Document:

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                                                                   EXHIBIT 10.26

                                  AGREEMENT

               AGREEMENT, dated as of March 15, 1997, by and between AMERICAN
NATIONAL CAN COMPANY, a Delaware corporation (the "Company"), and the individual
named on the signature page hereof (the "Executive").

               WHEREAS, the Executive currently serves as a senior executive of
the Company; and

               WHEREAS, in order to preserve for the Company the benefit of the
Executive's experience and continued service during the ongoing reorganization
of the Company's activities, the Company and the Executive have agreed to the
terms set forth in this Agreement;

               NOW, THEREFORE, in consideration of the covenants and agreements
herein contained, the parties hereto hereby agree as follows:

               1. DEFINED TERMS. For purposes of this Agreement, the following
terms shall have the following meanings:

               (a) "AFFILIATE" means, with respect to any person (including
without limitation the Company), any corporation or other entity that, directly
or indirectly, controls or is controlled by such person, or that is under common
control with such person.

               (b) "BOARD" means the Board of Directors of the Company or, if
there is no such Board of Directors, such individual, committee or other
supervisory body designated by Pechiney to manage the business and affairs of
the Company.

               (c) "Cause" means (A) serious misconduct or gross negligence in
the performance of the Executive's employment duties; (B) willful disobedience
by the Executive of directions received from or policies established by the
Chief Executive Officer, any other executive or executives to whom the Executive
reports or the Board; or (C) commission by the Executive of a crime involving
fraud or moral turpitude that can reasonably be expected to have a materially
adverse effect on the business, reputation or financial situation of the
Company. The Executive shall be permitted to respond and defend himself before
the Board within 15 days after written notification of any proposed termination
for Cause which shall specify in detail the reasons for such termination.

               (d) "Code" means the Internal Revenue Code of 1986, as amended.

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               (e) "CONFIDENTIAL INFORMATION" includes, without limitation, the
client lists of Pechiney and its Subsidiaries and Affiliates (including the
Company), their respective trade secrets, any confidential information about (or
provided by) any customer or supplier, or prospective or former customer or
supplier, of Pechiney or any of its Subsidiaries or Affiliates (including the
Company), information concerning the business or financial affairs of Pechiney
or any of its Subsidiaries or Affiliates (including the Company), including
books and records, commitments, procedures, plans and prospectus, strategies, or
current or prospective transactions or business, and any other "inside
information", (i) which has not been disclosed publicly by Pechiney or one of
its Subsidiaries or Affiliates (including the Company), or with its consent,
(ii) which is otherwise not a matter of public knowledge or (iii) which is a
matter of public knowledge and the Executive has reason to know that such
information became a matter of public knowledge through an unauthorized
disclosure.

               (f) "CONTINUATION PERIOD" means either (i) if the Termination
Date occurs on or before June 30, 1999, the period beginning on the Termination
Date and ending at the end of the 30th month after the Termination Date or (ii)
with respect to a Termination Date that occurs after June 30, 1999, the period
beginning on the Termination Date and ending on the earlier of (x) the second
anniversary thereof or (y) the Executive's 62nd birthday.

               (g) "COVENANT PERIOD" means the period beginning on the date of
this Agreement and ending on the second anniversary of the Termination Date.

               (h) "LTIP" MEANS the Company's Long Term Incentive Plan.

               (i) "MIP" means the Company's Management Incentive Plan, as the
same may be amended from time to time, or any successor plan.

               (j) "PECHINEY EQUITY PLAN" means any stock option, restricted
stock, stock appreciation right, phantom stock, equity incentive or similar plan
(other than the LTIP) under which awards are denominated in, or the value of
which is determined by reference to, equity securities of Pechiney.

               (k) "PECHINEY GROUP" means Pechiney and its Subsidiaries and
Affiliates (including the Company).

               (1) "PENSION PLANS" means, collectively, the Company's Pension
Plan for Salaried Employees and certain other non-qualified pension plans or
arrangements that the Company maintains for its senior executives.

               (m) "SERVICE ENHANCEMENT" means the excess, if any, of (i) the
number of

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years (including any partial year) of credited service with the Pechiney Group
that would be attributed to the Executive under the Pension Plans as of his 62nd
birthday as if the Pension Plans were applied with regard to service with the
Pechiney Group, assuming continuous employment with the Pechiney Group until his
62nd birthday, over (ii) the Executive's actual years of credited service with
Pechiney Group.

               (n) "SUBSIDIARY" of a person (including without limitation the
Company) means a corporation with respect to which such person, directly or
indirectly, has the power, whether through the ownership of voting securities,
by contract or otherwise, to elect at least a majority of the members of such
corporation's board of directors.

               (o) "TERMINATION DATE" means the effective date of the
Executive's termination of employment with the Company.

               2. GENERAL TERMS OF EMPLOYMENT.

               (a) NATURE AND TERM OF THIS AGREEMENT. This Agreement does not
constitute a guarantee of continued employment but instead provides for certain
rights and benefits for the Executive in the event his employment with the
Company terminates under the circumstances described herein.

               (b) DUTIES AND RESPONSIBILITIES. For so long as the Executive's
employment with the Company continues, the Executive will devote his full
business time, attention and best efforts to the affairs of the Company, will
faithfully serve the Company and in all respects conform to and comply with the
lawful directions and instructions given to him by the Company's Chief Executive
Officer, any other executive or executives to whom he reports or the Board.

               (c) BASE SALARY. The Executive base salary shall be reviewed
periodically by the Company at the times and in a manner consistent with the
review of base salaries of the Company's other senior executives, and, based on
such review, the amount of the Executive's base salary may be adjusted upwards
but not downwards, in the discretion of the Company, taking into account the
Executive's performance and any other factors the Company deems relevant.

               (d) PARTICIPATING IN BENEFIT PROGRAMS. During the period of the
Executive's employment with the Company he will be eligible to participate in
the Company's compensation (including short-term and long-term incentive
compensation) and benefit programs applicable generally to the Company's senior
executives. Such programs may be adjusted or modified from time to time by the
Company in its discretion.

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3.       PENSION BENEFIT.

