Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-21

Penumbra Inc (PENM)

CEO Adam Elsesser was paid $851,621 in fiscal year 2025, up 35.1% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001321732-26-000010 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,376,926
Shruthi Narayan total, FY2025
President — highest-paid officer; CEO Adam Elsesser: $851,621
1st
CEO (Adam Elsesser) pay percentile vs peers
11:1
CEO-to-median pay ratio
—
Say-on-pay support, latest vote

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Companies that benchmark against PENM
No companies currently name PENM as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Shruthi Narayan$730,769$0$3,639,575$0$0$0$6,582$4,376,926
President
Maggie Yuen715,38501,705,5260007,0822,427,993
Chief Financial Officer
Johanna Roberts715,38501,705,5260006,9862,427,897
Executive Vice President, General Counsel and Secretary
Lambert Shiu594,23101,578,4360006,9102,179,577
Chief Accounting Officer
Adam Elsesser850,000000001,620851,621
Chief Executive Officer and former President

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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Shruthi Narayan$4,376,926———
Maggie Yuen2,427,9931,777,895666,043+650,098
Johanna Roberts2,427,8972,186,651661,890+241,246
Lambert Shiu2,179,5771,563,706539,939+615,871
Adam Elsesser851,621630,467601,620+221,154

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

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Shruthi NarayanPSU—3602,110—2,810$0
Shruthi NarayanRSU2025-01-15——1,980—518,305
Shruthi NarayanRSU2025-02-14——780—209,563
Shruthi NarayanRSU2025-02-18——1,840—498,898
Shruthi NarayanRSU2025-09-15——9,170—2,412,810
Johanna RobertsRSU2025-02-18——1,840—498,898
Johanna RobertsPSU—3602,110—2,8100
Johanna RobertsRSU2025-11-17——3,580—997,066
Johanna RobertsRSU2025-02-14——780—209,563
Lambert ShiuRSU2025-11-17——3,580—997,066
Lambert ShiuPSU—3101,840—2,4600
Lambert ShiuRSU2025-02-18——1,510—409,421
Lambert ShiuRSU2025-02-14——640—171,949
Maggie YuenPSU—3602,110—2,8100
Maggie YuenRSU2025-02-14——780—209,563
Maggie YuenRSU2025-02-18——1,840—498,898
Maggie YuenRSU2025-11-17——3,580—997,066
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Shruthi Narayan$3,639,576$0$00.0%
Johanna Roberts1,705,527000.0%
Lambert Shiu1,578,436000.0%
Maggie Yuen1,705,527000.0%

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

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Shruthi NarayanRSU5,095—$1,584,086
Lambert ShiuRSU835—259,610
Lambert ShiuRSU1,928—599,434
Shruthi NarayanRSU9,170—2,851,045
Maggie YuenRSU3,580—1,113,058
Johanna RobertsRSU3,580—1,113,058
Lambert ShiuRSU3,580—1,113,058
Johanna RobertsRSU585—181,882
Johanna RobertsRSU3,218—1,000,508
Johanna RobertsRSU2,225—691,775
Shruthi NarayanRSU1,980—615,602
Maggie YuenRSU1,928—599,434
Maggie YuenRSU1,840—572,074
Johanna RobertsRSU1,840—572,074
Shruthi NarayanRSU1,840—572,074
Lambert ShiuRSU1,510—469,474
Maggie YuenRSU1,113—346,043
Maggie YuenRSU1,035—321,792
Johanna RobertsRSU1,035—321,792
Shruthi NarayanRSU650—202,092
Maggie YuenRSU585—181,882
Shruthi NarayanRSU585—181,882
Lambert ShiuRSU558—173,488
Lambert ShiuRSU480—149,237
07

CEO pay ratio

Ratio (CEO : median employee)11 : 1
CEO total compensation$851,621
Median employee compensation$74,923
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Bridget O’RourkeIndependent · Audit (Chair) · Nominating and Corporate Governance$90,000$199,890———$289,890
Thomas WilderIndependent88,250199,890———288,140
Janet LeedsIndependent82,500199,890———282,390
Surbhi SarnaIndependent75,000199,890———274,890
Harpreet GrewalIndependent67,500199,890———267,390
Arani Bose, M.DNot independent60,000199,890———259,890
Adam ElsesserEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer$199,890
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 18,250 / 15,000
Stock ownership guideline$3
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$463,250
Equity awards (grant-date value)$1,199,340
All other compensation$0
Total cost of the board$1,662,590

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

10

Disclosed peer group — fiscal year 2025

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

10a

Peer reciprocity

Of the companies Penumbra Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Penumbra Inc.

