Louis S Schmukler

Insider

First SEC filing: May 11, 2021 · Latest: May 11, 2021

On this page

Insider at Companies where this person is a reporting insider.
Insider transactions Every share this person bought or sold, from Form 4 filings.
Derivatives Options and other derivative holdings reported by this person.
Compensation Executive pay disclosed in company proxy statements.

Insider at

BMY selling May 10, 2021

Insider transactions

0 buys (P) 0 sells (S) Net: $0 + 95 non-open-market transactions below last 12 months, based on the transactions shown below

Price change vs current quote, split-adjusted for corporate actions since the filing — not benchmarked, not annualized, not size-weighted

95 other filings hidden

Date	Ticker	Code	Shares	Price	Value	Owned after	Δ own	A/D	vs now
May 10, 2021	BMY	S	15,000	$65.25	$978,750	31,956 Direct	-31.94%	Disposed	1.2% (price as of 2026-08-21)
March 10, 2021	BMY	A	24,553	—	—	24,553 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	17,680	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	A	16,369	—	—	16,369 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	4,044	—	—	12,132 Direct	-25.00%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	M	3,902	—	—	7,804 Direct	-33.33%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	M	2,946	—	—	2,949 Direct	-49.97%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	M	3,003	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	F	8,560	$60.93	$521,561	46,956 Direct	-15.42%	Disposed	8.4% (price as of 2026-08-21)
March 10, 2021	BMY	J	2,498	—	—	55,516 Direct	+4.71%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	17,680	—	—	53,018 Direct	+50.03%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	F	1,748	$60.93	$106,506	35,338 Direct	-4.71%	Disposed	8.4% (price as of 2026-08-21)
March 10, 2021	BMY	J	76	—	—	37,086 Direct	+0.21%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	4,044	—	—	37,010 Direct	+12.27%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	F	1,942	$60.93	$118,326	32,966 Direct	-5.56%	Disposed	8.4% (price as of 2026-08-21)
March 10, 2021	BMY	J	676	—	—	34,908 Direct	+1.97%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	3,902	—	—	34,232 Direct	+12.87%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	F	1,141	$60.93	$69,521	30,330 Direct	-3.63%	Disposed	8.4% (price as of 2026-08-21)
March 10, 2021	BMY	J	257	—	—	31,471 Direct	-0.81%	Disposed	(price as of 2026-08-21)
March 10, 2021	BMY	M	2,946	—	—	31,728 Direct	+10.24%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	F	1,198	$60.93	$72,994	28,782 Direct	-4.00%	Disposed	8.4% (price as of 2026-08-21)
March 10, 2021	BMY	J	200	—	—	29,980 Direct	+0.67%	Acquired	(price as of 2026-08-21)
March 10, 2021	BMY	M	3,003	—	—	29,780 Direct	+11.21%	Acquired	(price as of 2026-08-21)
May 19, 2020	BMY	S	25,000	$62.68	$1,567,000	26,777 Direct	-48.28%	Disposed	5.4% (price as of 2026-08-21)
March 10, 2020	BMY	A	24,264	—	—	24,264 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	M	18,014	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	A	16,176	—	—	16,176 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	M	3,902	—	—	11,706 Direct	-25.00%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	M	2,946	—	—	5,895 Direct	-33.32%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	M	3,002	—	—	6,005 Direct	-33.33%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	M	2,655	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	F	8,409	$57.93	$487,133	51,777 Direct	-13.97%	Disposed	14.0% (price as of 2026-08-21)
March 10, 2020	BMY	J	1,807	—	—	60,186 Direct	+3.10%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	M	18,014	—	—	58,379 Direct	+44.63%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	F	2,026	$57.93	$117,366	40,365 Direct	-4.78%	Disposed	14.0% (price as of 2026-08-21)
March 10, 2020	BMY	J	874	—	—	42,391 Direct	+2.11%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	M	3,902	—	—	41,517 Direct	+10.37%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	F	1,190	$57.93	$68,937	37,615 Direct	-3.07%	Disposed	14.0% (price as of 2026-08-21)
March 10, 2020	BMY	J	141	—	—	38,805 Direct	-0.36%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	M	2,946	—	—	38,946 Direct	+8.18%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	F	1,198	$57.93	$69,400	36,000 Direct	-3.22%	Disposed	14.0% (price as of 2026-08-21)
March 10, 2020	BMY	J	338	—	—	37,198 Direct	+0.92%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	M	3,002	—	—	36,860 Direct	+8.87%	Acquired	(price as of 2026-08-21)
March 10, 2020	BMY	F	717	$57.93	$41,536	33,858 Direct	-2.07%	Disposed	14.0% (price as of 2026-08-21)
March 10, 2020	BMY	J	43	—	—	34,575 Direct	-0.12%	Disposed	(price as of 2026-08-21)
