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Companies Hillenbrand

Hillenbrand (HI): executive pay, fiscal 2024

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CEO total pay$6,747,446CEO Kimberly Ryan · source
Say-on-pay support98.47%Latest vote · source
CEO vs. named peers18th pct.Of 18 peer CEOs
CEO pay ratio125:1To the median employee · source

CEO pay, last three years

  • $5,000,837FY2022
  • $6,568,880FY2023
  • $6,747,446FY2024

CEO total pay was $6,747,446 in fiscal 2024, up from $6,568,880 in fiscal 2023.

FY2024: salary $1,002,213 · bonus $0 · stock awards $4,973,173 · option awards $0

Frequently asked questions

Who was the highest-paid executive at Hillenbrand in fiscal 2024?
As disclosed, Kimberly Ryan (President and Chief Executive Officer) was the highest-paid executive at Hillenbrand in fiscal 2024, with total compensation of $6,747,446.
How does Hillenbrand's chief executive pay compare to its disclosed peer group?
As disclosed, Kimberly Ryan's total compensation ranked at the 18th percentile of Hillenbrand's disclosed peer group.
What is Hillenbrand's CEO-to-median employee pay ratio?
As disclosed, Hillenbrand's CEO-to-median employee pay ratio was 125:1.
How did shareholders vote on Hillenbrand's executive compensation?
As disclosed, 98.47% of shareholders supported Hillenbrand's executive compensation in the latest say-on-pay vote.
How much does Hillenbrand spend in total on board compensation for fiscal 2024?
As disclosed, Hillenbrand reported total board compensation of $2,305,512 for fiscal 2024.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table
Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kimberly Ryan$1,002,213$0$4,973,173$0$640,338$0$131,722$6,747,446
President and Chief Executive Officer
J. Michael Whitted498,20202,920,2460199,011063,0133,680,472
Senior Vice President, Strategy and Corporate Development
Robert VanHimbergen550,96201,398,5480209,112058,0852,216,707
Senior Vice President and Chief Financial Officer
Ulrich Bartel526,8240974,0770207,263020,3091,728,473
Senior Vice President and President, Coperion and Advanced Process Solutions
Nicholas Farrell560,9390768,9820230,047068,4661,628,434
Senior Vice President, General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
Kimberly Ryan$6,747,446$6,568,880$5,000,837↑ +178,566
J. Michael Whitted3,680,4721,586,6301,700,845↑ +2,093,842
Robert VanHimbergen2,216,7072,203,0244,535,262↑ +13,683
Ulrich Bartel1,728,4731,555,570—↑ +172,903
Nicholas Farrell1,628,4341,542,9973,430,184↑ +85,437

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Hillenbrand's executive compensation program is designed to effectively compensate officers with base salary and appropriately balanced short-term and long-term incentive compensation to attract, motivate, and retain superior leadership talent while advancing the long-term interests of shareholders. The program emphasizes performance-based compensation, linking pay to business unit and individual performance, and maintaining competitive positioning against industry peers.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Ulrich BartelPSU2023-12-071,9947,979—15,958$316,647
Ulrich BartelRSU2023-12-07——7,979—316,647
Nicholas FarrellPSU2023-12-071,5746,299—12,598269,030
Nicholas FarrellRSU2023-12-07——6,299—249,976
Nicholas FarrellPSU2023-12-071,5746,299—12,598249,976
Kimberly RyanPSU2023-12-0710,18440,737—81,4741,616,648
Robert VanHimbergenPSU2023-12-072,86411,456—22,912454,631
Robert VanHimbergenRSU2023-12-07——11,456—454,631
Robert VanHimbergenPSU2023-12-072,86411,456—22,912489,286
J. Michael WhittedPSU2023-12-071,6796,719—13,438286,968
J. Michael WhittedRSU2023-12-07——6,719—266,644
J. Michael WhittedPSU2023-12-071,6796,719—13,438266,644
Ulrich BartelPSU2023-12-071,9947,979—15,958340,783
Kimberly RyanRSU2023-12-07——40,737—1,616,648
Kimberly RyanPSU2023-12-0710,18440,737—81,4741,739,877