10b

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
1Masimo2025Catherine Szyman$850,048$16,388,693$1,399,998$1,130,000$19,797,140
2Insulet2025Ashley McEvoy729,80812,958,8502,999,9132,031,56218,858,968
3Merit Medical Systems2025Fred Lampropoulos1,890,0009,313,60601,882,89413,755,143
4Haemonetics2026Christopher Simon1,100,0087,561,9871,504,9681,834,25012,044,701
5Glaukos2025Thomas Burns850,0007,649,9473,527,497012,034,087
6Medpace Holdings2025August Troendle937,41709,999,999011,443,766
7QuidelOrtho2025Brian Blaser1,000,0008,965,82201,274,50011,255,782
8iRhythm Technologies2025Quentin Blackford700,0038,919,45701,350,00011,003,163
9Sotera Health Company2025Michael Petras1,130,6998,022,40001,484,89010,656,063
10Integra LifeSciences Holdings2025Mojdeh Poul1,009,6165,219,8682,250,011174,5639,375,551
11Neogen2026Mike Nassif630,7693,250,0003,250,0001,000,0008,693,916
12Integer Holdings2025Joseph Dziedzic1,235,0005,999,95101,323,7668,671,332
13Bio-Techne2025Kim Kelderman936,0003,929,9421,932,8481,318,9178,151,181
14LivaNova PLC2025Vladimir Makatsaria956,1154,303,0921,374,9991,287,6568,047,217
15Inspire Medical Systems2025Timothy Herbert750,5725,999,6550961,5577,711,784
16Penumbra Inc2025Adam Elsesser850,000000851,621

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Penumbra Incnot disclosednot disclosednot disclosednot disclosed
Bio-Techne128.1%PSU 50 · Options 25 · RSU 25NoAon
Glaukos177.5%PSU 50NoFrederic W. Cook & Co., Inc.
Haemonetics133.4%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (rTSR)Pearl Meyer & Partners, LLC
Inspire Medical Systems111.4%PSU 50 · RSU 50NoAon
Insulet195.8%PSU 60 · RSU 20 · Options 20NoPearl Meyer & Partners, LLC
Integer Holdings85.75%PSU 66 · RSU 34Yes — Relative TSR versus peer groupFW Cook
Integra LifeSciences Holdings40%PSU 50 · Options 25 · RSU 25NoWTW
iRhythm Technologies173%PSU 50 · RSU 50Yes — Relative TSRAon, Mercer
LivaNova PLC122.4%PSU 50 · RSU 25 · Options 25NoPearl Meyer
Masimonot disclosednot disclosednot disclosedFW Cook
Medpace Holdings52.5%Options 100not disclosedTotal Compensation Solutions (TCS)
Merit Medical Systems124.53%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Pearl Meyer & Partners, LLC
Neogennot disclosedPSU 50 · Option 50not disclosedFarient Advisors, LLC
QuidelOrtho127%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Compensia
Sotera Health Company103%PSU 40 · RSU 40 · Other 20NoExequity, LLP

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.