March 10, 2020	BMY	M	2,655	—	—	34,618 Direct	+8.31%	Acquired	(price as of 2026-08-21)
Nov. 5, 2019	BMY	S	25,000	$56.56	$1,414,000	31,963 Direct	-43.89%	Disposed	16.8% (price as of 2026-08-21)
March 10, 2019	BMY	A	23,411	—	—	23,411 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	M	15,768	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	A	15,608	—	—	0 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,946	—	—	8,841 Direct	-24.99%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	3,002	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,654	—	—	2,655 Direct	-49.99%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,198	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	F	6,689	$51.39	$343,748	56,963 Direct	-10.51%	Disposed	28.5% (price as of 2026-08-21)
March 10, 2019	BMY	M	15,768	—	—	63,652 Direct	+32.93%	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	F	955	$51.39	$49,077	47,884 Direct	-1.96%	Disposed	28.5% (price as of 2026-08-21)
March 10, 2019	BMY	J	697	—	—	48,839 Direct	-1.41%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,946	—	—	49,536 Direct	+6.32%	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	F	1,137	$51.39	$58,430	46,590 Direct	-2.38%	Disposed	28.5% (price as of 2026-08-21)
March 10, 2019	BMY	J	324	—	—	47,727 Direct	-0.67%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	3,002	—	—	48,051 Direct	+6.66%	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	F	888	$51.39	$45,634	45,049 Direct	-1.93%	Disposed	28.5% (price as of 2026-08-21)
March 10, 2019	BMY	J	561	—	—	45,937 Direct	-1.21%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,654	—	—	46,498 Direct	+6.05%	Acquired	(price as of 2026-08-21)
March 10, 2019	BMY	F	747	$51.39	$38,388	43,844 Direct	-1.68%	Disposed	28.5% (price as of 2026-08-21)
March 10, 2019	BMY	J	438	—	—	44,591 Direct	-0.97%	Disposed	(price as of 2026-08-21)
March 10, 2019	BMY	M	2,198	—	—	45,029 Direct	+5.13%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	A	17,680	—	—	17,680 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	24,282	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2018	BMY	A	11,787	—	—	11,787 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	3,002	—	—	9,007 Direct	-25.00%	Disposed	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,654	—	—	5,309 Direct	-33.33%	Disposed	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,196	—	—	2,198 Direct	-49.98%	Disposed	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,547	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2018	BMY	F	10,301	$67.92	$699,644	42,831 Direct	-19.39%	Disposed	-2.8% (price as of 2026-08-21)
March 10, 2018	BMY	M	24,282	—	—	53,132 Direct	+84.17%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	F	1,502	$67.92	$102,016	28,850 Direct	-4.95%	Disposed	-2.8% (price as of 2026-08-21)
March 10, 2018	BMY	J	538	—	—	30,352 Direct	+1.80%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	3,002	—	—	29,814 Direct	+11.20%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	F	1,174	$67.92	$79,738	26,812 Direct	-4.19%	Disposed	-2.8% (price as of 2026-08-21)
March 10, 2018	BMY	J	113	—	—	27,986 Direct	+0.41%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,654	—	—	27,873 Direct	+10.52%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	F	856	$67.92	$58,140	25,219 Direct	-3.28%	Disposed	-2.8% (price as of 2026-08-21)
March 10, 2018	BMY	J	128	—	—	26,075 Direct	+0.49%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,196	—	—	25,947 Direct	+9.25%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	F	857	$67.92	$58,207	23,751 Direct	-3.48%	Disposed	-2.8% (price as of 2026-08-21)
March 10, 2018	BMY	J	578	—	—	24,608 Direct	+2.41%	Acquired	(price as of 2026-08-21)
March 10, 2018	BMY	M	2,547	—	—	24,030 Direct	+11.86%	Acquired	(price as of 2026-08-21)
March 17, 2017	BMY	S	5,000	$56.49	$282,450	21,483 Direct	-18.88%	Disposed	16.9% (price as of 2026-08-21)
March 14, 2017	BMY	S	15,000	$56.75	$851,250	26,483 Direct	-36.16%	Disposed	16.4% (price as of 2026-08-21)
March 10, 2017	BMY	A	18,014	—	—	18,014 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2017	BMY	M	23,134	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2017	BMY	A	12,009	—	—	12,009 Direct	—	Acquired	(price as of 2026-08-21)
March 10, 2017	BMY	M	2,654	—	—	7,963 Direct	-25.00%	Disposed	(price as of 2026-08-21)
March 10, 2017	BMY	M	2,196	—	—	4,394 Direct	-33.32%	Disposed	(price as of 2026-08-21)
March 10, 2017	BMY	M	2,547	—	—	2,547 Direct	-50.00%	Disposed	(price as of 2026-08-21)
March 10, 2017	BMY	M	2,740	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-21)
March 10, 2017	BMY	F	10,415	$58.32	$607,403	41,483 Direct	-20.07%	Disposed	13.3% (price as of 2026-08-21)
March 10, 2017	BMY	M	23,134	—	—	51,898 Direct	+80.43%	Acquired	(price as of 2026-08-21)

