Document:

Exhibit
10.4

 

AMENDMENT
TO REGISTRATION RIGHTS AGREEMENT

 

This AMENDMENT TO REGISTRATION RIGHTS
AGREEMENT is dated as of November 30, 2004 (this “Amendment”), by
and among VeriFone Holdings, Inc., a Delaware corporation (the “Company”),
GTCR Fund VII, L.P., a Delaware limited partnership (“GTCR Fund VII”),
Douglas G. Bergeron and JPMorgan Trust Company of Delaware as co-trustees of
The Douglas G. Bergeron Family Annuity Trust uta dtd 10/15/04 (the “DGB
Annuity Trust”), Sandra E. Bergeron and JPMorgan Trust Company of Delaware
as co-trustees of The Sandra E. Bergeron Family Annuity Trust uta dtd 10/15/04
(the “SEB Annuity Trust”), Douglas G. Bergeron and Sandra E. Bergeron,
Trustees or their successors in interest under the terms of the Bergeron Family
Trust, dated October 15, 2004 (the “DGB/SEB Family Trust”, and
together with the DGB Annuity Trust and the SEB Annuity Trust, the “Trusts”),
Douglas G. Bergeron (“Executive”) and DGB Investments, Inc., a Delaware
corporation (“DGBI”).

 

RECITALS

 

WHEREAS, pursuant to a Senior Management
Agreement, dated as of July 1, 2002, among Executive, the Company and
VeriFone, Inc. (the “SMA”), Executive acquired a split-adjusted
5,932,219.245 shares of the Common Stock of the Company (as defined in the SMA,
the “Executive Stock”);

 

WHEREAS, effective July 1, 2002,
Executive contributed a split-adjusted 2,021,791.440 of such shares of
Executive Stock to DGBI;

 

WHEREAS, on August 21, 2002, Executive,
as a stockholder of Pacific Credit Corp., a Delaware corporation and a former stockholder
of the Company, received a distribution of a split-adjusted 339,556.050 shares
of Common Stock of the Company, and on January 26, 2004, DGBI received
from certain Pacific Credit Corp. stockholders an additional split-adjusted
348,679.240 shares of the Common Stock of the Company in order to correct an
error in the allocation of the original distribution of the shares of Common
Stock held by Pacific Credit Corp. (collectively, the “PCC Stock”);

 

WHEREAS, on October 15, 2004, Executive
transferred (i) a split-adjusted 169,778.025 shares of the PCC Stock, (ii) a
split-adjusted 1,330,221.975 shares of the Executive Stock to each of the DGB
Annuity Trust and the SEB Annuity Trust and (iii) a split-adjusted
1,249,983.855 shares of the Executive Stock to the DGB/SEB Family Trust;

 

WHEREAS, GTCR Fund VII, Executive, DGBI and
the Trusts are parties to the Registration Rights Agreement, dated as of July 1,
2002, by and among the Company and certain of its stockholders (the “Registration
Agreement”), which sets forth (in each of Sections 1(d), 2(c)
and 2(d)) the priority for the inclusion of Registrable Securities in
any underwritten offering of securities of the Company;

 

WHEREAS, the Executive Stock is deemed to be
Executive Registrable Securities and the PCC Stock is deemed to be Other
Registrable Securities under the Registration Agreement;

 

 

WHEREAS, the Company is planning an
underwritten initial public offering of its Common Stock (the “IPO”);

 

WHEREAS, GTCR Fund VII, certain of its
Affiliates that own Common Stock of the Company, and the TCW/Crescent Lenders
(as defined in the Registration Agreement) intend to include a portion of their
shares of Common Stock in the underwritten registration of the Common Stock of
the Company in connection with the IPO (the “Investor Registration”);

 

WHEREAS, pursuant to Section 4 of
the SMA, the Executive Stock is subject to certain restrictions on Transfer (as
defined in the SMA), including a provision (such provision, the “Section 4(b)(ii)
Rights”) that permits a holder of the Executive Stock to Transfer after a
Public Sale (as defined in the SMA) a number of shares of Executive Stock equal
to the lesser of (i) the number of Vested Shares (as defined in the SMA) and
(ii) the total number of shares of Executive Stock multiplied by the Transfer
Fraction (as defined in the SMA);

 

WHEREAS, Executive, the Trusts and DGBI have
agreed not to exercise their (i) Section 4(b)(ii) Rights with respect to
the number of shares of Executive Stock that could be Transferred immediately
after the closing of the IPO due to the Investor Registration (the “Transferable
Shares”), or (ii) any right they may have under the Registration Agreement
to seek to include the Executive Stock in the IPO registration, in exchange for
the Company giving the Transferable Shares priority in a subsequent
underwritten registration of the Company’s Common Stock in which Registrable
Securities (as defined in the Registration Agreement) are included;

 

WHEREAS, GTCR Fund VII is the holder of a
majority of the Investor Registrable Securities (as defined in the Registration
Agreement), and as such has the authority, along with the Company, to amend the
Registration Agreement pursuant to Section 11(d) thereof, so long
as such amendment does not materially and adversely affect holders of one class
or group of Registrable Securities (as defined in the Registration Agreement)
in a manner different than holders of a different class of Registrable
Securities; and

 

WHEREAS, because the terms of this Amendment
affect all holders of Registrable Securities (other than Executive, the Trusts
and DGBI, who are not adversely affected by this Amendment) equally, this
Amendment does not materially and adversely any class or group of holders of
Registrable Securities differently from any other.

 

NOW, THEREFORE, for good and valuable
consideration, the parties agree as follows:

 

1.                                       Definitions.  Any capitalized term used but not defined
herein shall have the meaning set forth in the Registration Agreement or the
SMA, as applicable.

 

2.                                       Waiver of
Rights.  Provided that the IPO is
priced on or before April 30, 2005, each of Executive, the Trusts and DGBI
hereby agrees and acknowledges that:

 

(a)                                  he or it shall
not exercise his or its Section 4(b)(ii) Rights with respect to the
Transferable Shares from and after the date of the closing of the IPO until the
earlier of (i) the date that is six months after such date and (ii) the closing
of a Post-IPO Registration (as defined below); and

 

2

 

(b)                                 none of his or
its shares of Executive Stock or PCC Stock shall be included in the
underwritten registration of the Company’s securities in connection with the
IPO.

 

3.                                       Priority of
Registration. 
Notwithstanding anything in the Registration Agreement to the contrary,
and in consideration of the waivers set forth in Section 2 hereof,
each of the parties hereto agrees that, in the first underwritten registration
of the Company’s securities after the consummation of the IPO in which
Registrable Securities are included (the “Post-IPO Registration”), the
Transferable Shares (to the extent still held by Executive, the Trusts, DGBI or
any of their permitted transferees) will be included in such Post-IPO
Registration before any other Registrable Securities are included in such Post-IPO
Registration.  The terms of this Section 3
shall automatically terminate without further action by any party hereto (i) in
the event that the IPO is not priced on or before April 30, 2005, or (ii)
upon the earlier to occur of (x) the closing of the Post-IPO Registration and
(y) the date that all of the Transferable Shares have been Transferred pursuant
to the Section 4(b)(ii) Rights.

