Trevor A Edwards

Insider

First SEC filing: June 5, 2026 · Latest: June 5, 2026

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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.
Initial holdings The stakes this person held when they first started reporting.
Compensation Executive pay disclosed in company proxy statements.

Insider at

Insider transactions

0 buys (P) 0 sells (S) Net: $0 + 83 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

83 other filings hidden

Date	Ticker	Code	Shares	Price	Value	Owned after	Δ own	A/D	vs now
June 12, 2026	FNKO	M	17,419	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
June 12, 2026	FNKO	M	17,419	—	—	33,653 Direct	+107.30%	Acquired	(price as of 2026-08-20)
June 3, 2026	FNKO	A	21,445	—	—	21,445 Direct	—	Acquired	(price as of 2026-08-20)
June 3, 2026	FNKO	A	14,368	—	—	14,368 Direct	—	Acquired	(price as of 2026-08-20)
May 22, 2026	VFC	A	11,977	$16.70	$200,016	35,462 Direct	+51.00%	Acquired	-15.3% (price as of 2026-08-20)
June 4, 2025	VFC	A	13,285	$12.55	$166,727	22,986 Direct	+136.94%	Acquired	12.7% (price as of 2026-08-20)
May 28, 2024	VFC	A	18,256	—	—	18,256 Direct	—	Acquired	(price as of 2026-08-20)
May 28, 2024	VFC	A	7,288	—	—	9,525 Direct	+325.79%	Acquired	(price as of 2026-08-20)
Nov. 2, 2023	VFC	A	6,939	—	—	6,939 Direct	—	Acquired	(price as of 2026-08-20)
Nov. 2, 2023	VFC	A	2,212	$14.01	$30,990	2,212 Direct	—	Acquired	1.0% (price as of 2026-08-20)
July 27, 2023	FNKO	M	1,342	—	—	1,342 Direct	—	Acquired	(price as of 2026-08-20)
July 27, 2023	FNKO	M	1,342	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
June 13, 2023	FNKO	A	11,700	—	—	11,700 Direct	—	Acquired	(price as of 2026-08-20)
June 13, 2023	FNKO	A	4,688	—	—	4,688 Direct	—	Acquired	(price as of 2026-08-20)
July 27, 2022	FNKO	A	3,400	—	—	3,400 Direct	—	Acquired	(price as of 2026-08-20)
July 27, 2022	FNKO	A	1,342	—	—	1,342 Direct	—	Acquired	(price as of 2026-08-20)
Jan. 31, 2018	NKE	M	100,000	—	—	100,000 Direct	-50.00%	Disposed	(price as of 2026-08-20)
Jan. 31, 2018	NKE	S 10b5-1	100,000	$68.53	$6,853,000	543,592 Direct	-15.54%	Disposed	-40.8% (price as of 2026-08-20)
Jan. 31, 2018	NKE	M	100,000	$14.55	$1,455,000	643,592 Direct	+18.40%	Acquired	178.9% (price as of 2026-08-20)
July 20, 2017	NKE	A	100,000	—	—	100,000 Direct	—	Acquired	(price as of 2026-08-20)
July 20, 2017	NKE	A	101,523	—	—	533,468 Direct	+23.50%	Acquired	(price as of 2026-08-20)
July 20, 2017	NKE	A	20,305	—	—	431,945 Direct	+4.93%	Acquired	(price as of 2026-08-20)
July 20, 2017	NKE	F	109,478	$59.10	$6,470,150	411,640 Direct	-21.01%	Disposed	-31.3% (price as of 2026-08-20)
