
December 31, 2021 Filed Jan 4, 2022 22:30 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 Tax withholdingCommon Stock 989 $12.11 $11,976.79
Disclosure

SEC source: 0001415889-22-000246 · form4-01042022_050130.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, ACCTG, GLOBAL CONTROLLER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,810

F1 · security: Pursuant to the Issuer's Amended and Restated Certificate of Incorporation, the Class A Common Stock of the Issuer has converted into Common Stock of the Issuer effective as of October 29, 2021.

F2 · shares: Represents shares withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person that arose upon the vesting of restricted stock units previously reported as shares of Class A Common Stock in Table I.

Read SEC document
April 02, 2021 Filed Apr 7, 2021 10:06 UTC LAUREATE EDUCATION, INC. LAUR · Entity 1751 GrantClass A Common Stock 3,583 $0.00 $0.00
Disclosure

SEC source: 0001104659-21-047280 · tm2112343-3_4seq1.xml · nonDerivative · entry 1

Knauer Gerard M. · CIK 0001851639 · VP, Acctg, Global Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,799

F1 · shares: Includes (i) 2,687 restricted stock units that will vest in three substantially equal installments on each of December 31, 2021, December 31, 2022, and December 31, 2023 and (ii) 896 time-based units granted as part of a performance-based award that will vest on March 15, 2024, subject, in each case, to the reporting person's continued employment through the applicable vesting date.

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.