 

4.                                       Miscellaneous.

 

(a)                                  Survival of
Other Provisions.  Unless
specifically amended herein, all of the other covenants, agreements,
representations, warranties, promises or other terms and conditions of the
Registration Agreement shall remain in full force and effect without any change
whatsoever.

 

(b)                                 Entire
Agreement.  This
Amendment constitutes the full and entire understanding and agreement of the
parties with respect to the subject matter hereof, and there are no further or
other agreements or undertakings, written or oral, in effect between the
parties relating to the subject matter hereof unless expressly referred to in
this Amendment.

 

(c)                                  Execution in
Counterparts.  This
Amendment may be executed in any number of counterparts and in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute one and the
same instrument.

 

*                                         *                                         *                                         *

 

3

 

IN WITNESS WHEREOF, the Parties have signed
this Amendment as of the date set forth in the first paragraph of this
Amendment.

 

	
   

  	
  VERIFONE HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Douglas G. Bergeron

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  VERIFONE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Douglas G. Bergeron

  
	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BERGERON FAMILY TRUST, DATED

  OCTOBER 15, 2004

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Douglas G. Bergeron, its Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra E. Bergeron, its Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE DOUGLAS G. BERGERON FAMILY

  ANNUITY TRUST UTA DTD 10/15/04

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Douglas G. Bergeron, its Co-Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  JPMorgan Trust Company of Delaware

  
	
   

  	
  Its:

  	
  Co-Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DGB INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Douglas G. Bergeron, its President

  
					

 

Signature Page to Amendment to Registration Agreement

 

 

	
   

  	
  THE SANDRA E. BERGERON FAMILY

  ANNUITY TRUST UTA DTD 10/15/04

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sandra E. Bergeron, its Co-Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  JPMorgan Trust Company of Delaware

  
	
   

  	
  Its:

  	
  Co-Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Douglas G. Bergeron

  
						

 

 

	
  Agreed and Accepted:

  
	
   

  
	
  GTCR FUND VII, L.P.

  
	
   

  
	
  By:

  	
  GTCR Partners VII, L.P.

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
  GTCR Golder Rauner, L.L.C.

  
	
  Its:

  	
  General Partner

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Collin E. Roche, its Principal

  

 

Signature Page to Amendment to Registration AgreementExhibit
10.5

 

SENIOR MANAGEMENT AGREEMENT

 

THIS SENIOR MANAGEMENT AGREEMENT (this “Agreement”) is made as
of July 1, 2002, among VeriFone Holdings, Inc., a Delaware corporation
(the “Company”), VeriFone, Inc., a Delaware corporation (“Employer”),
and Douglas G. Bergeron (“Executive”).

 

The Company and Executive desire to enter into an agreement pursuant to
which Executive will purchase from the Company, and the Company will sell, up
to 3,302.25936 shares of the Company’s Class A Preferred Stock, par value $.01
per share (the “Class A Preferred”), and up to 3,954,812.83 shares of
the Company’s Common Stock, par value $.01 per share (the “Common Stock”).  All Class A Preferred and Common Stock
acquired by Executive are referred to herein as “Executive Stock” (as
further defined in Section 10 hereof).  Certain definitions are set forth in Section 10
of this Agreement.

 

The execution and delivery of this Agreement by the Company, Employer
and Executive is a condition to the purchase of Class A Preferred and Common
Stock by GTCR Fund VII, L.P., a Delaware limited partnership (“GTCR Fund VII”),
GTCR Co-Invest, L.P., a Delaware limited partnership (“GTCR Co-Invest”)
and the TCW/Crescent Lenders (as defined herein) pursuant to a purchase
agreement between the Company and such persons dated as of the date hereof (the
“Purchase Agreement”).  Each of
GTCR Fund VII, GTCR Co-Invest, GTCR Capital and the TCW/Crescent Lenders are
sometimes individually referred to as an “Investor” and collectively as
the “Investors.”  Certain
provisions of this Agreement are intended for the benefit of, and will be
enforceable by, the Investors.

 

Employer desires to employ Executive on the terms and conditions set
forth herein, and Executive is willing to accept such employment on such terms
and conditions.

 

NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as
follows:

 

PROVISIONS RELATING TO EXECUTIVE STOCK

 

1.                                       Purchase
and Sale of Executive Stock.

 

(a)                                  Upon
execution of this Agreement, Executive will purchase, and the Company will
sell, 3,954,812.83 shares of Common Stock at a price of $0.05 per share and
3,302.25936  shares of Class A Preferred at a price of $1,000.00 per
share.  The Company will deliver to
Executive copies of the certificates representing such Executive Stock, and
Executive will deliver to the Company a cashier’s or certified check or wire
transfer of immediately available funds in the aggregate amount of
$3,500,000.00 as payment for such Class A Preferred and Common Stock.

 

(b)                                 2,606,951.87
of the shares of Common Stock acquired pursuant to Section 1(a)

 

1

 

hereof are
referred to herein as the “Carried Common.”  The remaining 1,347,860.96 shares of Common
Stock that are acquired pursuant to Section 1(a) above are referred
to herein as the “Co-Invest Common.” 
All Class A Preferred and the Co-Invest Common acquired by Executive
hereunder are referred to herein as the “Co-Invest Stock.”

 

(d)                                 Within
30 days after the purchase of any Carried Common hereunder,  Executive will make an effective election
with the Internal Revenue Service under Section 83(b) of the Internal
Revenue Code and the regulations promulgated thereunder in the form of Exhibit A
attached hereto.

 

(e)                                  Until
the occurrence of a Sale of the Company, any certificates evidencing Executive
Stock shall be held in trust by the Company for the benefit of Executive and
the other holder(s) of Executive Stock. 
Upon the occurrence of a Sale of the Company, the Company will return
any such certificates for the Executive Stock to the record holders thereof.  Upon the occurrence of a Public Offering, the
Company will return to the record holders thereof any certificates representing
the Co-Invest Stock and the Carried Common that are Vested Shares.

 

(f)                                    In
connection with the purchase and sale of the Executive Stock, Executive
represents and warrants to the Company that:

 

(i)                                     The Executive
Stock to be acquired by Executive pursuant to this Agreement will be acquired
for Executive’s own account and not with a view to, or intention of,
distribution thereof in violation of the Securities Act, or any applicable
state securities laws, and the Executive Stock will not be disposed of in
contravention of the Securities Act or any applicable state securities laws.

 

(ii)                                  Executive is an
executive officer of the Company, is sophisticated in financial matters and is
able to evaluate the risks and benefits of the investment in the Executive
Stock.

