|
Matthew C. Franker
Covington & Burling LLP 850 10th St NW, Washington, DC 20001 (202) 662-6000 |
| | | | |
Elizabeth M. Keiley
General Counsel Entasis Therapeutics Holdings Inc. 35 Gatehouse Drive Waltham, Massachusetts 02451 (781) 810-0120 |
|
| |
Transaction
Valuation* |
| | |
Amount of Filing
Fee** |
| |
| |
$2,145,464
|
| | |
$234.07
|
| |
Exchange Price Range per Share
|
| |
Number of Outstanding
Eligible Options |
| |
Exchange Ratio (Surrendered Stock
Options to New Stock Options) |
| |||
$4.98
|
| | | | 184,300 | | | |
1.5 for 1
|
|
$5.01 – $5.34
|
| | | | 124,500 | | | |
1.2 for 1
|
|
$5.66 – $6.12
|
| | | | 685,800 | | | |
1.3 for 1
|
|
$6.40 – $6.79
|
| | | | 52,500 | | | |
1.2 for 1
|
|
$6.85
|
| | | | 313,205 | | | |
1.3 for 1
|
|
$6.90
|
| | | | 25,000 | | | |
1.2 for 1
|
|
$15.00
|
| | | | 224,784 | | | |
1.8 for 1
|
|
| | | | | 6 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | 17 | | | |
| | | | | 18 | | | |
| | | | | 20 | | | |
| | | | | 21 | | | |
| | | | | 22 | | | |
| | | | | 22 | | | |
| | | | | 24 | | | |
| | | | | 24 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 29 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 32 | | | |
| | | | | 33 | | |
Exchange Price Range Per Share
|
| |
Number of Outstanding
Eligible Options |
| |
Exchange Ratio (Surrendered Stock
Options to New Stock Options) |
| |||
$4.98
|
| | | | 184,300 | | | |
1.5 for 1
|
|
$5.01 – $5.34
|
| | | | 124,500 | | | |
1.2 for 1
|
|
$5.66 – $6.12
|
| | | | 685,800 | | | |
1.3 for 1
|
|
$6.40 – $6.79
|
| | | | 52,500 | | | |
1.2 for 1
|
|
$6.85
|
| | | | 313,205 | | | |
1.3 for 1
|
|
$6.90
|
| | | | 25,000 | | | |
1.2 for 1
|
|
$15.00
|
| | | | 224,784 | | | |
1.8 for 1
|
|
Grant Date of Existing Eligible Option
|
| |
Exercise Price of
Existing Eligible Option |
| |
Cancelled
Shares Subject To Existing Eligible Option |
| |
Exchange Ratio
|
| |
Shares
Subject to Replacement Option |
| |||||||||
August 11, 2015
|
| | | $ | 4.98 | | | | | | 1,000 | | | |
1.5 for 1
|
| | | | 666 | | |
January 18, 2019
|
| | | $ | 5.66 | | | | | | 1,000 | | | |
1.3 for 1
|
| | | | 769 | | |
Exchange Price Range per Share
|
| |
Number of Outstanding
Eligible Options |
| |
Exchange Ratio
(Surrendered Stock Options to New Stock Options) |
| ||||||
$4.98
|
| | | | 184,300 | | | | | | 1.5 for 1 | | |
$5.01 – $5.34
|
| | | | 124,500 | | | | | | 1.2for 1 | | |
$5.66 – $6.12
|
| | | | 685,800 | | | | | | 1.3for 1 | | |
$6.40 – $6.79
|
| | | | 52,500 | | | | | | 1.2for 1 | | |
$6.85
|
| | | | 313,205 | | | | | | 1.3for 1 | | |
$6.90
|
| | | | 25,000 | | | | | | 1.2for 1 | | |
$15.00
|
| | | | 224,784 | | | | | | 1.8for1 | | |
| | |
High
|
| |
Low
|
| ||||||
Fiscal Year Ending December 31, 2021 | | | | | | | | | | | | | |
Second Quarter (through June 16, 2021)
|
| | | $ | 3.04 | | | | | $ | 1.82 | | |
First Quarter
|
| | | $ | 3.53 | | | | | $ | 2.01 | | |
