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person · Reporting owner

KOONCE CALVIN SCOTT

Disclosed activity across 1 company

Tapewire entity
87903
SEC CIK
0001026013

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Reported relationships

Latest disclosed role at each company.

No relationships currently tracked through insider filings.

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.

No balances currently tracked through insider filings.

Past disclosures · reporting ended (1)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

VSE CORP

Report date August 29, 2024 · Filed August 30, 2024

Section 16 reporting ended · disclosed 2024-08-30. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common Stock, par value $.05SEC Table I · non-derivativeIndirectSee footnote478,384 Reported balance After 2024-08-29 transaction · row 1 Holding and transaction disclosures are not merged.
1 source row

Row 1 · 2024-08-29 · Sale · Disposed 200 · Balance 478,384

F1: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

Common Stock, par value $.05SEC Table I · non-derivativeIndirectSee footnote475,184 Reported balance After 2024-08-29 transaction · row 2 Holding and transaction disclosures are not merged.
1 source row

Row 2 · 2024-08-29 · Sale · Disposed 3,200 · Balance 475,184

F4: This transaction was executed in multiple trades at prices ranging from $90.20 to $90.80. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

Common Stock, par value $.05SEC Table I · non-derivativeIndirectSee footnote471,654 Reported balance After 2024-08-29 transaction · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · 2024-08-29 · Sale · Disposed 3,530 · Balance 471,654

F5: This transaction was executed in multiple trades at prices ranging from $91.20 to $91.96. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

Common Stock, par value $.05SEC Table I · non-derivativeIndirectSee footnote463,284 Reported balance After 2024-08-29 transaction · row 4 Holding and transaction disclosures are not merged.
1 source row

Row 4 · 2024-08-29 · Sale · Disposed 8,370 · Balance 463,284

F6: This transaction was executed in multiple trades at prices ranging from $92.00 to $92.95. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

Common Stock, par value $.05SEC Table I · non-derivativeIndirectSee footnote20,000 Reported balance Holding disclosure · report date 2024-08-29 · row 5 Holding and transaction disclosures are not merged.
1 source row

Row 5 · Balance 20,000

F2: Represents shares of Common Stock held by the Reporting Person's spouse. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the Reporting Person's spouse, except to the extent of his pecuniary interest therein, if any.

Common Stock, par value $.05SEC Table I · non-derivativeDirect1,345,498 Reported balance Holding disclosure · report date 2024-08-29 · row 6 Holding and transaction disclosures are not merged.
1 source row

Row 6 · Balance 1,345,498

Filing footnotes · ownership attribution and instrument terms

F1: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F2: Represents shares of Common Stock held by the Reporting Person's spouse. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the Reporting Person's spouse, except to the extent of his pecuniary interest therein, if any.

F3: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F4: This transaction was executed in multiple trades at prices ranging from $90.20 to $90.80. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F5: This transaction was executed in multiple trades at prices ranging from $91.20 to $91.96. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F6: This transaction was executed in multiple trades at prices ranging from $92.00 to $92.95. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

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
August 29, 2024 Filed Aug 30, 2024 13:23 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 8,370 $92.47 $773,973.90
Disclosure

SEC source: 0001140361-24-039594 · form4.xml · nonDerivative · entry 4

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 463,284

F6 · price: This transaction was executed in multiple trades at prices ranging from $92.00 to $92.95. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

Read SEC document
August 29, 2024 Filed Aug 30, 2024 13:23 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 3,530 $91.63 $323,453.90
Disclosure

SEC source: 0001140361-24-039594 · form4.xml · nonDerivative · entry 3

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 471,654

F5 · price: This transaction was executed in multiple trades at prices ranging from $91.20 to $91.96. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

Read SEC document
August 29, 2024 Filed Aug 30, 2024 13:23 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 3,200 $90.52 $289,664.00
Disclosure

SEC source: 0001140361-24-039594 · form4.xml · nonDerivative · entry 2

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 475,184

F4 · price: This transaction was executed in multiple trades at prices ranging from $90.20 to $90.80. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

Read SEC document
August 29, 2024 Filed Aug 30, 2024 13:23 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 200 $89.90 $17,980.00
Disclosure

SEC source: 0001140361-24-039594 · form4.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 478,384

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company ("LLC").

Read SEC document
August 28, 2024 Filed Aug 29, 2024 23:17 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 400 $90.11 $36,044.00
Disclosure

SEC source: 0001140361-24-039363 · form4.xml · nonDerivative · entry 4

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 478,584

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

Read SEC document
August 28, 2024 Filed Aug 29, 2024 23:17 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 13,300 $89.44 $1,189,552.00
Disclosure

SEC source: 0001140361-24-039363 · form4.xml · nonDerivative · entry 3

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 478,984

F6 · price: This transaction was executed in multiple trades at prices ranging from $89.09 to $89.89. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

Read SEC document
August 27, 2024 Filed Aug 29, 2024 23:17 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 5,600 $90.08 $504,448.00
Disclosure

SEC source: 0001140361-24-039363 · form4.xml · nonDerivative · entry 2

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 492,284

F5 · price: This transaction was executed in multiple trades at prices ranging from $90.00 to $90.70. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

Read SEC document
August 27, 2024 Filed Aug 29, 2024 23:17 UTC VSE CORP VSEC · Entity 3833 SaleCommon Stock, par value $.05 3,700 $89.64 $331,668.00
Disclosure

SEC source: 0001140361-24-039363 · form4.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 497,884

F4 · price: This transaction was executed in multiple trades at prices ranging from $89.00 to $89.99. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F1 · balance_after: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 4, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F1 · ownership.nature: Represents shares of Common Stock held by Koonce LLC, a family limited liability company("LLC").