               (a) TERMINATION OF EMPLOYMENT PRIOR TO AGE 62. If the Executive's
employment with the Company is terminated by the Company for any reason other
than for Cause prior to his 62nd birthday, then the following shall apply:
provided, however, that in the event of the Executive's death prior to his
termination, he shall not be entitled to the Service Enhancement under Section
3(a)(i) below:

               (i) SUPPLEMENTAL PENSION BENEFIT IN THE EVENT OF TERMINATION
         PRIOR TO AGE 62. In the event that such termination occurs prior to the
         Executive's 62nd birthday, the Company will pay to the Executive
         pursuant to this Agreement a supplemental monthly pension benefit equal
         to the excess, if any, of "A" over "B", where:

         "A" equals the aggregate monthly benefit the Executive would have
         received under the Pension Plans upon retirement assuming that the
         Executive had continued service with the Company equal to the sum of
         (I) the number of years of credited service the Executive has with the
         Pechiney Group as of the Termination Date plus (II) the Service
         Enhancement. Such benefit will be calculated based upon the highest
         consecutive 60 months, or such fewer number of months equal to the
         Executive's period of employment with the Company of compensation (as
         defined for the purposes of the Pension Plans) the Executive received
         from the Company during his employment; and

         "B" equals the aggregate monthly amount payable to the Executive under
         the Pension Plans, such amount to be calculated in accordance with the
         provisions of the Pension Plans and the Howmet Combined Pension Plan.

               (ii) PAYMENT OF SUPPLEMENTAL PENSION BENEFIT. The supplemental
         monthly pension benefit referred to in Sections 3 (a)(i) above shall be
         calculated as if the Executive retired on his 62nd birthday. Such
         benefits will be available at age 62 and, if taken early in accordance
         with the Pension Plan, will reflect normal discounts in accordance with
         the provisions of the Pension Plans .

               (iii) QUALIFICATION FOR RETIREMENT BENEFITS. The Executive will
         be qualified for retirement benefits on the same basis, and subject to
         the same terms and conditions, as other employees who are entitled to
         such benefits upon retirement after age 55.

               (iv) SEVERANCE BENEFITS. The Executive will be entitled to the
         severance benefits described in Section 4 of this Agreement.

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               (b) TERMINATION OF EMPLOYMENT AFTER AGE 62. If the Executive's
employment with the Company is terminated by the Company for any reason after
the Executive attains age 62, the Executive shall not be entitled to any of the
pension enhancements described in Sections 3(a)(i) above and his retirement and
other benefits shall instead be determined under the Pension Plans and other
benefit plans and arrangements of the Company in which he participates at the
time of such termination.

               (c) CERTAIN TERMS APPLICABLE TO SUPPLEMENTAL MONTHLY PENSION
BENEFITS. The company shall determine in its discretion whether, and to the
extent that, any supplemental monthly pension benefit required under Section 3
(a)(i) shall be paid through a Pension Plan that is intended to be qualified
under Section 401 (a) of the Code, or any successor provision thereto, or under
a Pension Plan or other arrangement that is not intended to be so qualified. The
amount, if any, payable under such Section will be determined based on the same
form of payment (e.g. single life annuity or joint and survivor annuity) that
the Executive elects under the Pension Plans or, in the event the Executive's
period of employment with the Company is insufficient as of the Termination
Date, the same form of payment he could have elected under the Pension Plans if
his period of employment with the Company had been sufficient.

               (d) NO ENHANCEMENT UPON RETIREMENT OR RESIGNATION. If the
Executive retires or otherwise resigns his employment with the Company he shall
not be entitled to the pension enhancement described in the foregoing subsection
(a), or any of the severance benefits described in Section 4. His retirement
shall instead be determined under the Pension Plans and other benefit plans and
arrangements of the Company in which he participates at the time of such
retirement or resignation.

               (e) NO IMPAIRMENT OF EXISTING RIGHTS. Nothing in this Agreement
shall be construed to reduce or impair in any way the Executive's rights and
benefits under the Pension Plans, including any rights and benefits that he may
accrue under the Pension Plans after the date hereof and prior to his
termination of employment with the Company, and any other post-retirement
benefits otherwise provided as a consequence of the Executive's service with the
Pechiney Group.

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               4. SEVERANCE BENEFITS. If the Executive's employment with the
Company terminates under circumstances which are described in Section 3 as
conferring on the Executive the right to receive the severance benefits
described in this Section 4, then the Executive shall be entitled to the
following severance benefits: provided however, that if the Executive, at his
election, receives any benefit under a Pension Plan at any time during the
Continuation Period, he will not be entitled to severance benefits after such
election.

               (a) BASE SALARY CONTINUATION. Following the Termination Date and
continuing through the Continuation Period, the Company will continue to pay the
Executive his base salary equivalent, at the rate in effect immediately prior to
the Termination Date consistent with normal payroll practice. The payments
following the Termination Date shall be in lieu of any and all severance pay to
which the Executive might otherwise be entitled under any plan or program of the
Company or any of its Subsidiaries or Affiliates.

               (b) INCENTIVE COMPENSATION.

               (i) During the Continuation Period the Executive will receive an
         equivalent MIP award reflecting business and personal performance at
         target level; such award will be paid to the Executive in accordance
         with the Company's normal payment practices for the MIP at the time
         payments under the MIP are normally made to other executives of the
         Company. Except for the payment provided in this subsection (i), the
         Executive shall have no right to any payment under the MIP or any other
         annual incentive compensation plan of the company. The Executive's
         equivalent MIP award for any partial calendar year at the end of the
         Continuation Period will be prorated based on a fraction, the numerator
         of which is the number of days in such calendar year up to and
         including the last day of the Continuation Period, and the denominator
         of which is 365.

               (ii) If the Executive participates in a long-term incentive plan,
         he will be subject to the applicable termination of employment
         provisions of that plan.

               (iii) The Executive will be fully vested in any awards that were
         made to him under any Pechiney Equity Plan prior to the Termination
         Date if the vesting of such awards was conditioned upon continued
         service, and the Executive shall be entitled to exercise any such award
         during a period of at least two years following the Termination Date
         (or until such earlier date as would be the normal expiration date of
         such award in the absence of termination of employment). To the extent
         that the vesting of any awards made to the Executive under any Pechiney
         Equity Plan prior to the Termination Date were based on factors other
         than continued service, the vesting of such awards will be governed by
         the rules applicable thereto under any such Pechiney Equity Plan.