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Ulrich Bartel$316,647$657,430$067.5%
Nicholas Farrell249,976519,006067.5%
Kimberly Ryan1,616,6483,356,525067.5%
Robert VanHimbergen454,631943,917067.5%
J. Michael Whitted266,644553,612067.5%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Nicholas FarrellPSU10,814—$300,629
J. Michael WhittedPSU11,915—331,237
Ulrich BartelRSU13,153—365,653
Ulrich BartelPSU13,543—376,495
Nicholas FarrellPSU14,827—412,191
J. Michael WhittedPSU16,615—461,897
Ulrich BartelPSU17,115—475,797
Robert VanHimbergenPSU20,063—557,751
Nicholas FarrellRSU26,399—733,892
Robert VanHimbergenPSU27,661—768,976
Robert VanHimbergenRSU42,765—1,188,867
J. Michael WhittedRSU64,499—1,793,072
Kimberly RyanRSU68,870—1,914,586
Kimberly RyanPSU70,958—1,972,632
Kimberly RyanPSU90,489—2,515,594
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Helen W. CornellEmployee director · Board Chair$148,750$224,966$0$0$228$373,944
Neil S. NovichIndependent · Audit (Chair) · Mergers and Acquisitions · Nominating/Corporate Governance115,000139,96800228255,196
Gary L. CollarIndependent · Compensation and Management Development (Chair) · Nominating/Corporate Governance110,000139,96800228250,196
Stuart A. Taylor IIIndependent · Compensation and Management Development · Mergers and Acquisitions (Chair) · Nominating/Corporate Governance110,000139,96800228250,196
Joy M. GreenwayIndependent · Audit · Nominating/Corporate Governance95,000139,96800228235,196
Dennis W. PullinIndependent · Compensation and Management Development · Nominating/Corporate Governance95,000139,96800228235,196
Daniel C. HillenbrandIndependent · Audit95,000139,96800228235,196
Inderpreet SawhneyIndependent · Audit · Mergers and Acquisitions95,000139,96800228235,196
Jennifer W. RumseyIndependent · Compensation and Management Development · Nominating/Corporate Governance95,000139,96800228235,196
Joseph T. LowerIndependent · Mergers and Acquisitions · Nominating/Corporate Governance000000

Board fee structure and ownership guideline

Annual cash retainer$95,000
Annual equity retainer$140,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5

Total cost of the board

ComponentFY2024
Cash retainers and fees$958,750
Equity awards (grant-date value)$1,344,710
All other compensation$2,052
Total cost of the board$2,305,512

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Hillenbrand as a peer

Companies that benchmark against HI

10 companies name HI as a compensation peer

Each company listed discloses HI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies Hillenbrand names as compensation peers that name it back in their own disclosed peer groups.

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Dover Corporation2025Richard Tobin$1,387,385$8,040,726$6,562,519$0$18,757,706
2ITT Inc.2025Luca Savi1,190,38611,073,03302,575,80015,104,378
3The Timken Company2025Lucian Boldea366,66712,004,07101,124,14515,045,651
4Fortive Corporation2025Olumide Soroye931,7338,196,1253,706,5191,358,10014,405,012
5Acuity Brands, Inc.2025Neil Ashe1,000,0008,576,92801,512,00012,500,683
6Regal Rexnord Corporation2025Louis Pinkham1,223,0777,693,84702,228,45011,468,817
7Itron, Inc.2025Thomas Deitrich1,000,0008,900,72001,291,83511,208,405
8Crane Co.2025Max Mitchell1,244,2315,480,7381,562,5061,840,20010,518,852
9Woodward, Inc.2025Charles Blankenship, Jr.1,177,8875,898,69602,895,10010,482,876
10Esab Corporation2025Shyam P. Kambeyanda1,074,1756,754,6151,415,02309,695,542
11Idex Corporation2025Eric Ashleman1,079,8854,933,4971,521,6211,345,1639,112,893
12Nordson Corporation2025Sundaram Nagarajan1,049,3853,514,4131,519,5471,327,4728,153,900
13Chart Industries, Inc.2024Jillian Evanko1,100,0004,378,4241,573,870565,7857,687,879
14Kennametal Inc.2026Sanjay Chowbey937,1414,776,510—1,511,4967,356,246
15Hillenbrand2024Kimberly Ryan1,002,2134,973,1730640,3386,747,446
16Columbus McKinnon Corporation2026David Wilson925,0003,111,978925,000925,0005,971,066
17Donaldson Company, Inc.2026Richard Lewis883,4231,568,9001,570,0131,114,9645,195,987
18Barnes Group Inc.2026Jonathan Shar594,23100—795,540