Showing latest 100 of 195 transactions

P = Open-market purchase · S = Sale · A = Grant/award · M = Option exercise · G = Gift · F = Tax withholding

Insider transactions are not a recommendation; sales are often driven by liquidity or tax reasons.

Derivative holdings (Form 4 Table II)

Options, RSUs and convertible securities reported on Form 4 Table II.

Date	Ticker	Security	Underlying	Exercise price	Expiration	Shares	A/D
March 10, 2021	BMY	Performance Shares	Common Stock, $0.10 par value (24,553)	—	March 10, 2024	24,553	Acquired
March 10, 2021	BMY	Performance Shares	Common Stock, $0.10 par value (17,680)	—	March 10, 2021	17,680	Disposed
March 10, 2021	BMY	Market Share Units	Common Stock, $0.10 par value (16,369)	—	March 10, 2025	16,369	Acquired
March 10, 2021	BMY	Market Share Units	Common Stock, $0.10 par value (4,044)	—	March 10, 2024	4,044	Disposed
March 10, 2021	BMY	Market Share Units	Common Stock, $0.10 par value (3,902)	—	March 10, 2023	3,902	Disposed
March 10, 2021	BMY	Market Share Units	Common Stock, $0.10 par value (2,946)	—	March 10, 2022	2,946	Disposed
March 10, 2021	BMY	Market Share Units	Common Stock, $0.10 par value (3,003)	—	March 10, 2021	3,003	Disposed
March 10, 2020	BMY	Performance Shares	Common Stock, $0.10 par value (24,264)	—	March 10, 2023	24,264	Acquired
March 10, 2020	BMY	Performance Shares	Common Stock, $0.10 par value (18,014)	—	March 10, 2020	18,014	Disposed
March 10, 2020	BMY	Market Share Units	Common Stock, $0.10 par value (16,176)	—	March 10, 2024	16,176	Acquired
March 10, 2020	BMY	Market Share Units	Common Stock, $0.10 par value (3,902)	—	March 10, 2023	3,902	Disposed
March 10, 2020	BMY	Market Share Units	Common Stock, $0.10 par value (2,946)	—	March 10, 2022	2,946	Disposed
March 10, 2020	BMY	Market Share Units	Common Stock, $0.10 par value (3,002)	—	March 10, 2021	3,002	Disposed
March 10, 2020	BMY	Market Share Units	Common Stock, $0.10 par value (2,655)	—	March 10, 2020	2,655	Disposed
March 10, 2019	BMY	Performance Shares	Common Stock, $0.10 par value (23,411)	—	March 10, 2022	23,411	Acquired
March 10, 2019	BMY	Performance Shares	Common Stock, $0.10 par value (15,768)	—	March 10, 2019	15,768	Disposed
March 10, 2019	BMY	Market Share Units	Common Stock, $0.10 par value (15,608)	—	March 10, 2023	15,608	Acquired
March 10, 2019	BMY	Market Share Units	Common Stock, $0.10 par value (2,946)	—	March 10, 2022	2,946	Disposed
March 10, 2019	BMY	Market Share Units	Common Stock, $0.10 par value (3,002)	—	March 10, 2021	3,002	Disposed
March 10, 2019	BMY	Market Share Units	Common Stock, $0.10 par value (2,654)	—	March 10, 2020	2,654	Disposed
March 10, 2019	BMY	Market Share Units	Common Stock, $0.10 par value (2,198)	—	March 10, 2019	2,198	Disposed
March 10, 2018	BMY	Performance Shares	Common Stock, $0.10 par value (17,680)	—	March 10, 2021	17,680	Acquired