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Except for the payments and other benefits provided in this subsection (b), the
Executive shall have no right to any other payment or benefit under the MIP, the
LTIP or any other annual or long-term incentive plan of the Company or, except
as may otherwise be provided therein, under any Pechiney Equity Plan. Without
limiting the generality of the preceding sentence, this Agreement shall not
confer any right on the Executive following the Termination Date to be granted
any further awards under any Pechiney Equity Plan or to receive any award under
any new cycle under the LTIP or any subsequent long-term incentive plan.

               (c) COMPANY CAR. Title to the automobile made available to the
Executive immediately prior to the Termination Date will be transferred to him
at no additional cost as of the Termination Date; provided, however, that the
Executive will be responsible for all income taxes, transfer taxes and similar
governmental charges regarding the transfer and new registration of the vehicle.

               (d) OUTPLACEMENT SERVICES. The Executive will be eligible for
outplacement counseling with an outplacement service selected by the Company and
reasonably acceptable to the Executive.

               (e) CAP MAKEUP. The Company will pay the Executive the amounts it
would have contributed on the Executive's behalf to the CAP (Capital
Accumulation Plan) as matching contributions and/or discretionary profit-sharing
contributions during the Continuation Period, assuming the Executive had elected
to participate in the CAP at the maximum level permitted thereunder. All such
payments will be made on an after-tax basis. Payment of matching contribution
equivalents will be paid with the base salary continuation payments provided for
in subsection (a) above; payment of discretionary profit-sharing contribution
equivalents will be made at approximately the same time as the Company makes
such contributions (if any) to the CAP.

               (f) LIFE INSURANCE AND LONG-TERM DISABILITY. During the
Continuation Period the Executive shall continue to be eligible for life
insurance and long-term disability benefits equal to those applicable to him on
the Termination Date, subject to the same terms and conditions (including
without limitation any provisions concerning payment of premiums) that apply to
employees of the Company.

               (g) NO OTHER BENEFITS. Except as otherwise provided in this
Agreement, or as provided under the terms of any employee benefit plan or
program of the Company, after the Termination Date the Executive shall not be
eligible to participate in any employee benefit plan or program of the Company
(including without limitation any incentive, bonus or similar compensation plan
or arrangement).

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               5. DEATH AND DISABILITY

               If the Executive dies or becomes totally disabled during the
Continuation Period, the Executive or his estate, as the case may be, will be
entitled to the severance benefits provided for in this Agreement (other than
outplacement services) and pension benefits which will be determined taking into
account the supplemental pension benefit provided for in Section 3(a)(i) of this
agreement, as well as to the standard benefits and insurance payments under the
benefits plans of the Company then in effect, determined as though his
employment with the Company had terminated by virtue of death or total
disability.

               6. CERTAIN COVENANTS.

               (a) COVENANT NOT TO INDUCE TERMINATION OF EMPLOYMENT. The
Executive agrees that during the period of his employment with the Company and
continuing through the Covenant Period he will not, without the prior written
consent of the Company (which consent may be withheld by the Company at its sole
discretion), induce or attempt to persuade any employee of the Company or any of
its Subsidiaries to terminate his employment relationship in order to enter into
any other employment, whether or not such other employment is competitive with
the Company or any of its Subsidiaries.

               (b) COVENANT NOT TO DISCLOSE CONFIDENTIAL INFORMATION. The
Executive agrees that he will not, at any time during the Covenant Period or
thereafter, make use, for his own benefit or the benefit of any other person or
entity, of Confidential Information of any kind or character, nor divulge
Confidential Information except to the extent the Company's Chief Executive
Officer or the Board may so authorize in writing, and that within ten days of
the Termination Date the Executive will surrender to the Company all records, in
whatever form maintained (including without limitation records maintained as
computer files) and other documents and materials obtained by the Executive or
entrusted to him during the course of his employment by the Company or any of
its Subsidiaries or Affiliates (together with all copies thereof) which related
to any such Confidential Information. Nothing set forth in this subsection (a),
however, shall be interpreted to prohibit the Executive from disclosing any such
information as may be required by law, including pursuant to any court or
government decree or subpoena.

               (c) REMEDIES. Without limiting the right of the Company to pursue
all other legal and equitable remedies available for violation by the Executive
of the covenants contained in this Section, it is expressly agreed that if the
Executive materially breaches the covenants set forth in this Section and fails
to cure such breach to the reasonable satisfaction of the Company within 30 days
after written notice thereof, any further obligations of the

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Company pursuant to this Agreement shall be canceled. Without limiting the
generality of the preceding sentence, the Executive acknowledges and agrees
that, in the event of such material breach and failure to cure, (i) any
obligation of the Company to provide any supplemental pension benefit, or any
other benefit, under Section 3 above will be canceled (other than any
obligations under any Pension Plans that are intended to be qualified under
Section 401(a) of the Code) and (ii) the Company will have no further obligation
to pay or provide any of the severance benefits described in Section 4 above. In
addition, the Executive acknowledges that a breach of any of the covenants set
forth in this Section may result in material irreparable injury to the Company
for which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of such a
breach 9 or threat thereof, the Company shall be entitled, in addition to any
other rights or remedies it may have (including without limitation the remedy
provided in the preceding sentence), to obtain a temporary restraining order and
a preliminary or permanent injunction enjoining or restraining the Executive
from engaging in activities prohibited by this Section or requiring his
compliance with the affirmative obligations provided for herein.

               (d) ENFORCEABILITY. It is the intent and understanding of each
party hereto that if in any action before any court or agency legally empowered
to enforce the covenants contained in this Section any term, restriction,
covenant or promise contained herein is found to be unreasonable and accordingly
unenforceable, then such term, restriction, covenant or promise shall be deemed
modified to the extent necessary to make it enforceable by such court or agency.

