Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Warner Music Group Corp.WMG · Entity 2076 | CEO, Recorded Music | September 11, 2024 | September 13, 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.
Warner Music Group Corp.
Report date September 11, 2024 · Filed September 13, 2024
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Class A Common StockSEC Table I · non-derivative | Direct | 2,039,002 |
Reported balance
After 2024-09-11 transaction · row 1
Account or security details depend on footnotes; rows are not merged.
1 source rowRow 1 · 2024-09-11 · Sale · Disposed 250,769 · Balance 2,039,002 F1: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.75 to $28.23, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (1) to this Form 4. F2: Includes restricted stock units. F3: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. |
Filing footnotes · ownership attribution and instrument terms
F1: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.75 to $28.23, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (1) to this Form 4.
F2: Includes restricted stock units.
F3: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled.
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 |
|---|---|---|---|---|---|---|
| September 11, 2024 Filed Sep 13, 2024 17:35 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 250,769 | $28.09 | $7,044,101.21 |
DisclosureSEC source: 0000950170-24-106490 · ownership.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,039,002 F1 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.75 to $28.23, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (1) to this Form 4. F2 · balance_after: Includes restricted stock units. F3 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 10, 2024 Filed Sep 10, 2024 17:41 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 428,834 | $28.00 | $12,007,352.00 |
DisclosureSEC source: 0000950170-24-105237 · ownership.xml · nonDerivative · entry 2 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,289,771 F4 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.75 to $28.08, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (5) to this Form 4. F2 · balance_after: Includes restricted stock units. F3 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 06, 2024 Filed Sep 10, 2024 17:41 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 7,359 | $28.24 | $207,818.16 |
DisclosureSEC source: 0000950170-24-105237 · ownership.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,718,605 F1 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.10 to $28.31, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (1) to this Form 4. F2 · balance_after: Includes restricted stock units. F3 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 05, 2024 Filed Sep 5, 2024 18:01 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 135,324 | $28.17 | $3,812,077.08 |
DisclosureSEC source: 0000950170-24-104135 · ownership.xml · nonDerivative · entry 3 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,725,964 F6 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.10 to $28.27, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (6) to this Form 4. F2 · balance_after: Includes 934,467 shares of the Issuer's Class A Common Stock issued to the reporting person on August 26, 2024 in redemption of the reporting person's 1,048,784 Class B Units of WMG Management Holdings, LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $3,343,758 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F3 · balance_after: Includes restricted stock units. F4 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 04, 2024 Filed Sep 5, 2024 18:01 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 48,134 | $28.21 | $1,357,860.14 |
DisclosureSEC source: 0000950170-24-104135 · ownership.xml · nonDerivative · entry 2 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,861,288 F5 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.10 to $28.36, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (5) to this Form 4. F2 · balance_after: Includes 934,467 shares of the Issuer's Class A Common Stock issued to the reporting person on August 26, 2024 in redemption of the reporting person's 1,048,784 Class B Units of WMG Management Holdings, LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $3,343,758 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F3 · balance_after: Includes restricted stock units. F4 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 03, 2024 Filed Sep 5, 2024 18:01 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 64,047 | $28.25 | $1,809,327.75 |
DisclosureSEC source: 0000950170-24-104135 · ownership.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,909,422 F1 · price: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.00 to $28.51, inclusive. The reporting person undertakes to provide to Warner Music Group Corp. ("WMG"), any security holder of WMG, 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 footnote (1) to this Form 4. F2 · balance_after: Includes 934,467 shares of the Issuer's Class A Common Stock issued to the reporting person on August 26, 2024 in redemption of the reporting person's 1,048,784 Class B Units of WMG Management Holdings, LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $3,343,758 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F3 · balance_after: Includes restricted stock units. F4 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| January 04, 2024 Filed Jan 5, 2024 16:06 UTC | Warner Music Group Corp. WMG · Entity 2076 | GrantClass A Common Stock | 155,424 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-24-000994 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 2,039,002 F1 · price: Restricted stock units granted pursuant to the issuer's long-term incentive plan. F2 · balance_after: Includes restricted stock units. F3 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| December 05, 2023 Filed Dec 7, 2023 16:11 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 869,008 | $33.36 | $28,990,106.88 |
DisclosureSEC source: 0001209191-23-057720 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 1,883,578 F1 · balance_after: Includes restricted stock units. F2 · balance_after: Includes 1,738,018 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| January 12, 2023 Filed Jan 17, 2023 16:08 UTC | Warner Music Group Corp. WMG · Entity 2076 | GrantClass A Common Stock | 145,560 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-23-003518 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 2,752,586 F1 · price: Restricted stock units granted pursuant to the issuer's long-term incentive plan. F2 · balance_after: Includes restricted stock units. F3 · balance_after: Includes 2,607,026 vested Deferred Equity Units issued under the Second Amended and Restated Warner Music Group Corp. Senior Management Free Cash Flow Plan. These Deferred Equity Units will be settled for shares of the Issuer's Class A Common Stock on a one-for-one basis by no later than December 31, 2025. Upon such settlement, the corresponding Deferred Equity Units will be cancelled. Read SEC document |
