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WINOKER LAURENCE

Disclosed activity across 1 company

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61386
SEC CIK
0001191306

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
LIFETIME BRANDS, INCLCUT · Entity 671EVP, Treasurer, & CFOMarch 11, 2026March 12, 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.

LIFETIME BRANDS, INC

Report date March 11, 2026 · Filed March 12, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect138,184 Reported balance After 2026-03-11 transaction · row 1
1 source row

Row 1 · 2026-03-11 · Tax withholding · Disposed 1,396 · Balance 138,184

F1: Payment of tax liability by withholding Common Stock incident to the vesting of 3,375 restricted stock. The restricted shares were granted on March 11, 2025 and vest in four equal installments on each of March 11, 2026, March 11, 2027, March 11, 2028, March 11, 2029.

Filing footnotes · ownership attribution and instrument terms

F1: Payment of tax liability by withholding Common Stock incident to the vesting of 3,375 restricted stock. The restricted shares were granted on March 11, 2025 and vest in four equal installments on each of March 11, 2026, March 11, 2027, March 11, 2028, March 11, 2029.

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
June 08, 2021 Filed Jun 10, 2021 23:59 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionEmployee Stock Option (Right to buy) · Derivative 400 $0.00 Strike: $10.79 $0.00
Disclosure

SEC source: 0001628280-21-012052 · wf-form4_162336955816819.xml · derivative · entry 5

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,600

Underlying: Common Stock · 400 shares

Expires 2021-06-15

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 options vested and became exercisable 25% a year in four equal annual installments on each of June 16, 2012, 2013, 2014 and 2015.

Read SEC document
June 08, 2021 Filed Jun 10, 2021 23:59 UTC LIFETIME BRANDS, INC LCUT · Entity 671 SaleCommon Stock 400 $17.00 $6,800.00
Disclosure

SEC source: 0001628280-21-012052 · wf-form4_162336955816819.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,084

Read SEC document
June 08, 2021 Filed Jun 10, 2021 23:59 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionCommon Stock 400 $10.79 $4,316.00
Disclosure

SEC source: 0001628280-21-012052 · wf-form4_162336955816819.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,484

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 10, 2021 Filed Mar 12, 2021 00:46 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 6,034 $15.08 $90,992.72
Disclosure

SEC source: 0001628280-21-004581 · wf-form4_161550995568923.xml · nonDerivative · entry 4

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,084

F4 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
March 09, 2021 Filed Mar 12, 2021 00:46 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 6,250 $0.00 $0.00
Disclosure

SEC source: 0001628280-21-004581 · wf-form4_161550995568923.xml · nonDerivative · entry 3

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,118

F3 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
March 09, 2021 Filed Mar 12, 2021 00:46 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 1,341 $14.18 $19,015.38
Disclosure

SEC source: 0001628280-21-004581 · wf-form4_161550995568923.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 85,868

F2 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of PSUs.

Read SEC document
March 09, 2021 Filed Mar 12, 2021 00:46 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 3,948 $0.00 $0.00
Disclosure

SEC source: 0001628280-21-004581 · wf-form4_161550995568923.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 87,209

F1 · shares: On June 28, 2018 the reporting person received Deferred Stock (Performance vesting) grant (PSUs) that vest upon the satisfaction of certain performance conditions. On March 09, 2021, the Compensation Committee determined that certain of the performance conditions were met and a portion of the shares subject to the PSUs vested.

Read SEC document
June 28, 2020 Filed Jun 29, 2020 20:33 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 383 $7.32 $2,803.56
Disclosure

SEC source: 0001628280-20-010026 · wf-form4_159346277306526.xml · nonDerivative · entry 3

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,261

F2 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 27, 2020 Filed Jun 29, 2020 20:33 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 340 $7.32 $2,488.80
Disclosure

SEC source: 0001628280-20-010026 · wf-form4_159346277306526.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,644

F2 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 25, 2020 Filed Jun 29, 2020 20:33 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 4,500 $0.00 $0.00
Disclosure

SEC source: 0001628280-20-010026 · wf-form4_159346277306526.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,984

F1 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
June 22, 2020 Filed Jun 23, 2020 21:22 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 340 $6.30 $2,142.00
Disclosure

SEC source: 0001628280-20-009848 · wf-form4_159294732221067.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 79,484

F1 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 09, 2020 Filed Jun 10, 2020 20:36 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 340 $6.97 $2,369.80
Disclosure

SEC source: 0001628280-20-009208 · wf-form4_159182138793165.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 79,824

F1 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
March 15, 2020 Filed Mar 16, 2020 21:14 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 2,646 $5.33 $14,103.18
Disclosure

SEC source: 0001628280-20-003664 · wf-form4_158439325130907.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,164

F1 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
March 10, 2020 Filed Mar 12, 2020 21:52 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 17,763 $0.00 $0.00
Disclosure

SEC source: 0001628280-20-003497 · wf-form4_158404993373827.xml · nonDerivative · entry 3

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,810

F3 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
March 10, 2020 Filed Mar 12, 2020 21:52 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 1,304 $6.38 $8,319.52
Disclosure

SEC source: 0001628280-20-003497 · wf-form4_158404993373827.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,047

F2 · shares: Payment of tax liability by withholding Common Stock incident to the vesting of PSUs.

Read SEC document
March 10, 2020 Filed Mar 12, 2020 21:52 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 3,319 $0.00 $0.00
Disclosure

SEC source: 0001628280-20-003497 · wf-form4_158404993373827.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 66,351

F1 · shares: On June 22, 2017 the reporting person received Deferred Stock (Performance vesting) grant (PSUs) that vest upon the satisfaction of certain performance conditions. On March 10, 2020, the Compensation Committee determined that certain of the performance conditions were met and a portion of the shares subject to the PSUs vested.