               7. CONFIDENTIALITY OF THIS AGREEMENT. Except as required by law,
judicial order, or other lawful process, the parties hereto will keep
confidential and not disclose, directly or indirectly, to any person, firm,
corporation, association, or other entity, except family and professional
financial and legal advisors, the existence or terms of this Agreement.

               8. NO UNFAVORABLE COMMENTS. The Company agrees to refrain from
making now or any time in the future any comment reflecting unfavorably upon the
Executive to the press, any individual or entity with whom the Executive has a
business relationship or any individual or entity making an inquiry as to the
Executive's employment relationship with the Company, except to the extent that
any such comment may relate to circumstances underlying a termination of the
Executive's employment for Cause. The Executive agrees to refrain from making
now or at any time in the future any comment reflecting unfavorably upon any
member of the Pechiney Group (including the Company) or any current or former
directors, officers or employees of any member of the Pechiney Group to the
press, any employees of any member of the Pechiney Group or any individual or
entity with whom any member of the Pechiney Group has a business relationship.
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               9. FULL SATISFACTION; RELEASE. The Executive agrees that the
payments and other benefits to be provided pursuant to this Agreement shall be
in full satisfaction of any and all claims for payment or any other benefits
that he may have against the Company or any of its Subsidiaries or Affiliates
arising out of (i) his employment with the Company or his status as an executive
of the Company or any of the Company's Subsidiaries, Affiliates or divisions; or
(ii) the termination of such employment and status excluding (A) claims that
arise out of an asserted breach of this Agreement and (B) claims for
indemnification the Executive may now or in the future have under any bylaw,
agreement or otherwise. In addition, in consideration of the agreements set
forth herein, the Company, on the one hand, and the Executive, on the other
hand, release and waive all claims, causes of action or the like arising on or
before the date hereof, regardless of whether or not known at present
(including, without limitation, any claims arising under the Age Discrimination
in Employment Act of 1967, Title VII of the Civil Rights Act of 1964 as amended
by the Civil Rights Act of 1991, the Equal Pay Act of 1962, the Americans with
Disabilities Act of 1990, or any other federal, state or local statute or
ordinance; but excluding, in the case of both the Company and the Executive, an
claims that arise out of an asserted breach of the terms of this Agreement),
that either has or may have in the future against the other and, in the case of
the Company, its successors, shareholders, directors, officers, agents and
employees, regarding all matters relating to the Executive's service as an
employee of the Company or any of its Subsidiaries, Affiliates or divisions, and
to the termination of such relationships, including, without limitation, all
claims related to the payment of compensation and benefits and all claims
arising under any Federal or state statute or regulation. The Executive and the
Company shall execute as of the Termination Date any further documents as may
reasonably be requested by the other in order to evidence and give effect to the
provisions of this Section.

               10. SOURCE OF PAYMENTS. All payments provided under this
Agreement, other than payments made pursuant to a benefit plan which may provide
otherwise, shall be paid in cash from the general funds of the Company, and no
special or separate fund shall be established, and no other segregation of
assets made, to assure payment. The Executive shall have no right, title or
interest whatever in or to any investments which the Company may make to aid the
Company in meeting its obligations hereunder. Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall create or be
construed to create, a trust of any kind, or a fiduciary relationship, between
the Company and the Executive or any other person. To the extent that any person
acquires a right to receive payments from the Company hereunder, such right
shall be no greater than the right of an unsecured creditor of the Company.

               11. FUTURE COOPERATION. The Executive acknowledges that, due to
his position with the Company and his knowledge of Company matters, including
but not limited to, tax issues that have arisen during his employment with the
Company and the management and resolution of such issues, the Executive is the
person who is best qualified to adequately

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respond to and resolve questions regarding certain issues, and actions taken in
response thereto by the Company, that may arise after the Termination Date.
Therefore, the Executive hereby acknowledges and agrees that, following
termination of his employment with the Company, he shall use his best efforts to
make himself available in any then pending or future governmental or regulatory
investigation, civil or administrative proceeding or arbitration related to the
Executive's duties while employed by the Company. The Company will promptly
reimburse the Executive for all reasonable costs and expenses, including
attorney's fees, incurred by the Executive in connection with any such
proceedings or arbitration.

               12. TAX WITHHOLDING. All amounts payable to the Executive
pursuant to this Agreement shall be subject to all legal requirements with
respect to the withholding of taxes including FICA.

               13. MISCELLANEOUS.

               (a) ENTIRE AGREEMENT; AMENDMENTS. This Agreement sets forth the
entire understanding of the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements between the Executive and the Company
regarding severance benefits, except that the provisions of the letter agreement
signed by the Executive and Walter T. Stelzel dated July 7, 1995 regarding
repayment of the Special Relocation Bonus referred to therein and computation of
pension benefits shall remain in effect. This agreement cannot be amended or
modified except by a writing signed by all such parties. The waiver by either
party of compliance with any provision of this Agreement by the other party
shall not operate or be construed as a waiver of any other provision of this
Agreement or of any subsequent breach by such party of a provision of this
Agreement.

               (b) ASSIGNMENT AND DELEGATION. Neither this Agreement nor any
right, duty or obligation hereunder shall be assignable or delegable by the
Executive. This Agreement and all the Company's rights and obligations hereunder
may be assigned, delegated or transferred by it to any business entity which at
any time by merger, consolidation or other business combination acquires all or
substantially all of the assets of the Company or to which the Company transfers
all or substantially all of its assets. Upon any such assignment, delegation or
transfer, any such business entity shall be deemed to be substituted for all
purposes as the Company hereunder, except that the Company shall not be released
from any of its obligations hereunder.

               (c) COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.

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               (d) HEADINGS. The headings of the Sections of this Agreement are
included solely for convenience of reference and shall not be construed or
interpreted in any way as affecting the meaning of such Sections.

               (e) GOVERNING LAW. This Agreement is governed by, and construed
and interpreted in accordance with, the laws of the State of Illinois.

               IN WITNESS WHEREOF, the parties hereto have executed this
Agreement this 15th day of March, 1997.

                                       AMERICAN NATIONAL CAN COMPANY

                                       By: /s/ Dennis R. Bankowski
                                          ------------------------
                                          Name: Dennis R. Bankowski
                                          Title: Sr. Vice President H.R.