Read SEC document
January 03, 2023 Filed Jan 4, 2023 21:16 UTC VSE CORP VSEC · Entity 3833 GrantCommon Stock, par value $.05 2,146 $0.00 $0.00
Disclosure

SEC source: 0000899243-23-000597 · doc4.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,345,498

F1 · shares: Represents shares issued as part of the annual compensation for service as a director.

Read SEC document
January 03, 2023 Filed Apr 3, 2024 00:10 UTC Amendment VSE CORP VSEC · Entity 3833 GrantCommon Stock, par value $.05 2,146 $0.00 $0.00
Disclosure

SEC source: 0001140361-24-017357 · form4.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,345,498

Read SEC document
January 11, 2021 Filed Jan 13, 2021 17:03 UTC VSE CORP vsec · Entity 3833 GrantCommon Stock, par value $.05 2,300 $0.00 $0.00
Disclosure

SEC source: 0001450186-21-000006 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,343,352

Read SEC document
January 11, 2021 Filed Apr 3, 2024 00:02 UTC Amendment VSE CORP VSEC · Entity 3833 GrantCommon Stock, par value $.05 2,300 $0.00 $0.00
Disclosure

SEC source: 0001140361-24-017354 · form4.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,343,352

Read SEC document
November 29, 2020 Filed Apr 2, 2024 23:53 UTC VSE CORP VSEC · Entity 3833 GiftCommon Stock, par value $.05 501,584 $0.00 $0.00
Disclosure

SEC source: 0001140361-24-017352 · form5.xml · nonDerivative · entry 3

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 501,584

F2 · shares: The reported transaction was three contemporaneous gifts by assignment of a 32 2/3% membership interest (for an aggregate of 98% membership interest) in Koonce LLC, a family limited liability company ("LLC"), to each of three trusts for the benefit of the Reporting Person's descendants effected solely for family investment planning purposes. Each gift was subject to a gift agreement limiting the fair market value ("FMV") of each gift to 1/3 of the then existing exclusion amount of the Reporting Person and his spouse under Section 2010(c)(3)(C) of the Internal Revenue Code of 1986, as amended. Determination of FMV was made by an independent valuation firm which determined that the percentage gifted to each trust was 31.52% of the LLC which approximated to an indirect pecuniary interest in 158,099 shares of Common Stock (for an approximate aggregate indirect pecuniary interest of 474,297 shares of Common Stock).

F3 · shares: Pursuant to General Instruction 4(b)(iv) of Form 5, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F2 · balance_after: The reported transaction was three contemporaneous gifts by assignment of a 32 2/3% membership interest (for an aggregate of 98% membership interest) in Koonce LLC, a family limited liability company ("LLC"), to each of three trusts for the benefit of the Reporting Person's descendants effected solely for family investment planning purposes. Each gift was subject to a gift agreement limiting the fair market value ("FMV") of each gift to 1/3 of the then existing exclusion amount of the Reporting Person and his spouse under Section 2010(c)(3)(C) of the Internal Revenue Code of 1986, as amended. Determination of FMV was made by an independent valuation firm which determined that the percentage gifted to each trust was 31.52% of the LLC which approximated to an indirect pecuniary interest in 158,099 shares of Common Stock (for an approximate aggregate indirect pecuniary interest of 474,297 shares of Common Stock).

F3 · balance_after: Pursuant to General Instruction 4(b)(iv) of Form 5, the entire amount of the LLC's interest in the Common Stock of the Issuer is being reported. The Reporting Person disclaims beneficial ownership of any of the shares of Common Stock of the Issuer held by the LLC, except to the extent of his pecuniary interest therein, if any.

F4 · ownership.nature: Represents shares of Common Stock held by the LLC.

Read SEC document
January 06, 2020 Filed Jan 8, 2020 23:12 UTC VSE CORP vsec · Entity 3833 GrantCommon Stock, par value $.05 2,300 $0.00 $0.00
Disclosure

SEC source: 0001450186-20-000005 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,842,636

Read SEC document
August 02, 2019 Filed Aug 5, 2019 16:06 UTC VSE CORP vsec · Entity 3833 PurchaseCommon stock, par value $.05 2,400 $29.27 $70,248.00
Disclosure

SEC source: 0001450186-19-000021 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,840,336

Read SEC document
June 25, 2019 Filed Jun 26, 2019 19:49 UTC VSE CORP vsec · Entity 3833 PurchaseCommon Stock, par value $.05 3,300 $26.37 $87,021.00
Disclosure

SEC source: 0001450186-19-000020 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,837,936

Read SEC document
January 04, 2019 Filed Jan 8, 2019 21:58 UTC VSE CORP vsec · Entity 3833 GrantCommon Stock, par value $.05 2,700 $31.58 $85,266.00
Disclosure

SEC source: 0001450186-19-000003 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,834,636

Read SEC document
December 21, 2018 Filed Dec 26, 2018 18:11 UTC VSE CORP vsec · Entity 3833 GrantCommon Stock, par value $.05 4,238 $28.90 $122,478.20
Disclosure

SEC source: 0001450186-18-000018 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,831,936

Read SEC document
January 04, 2017 Filed Jan 5, 2017 21:43 UTC VSE CORP vsec · Entity 3833 GrantCommon Stock, par value $.05 2,000 $0.00 $0.00
Disclosure

SEC source: 0001450186-17-000004 · primary_doc.xml · nonDerivative · entry 1

KOONCE CALVIN SCOTT · CIK 0001026013 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,827,698

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.