July 18, 2017	NKE	F	3,287	$57.79	$189,956	521,118 Direct	-0.63%	Disposed	-29.8% (price as of 2026-08-20)
July 17, 2017	NKE	F	2,636	$58.00	$152,888	524,405 Direct	-0.50%	Disposed	-30.0% (price as of 2026-08-20)
July 15, 2017	NKE	F	2,569	$58.00	$149,002	527,041 Direct	-0.49%	Disposed	-30.0% (price as of 2026-08-20)
July 5, 2017	NKE	M	200,000	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
July 5, 2017	NKE	S 10b5-1	200,000	$57.63	$11,526,000	529,610 Direct	-27.41%	Disposed	-29.6% (price as of 2026-08-20)
July 5, 2017	NKE	M	200,000	$14.63	$2,926,000	729,610 Direct	+37.76%	Acquired	177.4% (price as of 2026-08-20)
July 19, 2016	NKE	F	4,021	$57.76	$232,253	529,610 Direct	-0.75%	Disposed	-29.7% (price as of 2026-08-20)
July 18, 2016	NKE	F	2,345	$57.74	$135,400	533,631 Direct	-0.44%	Disposed	-29.7% (price as of 2026-08-20)
July 17, 2016	NKE	F	1,881	$57.87	$108,853	535,976 Direct	-0.35%	Disposed	-29.9% (price as of 2026-08-20)
July 15, 2016	NKE	A	100,000	—	—	100,000 Direct	—	Acquired	(price as of 2026-08-20)
July 15, 2016	NKE	A	15,121	—	—	537,857 Direct	+2.89%	Acquired	(price as of 2026-08-20)
Oct. 28, 2015	NKE	M	132,000	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
Oct. 28, 2015	NKE	S 10b5-1	132,000	$130.37	$17,208,840	261,368 Direct	-33.56%	Disposed	-37.7% (price as of 2026-08-20)
Oct. 28, 2015	NKE	M	132,000	$19.69	$2,599,080	393,368 Direct	+50.50%	Acquired	312.2% (price as of 2026-08-20)
July 20, 2015	NKE	F	2,281	$113.13	$258,050	261,368 Direct	-0.87%	Disposed	-28.3% (price as of 2026-08-20)
July 19, 2015	NKE	F	2,011	$112.80	$226,841	263,649 Direct	-0.76%	Disposed	-28.0% (price as of 2026-08-20)
July 18, 2015	NKE	F	1,644	$112.80	$185,443	265,660 Direct	-0.62%	Disposed	-28.0% (price as of 2026-08-20)
July 17, 2015	NKE	A	90,000	—	—	90,000 Direct	—	Acquired	(price as of 2026-08-20)
July 17, 2015	NKE	A	7,758	—	—	267,304 Direct	+2.99%	Acquired	(price as of 2026-08-20)
July 2, 2015	NKE	M	97,345	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
July 2, 2015	NKE	S 10b5-1	97,345	$109.41	$10,650,516	259,546 Direct	-27.28%	Disposed	-25.8% (price as of 2026-08-20)
July 2, 2015	NKE	M	97,345	$21.90	$2,131,856	356,891 Direct	+37.51%	Acquired	270.6% (price as of 2026-08-20)
July 2, 2015	NKE	M	97,345	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
July 2, 2015	NKE	S 10b5-1	97,345	$109.41	$10,650,516	259,546 Direct	-27.28%	Disposed	-25.8% (price as of 2026-08-20)
July 2, 2015	NKE	M	97,345	$21.90	$2,131,856	356,891 Direct	+37.51%	Acquired	270.6% (price as of 2026-08-20)
April 27, 2015	NKE	M	34,655	—	—	97,345 Direct	-26.25%	Disposed	(price as of 2026-08-20)