                                       EXECUTIVE

                                       By: /s/ Tom Buckley
                                          ----------------
                                          Tom Buckley

                                       PECHINEY
                                       (as to Section 4(b)(iii))

                                       By: /s/ Jean-Dominique Senard
                                          --------------------------
                                          Name: Jean-Dominique Senard
                                          Title: Chief Financial Officer and
                                          Member of the Executive Committee<PAGE>   1
                                                                   EXHIBIT 10.32

                                    AGREEMENT

          AGREEMENT, dated as of February 18, 2000, by and between AMERICAN
NATIONAL CAN GROUP, INC., a Delaware corporation, AMERICAN NATIONAL CAN COMPANY,
a Delaware corporation (collectively, the "Company"), and the individual named
on the signature page hereof (the "Executive").

          WHEREAS, the Executive and the Company desire to enter into this
Agreement pertaining to the terms of the employment of the Executive by the
Company in such capacities;

          NOW, THEREFORE, in consideration of the covenants and agreements
herein contained, the parties hereto hereby agree as follows:

          1. DEFINED TERMS. For purposes of this Agreement, the following terms
shall have the following meanings:

          (a) "AFFILIATE" means, with respect to any person (including without
limitation the Company), any corporation or other entity that, directly or
indirectly, controls or is controlled by such person, or that is under common
control with such person.

          (b) "Board" means the Board of Directors of American National Can
Group, Inc.

          (c) "CAUSE" means (A) serious misconduct or gross negligence in the
performance of the Executive's employment duties; (B) willful disobedience by
the Executive of lawful directions received from or policies established by the
Chief Executive Officer, any other executive to whom the Executive reports or
the Board; or (C) commission by the Executive of a crime involving fraud that
can reasonably be expected to have an adverse effect on the business, reputation
or financial situation of the Company. The Executive shall be permitted to
respond and defend himself before the Board within 15 days after written
notification of any proposed termination for Cause which shall specify in detail
the reasons for such termination.

          (d) "CODE" means the Internal Revenue Code of 1986, as amended.

          (e) "CONFIDENTIAL INFORMATION" includes, without limitation, the
client lists of the Company and its Subsidiaries and Affiliates, their
respective trade secrets, any confidential information about (or provided by)
any customer or supplier, or prospective or former customer or supplier, of the
Company or any of its Subsidiaries or Affiliates, information concerning the
business or financial affairs of the Company or any of its Subsidiaries or
Affiliates, including books and records, commitments, procedures, plans and
prospects, strategies, or current or

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prospective transactions or business, and any other "inside information", (i)
which has not been disclosed publicly by the Company or one of its Subsidiaries
or Affiliates, or with its consent, (ii) which is otherwise not a matter of
public knowledge or (iii) which is a matter of public knowledge and the
Executive has reason to know that such information became a matter of public
knowledge through an unauthorized disclosure.

          (f) "CONTINUATION PERIOD" means the period beginning on the
Termination Date and ending on the second anniversary thereof.

          (g) "COVENANT PERIOD" means the period beginning on the date of this
Agreement and ending on the second anniversary of the Termination Date.

          (h) "EQUITY PLAN" means any stock option, restricted stock, stock
appreciation right, phantom stock, equity incentive or similar plan which awards
are denominated in, or the value of which is determined by reference to, equity
securities of the Company.

          (i) "GOOD REASON" means (A) a material reduction in the Executive's
status, duties or responsibilities as in effect on the date of this Agreement,
or (B) a reduction in the Executive's annual target compensation opportunity,
defined as base salary plus annual targeted incentive award, by either the
Company or a successor company, or (C) Executive is required to relocate outside
of a fifty mile radius of his current office without his prior written consent,
or (D) Employer fails to pay Executive any amount otherwise vested and due under
the Agreement or under any plan or policy of the Employer, which such failure is
not cured within thirty (30) days following written notice of failure given to
the Employer, or (E) the Employer fails to obtain an agreement to expressly
assume this Agreement from any successor company to the Employer, or (F) the
Employer is in material breach of the Agreement, which breach is not cured
within thirty (30) days following written notice of breach given to the
Employer.

          (j) "MIP" means the Company's Management Incentive Plan, as the same
may be amended from time to time, or any successor plan.

          (k) "PENSION PLANS" means, collectively, the Company's Pension Plan
for Salaried Employees and certain other non-qualified pension plans or
arrangements that the Company maintains for its senior executives.

          (L) "SUBSIDIARY" of a person (including without limitation the
Company) means a corporation with respect to which such person, directly or
indirectly, has the power, whether through the ownership of voting securities,
by contract or otherwise, to elect at least a majority of the members of such
corporation's board of directors.

          (m) "TERMINATION DATE" means the effective date of the Executive's
termination of employment with the Company.

                                                                               2
<PAGE>   3

          2. GENERAL TERMS OF EMPLOYMENT.

          (a) NATURE AND TERM OF THIS AGREEMENT. This Agreement does not
constitute a guarantee of continued employment but instead provides for certain
rights and benefits for the Executive during, and upon termination of, his
employment. The Company retains the right to terminate the Executive for Cause
at any time, and the Executive retains the right to resign for Good Reason at
any time.

          (b) TITLE, DUTIES AND RESPONSIBILITIES. The Executive's title will be
Senior Vice President, General Counsel and Secretary. In this capacity the
Executive will report to the Executive Vice President Administration and Chief
Human Resource Officer. For so long as the Executive's employment with the
Company continues, the Executive will devote his full business time, attention
and best efforts to the affairs of the Company, will faithfully serve the
Company, and in all respects conform to and comply with the lawful directions
and instructions consistent with his position as Senior Vice President and
General Counsel given to him by the Company's Chief Executive Officer, the
executive to whom he reports, or the Board.

          (c) BASE SALARY. The Executive's base salary shall be reviewed
periodically by the Company at the times and in a manner consistent with the
review of base salaries of the Company's other senior executives, and, based on
such review, the amount of the Executive's base salary may be adjusted upwards
but not downwards, in the discretion of the Company, taking into account the
Executive's performance and any other factors the Company deems relevant.