Fiscal Year Ending December 31, 2020 | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 2.85 | | | | | $ | 1.61 | | |
Third Quarter
|
| | | $ | 4.03 | | | | | $ | 2.10 | | |
Second Quarter
|
| | | $ | 3.32 | | | | | $ | 2.31 | | |
First Quarter
|
| | | $ | 5.56 | | | | | $ | 1.99 | | |
Fiscal Year Ended December 31, 2019 | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 6.28 | | | | | $ | 4.60 | | |
Third Quarter
|
| | | $ | 8.47 | | | | | $ | 5.12 | | |
Second Quarter
|
| | | $ | 7.00 | | | | | $ | 5.50 | | |
First Quarter
|
| | | $ | 7.15 | | | | | $ | 4.44 | | |
Exchange Price Range per Share
|
| |
Number of Outstanding
Eligible Options |
| |
Exchange Ratio
(Surrendered Stock Options to New Stock Options) |
| |||
$4.98
|
| | | | 184,300 | | | |
1.5 for 1
|
|
$5.01 – $5.34
|
| | | | 124,500 | | | |
1.2 for 1
|
|
$5.66 – $6.12
|
| | | | 685,800 | | | |
1.3 for 1
|
|
$6.40 – $6.79
|
| | | | 52,500 | | | |
1.2 for 1
|
|
$6.85
|
| | | | 313,205 | | | |
1.3 for 1
|
|
$6.90
|
| | | | 25,000 | | | |
1.2 for 1
|
|
$15.00
|
| | | | 224,784 | | | |
1.8 for 1
|
|
| | |
Three months ended March 31,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
Operating data
|
| |
2021
|
| |
2020
|
| |
2020
|
| |
2019
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,000 | | |
Loss from operations
|
| | | $ | (12,677) | | | | | $ | (15,403) | | | | | $ | (54,231) | | | | | $ | (46,936) | | |
Loss before income taxes
|
| | | $ | — | | | | | $ | — | | | | | $ | (50,496) | | | | | $ | (43,173) | | |
Net loss
|
| | | $ | (10,701) | | | | | $ | (15,266) | | | | | $ | (50,496) | | | | | $ | (43,850) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.29) | | | | | $ | (1.15) | | | | | $ | (2.10) | | | | | $ | (3.33) | | |
Weighted average common stock outstanding – basic and diluted
|
| | | | 37,078,478 | | | | | | 13,291,563 | | | | | | 24,060,615 | | | | | | 13,160,357 | | |
Balance sheet data
|
| |
March 31, 2021
|
| |
December 31, 2020
|
| |
December 31, 2019
|
| |||||||||
Total current assets
|
| | | $ | 51,545 | | | | | $ | 60,132 | | | | | $ | 49,006 | | |
Total assets
|
| | | $ | 52,825 | | | | | $ | 61,558 | | | | | $ | 51,034 | | |
Total current liabilities
|
| | | $ | 8,033 | | | | | $ | 8,565 | | | | | $ | 7,556 | | |
Total liabilities
|
| | | $ | 8,568 | | | | | $ | 9,269 | | | | | $ | 8,877 | | |
Total shareholder’s equity
|
| | | $ | 44,257 | | | | | $ | 52,289 | | | | | $ | 42,157 | | |
Name
|
| |
Number of
Eligible Options Beneficially Owned |
| |
Percentage of
All Eligible Options |
| ||||||
Executive Officers | | | | | | | | | | | | | |
Manoussos Perros, Ph.D.
|
| | | | 682,979 | | | | | | 42.4% | | |
Michael Gutch, Ph.D.
|
| | | | 160,727 | | | | | | 10.0% | | |
David Altarac, M.D.
|
| | | | 72,292 | | | | | | 4.5% | | |
John Mueller, Ph.D.
|
| | | | 142,500 | | | | | | 8.9% | | |
Ruben Tommasi, Ph.D.
