Document:

Exhibit 10.2

 

 

EXECUTION VERSION

 

 

TERMINATION AGREEMENT

 

This TERMINATION AGREEMENT (this “Agreement”),
dated as of August 2, 2015, is made and entered into by and between AXIS Capital Holdings Limited, a Bermuda exempted company (“Axis”)
and PartnerRe Ltd., a Bermuda exempted company (“PRE” and, together with Axis, the “parties”).
Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Amalgamation Agreement
(as defined below).

 

W I T N E S S E T H:

 

WHEREAS, the parties to this Agreement are
parties to that certain Agreement and Plan of Amalgamation, dated as of January 25, 2015, as subsequently amended on February 17,
2015, March 10, 2015, March 31, 2015, May 3, 2015 and July 15, 2015 (as amended, the “Amalgamation Agreement”)
pursuant to which PRE and Axis would amalgamate and continue as a Bermuda exempted company (the “Amalgamation”);

 

WHEREAS, Section 7.1(a) of the Amalgamation
Agreement provides that the Amalgamation Agreement may be terminated by mutual consent of Axis and PRE by action of their respective
boards of directors;

 

WHEREAS, PRE and Axis have mutually agreed
to terminate the Amalgamation Agreement;

 

WHEREAS, PRE and Axis have duly approved and
adopted this Agreement; and

 

WHEREAS, immediately after the execution of
this Agreement, PRE intends to enter into an Agreement and Plan of Merger (the “Merger Agreement”) with Exor
N.V., a Dutch public limited liability company (naamloze vennootschap) (“Parent”), Pillar Ltd., a Bermuda
exempted company and a wholly owned subsidiary of Parent, solely with respect to Sections 4.01 to 4.05, Section
6.13 and Section 9.13 of the Merger Agreement, EXOR S.p.A. whereby, among other things, Parent would acquire all outstanding
PRE Common Shares for $137.50 per PRE Common Share.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained taken as a whole, the parties hereto agree as follows:

 

Section 1. Matters Related to the Termination
of the Amalgamation Agreement.

 

(a)                  
Termination. The parties hereto mutually agree that pursuant to Section 7.1(a) of the Amalgamation Agreement,
the Amalgamation Agreement is hereby terminated, subject to Section 4(a) hereof, effective immediately upon the execution
of this Agreement by each of the parties hereto (the “Termination”).

 

(b)                 
No Further Obligations. Except with respect to the obligations of the parties set forth in the Confidentiality Agreement
and Section 2 below, neither party shall have any further obligations to the other party under the Amalgamation Agreement
or otherwise; and

 

     

     

    

 

from
and after the effectiveness of this Agreement in accordance with Section 4(a) below, each party shall be free to conduct
its business and affairs in the same manner as if the Amalgamated Agreement had not been executed.

 

(c)                  
Destruction/Return of Evaluation Material. Each party hereto requests of the other party that (i) such other party
and its Representatives (as defined in the Confidentiality Agreement) return or destroy all Evaluation Material (as defined in
the Confidentiality Agreement) in accordance with Section 6 of the Confidentiality Agreement and (ii) an appropriate officer of
the other party certifies such return or destruction of the Evaluation Material (as defined in the Confidentiality Agreement) in
accordance with Section 6 of the Confidentiality Agreement.

 

Section 2. Termination Fees. In consideration
of the Termination, PRE shall pay to Axis $315,000,000 by wire transfer in immediately available funds, such wire transfer to be
initiated no later than 9:00 a.m. (New York Time) on August 3, 2015, to the account notified in writing by Axis to PRE prior to
August 3, 2015 (the “Axis Account”).

 

Section 3. Mutual Release.

 

(a)                  
To the fullest extent permitted by applicable law, PRE, on behalf of itself, its subsidiaries and affiliates and their respective
future, present and former directors, officers, shareholders, partners, members, employees, agents, attorneys, successors and assigns
(collectively, the “PRE Parties”), hereby unequivocally, knowingly, voluntarily, unconditionally and irrevocably
waives, fully and finally releases, remises, exculpates, acquits and forever discharges Axis and Axis’ subsidiaries and affiliates
and their respective future, present and former directors, officers, shareholders, partners, members, employees, agents, attorneys,
successors and assigns (collectively, the “Axis Parties”) from any and all actions, causes of action, suits,
debts, accounts, bonds, bills, covenants, contracts, controversies, obligations, claims, counterclaims, setoffs, debts, demands,
damages, costs, expenses, compensation and liabilities of every kind and any nature whatsoever, in each case whether absolute or
contingent, liquidated or unliquidated, known or unknown, and whether arising at law or in equity, which such PRE Party had, has,
or may have based upon, arising from, in connection with or relating to the Amalgamation Agreement, any agreement or instrument
delivered in connection therewith or the transactions contemplated thereby; provided, however, that (i) no party
shall be released from any breach of this Agreement or have its respective rights and obligations under this Agreement impaired,
and (ii) notwithstanding the termination of the Amalgamation Agreement, the Confidentiality Agreement will continue in full force
and effect in accordance with its terms, and no party to the Confidentiality Agreement shall be released from any actions or claims
which may arise thereunder. Each PRE Party shall refrain from, directly or indirectly, asserting any claim or demand or commencing,
instituting, maintaining, facilitating, aiding or causing to be commenced, instituted or maintained, any legal or arbitral proceeding
of any kind against any Axis Party based upon any matter released under this Section 3(a).