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Hillenbrandnot disclosedPRSU 66.7 · RSU 33.3not disclosedPay Governance
Acuity Brands, Inc.CEO: 100.8% of target ($1,512,000 / $1,500,000); CFO: 100.8% of target ($693,000 / $687,500); General Counsel: 100.8% of target ($529,200 / $525,000); CHRO: 96.8% of target ($508,200 / $525,000)%PSUs 75 · RSUs 25Yes — Relative TSR (rTSR)Exequity
Barnes Group Inc.not disclosednot disclosednot disclosednot disclosed
Chart Industries, Inc.38.1%not disclosedNoPay Governance
Columbus McKinnon Corporation100%PSU 50 · RSU 25 · Options 25NoMeridian
Crane Co.122.7%PSU 55 · Options 25 · RSU 20NoFrederic W. Cook & Co., Inc.
Donaldson Company, Inc.not disclosedPSU 50 · Option 50not disclosedWTW
Dover Corporation121.7%PSU 40 · Options 40 · RSU 20Yes — 3-Year relative TSRMeridian Compensation Partners, LLC
Esab Corporationnot disclosednot disclosedNoMeridian
Fortive Corporationnot disclosedPSU 50 · RSU 25 · Option 25Yes — Relative TSR vs. S&P 500Pearl Meyer
Idex Corporation99%PSU 50 · Options 25 · RSU 25Yes — relative TSR measured against the TSR of companies in the S&P 500 IndexF.W. Cook
Itron, Inc.105.9%PSU 67 · RSU 33Yes — Relative TSRFW Cook
ITT Inc.159%PSU 60 · RSU 40Yes — Relative TSRPay Governance
Kennametal Inc.not disclosedPSU 60 · RSU 40NoPay Governance
Nordson Corporationnot disclosedPSU 50 · Options 30 · RSU 20NoFW Cook
Regal Rexnord Corporation127.3%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian Compensation Partners
The Timken Company81.8%PSU 60 · RSU 40Yes — Relative TSRWillis Towers Watson
Woodward, Inc.127%RSU 50 · PSU 50Yes — Total Shareholder Return (TSR) relative to S&P MidCap 400 IndexFW Cook