|
| | | | 159,727 | | | | | | 9.9% | | |
Matthew Ronsheim
|
| | | | 34,688 | | | | | | 2.2% | | |
Elizabeth Keiley
|
| | | | 33,855 | | | | | | 2.1% | | |
Non-Employee Directors | | | | | | | | | | | | | |
Heather Behanna, Ph.D.
|
| | | | 33,500 | | | | | | 2.1% | | |
David C. Hastings
|
| | | | 43,299 | | | | | | 2.7% | | |
Howard Mayer, M.D.
|
| | | | 21,000 | | | | | | 1.3% | | |
David Meek
|
| | | | 28,917 | | | | | | 1.8% | | |
Heather Preston, M.D.
|
| | | | — | | | | | | 0.0% | | |
All current executive officers and directors as a group (12 persons)
|
| | | | 1,413,534 | | | | | | 87.8% | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Manoussos Perros, Ph.D. | | |
54
|
| | President, Chief Executive Officer and Director | |
Michael Gutch, Ph.D. | | |
55
|
| | Chief Financial Officer and Chief Business Officer | |
David Altarac, M.D. | | |
60
|
| | Chief Medical Officer | |
John Mueller, Ph.D. | | |
61
|
| | Chief Development Officer | |
Ruben Tommasi, Ph.D. | | |
55
|
| | Chief Scientific Officer | |
Matthew Ronsheim | | |
49
|
| | Chief Pharmaceutical Sciences and Manufacturing Officer | |
Elizabeth Keiley | | |
55
|
| | General Counsel | |
Heather Behanna, Ph.D. | | |
46
|
| | Director | |
David Hastings | | |
59
|
| | Director | |
Howard Mayer, M.D. | | |
58
|
| | Director | |
David Meek | | |
57
|
| | Director | |
Heather Preston, M.D. | | |
55
|
| | Director | |
Exhibit 99.(a)(1)(ii)
Covington Comments of June 15, 2021
Offer to Exchange Eligible Options for New Options – Election Form
THE OFFER EXPIRES AT 5:00 P.M., EASTERN TIME, ON JULY 16, 2021
UNLESS THE OFFER IS EXTENDED
Name: ___________________
Before making your election, please make sure you have received, read and understand the documents that make up this Offer, including: (1) the Offer to Exchange Eligible Options for New Options, dated June 17, 2021 (the “Offer to Exchange”); (2) this Election Form, including the list of your eligible options below; (3) the 2018 Equity Incentive Plan (the “2018 Plan”); (4) the form of stock option grant notice for Replacement Options under the 2018 Plan; and (5) the email dated June 17, 2021 announcing the Offer to Exchange (collectively, the “Offer Documents”). The Offer is subject to the terms of the Offer Documents as they may be amended. The Offer provides eligible employees, certain consultants and nonemployee directors who hold eligible options the opportunity to exchange these options for new replacement options as set forth in Section 1 of the Offer to Exchange entitled “Eligibility; Number of Options; Offer Expiration Date.” This Offer expires at 5:00 p.m., Eastern time, on July 16, 2021, unless extended. Defined terms used in this election form without definition will have the meanings given to such terms in the Offer to Exchange.
You may access the Offer Documents through the U.S. Securities and Exchange Commission’s website at www.sec.gov or the Company’s website at www.entasistx.com, or by emailing Elizabeth Keiley, betzy.keiley@entasistx.com, or Sara Castello, sara.castello@entasistx.com. Copies will be provided promptly at our expense.
Details on your Eligible Exchange Options are set forth in the table below.
Type | Grant Date | Exercise Price | Total Shares | Exchange Ratio | Exchanged Entire Eligible Option (Y/N) | |||||
¨Yes ¨ No | ||||||||||
¨Yes ¨ No | ||||||||||
¨Yes ¨ No |
To elect to exchange or withdraw your eligible options, complete the table above. If you do not complete the requested information and clearly mark the applicable box, your attempted election or withdrawal or election will not be valid.