          (d) PARTICIPATING IN BENEFIT PROGRAMS. During the period of the
Executive's employment with the Company he will be eligible to participate in
the Company's compensation (including short-term and long-term incentive
compensation) and benefit programs applicable generally to the Company's senior
executives. Such programs may be adjusted or modified from time to time by the
Company in its discretion.

          3. SEVERANCE BENEFITS UPON TERMINATION. If the Executive's employment
with the Company is terminated by the Company for any reason other than for
Cause, or if the Executive resigns from employment with the Company, or a
successor company, under circumstances constituting Good Reason, then, during
the Continuation Period, the Executive shall be eligible to receive the
severance benefits described in this Section 3. In the event of a termination by
the Company for any reason other than for Cause, then the Company will provide
the Executive with a minimum of two months notice prior to the Termination Date,
but in no event shall such notice be given earlier than August 1, 2000.

                                                                               3
<PAGE>   4

          (a) BASE SALARY CONTINUATION. The Company will pay the Executive his
base salary equivalent, at the rate in effect immediately prior to the
Termination Date (or if the Executive has resigned for Good Reason by virtue of
the Company having reduced his rate of base salary, at the rate of base salary
in effect prior to such reduction) consistent with normal payroll practice. The
payments following the Termination Date shall be in lieu of any and all
severance pay to which the Executive might otherwise be entitled under any plan
or program of the Company or any of its Subsidiaries or Affiliates.

          (b) INCENTIVE COMPENSATION.

          (i) MIP. The Company will pay the Executive a pro-rata MIP award
          reflecting a partial year participation in the year of termination,
          based on a fraction, the numerator of which is the number of days in
          such calendar year, up to and including the Termination Date, and the
          denominator of which is 365. The award shall be calculated in
          accordance with the MIP plan in effect at the time of termination,
          provided, however, that the award shall be no less than the target
          award for the applicable period of time prior to the Termination Date.
          The target award assumes business and individual performance at the
          100% level. This payment will be made in accordance with the Company's
          normal payment practice for the MIP at the time payments under the MIP
          are made to other executives of the Company.

          (ii) Equity Plan. The Executive will retain any awards that were made
          to him under any Equity Plan prior to the Termination Date, and the
          Executive shall be entitled to exercise any such awards, in accordance
          with the provisions of the grant or the plan, but in no event later
          than the last date allowable under the applicable grant.

          (iii) Restricted Stock. Any shares of restricted stock or any right to
          receive shares of stock granted to the Executive will continue to vest
          during the Continuation Period provided that vesting was dependent
          upon continued service, and following the Continuation Period will
          vest in accordance with the provisions of the plan for terminated or
          retired employees. If the applicable plan or grant agreement
          contemplates vesting terms using a termination date, the termination
          date for the purposes of the grant shall be the last day of the
          Continuation Period.

Except for the payments and other benefits provided in this subsection (b), the
Executive shall have no right to any other payment or benefit under the MIP, the
Equity Plan or any other annual, equity or long-term incentive plan of the

                                                                               4
<PAGE>   5

Company. Without limiting the generality of the preceding sentence, this
Agreement shall not confer any right on the Executive following the Termination
Date to be granted any further awards under any Equity Plan, long-term incentive
plan or any subsequent equity or long-term incentive plans.

          (c) HEALTH AND WELFARE BENEFIT. The Executive shall be eligible to
participate (or continue to participate) in the Company's medical, dental and
life insurance benefits of the Company, on the same terms and conditions
(including without limitation any provisions concerning payment of premiums,
deductibles and co-payments) that apply to active salaried employees of the
Company. Such coverage shall be secondary to any benefits the Executive or his
family becomes eligible to receive under a comparable program of a subsequent
employer.

          (d) EXECUTIVE SPLIT-DOLLAR LIFE INSURANCE. Following the Termination
Date, the Company will make all premium payments due on the split-dollar life
insurance policies issued by Northwestern Mutual Life Insurance Company and
currently held in the Executive's name, including the economic benefit value
normally paid by the Executive following the seventh year of the policy (the
"Executive's Portion"), and the minimum required individual taxes resulting from
the payments. At the time of policy takeover the Executive will reimburse the
Company for all returnable escrow deposits paid by the Company in accordance
with the terms of the plan. The Executive shall not be required to reimburse the
Company for the Executive's Portion paid by the Company following the
Termination Date.

          (e) COMPANY CAR. Title to the automobile made available to the
Executive immediately prior to the Termination Date will be transferred to him
at no additional cost as of the Termination Date; provided, however, that the
Executive will be responsible for all additional costs for the vehicle over and
above the Company's category cost for vehicles at his executive level, and all
income taxes, transfer taxes and similar governmental charges regarding the
transfer and new registration of the vehicle.

          (f) OUTPLACEMENT SERVICES. The Executive will be eligible for
executive level Outplacement counseling with an outplacement service selected
and paid for by the Company which outplacement service is reasonably acceptable
to the Executive.

          (g) CAPITAL ACCUMULATION PLAN ("CAP") MAKE-UP. Following the
Termination Date the Executive will be ineligible to participate in the
Company's CAP Plan. The Company will pay the Executive the amounts it would have
contributed on his behalf to the CAP as matching contributions and or
discretionary profit-sharing contributions during the Continuation Period,
assuming the Executive had elected to participate in the CAP at the maximum
level permitted thereunder. All such payments will be made on an after-tax
basis. Payment of the matching contribution equivalents will be made at the

                                                                               5
<PAGE>   6

same time as the base salary equivalent payments. Discretionary profit-sharing
contribution equivalents will be paid at approximately the same time as the
Company makes such contributions (if any) to the CAP.

          (h) PENSION BENEFIT. The Executive shall continue to earn service
credit towards the total pension benefit calculation until the end of the
Continuation Period and at such time shall be eligible for an unreduced pension
benefit under the Pension Plan for Salaried Employees based on minimum age 60
and minimum 30 years service. The Company shall determine in its discretion
whether, and to the extent that, any supplemental monthly pension benefit
required under this Section 3(h) shall be paid through a Pension Plan that is
intended to be qualified under Section 401(a) of the Code, or any successor
provision thereto, or under a Pension Plan or other arrangement that is not
intended to be so qualified.

