Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| LiveRamp Holdings, Inc.RAMP · Entity 4412 | CHIEF COMMERCIAL OFFICER | February 19, 2022 | February 23, 2022 |
| Olo Inc.OLO · Entity 75411 | Chief Revenue Officer | December 06, 2024 | December 10, 2024 |
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.
LiveRamp Holdings, Inc.
Report date February 19, 2022 · Filed February 23, 2022
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| COMMON STOCK, $.10 PAR VALUESEC Table I · non-derivative | Direct | 63,549 |
Ending reported balance
After 2022-02-22 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2022-02-19 · Tax withholding · Disposed 253 · Balance 63,679 F1: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 19, 2022, when restricted stock units belonging to the reporting person vested. Row 2 · 2022-02-22 · Tax withholding · Disposed 130 · Balance 63,549 F2: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 22, 2022, when restricted stock units belonging to the reporting person vested. |
| COMMON STOCK, $.10 PAR VALUESEC Table I · non-derivative | IndirectBY MANAGED ACCOUNT 1 | 1,525 |
Reported balance
Holding disclosure · report date 2022-02-19 · row 3
Holding and transaction disclosures are not merged.
1 source rowRow 3 · Balance 1,525 |
Filing footnotes · ownership attribution and instrument terms
F1: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 19, 2022, when restricted stock units belonging to the reporting person vested.
F2: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 22, 2022, when restricted stock units belonging to the reporting person vested.
Olo Inc.
Report date December 06, 2024 · Filed December 10, 2024
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Class A Common StockSEC Table I · non-derivative | Direct | 656,459 |
Reported balance
After 2024-12-06 transaction · row 1
1 source rowRow 1 · 2024-12-06 · Sale · Disposed 18,167 · Balance 656,459 F1: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.305 to $7.41, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person.
F2: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.305 to $7.41, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request.
Transaction history
JSON APIPurchases/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 date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| December 06, 2024 Filed Dec 10, 2024 16:30 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 18,167 | $7.33 | $133,191.36 |
DisclosureSEC source: 0001140361-24-048919 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 656,459 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.305 to $7.41, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| October 01, 2024 Filed Oct 3, 2024 16:15 UTC | Olo Inc. OLO · Entity 75411 | GrantClass A Common Stock | 104,767 | $0.00 | $0.00 |
DisclosureSEC source: 0001140361-24-042745 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 674,626 F1 · shares: These shares are represented by restricted stock units (the "RSUs"). Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer. The RSUs will vest in equal quarterly installments over three years on each March 5, June 5, September 5 and December 5 of a given calendar year, subject to the Reporting Person's continuous service with the Issuer as of each such vesting date. Read SEC document |
| September 06, 2024 Filed Sep 10, 2024 16:30 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 13,555 | $4.90 | $66,457.45 |
DisclosureSEC source: 0001140361-24-040733 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 569,859 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $4.865 to $4.95, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| June 06, 2024 Filed Jun 10, 2024 16:30 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 9,392 | $4.52 | $42,439.63 |
DisclosureSEC source: 0001140361-24-029586 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 583,414 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $4.51 to $4.53, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| May 10, 2024 Filed May 14, 2024 16:30 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 40,000 | $4.70 | $188,000.00 |
DisclosureSEC source: 0001140361-24-025972 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 592,806 F1 · kind: Sales were undertaken by the Reporting Person for personal tax planning purposes. Read SEC document |
| March 06, 2024 Filed Mar 8, 2024 16:31 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 13,252 | $5.59 | $74,109.16 |
DisclosureSEC source: 0001140361-24-012361 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 632,806 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $5.525 to $5.655, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| February 27, 2024 Filed Feb 29, 2024 16:30 UTC | Olo Inc. OLO · Entity 75411 | GrantClass A Common Stock | 64,189 | $0.00 | $0.00 |