FAQ

Frequently asked questions

Who was the highest-paid executive at Penumbra Inc in fiscal 2025?
As disclosed, Shruthi Narayan, the President, was the highest-paid executive at Penumbra Inc in fiscal 2025 with total compensation of $4,376,926.
How does Penumbra Inc's chief executive pay compare to its disclosed peer group?
The filing shows that Adam Elsesser's pay ranked in the 1st percentile of the disclosed peer group.
What is Penumbra Inc's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 11:1.
How did shareholders vote on Penumbra Inc's executive compensation?
The latest say-on-pay vote result is not disclosed in this filing.
How much does Penumbra Inc spend in total on board compensation for fiscal 2025?
The company reported total board compensation of $1,662,590 for fiscal 2025.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Shruthi NarayanDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation”. As printed: 4,376,926. Filing ↗machine: span 462165–462174
2Section 01, Maggie YuenDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation”. As printed: 2,427,993. Filing ↗machine: span 434115–434124
3Section 01, Johanna RobertsDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation”. As printed: 2,427,897. Filing ↗machine: span 443433–443442
4Section 01, Lambert ShiuDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation”. As printed: 2,179,577. Filing ↗machine: span 452734–452743
5Section 01, Adam ElsesserDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation”. As printed: 851,621. Filing ↗machine: span 424797–424804
6Section 03, Shruthi Narayan PSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 508207–508212
7Section 03, Shruthi Narayan RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 511811–511819
8Section 03, Shruthi Narayan RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 513950–513958
9Section 03, Shruthi Narayan RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 516119–516127
10Section 03, Shruthi Narayan RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 518288–518298
11Section 03, Johanna Roberts RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 496602–496610
12Section 03, Johanna Roberts PSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 490767–490772
13Section 03, Johanna Roberts RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 498791–498799
14Section 03, Johanna Roberts RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 494415–494423
15Section 03, Lambert Shiu RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 507514–507522
16Section 03, Lambert Shiu PSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 499499–499504
17Section 03, Lambert Shiu RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 505328–505336
18Section 03, Lambert Shiu RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 503144–503152
19Section 03, Maggie Yuen PSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 482056–482061
20Section 03, Maggie Yuen RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 485688–485696
21Section 03, Maggie Yuen RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 487871–487879
22Section 03, Maggie Yuen RSUDEF 14A2026-04-290001321732-26-000010Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 490056–490064
23Section 07, pay ratioDEF 14A2026-04-290001321732-26-000010Section “CEO Pay Ratio”. As printed: 11 : 1. Filing ↗
24Section 08, Bridget O’RourkeDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 289,890. Filing ↗machine: span 244681–244807
25Section 08, Thomas WilderDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 288,140. Filing ↗machine: span 246504–246630
26Section 08, Janet LeedsDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 282,390. Filing ↗machine: span 243760–243886
27Section 08, Surbhi SarnaDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 274,890. Filing ↗machine: span 245592–245718
28Section 08, Harpreet GrewalDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 267,390. Filing ↗machine: span 242850–242976
29Section 08, Arani Bose, M.DDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 259,890. Filing ↗machine: span 247368–247494
30Section 08, Adam ElsesserDEF 14A2026-04-290001321732-26-000010Section “Director Compensation”. As printed: 0. Filing ↗
31Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
32Section 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).machine: formula: sums + PSU ratio
33Section 09b board cost (computed)Computed——Cash 463,250 + equity 1,199,340 + all other 0 = 1,662,590, summed across the director compensation table rows.machine: formula: Σ = 1,662,590
34Masimo, Section 10b CEO total10-K2026-05-010001104659-26-054180CEO total compensation as printed in Masimo's own proxy. As printed: 19,797,140. Filing ↗machine: r4 · c22 · span 477159–477169
35Insulet, Section 10b CEO totalDEF 14A2026-04-060001140361-26-013333CEO total compensation as printed in Insulet's own proxy. As printed: 18,858,968. Filing ↗machine: t218 · r3 · c25 · span 1028076–1028087
