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Fulcher Linne

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72420
SEC CIK
0001996458

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Latest disclosed role at each company.

CompanyLast reported asReport datePublished
VALVOLINE INCVVV · Entity 1678Chief Operating OfficerNovember 28, 2025December 01, 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.

VALVOLINE INC

Report date November 28, 2025 · Filed December 01, 2025

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect12,784 Ending reported balance After 2025-11-28 transaction · row 2
2 source rows · reconciled sequence

Row 1 · 2025-11-28 · Exercise / conversion · Acquired 794 · Balance 13,027

F1: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Row 2 · 2025-11-28 · Tax withholding · Disposed 243 · Balance 12,784

FY 2023 Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect0 Reported balance After 2025-11-28 transaction · row 3 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 3 · 2025-11-28 · Exercise / conversion · Disposed 794 · Balance 0

F1: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Filing footnotes · ownership attribution and instrument terms

F1: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

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
November 28, 2025 Filed Dec 1, 2025 21:02 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2023 Restricted Stock Units · Derivative 794 $0.00 $0.00
Disclosure

SEC source: 0001996458-25-000011 · wk-form4_1764622955.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 794 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 28, 2025 Filed Dec 1, 2025 21:02 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 243 $31.31 $7,608.33
Disclosure

SEC source: 0001996458-25-000011 · wk-form4_1764622955.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,784

Read SEC document
November 28, 2025 Filed Dec 1, 2025 21:02 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 794 Not disclosed Not disclosed
Disclosure

SEC source: 0001996458-25-000011 · wk-form4_1764622955.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 13,027

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
November 25, 2025 Filed Nov 28, 2025 18:06 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2026 Restricted Stock Units · Derivative 4,150 $0.00 $0.00
Disclosure

SEC source: 0001996458-25-000009 · wk-form4_1764353187.xml · derivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,150

Underlying: Common Stock · 4,150 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F3 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F3 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 25, 2025 Filed Nov 28, 2025 18:06 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2026 Stock Appreciation Right · Derivative 9,810 $0.00 Strike: $31.62 $0.00
Disclosure

SEC source: 0001996458-25-000009 · wk-form4_1764353187.xml · derivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,810

Underlying: Common Stock · 9,810 shares

Expires 2035-11-25

F1 · derivative.exercise_date: Fifty percent (50%) of the Stock Appreciation Rights vested on the first anniversary of the grant date and 25% vested on each of the second and third anniversaries of the grant date.

Read SEC document
November 21, 2025 Filed Nov 24, 2025 12:33 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2025 Restricted Stock Units · Derivative 1,006 $0.00 $0.00
Disclosure

SEC source: 0001996458-25-000007 · wk-form4_1763987608.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,014

Underlying: Common Stock · 1,006 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 21, 2025 Filed Nov 24, 2025 12:33 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 307 $31.21 $9,581.47
Disclosure

SEC source: 0001996458-25-000007 · wk-form4_1763987608.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,233

Read SEC document
November 21, 2025 Filed Nov 24, 2025 12:33 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 1,006 Not disclosed Not disclosed
Disclosure

SEC source: 0001996458-25-000007 · wk-form4_1763987608.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,540

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
November 19, 2025 Filed Nov 20, 2025 21:44 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 627 $30.64 $19,211.28
Disclosure

SEC source: 0001996458-25-000005 · wk-form4_1763675057.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 11,534

Read SEC document
November 19, 2025 Filed Nov 20, 2025 21:44 UTC VALVOLINE INC VVV · Entity 1678 GrantCommon Stock 2,054 Not disclosed Not disclosed
Disclosure

SEC source: 0001996458-25-000005 · wk-form4_1763675057.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 12,161

F1 · shares: Represents shares earned from the FY23-FY25 Performance Share Unit (PSU) award granted on November 29, 2022, as certified by the Compensation Committee of the Board of Directors. Earned PSUs became 100% vested on the last day of the performance period. The PSUs were measured against adjusted net income performance goals over three separate one-year measurement periods for each of FY23, FY24 and FY25, and for a three-year measurement period between FY23-FY25. Each measurement period was weighted equally at 25%. The entire PSU was subject to a payment modifier (-25%, 0%, or +25%) based on Valvoline's FY23-FY25 total shareholder return (TSR) relative to the companies in the S&P 400 MidCap 400 Index. Based on Valvoline's adjusted net income and TSR performance, the Committee awarded a PSU payout equal to 98.4% of target.

F2 · price: PSUs convert into Valvoline Common Stock on a one-for-one basis.