 

(b)                 
To the fullest extent permitted by applicable law, each Axis Party, hereby unequivocally, knowingly, voluntarily, unconditionally
and irrevocably waives, fully and finally releases, remises, exculpates, acquits and forever discharges each PRE Party from any
and all actions, causes of action, suits, debts, accounts, bonds, bills, covenants, contracts, controversies, obligations, claims,
counterclaims, setoffs, debts, demands, damages, costs, expenses,

 

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compensation
and liabilities of every kind and any nature whatsoever, in each case whether absolute or contingent, liquidated or unliquidated,
known or unknown, and whether arising at law or in equity, which such Axis Party had, has, or may have based upon, arising from,
in connection with or relating to the Amalgamation Agreement, any agreement or instrument delivered in connection therewith or
the transactions contemplated thereby; provided, however, that (i) no party shall be released from any breach of
this Agreement or have its respective rights and obligations under this Agreement impaired, (ii) nothing contained in this paragraph
shall in any way affect or impair AXIS’ right to receive payment of the amount set forth in Section 2 of this Agreement,
and (iii) notwithstanding the termination of the Amalgamation Agreement, the Confidentiality Agreement will continue in full force
and effect in accordance with its terms, and no party to the Confidentiality Agreement shall be released from any actions or claims
which may arise thereunder. Each Axis Party shall refrain from, directly or indirectly, asserting any claim or demand or commencing,
instituting, maintaining, facilitating, aiding or causing to be commenced, instituted or maintained, any legal or arbitral proceeding
of any kind against any PRE Party based upon any matter released under this Section 3(b).

 

(c)                  
Representations and Warranties. Each of PRE and Axis hereby represents that the execution, delivery and performance
of this Agreement by it has been duly and validly authorized by all necessary corporate action and no other corporate proceedings
by or on the part of it are necessary to authorize this Agreement or to perform its obligations hereunder; this Agreement has been
duly and validly executed and delivered by it, and assuming the due authorization, execution and delivery hereof by the other party
hereto, constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms hereof, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights generally and general equitable principles (whether considered in a proceeding in equity or
at law).

 

Section 4. General Provisions.

 

(a)                  
Effectiveness; Termination. This Agreement shall be deemed to be effective immediately upon the execution of this
Agreement by the parties; provided, that, this Agreement shall automatically terminate and be of no further force
and effect if the Merger Agreement is not duly executed by the parties thereto by 9.00 p.m. on August 2, 2015 (New York Time).

 

(b)                 
Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties in separate
counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic-mail
shall be as effective as delivery of a manually executed counterpart of any such Agreement.

 

(c)                  
Assignment. Neither this Agreement nor any of the rights, interests or obligations arising under this Agreement shall
be directly or indirectly assigned, delegated sublicensed or transferred by any of the parties (whether by operation of law or
otherwise), in whole or in part, to any other Person (including any bankruptcy trustee) without the prior written consent of the
other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the parties and their respective successors and assigns.

 

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(d)                 
Entire Agreement; Third Party Beneficiaries. This Agreement and the Confidentiality Agreement contain the entire
agreement between the parties hereto with respect to the subject matter hereof and there are no agreements, understandings, representations
or warranties between the parties hereto other than those set forth or referred to herein or therein. Other than Section 3(a)
and Section 3(b) of this Agreement, which are intended to benefit, and be enforceable by, the Axis Parties and PRE Parties,
respectively, this Agreement is not intended to confer upon any person or entity not a party hereto (and their successors and assigns
permitted by Section 4(c) of this Agreement) any rights or remedies hereunder.

 

(e)                  
Governing Law. This Agreement shall be governed by and construed with regard to, in all respects, including as to
validity, interpretation and effect, the Laws of the State of New York with respect to contracts performed within that state.