 

(iii)                               Executive is able to
bear the economic risk of his investment in the Executive Stock for an
indefinite period of time because the Executive Stock has not been registered
under the Securities Act and, therefore, cannot be sold unless subsequently
registered under the Securities Act or an exemption from such registration is
available.

 

(iv)                              Executive has had an
opportunity to ask questions and receive answers concerning the terms and
conditions of the offering of Executive Stock and has had full access to such
other information concerning the Company as he has requested.

 

(v)                                 This Agreement
constitutes the legal, valid and binding obligation of Executive, enforceable
in accordance with its terms, and the execution, delivery and performance of
this Agreement by Executive does not and will not conflict with, violate or
cause a breach of any agreement, contract or instrument to which Executive is a
party or any judgment, order or decree to which Executive is subject.

 

2

 

(vi)                              Executive
has not and will not take any action that will conflict with, violate or cause
a breach of any noncompete, nonsolicitation or confidentiality agreement to which
Executive is a party or by which Executive is bound.

 

(vii)                           Executive is a resident of
the State of California.

 

(g)                                 As
an inducement to the Company to issue the Executive Stock to Executive, and as
a condition thereto, Executive acknowledges and agrees that neither the
issuance of the Executive Stock to Executive nor any provision contained herein
shall entitle Executive to remain in the employment of the Company, Employer or
their respective Subsidiaries or affect the right of the Company, Employer or their
respective Subsidiaries to terminate Executive’s employment at any time for any
reason.

 

(h)                                 Concurrently
with the execution of this Agreement, Executive shall execute in blank ten
security transfer powers in the form of Exhibit B attached hereto (the “Stock
Powers”) with respect to the Executive Stock and shall deliver such Stock
Powers to the Company.  The Stock Powers
shall authorize the Company to assign, transfer and deliver the Executive Stock
to the appropriate acquiror thereof pursuant to Section 3 below or Section 6
of the Stockholders Agreement and under no other circumstances.

 

(i)                                     Executive
is neither a party to, nor bound by, any other employment agreement, consulting
agreement, noncompete agreement, non-solicitation agreement or confidentiality
agreement that would limit in any respect the ability or right of Executive to
fulfill his obligations hereunder, result in a liability or claim against the
Company or Employer, or that would otherwise conflict with the terms of this
Agreement.

 

(j)                                     Concurrently
with the execution of this Agreement, Executive’s spouse shall execute the
consent in the form of Exhibit C attached hereto.

 

2.                                       Vesting
of Executive Stock.

 

(a)                                  The
Carried Common shall be subject to vesting in the manner specified in this Section  2.  The Co-Invest Stock acquired by Executive
shall be vested upon the purchase thereof. 
Except as otherwise provided in Section 2(b) below, the
Carried Common will become vested in accordance with the following schedule, if
as of each such date Executive is still employed by the Company or any of its
Subsidiaries:

 

	
  Date

  	
   

  	
  Cumulative Percentage of Carried Common to

  be Vested

  
	
  First
  Anniversary of the Closing Date

  	
   

  	
  20%

  
	
  Second
  Anniversary of the Closing Date

  	
   

  	
  40%

  
	
  Third
  Anniversary of the Closing Date

  	
   

  	
  60%

  
	
  Fourth
  Anniversary of the Closing Date

  	
   

  	
  80%

  
	
  Fifth
  Anniversary of the Closing Date

  	
   

  	
  100%

  

 

3

 

(b)                                 Upon
the occurrence of a Sale of the Company, all Carried Common that has not yet
become vested shall become vested at the time of such event, if as of the date
of such event Executive is still employed by the Company, Employer or any of
their respective Subsidiaries.  Carried
Common that has become vested and Co-Invest Stock are referred to herein as “Vested
Shares.”  All Carried Common that has
not vested are referred to herein as “Unvested Shares.”

 

3.                                       Repurchase
Option.

 

(a)                                  In
the event Executive ceases to be employed by the Company, Employer or their
respective Subsidiaries for any reason (the “Separation”), the Executive
Stock (whether held by Executive or one or more of Executive’s transferees,
other than the Company and the Investors) will be subject to repurchase, in
each case by the Company and the Investors pursuant to the terms and conditions
set forth in this Section 3 (the “Repurchase Option”).  The Company may assign its repurchase rights
set forth in this Section 3 to any Person.

 

(b)                                 In
the event of a Separation, (i) the purchase price for each Unvested Share
of Carried Common will be Executive’s Original Cost for such share;
(ii) the purchase price for each Vested Share will be the Fair Market
Value for such share as of the date of the Separation; provided, however,
that if Executive’s employment is terminated with Cause, the purchase price for
each Vested Share which is Carried Common will be Executive’s Original Cost for
such share, and (iii) the purchase price for each share of Class A
Preferred will be the liquidation value with respect to such share plus all
accrued and unpaid dividends thereon.

 

(c)                                  The
Board of Directors of the Company (the “Company Board”) may elect to
purchase all or any portion of the Unvested Shares, the Vested Shares or the
Co-Invest Stock by delivering written notice (the “Repurchase Notice”)
to the holder or holders of the Executive Stock within ninety (90) days after
the Separation.  The Repurchase Notice
will set forth the number and class of Unvested Shares, Vested Shares and
Co-Invest Stock to be acquired from each holder, the aggregate consideration to
be paid for such shares and the time and place for the closing of the
transaction.  The number of Executive
Stock to be repurchased by the Company shall first be satisfied to the extent
possible from the Executive Stock held by Executive at the time of delivery of
the Repurchase Notice.  If the number of
Executive Stock then held by Executive is less than the total number of
Executive Stock that the Company has elected to purchase, the Company shall
purchase the remaining Executive Stock elected to be purchased from the other
holder(s) of Executive Stock under this Agreement, pro rata according to the
number of Executive Stock held by such other holder(s) at the time of delivery
of such Repurchase Notice (determined as nearly as practicable to the nearest
share).  The number of Unvested Shares,
Vested Shares and Co-Invest Stock to be repurchased hereunder will be allocated
among Executive and the other holders of Executive Stock (if any) pro rata
according to the number of Executive Stock to be purchased from such Person.