Read SEC document
June 28, 2019 Filed Jul 1, 2019 21:54 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 383 $9.46 $3,623.18
Disclosure

SEC source: 0000899243-19-018665 · doc4.xml · nonDerivative · entry 5

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,032

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 27, 2019 Filed Jul 1, 2019 21:54 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 4,000 $0.00 $0.00
Disclosure

SEC source: 0000899243-19-018665 · doc4.xml · nonDerivative · entry 4

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 63,415

F2 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
June 22, 2019 Filed Jul 1, 2019 21:54 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 340 $9.18 $3,121.20
Disclosure

SEC source: 0000899243-19-018665 · doc4.xml · nonDerivative · entry 3

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,415

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 10, 2019 Filed Jul 1, 2019 21:54 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 213 $8.74 $1,861.62
Disclosure

SEC source: 0000899243-19-018665 · doc4.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,755

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 09, 2019 Filed Jul 1, 2019 21:54 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 340 $8.59 $2,920.60
Disclosure

SEC source: 0000899243-19-018665 · doc4.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,968

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
March 21, 2019 Filed Mar 22, 2019 17:36 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionEmployee Stock Option (Right to buy) · Derivative 25,000 $0.00 Strike: $2.19 $0.00
Disclosure

SEC source: 0001191306-19-000005 · primary_doc.xml · derivative · entry 3

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 25,000 shares

Expires 2019-04-02

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 options vested 25 percent per year over four years, beginning on April 3, 2010.

Read SEC document
March 21, 2019 Filed Mar 22, 2019 17:36 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 12,419 $9.41 $116,862.79
Disclosure

SEC source: 0001191306-19-000005 · primary_doc.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 60,308

Read SEC document
March 21, 2019 Filed Mar 22, 2019 17:36 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionCommon Stock 25,000 $2.19 $54,750.00
Disclosure

SEC source: 0001191306-19-000005 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,727

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, 2019 Filed Mar 19, 2019 20:07 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 8,000 $0.00 $0.00
Disclosure

SEC source: 0001191306-19-000001 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP - Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 47,727

F1 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
March 12, 2019 Filed Mar 14, 2019 21:11 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 3,522 $0.00 $0.00
Disclosure

SEC source: 0000923401-19-000004 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,727

F1 · kind: On June 9, 2016, the reporting person received Deferred Stock (Performance vesting) grant (PSUs) that vest upon the satisfaction of certain performance conditions. On March 12, 2019, the Compensation Committee determined that certain of the performance conditions were met and a portion of the shares subject to the PSUs vested.

F1 · shares: On June 9, 2016, the reporting person received Deferred Stock (Performance vesting) grant (PSUs) that vest upon the satisfaction of certain performance conditions. On March 12, 2019, the Compensation Committee determined that certain of the performance conditions were met and a portion of the shares subject to the PSUs vested.

Read SEC document
September 05, 2018 Filed Sep 6, 2018 20:37 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionEmployee Stock Option (Right to buy) · Derivative 5,000 $0.00 Strike: $4.60 $0.00
Disclosure

SEC source: 0001191306-18-000001 · primary_doc.xml · derivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP-Finance,CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 5,000 shares

Expires 2018-11-10

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 options vested 25 percent per year over four years, beginning on November 10, 2009.

Read SEC document
September 05, 2018 Filed Sep 6, 2018 20:37 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Exercise / conversionCommon Stock 5,000 $4.60 $23,000.00
Disclosure

SEC source: 0001191306-18-000001 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP-Finance,CFO and Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,205

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
June 28, 2018 Filed Jul 2, 2018 21:34 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 4,500 $0.00 $0.00
Disclosure

SEC source: 0001092378-18-000014 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP-Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,205

F1 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan

Read SEC document
March 07, 2018 Filed Mar 9, 2018 22:19 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 913 $13.45 $12,279.85
Disclosure

SEC source: 0001469326-18-000002 · primary_doc.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,705

F2 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of PSUs.

Read SEC document
March 07, 2018 Filed Mar 9, 2018 22:19 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 2,323 $0.00 $0.00
Disclosure

SEC source: 0001469326-18-000002 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP- Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,618

F1 · kind: On June 10, 2015, the reporting person received Deferred Stock (Performance vesting) grant (PSUs) that vest upon the satisfaction of certain performance conditions. On March 7, 2018, the Compensation Committee determined that certain of the performance conditions were met and a portion of the shares subject to the PSUs vested.

Read SEC document
June 22, 2017 Filed Jun 23, 2017 20:21 UTC LIFETIME BRANDS, INC LCUT · Entity 671 GrantCommon Stock 4,000 $0.00 $0.00
Disclosure

SEC source: 0001092378-17-000009 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP -Finance, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,295

F1 · shares: The restricted stock was granted pursuant to the Company's Amended and Restated 2000 Long-Term Incentive Plan.

Read SEC document
June 10, 2017 Filed Jun 12, 2017 20:56 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 232 $19.15 $4,442.80
Disclosure

SEC source: 0000923401-17-000005 · primary_doc.xml · nonDerivative · entry 2

WINOKER LAURENCE · CIK 0001191306 · SVP -Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,295

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

Read SEC document
June 09, 2017 Filed Jun 12, 2017 20:56 UTC LIFETIME BRANDS, INC LCUT · Entity 671 Tax withholdingCommon Stock 369 $19.15 $7,066.35
Disclosure

SEC source: 0000923401-17-000005 · primary_doc.xml · nonDerivative · entry 1

WINOKER LAURENCE · CIK 0001191306 · SVP -Finance, CFO, & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,527

F1 · kind: Payment of tax liability by withholding Common Stock incident to the vesting of restricted stock.

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.