 

(f)                  
Consent to Jurisdiction; Venue. Each party irrevocably and unconditionally consents, agrees and submits to the exclusive
jurisdiction of the Supreme Court of Bermuda (and appropriate appellate courts therefrom) (the “Chosen Courts”),
for the purposes of any litigation, action, suit or other proceeding with respect to the subject matter hereof. Each party agrees
to commence any litigation, action, suit or proceeding relating hereto only in the Supreme Court of Bermuda, or if such litigation,
action, suit or other proceeding may not be brought in such court for reasons of subject matter jurisdiction, in the other appellate
courts therefrom or other courts of Bermuda. Each party irrevocably and unconditionally waives any objection to the laying of venue
of any litigation, action, suit or proceeding with respect to the subject matter hereof in the Chosen Courts, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum. Each party further irrevocably and unconditionally consents
to and grants any such court jurisdiction over the Person of such parties and, to the extent legally effective, over the subject
matter of any such dispute and agrees that mailing of process or other documents in connection with any such action or proceeding
in the manner provided in Section 8.2 of the Amalgamation Agreement or in such other manner as may be permitted by applicable Law,
shall be valid and sufficient service thereof. The parties agree that a final judgment in any such litigation, action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable Law.

 

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IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed on the date first written above.

 

AXIS CAPITAL HOLDINGS LIMITED

 

 

	AXIS CAPITAL HOLDINGS LIMITED
	 	 
	 	 
	By:	/s/ David Phillips 
	 	Name:	David Phillips
	 	Title:	Executive Vice President and Chief Investment Officer
	 	 	 
	PARTNERRE LTD.
	 	 
	 	 
	By:	/s/ David Zwiener 
	 	Name:	David Zwiener
	 	Title:	President and Chief Executive Officer 

 

 

 

 

[Signature Page to the Termination Agreement]rely-ex41_17.htm

 

Exhibit 4.1

REAL INDUSTRY, INC.

RESTRICTED STOCK AWARD AGREEMENT

THIS AGREEMENT is made and entered into as of this         day of           , 20    (the “Date of Grant”) by and between Real Industry, Inc. (f/k/a Signature Group Holdings, Inc.), a Delaware corporation (the “Company”), and                          (the “Recipient”), pursuant to the Real Industry, Inc. 2015 Equity Award Plan (the “Plan”). This Agreement and the award contained herein are subject to the terms and conditions set forth in the Plan, which are incorporated by reference herein, and the following terms and conditions:

WHEREAS, the Recipient is a Director of the Company; and

WHEREAS, the Company has adopted the Plan in order to promote the interests of the Company and its stockholders by using equity awards to attract and retain key persons to serve on the Company’s Board of Directors (the “Board”).

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, the parties hereto mutually covenant and agree as follows:

1. Award of Restricted Stock. In consideration for the prior and/or continued service of the Recipient as a Director, the Company hereby awards to the Recipient, subject to the further terms and conditions set forth in this Agreement,              shares (the “Restricted Stock”) of its common stock, $0.001 par value per share (the “Common Stock”), as of the Date of Grant.

2. Rights of Stockholder. The Recipient shall have all of the rights of a stockholder with respect to the shares of Restricted Stock (including the right to vote the shares of Restricted Stock and the right to receive dividends with respect to the shares of Restricted Stock), except as provided in Section 3 and Section 5 hereof.

3. Restrictions on Transfer. Except as otherwise provided in this Agreement, the Recipient may not sell, transfer, assign, pledge, encumber or otherwise dispose of any of the shares of Restricted Stock or the rights granted hereunder (any such disposition or encumbrance being referred to herein as a “Transfer”). Any Transfer or purported Transfer by the Recipient of any of the shares of Restricted Stock shall be null and void and the Company shall not recognize or give effect to such Transfer on its books and records or recognize the person to whom such purported Transfer has been made as the legal or beneficial holder of such shares. The shares of Restricted Stock shall not be subject to sale, execution, pledge, attachment, encumbrance or other process and no person shall be entitled to exercise any rights of the Recipient as the holder of such Restricted Stock by virtue of any attempted execution, attachment or other process until the restrictions imposed herein on the Transfer of the shares of Restricted Stock shall lapse as provided in Section 4 hereof. All certificates representing the shares of Restricted Stock shall have endorsed thereon the following legend (in addition to any other legends that are customary or required on certificates representing shares of the Company’s Common Stock):

“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS (INCLUDING FORFEITURE) SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT DATED AS OF              , 20   , BETWEEN THE COMPANY AND THE REGISTERED HOLDER, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. ANY TRANSFER OR PURPORTED TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IN VIOLATION OF SUCH RESTRICTED STOCK AWARD AGREEMENT SHALL BE NULL AND VOID.”