 

(d)                                 If
for any reason the Company does not elect to purchase all of the Executive
Stock pursuant to the Repurchase Option, the Investors shall be entitled to
exercise the Repurchase Option for all or any portion of the Executive Stock
the Company has not elected to purchase (the “Available Securities”).   As soon as practicable after the Company has
determined that there will be

 

4

 

Available
Securities, but in any event within seventy-five (75) days after the
Separation, the Company shall give written notice (the “Option Notice”)
to the Investors setting forth the number of Available Securities and the
purchase price for the Available Securities. 
The Investors may elect to purchase any or all of the Available
Securities by giving written notice to the Company within fifteen days after
the Option Notice has been given by the Company.  If the Investors elect to purchase an
aggregate number greater than the number of Available Securities, the Available
Securities shall be allocated among the Investors based upon the number of
shares of Common Stock owned by and issuable to each Investor (determined on a
fully-diluted basis, but not including any Common Stock issued or issuable upon
the exercise of any warrants to purchase Common Stock issued in connection with
subordinated debt agreements or other indebtedness).  As soon as practicable, and in any event
within ten days, after the expiration of the one-month period set forth above,
the Company shall notify each holder of Executive Stock as to the number of
shares being purchased from such holder by the Investors (the “Supplemental
Repurchase Notice”).  At the time the
Company delivers the Supplemental Repurchase Notice to the holder(s) of
Executive Stock, the Company shall also deliver written notice to each Investor
setting forth the number of shares such Investor is entitled to purchase, the
aggregate purchase price and the time and place of the closing of the
transaction.  The number of Unvested
Shares, Vested Shares and Co-Invest Stock to be repurchased hereunder shall be
allocated among the Company and the Investors pro rata according to the number
of shares of Executive Stock to be purchased by each of them.

 

(e)                                  The
closing of the purchase of the Executive Stock pursuant to the Repurchase
Option shall take place on the date designated by the Company in the Repurchase
Notice or Supplemental Repurchase Notice, which date shall not be more than one
month nor less than five days after the delivery of the later of either such
notice to be delivered.  The Company will
pay for the Executive Stock to be purchased by it pursuant to the Repurchase
Option by first offsetting amounts outstanding under any bona fide debts owed by
Executive to the Company and will pay the remainder of the purchase price by:

 

(i)                                     in the event of a
Separation as a result of a termination without Cause, or a resignation with
Good Reason, at the Company’s option, (A) a check or wire transfer of funds,
(B) in the case of the Carried Common, up to one-half of the remainder of the
purchase price by a subordinate note or notes payable in up to three annual
installments beginning on the first anniversary of the closing of such purchase
and bearing interest (payable quarterly) at a rate per annum equal to the prime
rate plus two percent (2%) as published in The Wall Street Journal from time to
time with the other one-half to be paid in cash, and in the case of the
Co-Invest Stock, all of the remainder of the purchase price by check or wire
transfer of funds or (C) both (A) and (B), in the aggregate amount of the
remainder of the purchase price for such shares; or

 

(ii)                                  in the event of a
Separation for any other reason, at the Company’s option, (A) a check or wire
transfer of funds, (B) a subordinate note or notes payable in up to three
annual installments beginning on the first anniversary of the closing of such
purchase and bearing interest (payable quarterly) at a rate per annum equal to
the prime rate as published in The Wall Street Journal from time to time or (C)
both (A) and (B), in the aggregate amount of the remainder of the purchase
price for such shares.

 

5

 

Each Investor
will pay for the Executive Stock purchased by it by a check or wire transfer of
funds.  The Company and the Investors
will be entitled to receive customary representations and warranties from the
sellers regarding such sale and to require that all sellers’ signatures be
guaranteed.

 

(f)                                    Notwithstanding
anything to the contrary contained in this Agreement, all repurchases of
Executive Stock by the Company pursuant to the Repurchase Option shall be
subject to applicable restrictions contained in the Delaware Limited Liability
Company Act, the Delaware General Corporation Law or such other governing
corporate law, and in the Company’s and its Subsidiaries’ debt and equity
financing agreements.  If any such
restrictions prohibit (i) the repurchase of Executive Stock hereunder that the
Company is otherwise entitled or required to make or (ii) dividends or other
transfers of funds from one or more Subsidiaries to the Company to enable such
repurchases, then the Company may make such repurchases as soon as it is
permitted to make repurchases or receive funds from Subsidiaries under such restrictions.  During the time of such restrictions, all
amounts which would have otherwise been payable to Executive in connection with
such repurchases shall bear interest at a rate per annum equal to the prime rate
plus two percent (2%) as published in The Wall Street Journal from time to
time, compounded annually and payable at the time such restrictions expire.

 

(g)                                 Notwithstanding
anything to the contrary contained in this Agreement, if the Fair Market Value
of Executive Stock is finally determined to be an amount at least 10% greater
than the per share repurchase price for such share of Executive Stock in the
Repurchase Notice or in the Supplemental Repurchase Notice, each of the Company
and the Investors shall have the right to revoke its exercise of the Repurchase
Option for all or any portion of the Executive Stock elected to be repurchased
by it by delivering notice of such revocation in writing to the holders of
Executive Stock during the thirty-day period beginning on the date that the
Company and/or the Investors are given written notice that the Fair Market
Value of a share of Executive Stock was finally determined to be an amount at
least 10% greater than the per share repurchase price for Executive Stock set
forth in the Repurchase Notice or in the Supplemental Repurchase Notice.

 

(i)                                     The
provisions of this Section 3 shall terminate with respect to Vested
Shares and upon the consummation of a Public Offering or a Sale of the Company.

 

4.                                       Restrictions
on Transfer of Executive Stock.

 

(a)                                  Transfer
of Executive Stock.  The holders of
Executive Stock shall not Transfer any interest in any shares of Executive
Stock, except pursuant to (i) the provisions of Section 3
hereof, (ii) the provisions of Section 4 of the Stockholders
Agreement (a “Participating Sale”), (iii) an Approved Sale (as
defined in Section 7 of the Stockholders Agreement), or
(iv) the provisions of Section 4(b) below.

 

(b)                                 Certain
Permitted Transfers.  The
restrictions in this Section 4 will not apply with respect to any
Transfer of Executive Stock made (i) pursuant to applicable laws of
descent and distribution or to such Person’s legal guardian in the case of any
mental incapacity or among such Person’s Family Group, or (ii) of Common
Stock at such time as the Investors sell Common Stock in

 

6

 

a Public Sale,
but in the case of this clause (ii) only an amount of shares (the “Transfer
Amount”) equal to the lesser of (A) the number of Vested Shares owned by
Executive and (B) the number of shares of Common Stock owned by Executive
multiplied by a fraction (the “Transfer Fraction”), the numerator of
which is the number of shares of Common Stock sold by the Investors in such
Public Sale and the denominator of which is the total number of shares of
Common Stock held by the Investors prior to the Public Sale; provided
that, if at the time of a Public Sale of shares by the Investors, Executive
chooses not to Transfer the Transfer Amount, Executive shall retain the right
to Transfer an amount of Common Stock at a future date equal to the lesser of
(x) the number of Vested Shares owned by Executive at such future date and (y)
the number of shares of Common Stock owned by Executive at such future date
multiplied by the Transfer Fraction; provided further that the
restrictions contained in this Section 4 will continue to be
applicable to the Executive Stock after any Transfer of the type referred to in
clause (i) above and the transferees of such Executive Stock must agree
in writing to be bound by the provisions of this Agreement.  Any transferee of Executive Stock pursuant to
a Transfer in accordance with the provisions of this Section 4(b)(i)
is herein referred to as a “Permitted Transferee.”  Upon the Transfer of Executive Stock pursuant
to this Section 4(b), the transferring holder of Executive Stock
will deliver a written notice (a “Transfer Notice”) to the Company.  In the case of a Transfer pursuant to clause
(i) hereof, the Transfer Notice will disclose in reasonable detail the
identity of the Permitted Transferee(s).