April 27, 2015	NKE	S 10b5-1	34,655	$101.16	$3,505,700	259,546 Direct	-11.78%	Disposed	-19.8% (price as of 2026-08-20)
April 27, 2015	NKE	M	34,655	$21.90	$758,944	294,201 Direct	+13.35%	Acquired	270.6% (price as of 2026-08-20)
July 20, 2014	NKE	F	2,282	$77.52	$176,901	225,890 Direct	-1.00%	Disposed	4.7% (price as of 2026-08-20)
July 19, 2014	NKE	F	2,011	$77.52	$155,893	228,172 Direct	-0.87%	Disposed	4.7% (price as of 2026-08-20)
July 18, 2014	NKE	A	80,000	—	—	80,000 Direct	—	Acquired	(price as of 2026-08-20)
July 18, 2014	NKE	A	9,675	—	—	230,183 Direct	+4.39%	Acquired	(price as of 2026-08-20)
July 15, 2014	NKE	F	2,223	$78.03	$173,461	220,508 Direct	-1.00%	Disposed	4.0% (price as of 2026-08-20)
July 14, 2014	NKE	M	35,280	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
July 14, 2014	NKE	S 10b5-1	35,280	$77.96	$2,750,429	222,731 Direct	-13.67%	Disposed	4.1% (price as of 2026-08-20)
July 14, 2014	NKE	M	35,280	$18.30	$645,624	258,011 Direct	+15.84%	Acquired	343.5% (price as of 2026-08-20)
July 2, 2014	NKE	M	96,720	—	—	35,280 Direct	-73.27%	Disposed	(price as of 2026-08-20)
July 2, 2014	NKE	S 10b5-1	96,720	$77.90	$7,534,488	222,731 Direct	-30.28%	Disposed	4.2% (price as of 2026-08-20)
July 2, 2014	NKE	M	96,720	$18.30	$1,769,976	319,451 Direct	+43.42%	Acquired	343.5% (price as of 2026-08-20)
July 20, 2013	NKE	F	2,281	$63.35	$144,501	222,731 Direct	-1.01%	Disposed	28.1% (price as of 2026-08-20)
July 20, 2013	NKE	F	2,168	$63.35	$137,343	222,958 Direct	-0.96%	Disposed	28.1% (price as of 2026-08-20)
July 19, 2013	NKE	A	75,000	—	—	75,000 Direct	—	Acquired	(price as of 2026-08-20)
July 19, 2013	NKE	A	11,839	—	—	225,126 Direct	+5.55%	Acquired	(price as of 2026-08-20)
July 16, 2013	NKE	F	2,463	$63.35	$156,031	213,173 Direct	-1.14%	Disposed	28.1% (price as of 2026-08-20)
July 16, 2013	NKE	F	2,349	$63.35	$148,809	213,287 Direct	-1.09%	Disposed	28.1% (price as of 2026-08-20)
July 15, 2013	NKE	F	2,222	$63.67	$141,475	215,636 Direct	-1.02%	Disposed	27.5% (price as of 2026-08-20)
March 28, 2013	NKE	M	131,526	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
March 28, 2013	NKE	S 10b5-1	131,526	$58.64	$7,712,685	217,924 Direct	-37.64%	Disposed	38.4% (price as of 2026-08-20)
March 28, 2013	NKE	M	131,526	$13.06	$1,717,730	349,450 Direct	+60.35%	Acquired	521.4% (price as of 2026-08-20)
March 27, 2013	NKE	M	474	—	—	131,526 Direct	-0.36%	Disposed	(price as of 2026-08-20)
March 27, 2013	NKE	S 10b5-1	474	$58.60	$27,776	217,924 Direct	-0.22%	Disposed	38.5% (price as of 2026-08-20)
March 27, 2013	NKE	M	474	$13.06	$6,190	218,398 Direct	+0.22%	Acquired	521.4% (price as of 2026-08-20)