If and when the restrictions imposed herein on the transfer of shares of Restricted Stock shall have lapsed as provided in Section 4 hereof, certificates for such shares without the restricted stock legend set forth in this section shall be delivered to the Recipient. Until such restrictions have lapsed, any certificates representing any shares of Restricted Stock shall be held in custody by the Company. The Recipient may request the removal of such restricted stock legend from certificates representing any shares of Restricted Stock as to which the restrictions imposed herein on the transfer thereof shall have lapsed as provided in Section 4 hereof. Such request shall be in writing to the General Counsel of the Company.

 

 

4. Lapse of Restrictions and Forfeiture. Subject to Section 4(c) hereof, the restrictions on transfer imposed on the shares of Restricted Stock by this Section 4 shall lapse with respect to the shares of Restricted Stock and the Recipient will vest, or gain actual “ownership” of the shares of Restricted Stock in accordance with the terms of Section 4(a) hereof. Except as set forth below, in the event that prior to the lapse of restrictions on transfer, the Recipient’s service as a Director terminates, then all shares of Restricted Stock as to which the restrictions upon transfer imposed by Section 3 hereof shall not have lapsed prior to such date, and shall be forfeited as of the date such service as a Director terminates.

(a) Restricted Stock Vesting. The Restricted Stock shall vest as of the dates and in the amounts set forth below provided that the Recipient is serving as a Director on such date:

	
(i)
	
             shares shall vest on             , 20   ; and

	
(ii)
	
             shares shall vest on             , 20   .

(b) Notwithstanding anything to the contrary in Section 4(a), in the event that prior to the lapse of restrictions on transfer pursuant to Section 4(a), the Recipient’s service as a Director is terminated as a result of (i) the Recipient’s death, disability or retirement as a Director, or (ii) the decision of the Company’s Nominating and Governance Committee not to recommend the Recipient for re-election to the Board of Directors for any reason other than (1) “for cause” (as that term is contemplated by the General Corporation Law of the State of Delaware), (2) for failure to comply with the Company’s Code of Conduct or such other formal policies as may be adopted by the Company and applicable to Directors from time to time, or (3) at the Recipient’s request not to be nominated other than as a result of the Recipient’s disability or retirement, then the Restricted Stock shall immediately vest.

(c) Notwithstanding anything to the contrary in Sections 4(a) or (b) hereof, all unvested Restricted Stock awarded under this Agreement shall immediately vest upon a Change in Control. 

(d) For purposes of this Section 4:

(i) “Change in Control” shall mean the occurrence of any of the following events, each of which shall be determined independently of the others: (1) any Person becomes a “beneficial owner” (as such term is used in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of a majority of the stock of the Company entitled to vote in the election of directors of the Company; (2) individuals who are Continuing Directors of the Company (as hereinafter defined) cease to constitute a majority of the members of the Board; (3) stockholders of the Company adopt and consummate (x) a plan of liquidation for all or substantially all of the assets of the Company or (y) an agreement providing for the distribution of all or substantially all of the assets of the Company; (4) consummation of a merger, consolidation, other form of business combination or a sale of all or substantially all of its assets, with an unaffiliated third party, unless the business of the Company following consummation of such merger, consolidation or other business combination is continued following any such transaction by a resulting entity (which may be, but need not be, the Company) and the stockholders of the Company immediately prior to such transaction hold, directly or indirectly, at least a majority of the voting power of the resulting entity; provided, however, that a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) shall not constitute a Change in Control; (5) there is a Change in Control of the Company of a nature that is reported in response to Item 5.01 of Current Report on Form 8-K or any similar item, schedule or form under the Exchange Act, as in effect at the time of the change, whether or not the Company is then subject to such reporting requirements; or (6) the Company consummates a transaction which constitutes a “Rule 13e-3 transaction” (as such term is defined in Rule 13e-3 of the Exchange Act) prior to the termination or expiration of this Agreement;

(ii) “Continuing Directors” shall mean the members of the Board on the date of execution of this Agreement, provided that any person becoming a member of the Board subsequent to such date whose election or nomination for election was supported by at least a majority of the directors who then comprised the Continuing Directors shall be considered to be a Continuing Director; and

(iii) “Person” is used as such term is used in Sections 13(d) and 14(d) of the Exchange Act.