Page 1 of 2
In accordance with the terms outlined in the Offer Documents, if you elect to exchange your eligible options, you will receive new replacement options as determined in accordance with the Offer Documents using the exchange ratios set forth in the Offer Documents (rounded down to the nearest whole number with respect to each new replacement option on a grant-by-grant basis), as described in Section 1 of the Offer to Exchange entitled “Eligibility; Number of Options; Offer Expiration Date.”
Please note that you may withdraw your election by submitting a new properly completed and signed election form prior to the Offer expiration date, which will be 5:00 p.m., Eastern time, on July 16, 2021, unless we extend the Offer.
BY PARTICIPATING, YOU AGREE TO ALL TERMS AND CONDITIONS OF THE OFFER AS SET FORTH IN THE OFFER DOCUMENTS. YOU WILL LOSE YOUR RIGHTS TO ALL EXCHANGED OPTIONS THAT ARE CANCELLED UNDER THE OFFER AND EXCHANGED FOR NEW REPLACEMENT OPTIONS.
Your signature and submission of this election form indicates that you have read and agreed to the Terms of Election and the Offer to Exchange.
(Signature of Optionee or Authorized Signatory) | ||
(Optionee’s Name, please print in full) | ||
Date: | ||
Address: | ||
Email address: |
EMAIL A COPY OF THIS ENTIRE ELECTION FORM TO
Entasis_Option_Exchange@entasistx.com, NO LATER THAN 5:00 P.M., EASTERN TIME, ON July 16, 2021.
Page 2 of 2
Exhibit 99.(a)(1)(iii)
Announcement Email Text:
TO ALL ELIGIBLE EXCHANGE OPTION HOLDERS FROM ENTASIS THERAPEUTICS HOLDINGS INC.
Attached please find an Offer to Exchange Eligible Options for New Options dated June 17, 2021 (the “Exchange Offer”). You are receiving this communication because you are eligible to participate in the Exchange Offer and exchange certain outstanding stock options for replacement stock options on the terms and conditions described in the attached documents.
Please carefully read all of the attached materials before making any decision to participate in the Exchange Offer. The Exchange Offer expires at 5:00 p.m., Eastern time, on July 16, 2021, unless extended.
If you have any questions regarding the Exchange Offer or your options, please contact Colleen Tucker, colleen.tucker@entasistx.com, Sara Castello, sara.castello@entasistx.com or Betzy Keiley, betzy.keiley@entasistx.com.
Exhibit 99.(a)(1)(iv)
Reminder Email Text:
TO ALL ELIGIBLE EXCHANGE OPTION HOLDERS FROM ENTASIS THERAPEUTICS HOLDINGS INC.
As a reminder, your decision to participate in the Exchange Offer as described in Offer to Exchange Eligible Options for New Options dated June 17, 2021 must be made before 5:00 p.m., Eastern time, on July 16, 2021. If you have any questions regarding the Exchange Offer or your options, please contact Colleen Tucker, colleen.tucker@entasistx.com, Sara Castello, sara.castello@entasistx.com or Betzy Keiley, betzy.keiley@entasistx.com.
Exhibit 99.(a)(1)(v)
Company Confidential Option Exchange Program
Company Confidential Option Exchange Program Why are we doing this? 1 A key component of your compensation package is the long - term incentive program. Through this program, we’re able to reward your contribution to our long - term success through stock options. As Entasis grows in value, so does your reward. We’re committed to doing everything we can to maximize this value and make sure you’re incentivized and rewarded in a meaningful way. However, given our current stock price, some of your options may not provide the value we had hoped. Through this program, you can trade in your current options for fewer options that are closer to the current price of our stock. Doing so increases the likelihood of your stock options earning more value sooner.
Company Confidential Option Exchange Program How do Stock Options Work? 2 When it comes to stock options, your awards were granted at an “exercise price” and your options gain value as the stock price increases higher than the exercise price. When the stock price dips below the exercise price, the options have no value, which is the case for many of our current stock options. Through the Stock Option Exchange Program, you can trade these options for fewer options with an exercise price that reflects the current market price, thus increasing the probability of your stock options delivering value sooner.