| September 29, 2021 Filed Oct 1, 2021 18:03 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 510,165 | $41.05 | $20,942,273.25 |
DisclosureSEC source: 0001209191-21-058571 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: Not disclosed Ownership: Indirect · By LLC Disclosed balance after: 1,048,784 F1 · shares: Represents shares of the Issuer's Class A Common Stock sold pursuant to the redemption of 550,000 Class B Units of Management LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $1,753,523 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F2 · balance_after: Shares of the Issuer's Class A Common Stock represented by 1,048,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 1,048,784 less a number of shares of Class B Common Stock having a value equal to $3,343,758 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · ownership.nature: Shares of the Issuer's Class A Common Stock represented by 1,048,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 1,048,784 less a number of shares of Class B Common Stock having a value equal to $3,343,758 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F3 · ownership.nature: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. Read SEC document |
| March 16, 2021 Filed Mar 18, 2021 17:35 UTC | Warner Music Group Corp. WMG · Entity 2076 | SaleClass A Common Stock | 484,460 | $33.25 | $16,108,295.00 |
DisclosureSEC source: 0001209191-21-021823 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · CEO, Recorded Music 10b5-1 filing: Not disclosed Ownership: Indirect · By LLC Disclosed balance after: 1,598,784 F1 · shares: Represents shares of the Issuer's Class A Common Stock sold pursuant to the redemption of 535,000 Class B Units of Management LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $1,705,700 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F2 · balance_after: Shares of the Issuer's Class A Common Stock represented by 1,598,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 1,598,784 less a number of shares of Class B Common Stock having a value equal to $5,097,281 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · ownership.nature: Shares of the Issuer's Class A Common Stock represented by 1,598,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 1,598,784 less a number of shares of Class B Common Stock having a value equal to $5,097,281 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F3 · ownership.nature: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. Read SEC document |
| July 07, 2020 Filed Jul 9, 2020 20:01 UTC | Warner Music Group Corp. WMG · Entity 2076 | Disposition to issuerClass A Common Stock | 53,855 | $25.00 | $1,346,375.00 |
DisclosureSEC source: 0001209191-20-042064 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · Director · CEO, Recorded Music 10b5-1 filing: Not disclosed Ownership: Indirect · By LLC Disclosed balance after: 2,133,784 F1 · security: Shares of the Issuer's Class A Common Stock represented by 2,133,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 2,133,784 less a number of shares of Class B Common Stock having a value equal to $6,802,981 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · security: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. F3 · shares: Represents shares of the Issuer's Class A Common Stock sold pursuant to the redemption of 61,727 Class B Units of Management LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $196,800 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F1 · ownership.nature: Shares of the Issuer's Class A Common Stock represented by 2,133,784 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 2,133,784 less a number of shares of Class B Common Stock having a value equal to $6,802,981 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · ownership.nature: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. Read SEC document |
| June 05, 2020 Filed Jun 5, 2020 21:32 UTC | Warner Music Group Corp. WMG · Entity 2076 | Disposition to issuerClass A Common Stock | 359,034 | $25.00 | $8,975,850.00 |
DisclosureSEC source: 0001209191-20-034885 · doc4.xml · nonDerivative · entry 1 Lousada Max · CIK 0001807479 · Director · CEO, Recorded Music 10b5-1 filing: Not disclosed Ownership: Indirect · By LLC Disclosed balance after: 2,195,511 F1 · security: Shares of the Issuer's Class A Common Stock represented by 2,195,511 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 2,195,511 less a number of shares of Class B Common Stock having a value equal to $6,999,781 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · security: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. F3 · shares: Represents shares of the Issuer's Class A Common Stock sold pursuant to the redemption of 411,514 Class B Units of Management LLC, after taking into account a number of shares of Class B Common Stock having a value equal to $1,312,000.14 on the date of such redemption, which is the sum of the benchmark amounts of the Class B Units redeemed. F1 · ownership.nature: Shares of the Issuer's Class A Common Stock represented by 2,195,511 Class B Units of WMG Management Holdings, LLC ("Management LLC") pursuant to the terms of, and subject to the limitations and restrictions set forth in, the Second Amended and Restated Limited Liability Company Agreement of Management LLC, as amended, these Class B Units are redeemable for a number of shares of the Issuer's Class B Common Stock equal to 2,195,511 less a number of shares of Class B Common Stock having a value equal to $6,999,781 on the date of such redemption (the "Benchmark Shares"), which is the sum of the benchmark amounts of the Class B Units. The reporting person expressly disclaims beneficial ownership of the Benchmark Shares. F2 · ownership.nature: Any shares of the Issuer's Class B Common Stock issued to the reporting person upon a redemption of Class B Units will immediately and automatically convert to shares of the Issuer's Class A Common Stock on a one-for-one basis, and the corresponding Class B Units will be cancelled. 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.