 

(c)                                  Termination
of Restrictions.  The restrictions
set forth in this Section 4 will continue with respect to each
share of Executive Stock until the earlier of (i) the date on which such
share of Executive Stock has been transferred in a Public Sale permitted by
this Section 4, or (ii) the consummation of a Sale of the
Company.

 

5.                                       Additional
Restrictions on Transfer of Executive Stock.

 

(a)                                  Legend.  The certificates representing the Executive
Stock will bear a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED
AS OF JULY 1, 2002, HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.  THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN
REPURCHASE OPTIONS AND CERTAIN OTHER AGREEMENTS SET FORTH IN A SENIOR
MANAGEMENT AGREEMENT BETWEEN THE COMPANY AND AN EXECUTIVE OF THE COMPANY DATED
AS OF JULY 1, 2002.  A COPY OF SUCH
AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE
OF BUSINESS WITHOUT CHARGE.”

 

(b)                                 Opinion
of Counsel.  No holder of Executive
Stock may Transfer any Executive Stock (except pursuant to an effective
registration statement under the Securities Act)

 

7

 

without first
delivering to the Company a written notice describing in reasonable detail the
proposed Transfer, and if requested by the Company, an opinion of counsel
(reasonably acceptable in form and substance to the Company) that neither
registration nor qualification under the Securities Act and applicable state
securities laws is required in connection with such transfer.  In addition, if the holder of the Executive
Stock delivers to the Company an opinion of counsel that no subsequent Transfer
of such Executive Stock shall require registration under the Securities Act,
the Company shall promptly upon such contemplated Transfer deliver new
certificates for such Executive Stock that do not bear the Securities Act
portion of the legend set forth in Section 5(a).  If the Company is not required to deliver new
certificates for such Executive Stock not bearing such legend, the holder
thereof shall not Transfer the same until the prospective transferee has
confirmed to the Company in writing its agreement to be bound by the conditions
contained in this Section 5.

 

(c).                               Obligations
Upon Sale.  Executive acknowledges
and agrees that in connection with and following a Sale of the Company,
Executive shall cooperate with the Investors and render such assistance as the
Investors reasonably require in connection with such Sale of the Company,
including without limitation the provision of information relating to the past
or present operations of the Company, assistance in the calculation and
resolution of purchase price adjustments, and cooperation in resolving indemnification
matters.  In addition, Executive
acknowledges and agrees that the Investors may, in their reasonable discretion,
withhold some amounts which may otherwise be payable to Executive upon such
Sale of the Company in order to provide a source of recovery for Executive’s
proportionate share of purchase price adjustments and indemnification claims
and to assure Executive’s compliance with such obligations and agreements; provided
however, that any such withholding shall be in proportionate amounts and on
terms and conditions no less favorable than amounts withheld for such purposes
from other employees and executives of the Company and its Subsidiaries who are
also stockholders of the Company.

 

Section 6.                                            Representations
and Warranties of the Company.  As a
material inducement to Executive to enter into this Agreement and purchase the
Executive Stock, the Company hereby represents and warrants to the Executive
that:

 

(a).                               Organization
and Corporate Power.  The Company is
a corporation duly organized, validly existing and in good standing under the
laws of Delaware and is qualified to do business in every jurisdiction in which
the failure to so qualify might reasonably be expected to have a material
adverse effect on the financial condition, operating results, assets,
operations or business prospects of the Company and its Subsidiaries taken as a
whole.  The Company has all requisite
corporate power and authority and all material licenses, permits and
authorizations necessary to own and operate its properties, to carry on its
businesses as now conducted and presently proposed to be conducted and to carry
out the transactions contemplated by this Agreement.  The copies of the Company’s Certificate of
Incorporation and bylaws which have been furnished to the Executive’s counsel
reflect all amendments made thereto at any time prior to the date of this
Agreement and are correct and complete.

 

(b).                              Capital
Stock and Related Matters.

 

(i)                                     As
of the Closing and immediately thereafter, the authorized capital stock of the
Company shall consist of 40,075,000 shares
of stock, of which 75,000 shares shall be designated

 

8

 

as
Class A Preferred (63,700 of
which shall be issued and outstanding and 8,418.53385 of which shall be reserved
for issuances upon exercise of options and warrants granted by the Company) and
of which 40,000,000 shares shall be designated as Common Stock (33,994,652.41 of which shall be issued and outstanding;
3,436,136.26 of which shall be reserved for issuances upon exercise of options
and warrants granted by the Company; and 764,705.88 shall be reserved for
future issuances to executives and employees of the Company and its
Subsidiaries).  As of the Closing, the
Company shall not have outstanding any stock or securities convertible or
exchangeable for any shares of its capital stock or containing any profit
participation features, nor shall it have outstanding any rights or options to
subscribe for or to purchase its capital stock or any stock or securities
convertible into or exchangeable for its capital stock or any stock
appreciation rights or phantom stock plans other than pursuant to and as
contemplated by this Agreement, the senior management agreements and executive
stock agreements among the Company and its employees, and the Company’s
Certificate of Incorporation.  As of the
Closing, the Company shall not be subject to any obligation (contingent or
otherwise) to repurchase or otherwise acquire or retire any shares of its
capital stock or any warrants, options or other rights to acquire its capital
stock, except pursuant to this Agreement, the senior management agreements and
executive stock agreements among the Company and its employees, and the Company’s
Certificate of Incorporation.  As of the
Closing, all of the outstanding shares of the Company’s capital stock shall be
validly issued, fully paid and nonassessable.

 

(ii)                                  There
are no statutory or, to the best of the Company’s knowledge, contractual
stockholders preemptive rights or rights of refusal with respect to the
issuance of the Executive Stock hereunder except as expressly contemplated in
the Stockholders Agreement or provided herein . 
Based in part on the investment representations of the Investors in Section 7C
of the Purchase Agreement, of the Executive in Section 1(e) hereof,
of certain employees of the Company in their respective senior management
agreements and executive stock agreements, and of the parties to the Merger
Agreement in such agreement, the Company has not violated any applicable
federal or state securities laws in connection with the offer, sale or issuance
of any of its capital stock, and the offer, sale and issuance of the Executive
Stock hereunder do not and will not require registration under the Securities
Act or any applicable state securities laws. 
To the best of the Company’s knowledge, there are no agreements between
the Company’s stockholders with respect to the voting or transfer of the
Company’s capital stock or with respect to any other aspect of the Company’s affairs,
except for the Stockholders Agreement, the senior management agreements and
executive stock agreements among the Company and its employees, and the
Registration Agreement.