Read SEC document
November 14, 2025 Filed Nov 17, 2025 21:05 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2024 Restricted Stock Units · Derivative 1,340 $0.00 $0.00
Disclosure

SEC source: 0001996458-25-000003 · wk-form4_1763413547.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,340

Underlying: Common Stock · 1,340 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 14, 2025 Filed Nov 17, 2025 21:05 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 409 $31.44 $12,858.96
Disclosure

SEC source: 0001996458-25-000003 · wk-form4_1763413547.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,107

Read SEC document
November 14, 2025 Filed Nov 17, 2025 21:05 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 1,340 Not disclosed Not disclosed
Disclosure

SEC source: 0001996458-25-000003 · wk-form4_1763413547.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,516

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
November 29, 2024 Filed Dec 2, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2023 Restricted Stock Units · Derivative 792 $0.00 $0.00
Disclosure

SEC source: 0001674910-24-000182 · wk-form4_1733173768.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 794

Underlying: Common Stock · 792 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 29, 2024 Filed Dec 2, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 229 $39.71 $9,093.59
Disclosure

SEC source: 0001674910-24-000182 · wk-form4_1733173768.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,176

Read SEC document
November 29, 2024 Filed Dec 2, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 792 Not disclosed Not disclosed
Disclosure

SEC source: 0001674910-24-000182 · wk-form4_1733173768.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,405

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
November 21, 2024 Filed Nov 25, 2024 21:12 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2025 Stock Appreciation Rights · Derivative 7,620 $0.00 Strike: $38.56 $0.00
Disclosure

SEC source: 0001674910-24-000165 · wk-form4_1732569150.xml · derivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,620

Underlying: Common Stock · 7,620 shares

Expires 2034-11-21

F3 · derivative.exercise_date: Fifty percent (50%) of the stock appreciation rights vest on the first anniversary of the grant date and 25% vest on each of the second and third anniversaries of the grant date.

Read SEC document
November 21, 2024 Filed Nov 25, 2024 21:12 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2025 Restricted Stock Units · Derivative 3,020 $0.00 $0.00
Disclosure

SEC source: 0001674910-24-000165 · wk-form4_1732569150.xml · derivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,020

Underlying: Common Stock · 3,020 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 15, 2024 Filed Nov 18, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2024 Restricted Stock Units · Derivative 1,340 $0.00 $0.00
Disclosure

SEC source: 0001674910-24-000138 · wk-form4_1731964178.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,680

Underlying: Common Stock · 1,340 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 15, 2024 Filed Nov 18, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 387 $42.32 $16,377.84
Disclosure

SEC source: 0001674910-24-000138 · wk-form4_1731964178.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,613

Read SEC document
November 15, 2024 Filed Nov 18, 2024 21:09 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 1,340 Not disclosed Not disclosed
Disclosure

SEC source: 0001674910-24-000138 · wk-form4_1731964178.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,000

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
August 30, 2024 Filed Sep 3, 2024 20:05 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2022 Restricted Stock Units · Derivative 5,060 $0.00 $0.00
Disclosure

SEC source: 0001674910-24-000104 · wk-form4_1725393902.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 5,060 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in two equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in two equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
August 30, 2024 Filed Sep 3, 2024 20:05 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 1,460 $42.20 $61,612.00
Disclosure

SEC source: 0001674910-24-000104 · wk-form4_1725393902.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 7,660

Read SEC document
August 30, 2024 Filed Sep 3, 2024 20:05 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 5,060 $42.20 $213,532.00
Disclosure

SEC source: 0001674910-24-000104 · wk-form4_1725393902.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,120

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
November 29, 2023 Filed Nov 30, 2023 21:22 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionFY 2023 Restricted Stock Units · Derivative 791 $0.00 $0.00
Disclosure

SEC source: 0001674910-23-000163 · wk-form4_1701379350.xml · derivative · entry 3

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,586

Underlying: Common Stock · 791 shares

Expires not disclosed

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_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

Read SEC document
November 29, 2023 Filed Nov 30, 2023 21:22 UTC VALVOLINE INC VVV · Entity 1678 Tax withholdingCommon Stock 234 $34.39 $8,047.26
Disclosure

SEC source: 0001674910-23-000163 · wk-form4_1701379350.xml · nonDerivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,060

Read SEC document
November 29, 2023 Filed Nov 30, 2023 21:22 UTC VALVOLINE INC VVV · Entity 1678 Exercise / conversionCommon Stock 791 Not disclosed Not disclosed
Disclosure

SEC source: 0001674910-23-000163 · wk-form4_1701379350.xml · nonDerivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,294

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 · price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

Read SEC document
November 16, 2023 Filed Nov 20, 2023 21:06 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2024 Stock Appreciation Rights · Derivative 8,410 $0.00 Strike: $34.94 $0.00
Disclosure

SEC source: 0001674910-23-000136 · wk-form4_1700514383.xml · derivative · entry 2

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,410

Underlying: Common Stock · 8,410 shares

Expires 2033-11-16

F3 · derivative.exercise_date: Fifty percent (50%) of the stock appreciation rights vest on the first anniversary of the grant date and 25% vest on each of the second and third anniversaries of the grant date.

Read SEC document
November 16, 2023 Filed Nov 20, 2023 21:06 UTC VALVOLINE INC VVV · Entity 1678 GrantFY 2024 Restricted Stock Units · Derivative 4,020 $0.00 $0.00
Disclosure

SEC source: 0001674910-23-000136 · wk-form4_1700514383.xml · derivative · entry 1

Fulcher Linne · CIK 0001996458 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,020

Underlying: Common Stock · 4,020 shares

Expires not disclosed

F1 · derivative.exercise_price: Restricted stock units convert into Valvoline common stock on a one-for-one basis.

F2 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant date.

F2 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning on the first anniversary of the grant 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.