July 20, 2012	NKE	A	60,000	—	—	60,000 Direct	—	Acquired	(price as of 2026-08-20)
July 20, 2012	NKE	A	53,718	—	—	108,929 Direct	+97.30%	Acquired	(price as of 2026-08-20)
July 20, 2012	NKE	A	6,715	—	—	55,211 Direct	+13.85%	Acquired	(price as of 2026-08-20)
July 17, 2012	NKE	F	3,380	$93.02	$314,408	48,496 Direct	-6.52%	Disposed	74.5% (price as of 2026-08-20)
July 16, 2012	NKE	F	856	$93.97	$80,438	51,876 Direct	-1.62%	Disposed	72.7% (price as of 2026-08-20)
July 15, 2012	NKE	F	773	$93.97	$72,639	52,732 Direct	-1.44%	Disposed	72.7% (price as of 2026-08-20)
Oct. 31, 2011	NKE	M	50,000	—	—	0 Direct	-100.00%	Disposed	(price as of 2026-08-20)
Oct. 31, 2011	NKE	S 10b5-1	50,000	$97.11	$4,855,500	70,337 Direct	-41.55%	Disposed	67.2% (price as of 2026-08-20)
Oct. 31, 2011	NKE	M	50,000	$24.49	$1,224,500	120,337 Direct	+71.09%	Acquired	562.8% (price as of 2026-08-20)
July 17, 2011	NKE	F	3,504	$91.70	$321,317	70,337 Direct	-4.75%	Disposed	77.0% (price as of 2026-08-20)
July 16, 2011	NKE	F	856	$91.70	$78,495	73,841 Direct	-1.15%	Disposed	77.0% (price as of 2026-08-20)
July 15, 2011	NKE	A	50,000	—	—	50,000 Direct	—	Acquired	(price as of 2026-08-20)
July 15, 2011	NKE	A	6,544	—	—	74,697 Direct	+9.60%	Acquired	(price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	1,352	$73.09	$98,818	68,153 Direct	-1.95%	Disposed	122.1% (price as of 2026-08-20)
July 30, 2010	NKE	X	1,352	$21.18	$28,635	69,505 Direct	+1.98%	Acquired	666.4% (price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	2,000	$73.46	$146,920	68,153 Direct	-2.85%	Disposed	121.0% (price as of 2026-08-20)
July 30, 2010	NKE	X	2,000	$21.18	$42,360	70,153 Direct	+2.93%	Acquired	666.4% (price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	3,483	$73.45	$255,826	68,153 Direct	-4.86%	Disposed	121.0% (price as of 2026-08-20)
July 30, 2010	NKE	X	3,483	$21.18	$73,770	71,636 Direct	+5.11%	Acquired	666.4% (price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	8,200	$73.47	$602,454	68,153 Direct	-10.74%	Disposed	120.9% (price as of 2026-08-20)
July 30, 2010	NKE	X	8,200	$21.18	$173,676	76,353 Direct	+12.03%	Acquired	666.4% (price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	1,000	$73.50	$73,500	68,153 Direct	-1.45%	Disposed	120.8% (price as of 2026-08-20)
July 30, 2010	NKE	X	1,000	$21.18	$21,180	69,153 Direct	+1.47%	Acquired	666.4% (price as of 2026-08-20)
July 30, 2010	NKE	S 10b5-1	400	$73.40	$29,360	68,153 Direct	-0.58%	Disposed	121.1% (price as of 2026-08-20)
July 30, 2010	NKE	X	400	$21.18	$8,472	68,553 Direct	+0.59%	Acquired	666.4% (price as of 2026-08-20)