Company Confidential Option Exchange Program Exchange Ratio 3 There is an exchange ratio that determines how many replacement options you’ll receive through the Stock Option Exchange Program. Depending on the exercise price of the grant, this ratio is between 1.2 and 1.8. So, if you exchange options with a 1.2 exchange ratio, you’ll receive one replacement option for every 1.2 options you exchange through the program. While you’re getting fewer options in return, the replacement options are more likely to gain value in the near term as the exercise price will be based on Entasis’ stock price on the date of the exchange.
Company Confidential Option Exchange Program Exchange Ratio 4 Exchange Price Range per Share Exchange Ratio $4.98 1.5 for 1 $5.01 - $5.34 1.2 for 1 $5.66 - $6.12 1.3 for 1 $6.40 - $6.79 1.2 for 1 $6.85 1.3 for 1 $6.90 1.2 for 1 $15.00 1.8 for 1
Company Confidential Option Exchange Program 5 For any of your current options that have a remaining vesting period of 12 months or less, the replacement options have a waiting period, meaning you must wait 12 months until you can exercise them. If you’re currently fully vested in some or all your stock options , you’ll have to hold your replacement options for an additional 12 months before exercising them. For any of your current options that have a remaining vesting period of 12 months or less, the vesting period resets, and you’ll have to hold your replacement options for 12 months before exercising them. For any of your current options that have a remaining vesting period of more than 12 months, there is no additional waiting period. Vesting
Company Confidential Option Exchange Program Next Steps 6 You must opt - in to the Stock Option Exchange Program between June 17 and July 16, 2021. You have the flexibility to exchange some or all your options on an award by award basis, but no partial exchange of options from the same award. If you decide to exchange some or all your options, you must complete the following actions on or before 5:00 p.m. EDT on Friday, July 16, 2021. Properly complete and submit your election form after reading all of the offering materials Indicate “Yes” or “No” in the election column E - mail your completed Exchange Election Form to: Entasis_Option_Exchange@entasistx.com
Company Confidential Option Exchange Program – Q & a 7 Question Answer Is there any penalty if I choose not to participate? No, this is a completely voluntary program and there is no penalty if you do not choose to participate in the Stock Option Exchange Program. I am fully vested in my existing options. Does this mean I’m vested in the replacement options? No, you’ll have to hold your replacement options for an additional 12 months before exercising them. ( i.e., the new stock options cliff vest 12 months after the date of exchange ) I am partially vested in my existing options. What does this mean for me? For any of your current options that have a remaining vesting period of 12 months or less, the vesting period resets, and you’ll have to hold your replacement options for 12 months before exercising them. For any of your current options that have a remaining vesting period of more than 12 months, there is no additional waiting period. I was granted stock options at several different dates. Do they have the same exchange ratio and remaining vesting period? Not necessarily as different grants may or may not have the same exchange ratio. To find out the exchange ratios please refer to your election form. To find out vesting periods for your current stock option grants, log on to E*TRADE.
Company Confidential Option Exchange Program – Q & a 8 Question Answer Is there a tax consequence for opting into the Stock Option Exchange Program? No, there is no tax implication until the options are exercised. Is there any cost associated with opting into this program? No, there is no cost associated with opting into this program. Is this a one - time offer or will I have another chance to exchange my options? As of now, this is a one - time offer to exchange your options. How many days do I have to decide? You have 20 business days to decide. The election period will run from June 17 – July 16, 2021. Who should I contact if I have more questions? If you have more questions, please reach out to Betzy Keiley, Sara Castello or Colleen Tucker.
Exhibit 99.(d)(4)
Entasis Therapeutics Holdings Inc.
Form
Of Stock Option Grant Notice
(2018 Equity Incentive Plan)
Entasis Therapeutics Holdings Inc. (the “Company”), pursuant to its 2018 Equity Incentive Plan (the “Plan”), hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and conditions as set forth in this Stock Option Grant Notice, in the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms in this Stock Option Grant Notice and the Plan, the terms of the Plan will control.