 

(c).                               Authorization;
No Breach.  The execution, delivery
and performance of this Agreement and all other agreements contemplated hereby
to which the Company is a party have been duly authorized by the Company.  This Agreement and all other agreements
contemplated hereby each constitutes a valid and binding obligation of the
Company, enforceable in accordance with its terms.  The execution and delivery by the Company of
this Agreement and all other agreements contemplated hereby to which the
Company is a party, the offering, sale and issuance of the Executive Stock
hereunder and the fulfillment of and compliance with the respective terms
hereof and thereof by the Company do not and will not (i) conflict with or
result in a breach of the terms, conditions or provisions of,
(ii) constitute a default under, (iii) result in the creation of any
lien, security interest, charge or encumbrance upon the Company’s capital stock
or assets pursuant to, (iv) give any third party the right to modify,
terminate or accelerate any obligation under, (v) result in

 

9

 

a violation
of, or (vi) require any authorization, consent, approval, exemption or
other action by or notice to any court or administrative or governmental body
pursuant to, the Certificate of Incorporation or bylaws of the Company, or any
law, statute, rule or regulation to which the Company is subject, or any
agreement, instrument, order, judgment or decree to which the Company is a
party or by which it is bound.

 

(d).                              Litigation,
etc.  There are no actions, suits,
proceedings, orders, investigations or claims pending or, to the best of the
Company’s knowledge, threatened against or affecting the Company (or to the
best of the Company’s knowledge, pending or threatened against or affecting any
of the officers, directors or employees of the Company with respect to their
businesses or proposed business activities) at law or in equity, or before or
by any governmental department, commission, board, bureau, agency or
instrumentality with respect to the transactions contemplated by this
Agreement.

 

(e).                               Governmental
Consent, etc.  No permit, consent,
approval or authorization of, or declaration to or filing with, any
governmental authority is required in connection with the execution, delivery
and performance by the Company of this Agreement or the other agreements
contemplated hereby, or the consummation by the Company of any other
transactions contemplated hereby or thereby.

 

PROVISIONS RELATING TO EMPLOYMENT

 

7.                                       Employment.  Employer agrees to employ Executive and
Executive accepts such employment for the period beginning as of the date
hereof and ending upon his separation pursuant to Section 7(c)
hereof (the “Employment Period”).

 

(a)                                  Position
and Duties.

 

(i) 
During the Employment Period, Executive shall serve as the Chief
Executive Officer of Employer and shall have the normal duties,
responsibilities and authority implied by such position, including, without
limitation, the responsibilities associated with all aspects of the daily
operations of Employer and the identification, negotiation, completion and
integration of any acquisitions made by the Company, Employer or their
Subsidiaries, subject to the power of the Board of Directors of Employer (the “Board”)
to expand or limit such duties, responsibilities and authority.

 

(ii) 
Executive shall report to the Board, and Executive shall devote his best
efforts and his full business time and attention to the business and affairs of
the Company, Employer and their Subsidiaries.

 

(b)                                 Salary,
Bonus and Benefits.  During the
Employment Period, Employer will pay Executive a base salary (the “Annual
Base Salary”) of $510,000 per annum, subject to any increase as determined
by the Board based upon an annual review by the Board of the Company’s
achievements of budgetary and other objectives set by the Board.  For any fiscal year, Executive shall be
eligible for an annual bonus of up to 50% of Executive’s Annual Base Salary
based upon the

 

10

 

achievement by
the Company, Employer and their Subsidiaries of budgetary and other objectives
set by the Board; provided that with respect to the first year for which
Executive is eligible for a bonus, such bonus shall be paid on a pro rata basis
based upon that portion of the year that remained after the date of this
Agreement.  Such bonus amount shall be in
lieu of any other bonus plan or program previously adopted by the Company,
including any bonuses which relate to the earnings of the Company or a change
in control of the Company.  In addition,
during the Employment Period, Executive will be entitled to such other benefits
approved by the Board and made available to the senior management of the
Company, Employer and their Subsidiaries.

 

(c)                                  Separation.  The Employment Period will continue until (i)
Executive’s resignation, Disability or death or (ii) the Board decides to
terminate Executive’s employment with or without Cause.  If Executive’s employment is terminated by
Employer without Cause pursuant to clause (ii) above or Executive resigns with
Good Reason, during the one-year period commencing on the date of termination
(the “Initial Severance Period”), Employer shall pay to Executive an
aggregate amount equal to his Annual Base Salary plus the amount of bonus
received by Executive with respect to the immediately previous full fiscal year
(the “Prior Year Bonus”), payable in equal installments on the Employer’s
regular salary payment dates.  Employer
may (in its sole discretion) elect to extend the Initial Severance Period for
one additional one-year period (the “Additional Severance Period”) by
providing Executive written notice of such extension no less than 60 days prior
to the last day of the Initial Severance Period and paying Executive an
additional amount equal to his Annual Base Salary plus the Prior Year Bonus,
payable in equal installments on the Employer’s regular salary payment
dates.  The amounts payable during the
Additional Severance Period pursuant to this Section 7(c) shall be
reduced by the amount of any compensation Executive receives with respect to
any other employment during the such period. 
Upon request from time to time, Executive shall furnish  Employer with a true and complete certificate
specifying any such compensation earned or received by him during such period.

 

8.                                       Confidential
Information.

 

(a)                                  Obligation
to Maintain Confidentiality. 
Executive acknowledges that the information, observations and data
obtained by him during the course of his performance under this Agreement concerning
the business and affairs of the Company, Employer and their respective
Subsidiaries and Affiliates are the property of the Company, Employer or such
Subsidiaries and Affiliates, including information concerning acquisition
opportunities in or reasonably related to the Company’s and Employer’s business
or industry of which Executive becomes aware during the Employment Period.
Therefore, Executive agrees that he will not disclose to any unauthorized
Person or use for his own account any of such information, observations or data
without the Board’s written consent, unless and to the extent that the
aforementioned matters, (i) become generally known to and available for use by
the public other than as a result of Executive’s acts or omissions to act, (ii)
was known to Executive prior to Executive’s employment with Employer, the
Company or any of their Subsidiaries and Affiliates, or (iii) is required to be
disclosed pursuant to any applicable law or court order.  Executive agrees to deliver to the Company at
a Separation, or at any other time the Company may request in writing, all
memoranda, notes, plans, records, reports and other documents (and copies
thereof) relating to the business of the Company, Employer and their respective
Subsidiaries and Affiliates (including, without limitation, all acquisition
prospects, lists

 

11

 

and contact
information) that he may then possess or have under his control.