5. Adjustment Provisions. If, during the term of this Agreement, there shall be any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, reverse stock split, rights offering or extraordinary distribution with respect to the Common Stock, or other change in corporate structure affecting the Common Stock, the Committee shall make or cause to be made an appropriate and equitable substitution, adjustment or treatment with respect to the Restricted Stock in a manner consistent with Section 9 of the Plan, including a substitution or adjustment in the aggregate number or kind of shares subject to this Agreement, notwithstanding that the Restricted Stock are subject to the restrictions on transfer imposed by Section 3 above. Any securities, awards or rights issued pursuant to this Section 5 shall be subject to the same restrictions as the underlying Restricted Stock to which they relate.

2

 

6. Tax Withholding. As a condition precedent to the receipt of any shares of Restricted Stock hereunder, the Recipient agrees to pay to the Company, at such times as the Company shall determine, such amounts as the Company shall deem necessary to satisfy any withholding taxes due on income that the Recipient recognizes as a result of (a) the lapse of the restrictions imposed by Section 3 hereof on the shares of Restricted Stock or (b) the Recipient’s filing of an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the shares of Restricted Stock. The obligations of the Company under this Agreement and the Plan shall be conditional on such payment or arrangements, and the Company, its Subsidiaries and Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Recipient. In addition, the Recipient may elect, unless otherwise determined by the Committee, to satisfy the withholding requirement by having the Company withhold shares of vested Restricted Stock with a fair market value, as of the date of such withholding, sufficient to satisfy the withholding obligation.

7. Registration. This grant is subject to the condition that if at any time the Board or Committee shall determine, in its discretion, that the listing of the shares of Common Stock subject hereto on any securities exchange, or the registration or qualification of such shares under any federal or state law, or the consent or approval of any regulatory body, shall be necessary or desirable as a condition of, or in connection with, the grant, receipt or delivery of shares hereunder, such grant, receipt or delivery will not be effected unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board or Committee. The Company agrees to make every reasonable effort to effect or obtain any such listing, registration, qualification, consent or approval.

8. Rights of the Recipient. In no event shall the granting of the Restricted Stock or the other provisions hereof or the acceptance of the Restricted Stock by the Recipient confer upon the Recipient any right to continue as a Director.

9. Construction.

(a) Successors. This Agreement and all the terms and provisions hereof shall be binding upon and shall inure to the benefit of the parties hereto and their respective legal representatives, heirs and successors, except as expressly herein otherwise provided.

(b) Entire Agreement; Modification. This Agreement contains the entire understanding between the parties with respect to the matters referred to herein. Subject to Section 12(c) of the Plan, this Agreement may be amended by the Board or Committee at any time.

(c) Capitalized Terms; Headings; Pronouns; Governing Law. Capitalized terms used and not otherwise defined herein are deemed to have the same meanings as in the Plan. The descriptive headings of the respective sections and subsections of this Agreement are inserted for convenience of reference only and shall not be deemed to modify or construe the provisions which follow them. Any use of any masculine pronoun shall include the feminine and vice-versa and any use of a singular, the plural and vice-versa, as the context and facts may require. The construction and interpretation of this Agreement shall be governed in all respects by the laws of the State of Delaware.

(d) Notices. Each notice relating to this Agreement shall be in writing and shall be sufficiently given if delivered by registered or certified mail, or by a nationally recognized overnight delivery service, with postage or charges prepaid, to the address hereinafter provided in this Section 9. Any such notice or communication given by first-class mail shall be deemed to have been given two business days after the date so mailed, and such notice or communication given by overnight delivery service shall be deemed to have been given one business day after the date so sent, provided such notice or communication arrives at its destination. Each notice to the Company shall be addressed to it at its offices at 15301 Ventura Boulevard, Suite 400, Sherman Oaks, California 91403 (attention: Chief Financial Officer), with a copy to the Secretary of the Company or to such other designee of the Company. Each notice to the Recipient shall be addressed to the Recipient or such other person or persons at the address shown below the Recipient’s name on the signature page hereof.

(e) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or the application thereof to any party or circumstance shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the minimal extent of such provision or the remaining provisions of this Agreement or the application of such provision to other parties or circumstances.

(f) Counterpart Execution. This Agreement may be executed in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute the entire document.

*   *   *

3

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunto duly authorized, and the Recipient has executed this Agreement all as of the day and year first above written.

 

	
REAL INDUSTRY, INC.

	
 

	
By: 
	
 
	
                                                                             

	
Its: 
	
 
	
                                                                             

 

	
RECIPIENT

	
 

	
 

	
[                               ]
	
 
	
 

 

	
Recipient’s Address:

	
 

	
 

	
 

	
 

 

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