March 10, 2018	BMY	Performance Shares	Common Stock, $0.10 par value (24,282)	—	March 10, 2018	24,282	Disposed
March 10, 2018	BMY	Market Share Units	Common Stock, $0.10 par value (11,787)	—	March 10, 2022	11,787	Acquired
March 10, 2018	BMY	Market Share Units	Common Stock, $0.10 par value (3,002)	—	March 10, 2021	3,002	Disposed
March 10, 2018	BMY	Market Share Units	Common Stock, $0.10 par value (2,654)	—	March 10, 2020	2,654	Disposed
March 10, 2018	BMY	Market Share Units	Common Stock, $0.10 par value (2,196)	—	March 10, 2019	2,196	Disposed
March 10, 2018	BMY	Market Share Units	Common Stock, $0.10 par value (2,547)	—	March 10, 2018	2,547	Disposed
March 10, 2017	BMY	Performance Shares	Common Stock, $0.10 par value (18,014)	—	March 10, 2020	18,014	Acquired
March 10, 2017	BMY	Performance Shares	Common Stock, $0.10 par value (23,134)	—	March 10, 2017	23,134	Disposed
March 10, 2017	BMY	Market Share Units	Common Stock, $0.10 par value (12,009)	—	March 10, 2021	12,009	Acquired
March 10, 2017	BMY	Market Share Units	Common Stock, $0.10 par value (2,654)	—	March 10, 2020	2,654	Disposed
March 10, 2017	BMY	Market Share Units	Common Stock, $0.10 par value (2,196)	—	March 10, 2019	2,196	Disposed
March 10, 2017	BMY	Market Share Units	Common Stock, $0.10 par value (2,547)	—	March 10, 2018	2,547	Disposed
March 10, 2017	BMY	Market Share Units	Common Stock, $0.10 par value (2,740)	—	March 10, 2017	2,740	Disposed
March 10, 2016	BMY	Performance Shares	Common Stock, $0.10 par value (24,142)	—	March 10, 2016	24,142	Disposed
March 10, 2016	BMY	Performance Shares	Common Stock, $0.10 par value (553)	—	March 10, 2016	553	Acquired
March 10, 2016	BMY	Performance Shares	Common Stock, $0.10 par value (9,177)	—	March 10, 2016	9,177	Acquired
March 10, 2016	BMY	Performance Shares	Common Stock, $0.10 par value (15,926)	—	March 10, 2019	15,926	Acquired
March 10, 2016	BMY	Market Share Units	Common Stock, $0.10 par value (10,617)	—	March 10, 2020	10,617	Acquired
March 10, 2016	BMY	Market Share Units	Common Stock, $0.10 par value (2,196)	—	March 10, 2019	2,196	Disposed
March 10, 2016	BMY	Market Share Units	Common Stock, $0.10 par value (2,547)	—	March 10, 2018	2,547	Disposed
March 10, 2016	BMY	Market Share Units	Common Stock, $0.10 par value (2,739)	—	March 10, 2017	2,739	Disposed
March 6, 2016	BMY	Market Share Units	Common Stock, $0.10 par value (2,528)	—	March 6, 2016	2,528	Disposed
March 3, 2016	BMY	Performance Shares	Common Stock, $0.10 par value (22,075)	—	March 10, 2018	22,075	Acquired
March 10, 2015	BMY	Market Share Units	Common Stock, $0.10 par value (8,786)	—	March 10, 2019	8,786	Acquired
March 10, 2015	BMY	Market Share Units	Common Stock, $0.10 par value (2,547)	—	March 10, 2018	2,547	Disposed
March 10, 2015	BMY	Market Share Units	Common Stock, $0.10 par value (2,740)	—	March 10, 2017	2,740	Disposed