36Merit Medical Systems, Section 10b CEO totalDEF 14A2026-03-310000856982-26-000013CEO total compensation as printed in Merit Medical Systems's own proxy. As printed: 13,755,143. Filing ↗machine: r21 · c8 · span 1277869–1277879
37Haemonetics, Section 10b CEO totalDEF 14A2026-06-090000313143-26-000074CEO total compensation as printed in Haemonetics's own proxy. As printed: 12,044,701. Filing ↗machine: span 718173–718183
38Glaukos, Section 10b CEO totalDEF 14A2026-04-160001193125-26-157829CEO total compensation as printed in Glaukos's own proxy. As printed: 12,034,087. Filing ↗machine: t93 · r6 · c38 · span 1876942–1876952
39Medpace Holdings, Section 10b CEO totalDEF 14A2026-04-010001668397-26-000012CEO total compensation as printed in Medpace Holdings's own proxy. As printed: 11,443,766. Filing ↗machine: t43 · r3 · c9 · span 495770–495781
40QuidelOrtho, Section 10b CEO totalDEF 14A2026-04-270001906324-26-000018CEO total compensation as printed in QuidelOrtho's own proxy. As printed: 11,255,782. Filing ↗machine: r4 · c24 · span 760612–760622
41iRhythm Technologies, Section 10b CEO totalDEF 14A2026-04-170001388658-26-000030CEO total compensation as printed in iRhythm Technologies's own proxy. As printed: 11,003,163. Filing ↗machine: r2 · c21 · span 1123498–1123508
42Sotera Health Company, Section 10b CEO totalDEF 14A2026-04-080001104659-26-040937CEO total compensation as printed in Sotera Health Company's own proxy. As printed: 10,656,063. Filing ↗machine: span 996859–996869
43Integra LifeSciences Holdings, Section 10b CEO totalDEF 14A2026-04-060000917520-26-000015CEO total compensation as printed in Integra LifeSciences Holdings's own proxy. As printed: 9,375,551. Filing ↗machine: r2 · c30 · span 880204–880213
44Neogen, Section 10b CEO totalDEF 14A2026-08-210001193125-26-360742CEO total compensation as printed in Neogen's own proxy. As printed: 8,693,916. Filing ↗machine: span 1672214–1672223
45Integer Holdings, Section 10b CEO totalDEF 14A2026-04-060001114483-26-000009CEO total compensation as printed in Integer Holdings's own proxy. As printed: 8,671,332. Filing ↗machine: t48 · r17 · c21 · span 738226–738235
46Bio-Techne, Section 10b CEO totalDEF 14A2025-09-190001308179-25-000599CEO total compensation as printed in Bio-Techne's own proxy. As printed: 8,151,181. Filing ↗machine: span 792074–792083
47LivaNova PLC, Section 10b CEO totalDEF 14A2026-04-290001104659-26-050937CEO total compensation as printed in LivaNova PLC's own proxy. As printed: 8,047,217. Filing ↗machine: t117 · r3 · c50 · span 1095329–1095338
48Inspire Medical Systems, Section 10b CEO totalDEF 14A2026-03-200001140361-26-010490CEO total compensation as printed in Inspire Medical Systems's own proxy. As printed: 7,711,784. Filing ↗machine: r2 · c25 · span 1164868–1164877
49Penumbra Inc (subject), Section 10b CEO totalDEF 14A2026-04-290001321732-26-000010CEO total compensation as printed in Penumbra Inc's own proxy. As printed: 851,621. Filing ↗machine: span 424797–424804
50Section 10a, Merit Medical Systems reciprocityDEF 14A—0000856982-26-000013Merit Medical Systems's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
51Section 10a, Haemonetics reciprocityDEF 14A—0000313143-26-000074Haemonetics's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
52Section 10a, iRhythm Technologies reciprocityDEF 14A—0001388658-26-000030iRhythm Technologies's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
53Section 10a, Insulet reciprocityDEF 14A—0001140361-26-013333Insulet's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
54Section 10a, Neogen reciprocityDEF 14A—0001193125-26-360742Neogen's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
55Section 10a, Integer Holdings reciprocityDEF 14A—0001114483-26-000009Integer Holdings's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
56Section 10a, Sotera Health Company reciprocityDEF 14A—0001104659-26-040937Sotera Health Company's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
57Section 10a, LivaNova PLC reciprocityDEF 14A—0001104659-26-050937LivaNova PLC's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
58Section 10a, Inspire Medical Systems reciprocityDEF 14A—0001140361-26-010490Inspire Medical Systems's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
59Section 10a, Bio-Techne reciprocityDEF 14A—0001308179-25-000599Bio-Techne's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
60Section 10a, Medpace Holdings reciprocityDEF 14A—0001668397-26-000012Medpace Holdings's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
61Section 10a, Integra LifeSciences Holdings reciprocityDEF 14A—0000917520-26-000015Integra LifeSciences Holdings's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
62Section 10a, Masimo reciprocityDEF 14A—0001104659-26-054180Masimo's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
63Section 10a, QuidelOrtho reciprocityDEF 14A—0001906324-26-000018QuidelOrtho's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗
64Section 10a, Glaukos reciprocityDEF 14A—0001193125-26-157829Glaukos's most recent proxy was read; its disclosed peer group does not include Penumbra Inc. Filing ↗

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