          (i) CONSULTING. If the services of the Executive are requested by the
Company or its Subsidiaries during, or following, the Continuation Period (as
defined in the Agreement) and the Executive agrees to provide such services,
compensation will be paid at the daily rate of $1,500.00 plus reimbursement of
any reasonable business related expenses, including travel, from the Executive's
place of residence.

          (j) NO IMPAIRMENT OF EXISTING RIGHTS. Nothing in this Agreement shall
be construed to reduce or impair in any way the Executive's rights and benefits
under the Pension Plans, including any rights and benefits that he may accrue
under the Pension Plans after the date hereof and prior to his termination of
employment with the Company.

          4. DEATH AND DISABILITY. If the Executive dies or becomes totally
disabled during the Continuation Period, the Executive or his estate, as the
case may be, will be entitled to the severance benefits provided for in this
agreement (other than outplacement services), as well as to the standard
benefits and insurance payments under the benefits plans of the Company then in
effect, determined as though his employment with the Company had terminated by
virtue of death or total disability.

                                                                               6
<PAGE>   7

          5. CERTAIN COVENANTS.

          (a) COVENANT NOT TO COMPETE. The Executive agrees that during the
period of his employment with the Company and continuing through the Covenant
Period:

          (i) he will not without the consent of the CEO of the Company,
     reasonably exercised, engage in any activities, whether as employee, agent,
     proprietor, owner, partner, contractor, stockholder (other than the holder
     of less than 5% of the stock of a corporation the securities of which are
     traded on a national securities exchange or in the over-the-counter
     market), director or otherwise, in competition with the businesses
     conducted by the Company and its Subsidiaries on the date hereof or in
     which they are substantially engaged at any time during the Covenant
     Period; and

          (ii) he will not solicit, in competition with the Company or any of
     its Subsidiaries, any person who is a customer of the businesses conducted
     by the Company or any of its Subsidiaries at the date hereof or any
     businesses in which the Company or any of its Subsidiaries are
     substantially engaged at any time during the Covenant Period.

          (b) TERRITORIAL REACH. The covenants contained in clauses (i) and (ii)
of subsection (a) of this Section 5 shall apply within the territories in which
the Company or any of its Subsidiaries are actively engaged in the conduct of
the businesses described in such covenants at the relevant time, including,
without limitation, the territory in which customers are then solicited.

          (c) COVENANT NOT TO INDUCE TERMINATION OF EMPLOYMENT. The Executive
agrees that during the Covenant Period he will not, without the prior written
consent of the Company (which consent may be withheld by the Company at its sole
discretion), induce or attempt to persuade any employee of the Company or any of
its Subsidiaries to terminate his employment relationship in order to enter into
any other employment, whether or not such other employment is competitive with
the Company or any of its Subsidiaries.

          (d) COVENANT NOT TO DISCLOSE CONFIDENTIAL INFORMATION. The Executive
agrees that he will not, at any time during the Covenant Period or thereafter,
make use, for his own benefit or the benefit of any other person or entity, of
Confidential Information of any kind or character, nor divulge Confidential
Information except to the extent the Company's Chief Executive Officer or the
Board may so authorize in writing, and that within ten days of the Termination
Date the Executive will surrender to the Company all records, in whatever form
maintained (including without limitation records maintained as computer files)
and other documents and materials obtained by the Executive or entrusted to him
during the course of his employment by the Company or any of

                                                                               7
<PAGE>   8

its Subsidiaries or Affiliates (together with all copies thereof) which related
to any such Confidential Information. Nothing set forth in this subsection (d),
however, shall be interpreted to prohibit the Executive from disclosing any such
information as may be required by law, including pursuant to any court or
government decree or subpoena.

          (e) REMEDIES. Without limiting the right of the Company to pursue all
other legal and equitable remedies available for violation by the Executive of
the covenants contained in this Section, it is expressly agreed that if the
Executive materially breaches the covenants set forth in this Section and fails
to cure such breach to the reasonable satisfaction of the Company within 30 days
after written notice thereof, any further obligations of the Company pursuant to
this Agreement shall be canceled. Without limiting the generality of the
preceding sentence, the Executive acknowledges and agrees that, in the event of
such material breach and failure to cure, the Company will have no further
obligation to pay or provide any of the severance benefits described in Section
3 above, excluding the pension benefits. In addition, the Executive acknowledges
that a breach of any of the covenants set forth in this Section may result in
material irreparable injury to the Company for which there is no adequate remedy
at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of such a breach or threat thereof, the Company
shall be entitled, in addition to any other rights or remedies it may have
(including without limitation the remedy provided in the preceding sentence), to
obtain a temporary restraining order and a preliminary or permanent injunction
enjoining or restraining the Executive from engaging in activities prohibited by
this Section or requiring his compliance with the affirmative obligations
provided for herein.

          (f) ENFORCEABILITY. It is the intent and understanding of each party
hereto that if in any action before any court or agency legally empowered to
enforce the covenants contained in this Section any term, restriction, covenant
or promise contained herein is found to be unreasonable and accordingly
unenforceable, then such term, restriction, covenant or promise shall be deemed
modified to the extent necessary to make it enforceable by such court or agency.

          6.  CONFIDENTIALITY OF THIS AGREEMENT. Except as required by law,
judicial order, or other lawful process, the parties hereto will keep
confidential and not disclose, directly or indirectly, to any person, firm,
corporation, association, or other entity, except family and professional
financial and legal advisors, the existence or terms of this Agreement.

          7.  NO UNFAVORABLE COMMENTS. The Company agrees to refrain from making
now or any time in the future any comment reflecting unfavorably upon the
Executive to the press, any individual or entity with whom the Executive has a
business relationship or any individual or entity making an

                                                                               8
<PAGE>   9

inquiry as to the Executive's employment relationship with the Company, except
to the extent that any such comment may relate to circumstances underlying a
termination of the Executive's employment for Cause. The Executive agrees to
refrain from making now or at any time in the future any comment reflecting
unfavorably upon the Company or any of its Subsidiaries and Affiliates or any
current or former directors, officers or employees of the Company to the press,
any employees of the Company or any individual or entity with whom any member of
the Company has a business relationship.