Showing latest 100 of 184 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
June 12, 2026	FNKO	Restricted Stock Units	CLASS A COMMON STOCK (17,419)	—	—	17,419	Disposed
June 3, 2026	FNKO	Option to Purchase Class A Common Stock	CLASS A COMMON STOCK (21,445)	$5.22	June 3, 2036	21,445	Acquired
June 3, 2026	FNKO	Restricted Stock Units	CLASS A COMMON STOCK (14,368)	—	—	14,368	Acquired
May 28, 2024	VFC	FY 2025 Non-qualified Stock Option (Right to Buy)	Common Stock (18,256)	$12.35	May 27, 2034	18,256	Acquired
Nov. 2, 2023	VFC	FY 2024 Non-qualified Stock Option (Right to Buy)	Common Stock (6,939)	$14.01	Nov. 1, 2033	6,939	Acquired
July 27, 2023	FNKO	Restricted Stock Units	CLASS A COMMON STOCK (1,342)	—	—	1,342	Disposed
June 13, 2023	FNKO	Option to Purchase Class A Common Stock	Class A Common Stock (11,700)	$13.05	June 13, 2033	11,700	Acquired
June 13, 2023	FNKO	Restricted Stock Units	Class A Common Stock (4,688)	—	—	4,688	Acquired
July 27, 2022	FNKO	Option to Purchase Class A Common Stock	Class A Common Stock (3,400)	$24.23	July 27, 2032	3,400	Acquired
July 27, 2022	FNKO	Restricted Stock Units	Class A Common Stock (1,342)	—	—	1,342	Acquired
Jan. 31, 2018	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (100,000)	$14.55	July 18, 2018	100,000	Disposed
July 20, 2017	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (100,000)	$59.10	July 20, 2027	100,000	Acquired
July 5, 2017	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (200,000)	$14.63	July 20, 2017	200,000	Disposed
July 15, 2016	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (100,000)	$57.87	July 15, 2026	100,000	Acquired
Oct. 28, 2015	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (132,000)	$19.69	July 14, 2016	132,000	Disposed
July 17, 2015	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (90,000)	$112.80	July 17, 2025	90,000	Acquired
July 2, 2015	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (97,345)	$21.90	July 15, 2015	97,345	Disposed
July 2, 2015	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (97,345)	$21.90	July 15, 2015	97,345	Disposed
April 27, 2015	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (34,655)	$21.90	July 15, 2015	34,655	Disposed
July 18, 2014	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (80,000)	$77.52	July 18, 2024	80,000	Acquired
July 14, 2014	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (35,280)	$18.30	July 16, 2014	35,280	Disposed
July 2, 2014	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (96,720)	$18.30	July 16, 2014	96,720	Disposed
July 19, 2013	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (75,000)	$63.35	July 19, 2023	75,000	Acquired
March 28, 2013	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (131,526)	$13.06	July 18, 2013	131,526	Disposed
March 27, 2013	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (474)	$13.06	July 18, 2013	474	Disposed
July 20, 2012	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (60,000)	$93.08	July 20, 2022	60,000	Acquired
Oct. 31, 2011	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (50,000)	$24.49	July 22, 2012	50,000	Disposed
July 15, 2011	NKE	Employee Stock Option (right to buy)	Class B Common Stock (50,000)	$91.70	July 15, 2021	50,000	Acquired
July 30, 2010	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (38,400)	$21.18	July 12, 2011	38,400	Disposed
July 16, 2010	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (50,000)	$68.96	July 16, 2020	50,000	Acquired
Dec. 22, 2009	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (20,000)	$13.84	March 8, 2010	20,000	Disposed
July 17, 2009	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (50,000)	$52.44	July 17, 2019	50,000	Acquired
July 15, 2009	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (16,000)	$27.12	July 23, 2009	16,000	Disposed
July 18, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (50,000)	$58.20	July 18, 2018	50,000	Acquired
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (100)	$24.22	July 16, 2008	100	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (192)	$24.22	July 16, 2008	192	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (300)	$24.22	July 16, 2008	300	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (4,200)	$24.22	July 16, 2008	4,200	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (100)	$24.22	July 16, 2008	100	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (2,708)	$24.22	July 16, 2008	2,708	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (2,200)	$24.22	July 16, 2008	2,200	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (700)	$24.22	July 16, 2008	700	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (1,000)	$24.22	July 16, 2008	1,000	Disposed
April 2, 2008	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (1,500)	$24.22	July 16, 2008	1,500	Disposed
July 20, 2007	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (50,000)	$58.52	July 20, 2017	50,000	Acquired
June 29, 2007	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (6,000)	$29.38	July 14, 2007	6,000	Disposed
July 25, 2006	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (2,000)	$48.25	July 26, 2006	2,000	Disposed
July 14, 2006	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (33,000)	$78.76	July 14, 2016	33,000	Acquired
July 15, 2005	NKE	Non-Qualified Stock Option (right to buy)	Class B Common Stock (33,000)	$87.59	July 15, 2015	33,000	Acquired
July 16, 2004	NKE	Employee Stock Option (right to buy)	Class B Common Stock (33,000)	$73.21	July 15, 2014	33,000	Acquired

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

Initial ownership (Form 3) 2 holdings

Securities held when first becoming an insider, per SEC Form 3.

Date	Ticker	Security	Shares	Ownership
Feb. 16, 2024	VFC	Common Stock	2,160	Indirect
March 16, 2012	MAT	No securities beneficially owned	0	Direct

Compensation (DEF 14A)

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

NKE

President, NIKE Brand

Fiscal year	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension change	Other	Total
2018	$1,176,923	—	—	—	$370,000	—	$101,075	$9,829,033
2017	$1,042,308	—	—	—	$1,862,583	—	$271,389	$4,986,332
2016	$990,000	—	—	—	$2,221,919	—	$270,440	$6,637,161

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