 

(b)                                 Ownership
of Property.  Executive acknowledges
that all inventions, innovations, improvements, developments, methods,
processes, programs, designs, analyses, drawings, reports, and all similar or
related information  (whether or not
patentable) that relate to the Company’s, Employer’s or any of their respective
Subsidiaries’ or Affiliates’ actual or anticipated business, research and
development, or existing or future products or services and that are conceived,
developed, contributed to, made, or reduced to practice by Executive (either
solely or jointly with others) while employed by the Company, Employer or any
of their respective Subsidiaries or Affiliates (including any of the foregoing
that constitutes any proprietary information or records) (“Work Product”)
belong to the Company, Employer or such Subsidiary or Affiliate and Executive
hereby assigns, and agrees to assign, all of the above Work Product to the
Company, Employer or to such Subsidiary or Affiliate.  Any copyrightable work prepared in whole or in
part by Executive in the course of his work for any of the foregoing entities
shall be deemed a “work made for hire” under the copyright laws, and the
Company, Employer or such Subsidiary or Affiliate shall own all rights
therein.  To the extent that any such
copyrightable work is not a “work made for hire,” Executive hereby assigns and
agrees to assign to the Company, Employer or such Subsidiary or Affiliate all
right, title, and interest, including without limitation, copyright in and to
such copyrightable work.  Executive shall
promptly disclose such Work Product and copyrightable work to the Board and
perform all actions reasonably requested by the Board (whether during or after
the Employment Period) to establish and confirm the Company’s, Employer’s or
such Subsidiary’s or Affiliate’s ownership (including, without limitation,
assignments, consents, powers of attorney, and other instruments).

 

(c)                                  Third
Party Information. Executive understands that the Company, Employer and
their respective Subsidiaries and Affiliates will receive from third parties
confidential or proprietary information (“Third Party Information”)
subject to a duty on the Company’s, Employer’s 
and their respective Subsidiaries’ and Affiliates’ part to maintain the
confidentiality of such information and to use it only for certain limited
purposes.  During the Employment Period
and thereafter, and without in any way limiting the provisions of Section 8(a)
above, Executive will hold Third Party Information in the strictest confidence
and will not disclose to anyone (other than personnel of the Company, Employer
or their respective Subsidiaries or Affiliates who need to know such
information in connection with their work for the Company, Employer or their
respective Subsidiaries or Affiliates) or use, except in connection with his
work for the Company, Employer or their respective Subsidiaries or Affiliates,
Third Party Information unless expressly authorized by a member of the Board in
writing.

 

(d)                                 Use
of Information of Prior Employers. 
During the Employment Period, Executive will not improperly use or
disclose any confidential information or trade secrets, if any, of any former
employers or any other Person to whom Executive has an obligation of
confidentiality, and will not bring onto the premises of the Company, Employer or
any of their respective Subsidiaries or Affiliates any unpublished documents or
any property belonging to any former employer or any other Person to whom
Executive has an obligation of confidentiality with respect to such unpublished
documents or property unless consented to in writing by the former employer or
Person.  Executive will use in the
performance of his duties only information that is (i) generally

 

12

 

known and used
by Persons with training and experience comparable to Executive’s and that is
(x) common knowledge in the industry or (y) is otherwise legally in the public
domain, (ii) is otherwise provided or developed by the Company, Employer or any
of their respective Subsidiaries or Affiliates or (iii) in the case of
materials, property or information belonging to any former employer or other
Person to whom Executive has an obligation of confidentiality, approved for
such use in writing by such former employer or Person.

 

9.                                       Noncompetition
and Nonsolicitation.  Executive
acknowledges that in the course of his employment with Employer he will become
familiar with the Company’s, Employer’s and their respective Subsidiaries’
trade secrets and with other confidential information concerning the Company,
Employer and such Subsidiaries and that his services will be of special, unique
and extraordinary value to the Company and Employer and such Subsidiaries.  Therefore, Executive agrees that:

 

(a)                                  Noncompetition.  During the Employment Period and (i) in the
event of a termination of Executive’s employment by the Board without Cause or
by Executive with Good Reason, during the period beginning on the date of
termination and ending on the last day of the Initial Severance Period or on
the last day of the Additional Severance Period, if Employer elects to extend
the Initial Severance Period pursuant to Section 7(c) hereof, or
(ii) in the event of a termination of Executive’s employment for any other
reason, during the period of two years thereafter (such one or two year period,
as the case may be, the “Noncompete Period”), he shall not, anywhere in
the world, directly or indirectly own, manage, control, participate in, consult
with, render services for, or in any manner engage in any business competing
with the businesses of the Company, Employer or their respective Subsidiaries
or any business in which the Company, Employer or any of their respective
Subsidiaries has entertained discussions or has requested and received
information relating to the acquisition of such business by the Company,
Employer or their respective Subsidiaries during the six-month period
immediately prior to the Separation.

 

(b)                                 Nonsolicitation.  During the Employment Period and the
Noncompete Period, Executive shall not directly or indirectly through another
entity (i) induce or attempt to induce any employee of the Company,
Employer or their respective Subsidiaries to leave the employ of the Company,
Employer or such Subsidiary, or in any way interfere with the relationship
between the Company, Employer and any of their respective Subsidiaries and any
employee thereof, (ii) hire any person who was an employee of the Company,
Employer or any of their respective Subsidiaries within 180 days prior to the
time such employee was hired by Executive, (iii) induce or attempt to
induce any customer, supplier, licensee or other business relation of the
Company, Employer or any of their respective Subsidiaries to cease doing
business with the Company, Employer or such Subsidiary or in any way interfere with
the relationship between any such customer, supplier, licensee or business
relation and the Company and any Subsidiary or (iv) directly or indirectly
acquire or attempt to acquire an interest in any business relating to the
business of the Company, Employer or any of their respective Subsidiaries and
with which the Company, Employer and any of their respective Subsidiaries has
entertained discussions or has requested and received information relating to
the acquisition of such business by the Company, Employer or any of their
respective Subsidiaries in the two-year period immediately preceding a
Separation.

 

13

 

(c)                                  Enforcement.  If, at the time of enforcement of Section 8
or this Section 9, a court holds that the restrictions stated
herein are unreasonable under circumstances then existing, the parties hereto
agree that the maximum duration, scope or geographical area reasonable under
such circumstances shall be substituted for the stated period, scope or area
and that the court shall be allowed to revise the restrictions contained herein
to cover the maximum duration, scope and area permitted by law.  Because Executive’s services are unique and
because Executive has access to confidential information, the parties hereto
agree that money damages would be an inadequate remedy for any breach of this
Agreement.  Therefore, in the event a
breach or threatened breach of this Agreement, the Company, Employer, their
respective Subsidiaries or their successors or assigns may, in addition to
other rights and remedies existing in their favor, apply to any court of
competent jurisdiction for specific performance and/or injunctive or other
relief in order to enforce, or prevent any violations of, the provisions hereof
(without posting a bond or other security).