          8.  FULL SATISFACTION; RELEASE. This Agreement supercedes all previous
letters and agreements between the Executive and the Company or any predecessor
companies, including but not limited to, the Employee Agreement dated September
7, 1982, the Addendum to the Employee Agreement, and the Rider to the Addendum
to the Employee Agreement. The Executive agrees that the payments and other
benefits to be provided pursuant to this Agreement shall be in full satisfaction
of any and all claims for payment or any other benefits that he may have against
the Company or any of its Subsidiaries or Affiliates arising out of (i) his
employment with the Company or his status as an executive of the Company or any
of the Company's Subsidiaries, Affiliates or divisions, or (ii) the termination
of such employment and status; excluding (A) claims that arise out of an
asserted breach of this Agreement and (B) claims for indemnification the
Executive may now or in the future have under any bylaw, agreement or otherwise.
In addition, in consideration of the agreements set forth herein, the Company,
on the one hand, and the Executive, on the other hand, release and waive all
claims, causes of action or the like arising on or before the date hereof,
regardless of whether or not known at present (including, without limitation,
any claims arising under the Age Discrimination in Employment Act of 1967, Title
VII of the Civil Rights Act of 1964 as amended by the Civil Rights Act of 1991,
the Equal Pay Act of 1962, the Americans with Disabilities Act of 1990, or any
other federal, state or local statute or ordinance; but excluding, in the case
of both the Company and the Executive, any claims that arise out of an asserted
breach of the terms of this Agreement), that either has or may have in the
future against the other and, in the case of the Company, their respective
successors, shareholders, directors, officers, agents and employees, regarding
all matters relating to the Executive's service as an employee of the Company or
any of its Subsidiaries, Affiliates or divisions, and to the termination of such
relationships, including, without limitation, all claims related to the payment
of compensation and benefits and all claims arising under any Federal or state
statute or regulation. The Executive and the Company shall execute as of the
second anniversary of the Termination Date any further documents as may
reasonably be requested by the other in order to evidence and give effect to the
provisions of this Section.

          9. SOURCE OF PAYMENTS. All payments provided under this Agreement,
other than payments made pursuant to a benefit plan which may

                                                                               9
<PAGE>   10

provide otherwise, shall be paid in cash from the general funds of the Company,
and no special or separate fund shall be established, and no other segregation
of assets made, to assure payment. The Executive shall have no right, title or
interest whatever in or to any investments which the Company may make to aid the
Company in meeting its obligations hereunder. Nothing contained in this
Agreement, and no action taken pursuant to its provisions, shall create or be
construed to create, a trust of any kind, or a fiduciary relationship, between
the Company and the Executive or any other person. To the extent that any person
acquires a right to receive payments from the Company hereunder, such right
shall be no greater than the right of an unsecured creditor of the Company.

          10. FUTURE COOPERATION. The Executive agrees that following
termination of his employment with the Company he will make himself available in
any then pending or future governmental or regulatory investigation, civil or
administrative proceeding or arbitration related to the Executive's duties while
employed by the Company, subject to the Executive's other personal and business
commitments. The Company will promptly reimburse the Executive for all
reasonable costs and expenses, including attorneys' fees, incurred by the
Executive in connection with any such proceedings or arbitration.

          11. TAX WITHHOLDING. All amounts payable to the Executive pursuant to
this Agreement shall be subject to all legal requirements with respect to the
withholding of taxes including FICA.

          12. MISCELLANEOUS.

          (a) ENTIRE AGREEMENT; CONDITIONS; AMENDMENTS. This Agreement sets
forth the entire understanding of the parties hereto with respect to the subject
matter hereof and cannot be amended or modified except by a writing signed by
all such parties. The waiver by either party of compliance with any provision of
this Agreement by the other party shall not operate or be construed as a waiver
of any other provision of this Agreement or of any subsequent breach by such
party of a provision of this Agreement.

          (b) ASSIGNMENT AND DELEGATION. Neither this Agreement nor any right,
duty or obligation hereunder shall be assignable or delegable by the Executive.
This Agreement, and all rights, duties and obligations herein, may be assigned
by the Company to any person or entity that succeeds to the interest of the
Company (regardless of whether such succession does or does not occur by
operation of law) by reason of the sale of all or a portion of the Company's
stock, a merger, consolidation or reorganization involving the Company or,
unless the Company otherwise elects in writing, a sale of the assets of the
business of the Company (or portion thereof) in which Executive performs, or
will perform, a majority of his services. Upon any such assignment, delegation
or transfer, any such business entity shall be deemed to be substituted for all
purposes as the

                                                                              10
<PAGE>   11

Company hereunder. The Company shall cause such successor expressly to assume
such obligations.

          (c) COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall together constitute one and the same instrument.

          (d) HEADINGS. The headings of the Sections of this Agreement are
included solely for convenience of reference and shall not be construed or
interpreted in any way as affecting the meaning of such Sections.

          (e) GOVERNING LAW. This Agreement is governed by, and construed and
interpreted in accordance with, the laws of the State of Illinois. Any dispute
under this Agreement shall be adjudicated by a court of competent jurisdiction
in the State of Illinois.

          (f) INDEMNIFICATION. The Company will indemnify the Executive to the
fullest extent permitted by the laws of the state of incorporation in effect at
that time, or certificate of incorporation and bylaws of the Company whichever
affords the greater protection to the Executive. The foregoing indemnification
shall continue to apply following the Termination Date for acts or omissions by
the Executive while an employee of the Company.

          (g) SURVIVORSHIP. The provisions of this Agreement necessary to carry
out the intention of the parties as expressed herein shall survive the
termination or expiration of this Agreement. IN WITNESS WHEREOF, the parties
hereto have executed this Agreement this 18th day of February, 2000.

                                    AMERICAN NATIONAL CAN GROUP, INC.
                                    AMERICAN NATIONAL CAN COMPANY

                                    By: /s/ DENNIS BANKOWSKI
                                        Name:  Dennis Bankowski
                                        Title: Executive VP Administration and
                                               Chief Human Resource Officer

                                        EXECUTIVE

                                        /s/ WILLIAM A. FRANCOIS
                                        William A. Francois

                                                                              11

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