DisclosureSEC source: 0001140361-24-010445 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 646,058 F1 · shares: Represents shares underlying performance-based restricted stock units ("PSUs") granted on February 24, 2023. Following the Compensation Committee's certification on February 27, 2024 of the applicable financial performance results for the fiscal year ended December 31, 2023, 31.25% of these PSUs will vest on March 5, 2024 and the remaining PSUs will vest in eleven equal quarterly installments over the next three years, subject to the Reporting Person's continued services with the Issuer on each such vesting date. The PSUs were awarded under the Issuer's 2021 Equity Incentive Plan. Read SEC document |
| December 06, 2023 Filed Dec 8, 2023 16:30 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 13,293 | $5.78 | $76,834.87 |
DisclosureSEC source: 0001140361-23-056994 · form4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 581,869 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $5.705 to $5.83, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| September 06, 2023 Filed Sep 8, 2023 16:16 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 42,073 | $6.20 | $260,903.09 |
DisclosureSEC source: 0000950170-23-047281 · ownership.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 595,162 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $6.095 to $6.405, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| August 07, 2023 Filed Aug 9, 2023 17:11 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 37,766 | $7.41 | $279,676.11 |
DisclosureSEC source: 0000950170-23-040736 · ownership.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 637,235 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.25 to $7.50, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| June 06, 2023 Filed Jun 8, 2023 17:58 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 2,785 | $7.29 | $20,293.46 |
DisclosureSEC source: 0000950170-23-027082 · ownership.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 675,001 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.175 to $7.425, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| March 06, 2023 Filed Mar 8, 2023 16:05 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 2,820 | $7.80 | $21,984.72 |
DisclosureSEC source: 0000899243-23-007524 · doc4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 677,786 F1 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of restricted stock units, and does not represent a discretionary trade by the Reporting Person. F2 · price: The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $7.69 to $7.91, inclusive. Full information regarding the number of shares sold at each separate price can be furnished to the Issuer, any security holder of the Issuer, or the SEC staff upon request. Read SEC document |
| February 28, 2023 Filed Feb 28, 2023 19:07 UTC | Olo Inc. OLO · Entity 75411 | SaleClass A Common Stock | 11,826 | $8.04 | $95,034.92 |
DisclosureSEC source: 0000899243-23-006476 · doc4.xml · nonDerivative · entry 2 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 680,606 F2 · kind: Represents shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting and settlement of RSUs, and does not represent a discretionary trade by the Reporting Person. Read SEC document |
| February 24, 2023 Filed Feb 28, 2023 19:07 UTC | Olo Inc. OLO · Entity 75411 | GrantClass A Common Stock | 185,414 | $0.00 | $0.00 |
DisclosureSEC source: 0000899243-23-006476 · doc4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 692,432 F1 · shares: These shares are represented by restricted stock units (the "RSUs"). Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer. The RSUs will vest in equal quarterly installments over four years on each March 5, June 5, September 5 and December 5 of a given calendar year, subject to the Reporting Person's continuous service with the Issuer as of each such vesting date. Read SEC document |
| July 05, 2022 Filed Jul 7, 2022 16:15 UTC | Olo Inc. OLO · Entity 75411 | GrantStock Option (Right to Buy) · Derivative | 241,080 | $0.00 Strike: $11.07 | $0.00 |
DisclosureSEC source: 0000899243-22-025691 · doc4.xml · derivative · entry 3 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 241,080 Underlying: Class A Common Stock · 241,080 shares Expires 2032-07-04 F3 · derivative.exercise_date: One-quarter (1/4) of the options shall vest and become exercisable one-year following the grant date; the remainder shall vest and become exercisable in a series of thirty-six (36) successive equal monthly installments measured from the first anniversary of the grant date, subject to the Reporting Person's continued service on each such vesting date. Read SEC document |
| July 05, 2022 Filed Jul 7, 2022 16:15 UTC | Olo Inc. OLO · Entity 75411 | GrantClass A Common Stock | 144,648 | $0.00 | $0.00 |
DisclosureSEC source: 0000899243-22-025691 · doc4.xml · nonDerivative · entry 2 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 507,018 F2 · shares: These shares are represented by RSUs. Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer. One-third (1/3) of the RSUs will vest on the first day of the first open trading window to occur following the six-month anniversary of the grant date, with the remaining RSUs vesting on the first day of the first open trading window to occur following the one-year anniversary of the grant date, subject to the Reporting Person's continued service on each such vesting date. Read SEC document |