Optionholder: | |
Date of Grant: | July 16, 2021 |
Vesting Commencement Date: | First Anniversary of Date of Grant |
Number of Shares Subject to Option: | |
Exercise Price (Per Share): | |
Total Exercise Price: | |
Expiration Date: | July 15, 2031 |
Type of Grant: | %%OPTION_TYPE_LONG%-% |
Exercise Schedule: | Same as Vesting Schedule |
Vesting Schedule: | This option shall vest in accordance with the following schedule: |
Exchanged Option Strike Price |
Exchanged Option Grant Date |
Vesting Schedule for new option (stated as %) |
$4.98 | 8/11/2015 | 100% vested on Vesting Commencement Date |
$4.98 | 12/10/2015 | 100% vested on Vesting Commencement Date |
$5.01 | 11/15/2019 | 67% vested on Vesting Commencement Date, remainder vests monthly over 16 months following Vesting Commencement Date |
$5.12 | 9/17/2019 | 69% vested on Vesting Commencement Date, remainder vests monthly over 15 months following Vesting Commencement Date |
$5.25 | 12/16/2019 | 65% vested on Vesting Commencement Date, remainder vests monthly over 17 months following Vesting Commencement Date |
$5.34 | 2/18/2020 | 58% vested on Vesting Commencement Date, remainder vests monthly over 20 months following Vesting Commencement Date |
$5.66 | 1/18/2019 | 85% vested on Vesting Commencement Date, remainder vests monthly over 7 months following Vesting Commencement Date |
$5.70 | 11/4/2019 | 67% vested on Vesting Commencement Date, remainder vests monthly over 16 months following Vesting Commencement Date |
$5.78 | 10/15/2019 | 69% vested on Vesting Commencement Date, remainder vests monthly over 15 months following Vesting Commencement Date |
$6.12 | 6/19/2019 | 100% vested on Vesting Commencement Date |
$6.3982 | 7/15/2019 | 75% vested on Vesting Commencement Date, remainder vests monthly over 12 months following Vesting Commencement Date |
$6.44 | 8/5/2019 | 73% vested on Vesting Commencement Date, remainder vests monthly over 13 months following Vesting Commencement Date |
$6.4599 | 4/15/2019 | 81% vested on Vesting Commencement Date, remainder vests monthly over 9 months following Vesting Commencement Date |
$6.79 | 5/15/2019 | 79% vested on Vesting Commencement Date, remainder vests monthly over 10 months following Vesting Commencement Date |
$6.85 | 5/1/2018 | 100% vested on Vesting Commencement Date |
$6.90 | 4/26/2019 | 79% vested on Vesting Commencement Date, remainder vests monthly over 10 months following Vesting Commencement Date |
$15.00 | 9/25/2018 | 94% vested on Vesting Commencement Date, remainder vests monthly over 3 months following Vesting Commencement Date |
1
Additional Terms/Acknowledgements: Optionholder acknowledges receipt of, and understands and agrees to, this Stock Option Grant Notice, the Option Agreement and the Plan. Optionholder acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan. Optionholder further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding this option award and supersede all prior oral and written agreements, promises and/or representations on that subject with the exception of, if applicable, (i) equity awards previously granted and delivered to Optionholder, (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law and (iii) any written employment or severance arrangement or other written agreement entered into between the Company and Optionholder specifying the terms that should govern this option upon the terms and conditions set forth therein.
By accepting this option, Optionholder acknowledges having received and read the Stock Option Grant Notice, the Option Agreement and the Plan and agrees to all of the terms and conditions set forth in these documents. Optionholder consents to receive Plan and related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
Entasis Therapeutics Holdings Inc. | Optionholder: | ||
By: | |||
Signature | Signature | ||
Title: | Manos Perros, CEO |
Attachments: Option Agreement, 2018 Equity Incentive Plan and Notice of Exercise
2
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