March 6, 2015	BMY	Market Share Units	Common Stock, $0.10 par value (2,528)	—	March 6, 2016	2,528	Disposed
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (23,134)	—	March 10, 2017	23,134	Acquired
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (381)	—	March 31, 2016	381	Acquired
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (8,294)	—	March 31, 2016	8,294	Acquired
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (19,995)	—	March 31, 2015	19,995	Disposed
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (529)	—	March 31, 2015	529	Acquired
March 2, 2015	BMY	Performance Shares	Common Stock, $0.10 par value (7,654)	—	March 31, 2015	7,654	Acquired
Oct. 3, 2014	BMY	Restricted Stock Units	Common Stock, $0.10 par value (13,934)	—	—	13,934	Disposed
March 10, 2014	BMY	Market Share Units	Common Stock, $0.10 par value (10,188)	—	March 10, 2018	10,188	Acquired
March 10, 2014	BMY	Market Share Units	Common Stock, $0.10 par value (2,739)	—	March 10, 2017	2,739	Disposed
March 6, 2014	BMY	Market Share Units	Common Stock, $0.10 par value (2,528)	—	March 6, 2016	2,528	Disposed
March 3, 2014	BMY	Performance Shares	Common Stock, $0.10 par value (174)	—	March 31, 2016	174	Acquired
March 3, 2014	BMY	Performance Shares	Common Stock, $0.10 par value (5,563)	—	March 31, 2016	5,563	Acquired
March 3, 2014	BMY	Performance Shares	Common Stock, $0.10 par value (357)	—	March 31, 2015	357	Acquired
March 3, 2014	BMY	Performance Shares	Common Stock, $0.10 par value (5,134)	—	March 31, 2015	5,134	Acquired
Oct. 3, 2013	BMY	Restricted Stock Units	Common Stock, $0.10 par value (13,934)	—	—	13,934	Disposed
March 10, 2013	BMY	Market Share Units	Common Stock, $0.10 par value (10,958)	—	March 10, 2017	10,958	Acquired
March 7, 2013	BMY	Market Share Units	Common Stock, $0.10 par value (2,528)	—	March 6, 2016	2,528	Disposed
March 7, 2013	BMY	Performance Shares	Common Stock, $0.10 par value (6,078)	—	March 31, 2015	6,078	Acquired
March 7, 2013	BMY	Performance Shares	Common Stock, $0.10 par value (243)	—	March 31, 2015	243	Acquired
Oct. 3, 2012	BMY	Restricted Stock Units	Common Stock, $0.10 par value (13,933)	—	—	13,933	Disposed
March 6, 2012	BMY	Market Share Units	Common Stock, $0.10 par value (10,112)	—	March 6, 2016	10,112	Acquired
Oct. 3, 2011	BMY	Restricted Stock Units	Common Stock, $0.10 par value (41,801)	—	—	41,801	Acquired

Exercise/conversion price is blank when not applicable (e.g. RSUs).

Compensation (DEF 14A)

Matched by name from proxy statements (DEF 14A) — verify against the filing.

BMY

Fiscal year	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension change	Other	Total
2018	$804,599	$0	—	—	—	—	—	$4,127,373

Figures from the Summary Compensation Table of the company's proxy statement (DEF 14A). Compensation is not a recommendation.