| July 05, 2022 Filed Jul 7, 2022 16:15 UTC | Olo Inc. OLO · Entity 75411 | GrantClass A Common Stock | 361,620 | $0.00 | $0.00 |
DisclosureSEC source: 0000899243-22-025691 · doc4.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Revenue Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 362,370 F1 · shares: These shares are represented by restricted stock units (the "RSUs"). Each RSU represents a contingent right to receive one share of Class A Common Stock of the Issuer. One-quarter (1/4) of the RSUs will vest on September 5, 2023, with the remaining RSUs vesting in twelve (12) equal quarterly installments thereafter, subject to the Reporting Person's continued service on each such vesting date. Read SEC document |
| February 22, 2022 Filed Feb 23, 2022 19:36 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 130 | $39.87 | $5,183.10 |
DisclosureSEC source: 0001903601-22-000018 · primary_doc.xml · nonDerivative · entry 2 Panama Diego · CIK 0001869071 · CHIEF COMMERCIAL OFFICER 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 63,549 F2 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 22, 2022, when restricted stock units belonging to the reporting person vested. Read SEC document |
| February 19, 2022 Filed Feb 23, 2022 19:36 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 253 | $40.10 | $10,145.30 |
DisclosureSEC source: 0001903601-22-000018 · primary_doc.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · CHIEF COMMERCIAL OFFICER 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 63,679 F1 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 19, 2022, when restricted stock units belonging to the reporting person vested. Read SEC document |
| February 14, 2022 Filed Feb 15, 2022 21:32 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | SaleCOMMON STOCK, $.10 PAR VALUE | 4,339 | $43.45 | $188,529.55 |
DisclosureSEC source: 0001903601-22-000005 · primary_doc.xml · nonDerivative · entry 2 Panama Diego · CIK 0001869071 · CHIEF COMMERCIAL OFFICER 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 63,932 F2 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.39 to $43.49, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within such range. Read SEC document |
| February 12, 2022 Filed Feb 15, 2022 21:32 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 3 | $42.87 | $128.61 |
DisclosureSEC source: 0001903601-22-000005 · primary_doc.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · CHIEF COMMERCIAL OFFICER 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 68,271 F1 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on February 12, 2022, when restricted stock units belonging to the reporting person vested. Read SEC document |
| November 22, 2021 Filed Nov 23, 2021 22:09 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 173 | $52.13 | $9,018.49 |
DisclosureSEC source: 0001861394-21-000049 · primary_doc.xml · nonDerivative · entry 2 Panama Diego · CIK 0001869071 · Chief Commercial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 68,274 F2 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on November 22, 2021, when restricted stock units belonging to the reporting person vested. Read SEC document |
| November 19, 2021 Filed Nov 23, 2021 22:09 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 284 | $52.69 | $14,963.96 |
DisclosureSEC source: 0001861394-21-000049 · primary_doc.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Commercial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 68,447 F1 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on November 19, 2021, when restricted stock units belonging to the reporting person vested. Read SEC document |
| November 12, 2021 Filed Nov 16, 2021 22:02 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | Tax withholdingCOMMON STOCK, $.10 PAR VALUE | 2 | $55.41 | $110.82 |
DisclosureSEC source: 0001861394-21-000046 · primary_doc.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Commercial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 68,731 F1 · shares: These shares were withheld by the Issuer to satisfy the reporting person's tax obligations that arose on November 12, 2021, when restricted stock units belonging to the reporting person vested. Read SEC document |
| August 10, 2021 Filed Aug 12, 2021 23:09 UTC | LiveRamp Holdings, Inc. RAMP · Entity 4412 | GrantCOMMON STOCK, $.10 PAR VALUE | 36,425 | $0.00 | $0.00 |
DisclosureSEC source: 0001245105-21-000077 · primary_doc.xml · nonDerivative · entry 1 Panama Diego · CIK 0001869071 · Chief Commercial Officer 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 68,733 F1 · shares: This is a grant of restricted stock units (RSUs). Each RSU represents a contingent right to receive one share of the registrant's common stock. Vesting will begin one year from August 10, 2021, with 1/4 of the total becoming vested on that date and 1/16 quarterly thereafter until 100% vested, contingent upon the reporting person's continued employment with the registrant. 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.