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-02-1858,875,056916,25656,22298.47%Passed
20242024-02-2058,546,385484,712182,37399.18%Passed
20232023-02-2456,578,2511,272,377176,57797.8%Passed
20222022-02-1059,868,6651,479,703449,82797.59%Passed
20212021-02-1164,569,432623,662126,89799.04%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting yearMeeting dateApproval — company’s computation
20252025-02-1898.47%a
20242024-02-2099.18%b
20232023-02-2497.8%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “If you are present or represented by proxy at the Annual Meeting and you affirmatively elect to abstain, your abstention, as well as any broker non-votes, will not be counted as votes cast on any matter to which they relate.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)125 : 1
CEO total compensation—
Median employee compensation$53,798
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (56 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Kimberly Ryan. DEF 14A, filed 2025-01-07. Section “Executive Compensation Tables” · page 77. As printed: 6,747,446. View filing ↗
  • Section 01, J. Michael Whitted. DEF 14A, filed 2025-01-07. Section “Executive Compensation Tables”. As printed: 3,680,472. View filing ↗
  • Section 01, Robert VanHimbergen. DEF 14A, filed 2025-01-07. Section “Executive Compensation Tables”. As printed: 2,216,707. View filing ↗
  • Section 01, Ulrich Bartel. DEF 14A, filed 2025-01-07. Section “Executive Compensation Tables”. As printed: 1,728,473. View filing ↗
  • Section 01, Nicholas Farrell. DEF 14A, filed 2025-01-07. Section “Executive Compensation Tables”. As printed: 1,628,434. View filing ↗
  • Section 03, Ulrich Bartel PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Ulrich Bartel RSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Nicholas Farrell PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Nicholas Farrell RSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Nicholas Farrell PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Ryan PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Robert VanHimbergen PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Robert VanHimbergen RSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Robert VanHimbergen PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, J. Michael Whitted PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, J. Michael Whitted RSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, J. Michael Whitted PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Ulrich Bartel PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Ryan RSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Kimberly Ryan PSU. DEF 14A, filed 2025-01-07. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2025-01-07. Section “CEO Pay Ratio”. As printed: 125 : 1. View filing ↗
  • Section 08, Helen W. Cornell. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 373,944. View filing ↗
  • Section 08, Neil S. Novich. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 255,196. View filing ↗
  • Section 08, Gary L. Collar. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 250,196. View filing ↗
  • Section 08, Stuart A. Taylor II. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 250,196. View filing ↗
  • Section 08, Joy M. Greenway. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 235,196. View filing ↗
  • Section 08, Dennis W. Pullin. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 235,196. View filing ↗
  • Section 08, Daniel C. Hillenbrand. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 235,196. View filing ↗
  • Section 08, Inderpreet Sawhney. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 235,196. View filing ↗
  • Section 08, Jennifer W. Rumsey. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 235,196. View filing ↗
  • Section 08, Joseph T. Lower. DEF 14A, filed 2025-01-07. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-02-18. Item 5.07 · say-on-pay result. As reported: 98.47% (votes for as printed: 58,875,056). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-02-20. Item 5.07 · say-on-pay result. As reported: 99.18% (votes for as printed: 58,546,385). View filing ↗
  • Section 06, 2023 vote. Form 8-K, filed 2023-02-27. Item 5.07 · say-on-pay result. As reported: 97.8% (votes for as printed: 56,578,251). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
  • Section 09b board cost (computed). Computed. Cash 958,750 + equity 1,344,710 + all other 2,052 = 2,305,512, summed across the director compensation table rows.
  • Dover Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Dover Corporation's own proxy. As printed: 18,757,706. View filing ↗
  • ITT Inc., Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in ITT Inc.'s own proxy. As printed: 15,104,378. View filing ↗
  • The Timken Company, Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in The Timken Company's own proxy. As printed: 15,045,651. View filing ↗
  • Fortive Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Fortive Corporation's own proxy. As printed: 14,405,012. View filing ↗
  • Acuity Brands, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-11. CEO total compensation as printed in Acuity Brands, Inc.'s own proxy. As printed: 12,500,683. View filing ↗
  • Regal Rexnord Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Regal Rexnord Corporation's own proxy. As printed: 11,468,817. View filing ↗
  • Itron, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Itron, Inc.'s own proxy. As printed: 11,208,405. View filing ↗
  • Crane Co., Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Crane Co.'s own proxy. As printed: 10,518,852. View filing ↗
  • Woodward, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-12. CEO total compensation as printed in Woodward, Inc.'s own proxy. As printed: 10,482,876. View filing ↗
  • Esab Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Esab Corporation's own proxy. As printed: 9,695,542. View filing ↗
  • Idex Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Idex Corporation's own proxy. As printed: 9,112,893. View filing ↗
  • Nordson Corporation, Section 10b CEO total. DEF 14A, filed 2026-01-16. CEO total compensation as printed in Nordson Corporation's own proxy. As printed: 8,153,900. View filing ↗
  • Chart Industries, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-08. CEO total compensation as printed in Chart Industries, Inc.'s own proxy. As printed: 7,687,879. View filing ↗
  • Kennametal Inc., Section 10b CEO total. DEF 14A, filed 2026-09-14. CEO total compensation as printed in Kennametal Inc.'s own proxy. As printed: 7,356,246. View filing ↗
  • Hillenbrand (subject), Section 10b CEO total. DEF 14A, filed 2025-01-07. CEO total compensation as printed in Hillenbrand's own proxy. As printed: 6,747,446. View filing ↗
  • Columbus McKinnon Corporation, Section 10b CEO total. DEF 14A, filed 2026-06-26. CEO total compensation as printed in Columbus McKinnon Corporation's own proxy. As printed: 5,971,066. View filing ↗
  • Donaldson Company, Inc., Section 10b CEO total. DEF 14A, filed 2026-10-06. CEO total compensation as printed in Donaldson Company, Inc.'s own proxy. As printed: 5,195,987. View filing ↗
  • Barnes Group Inc., Section 10b CEO total. DEF 14A, filed 2026-08-12. CEO total compensation as printed in Barnes Group Inc.'s own proxy. As printed: 795,540. View filing ↗
  • Section 10a, ESAB Corporation reciprocity. DEF 14A. ESAB Corporation names Hillenbrand in its own disclosed peer group (read from its most recent proxy). View filing ↗
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