 

(d)                                 Additional
Acknowledgments.  Executive
acknowledges that the provisions of this Section 9 are in consideration of:  (i) employment with the Employer,
(ii) the issuance of the Carried Common by the Company and (iii) additional
good and valuable consideration as set forth in this Agreement.  In addition, Executive agrees and
acknowledges that the restrictions contained in Section 8 and this Section 9
do not preclude Executive from earning a livelihood, nor do they unreasonably
impose limitations on Executive’s ability to earn a living.  In addition, Executive acknowledges  (i) that the business of the Company,
Employer and their respective Subsidiaries will be international in scope and
without geographical limitation, (ii) notwithstanding the state of
incorporation or principal office of the Company, Employer or any of their
respective Subsidiaries, or any of their respective executives or employees
(including the Executive), it is expected that the Company and Employer will
have business activities and have valuable business relationships within its
industry throughout the world, and (iii) as part of his responsibilities,
Executive will be traveling around the world in furtherance of Employer’s
business and its relationships. 
Executive agrees and acknowledges that the potential harm to the Company
and Employer of the non-enforcement of Section 8 and this Section 9
outweighs any potential harm to Executive of its enforcement by injunction or
otherwise.  Executive acknowledges that
he has carefully read this Agreement and has given careful consideration to the
restraints imposed upon Executive by this Agreement, and is in full accord as
to their necessity for the reasonable and proper protection of confidential and
proprietary information of the Company and Employer now existing or to be
developed in the future.  Executive
expressly acknowledges and agrees that each and every restraint imposed by this
Agreement is reasonable with respect to subject matter, time period and
geographical area.

 

GENERAL PROVISIONS

 

9.                                       Definitions.

 

“Affiliate” means, (i) with respect to any Person, any Person
that controls, is controlled by or is under common control with such Person or
an Affiliate of such Person, and (ii) with respect to any Investor, any general
or limited partner of such Investor, any employee or owner of any such partner,
or any other Person controlling, controlled by or under common control with
such Investor.

 

14

 

“Cause” means (i) the commission of a felony,
(ii) willful conduct tending to bring the Company, Employer or any of
their respective Subsidiaries into substantial public disgrace or
disrepute,  (iii) substantial and
repeated failure to perform duties of the office held by Executive as
reasonably directed by the Board, (iv) gross negligence or willful
misconduct with respect to the Company, Employer or any of their respective
Subsidiaries, including any other act or omission involving significant and
willful dishonesty or fraud with respect to the Company, Employer or any of
their respective Subsidiaries or any of their customers or suppliers, or
(v) any material breach of Sections 1(i), 8 or 9 of
this Agreement or Section 7(a)(ii) of this Agreement (but only with
respect the requirement of such Section 7(a)(ii) that Executive
devote his full business time and attention to the business and affairs of the
Company, Employer and their Subsidiaries). 
In each case above the burden of proving such action or omission is a “Cause”
event shall be with Employer.  In
addition, Employer agrees it will permit Executive an opportunity to be heard
by the Company Board before such dismissal. 
For purposes of this definition, an act or omission may by considered “willful”
only if done in bad faith without a reasonable belief that such act or omission
was in the best interest of the Employer or the Company.

 

“Class A Preferred” means the Company’s Class A Preferred Stock,
par value $.01 per share.

 

“Closing Date” means July 1, 2002.

 

“Disability” means the disability of Executive caused by any
physical or mental injury, illness or incapacity as a result of which Executive
is unable to effectively perform the essential functions of Executive’s duties
as determined by the Board in good faith.

 

“Executive Stock” will continue to be Executive Stock in the
hands of any holder other than Executive (except for the Company and the
Investors and except for transferees in a Public Sale), and except as otherwise
provided herein, each such other holder of Executive Stock will succeed to all
rights and obligations attributable to Executive as a holder of Executive Stock
hereunder.  Executive Stock will also
include equity of the Company issued with respect to Executive Stock by way of
a stock split, stock dividend, conversion, or other recapitalization.  Notwithstanding the foregoing, all Unvested
Shares shall remain Unvested Shares after any Transfer thereof.

 

“Fair Market Value” of each share of Executive Stock means the
average of the closing prices of the sales of such Executive Stock on all
securities exchanges on which such Executive Stock may at the time be listed,
or, if there have been no sales on any such exchange on any day, the average of
the highest bid and lowest asked prices on all such exchanges at the end of
such day, or, if on any day such Executive Stock is not so listed, the average
of the representative bid and asked prices quoted in the NASDAQ System as of
4:00 P.M., New York time, or, if on any day such Executive Stock is not
quoted in the NASDAQ System, the average of the highest bid and lowest asked
prices on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau Incorporated, or any similar successor organization,
in each such case averaged over a period of 21 days consisting of the day as of
which the Fair Market Value is being determined and the 20 consecutive business
days prior to such day.  If at any time
such Executive Stock is not listed on any securities exchange or quoted in the
NASDAQ System or the over-the-counter market,

 

15

 

the Fair
Market Value will be the fair value of such Executive Stock as determined in
good faith by the Company Board.  If
Executive reasonably disagrees with such determination, Executive shall deliver
to the Company Board a written notice of objection within ten days after
delivery of the Repurchase Notice (or if no Repurchase Notice is delivered,
then within ten days after delivery of the Supplemental Repurchase
Notice).  Upon receipt of Executive’s
written notice of objection, the Company Board and Executive will negotiate in
good faith to agree on such Fair Market Value. 
If such agreement is not reached within 30 days after the delivery of
the Repurchase Notice (or if no Repurchase Notice is delivered, then within 30
days after the delivery of the Supplemental Repurchase Notice), Fair Market
Value shall be determined by an appraiser jointly selected by the Company Board
and Executive, which appraiser shall submit to the Company Board and Executive
a report within 30 days of its engagement setting forth such
determination.  If the parties are unable
to agree on an appraiser within 45 days after delivery of the Repurchase Notice
or the Supplemental Repurchase Notice, within seven days, each party shall
submit the names of four nationally recognized firms that are engaged in the
business of valuing non-public securities, and each party shall be entitled to
strike two names from the other party’s list of firms, and the appraiser shall
be selected by lot from the remaining four investment banking firms.  The expenses of such appraiser shall be borne
by Executive unless the appraiser’s valuation is more than 10% greater than the
amount determined by the Company Board, in which case, the expenses of the
appraiser shall be borne by the Company. 
The determination of such appraiser as to Fair Market Value shall be
final and binding upon all parties.

 

“Family Group” means a Person’s spouse and descendants (whether
natural or adopted), and any trust, family limited partnership, limited
liability company or other entity wholly owned, directly or indirectly, by such
Person or such Person’s spouse and/or descendants that is and remains solely
for the benefit of such Person and/or such Person’s spouse and/or descendants
and any retirement plan for such Person.

 

“GAAP” means United States generally accepted accounting
principles as in effect from time to time.

 

“Good Reason” means (i) any action by the Company or Employer
which results in a material reduction in Executive’s title, status, authority
or responsibility as Chief Executive Officer of Employer; (ii) a failure of
Executive to be on the Company’s Board of Directors; or (iii) a reduction in
Executive’s Annual Base Salary, in each case without the prior written consent
of Executive; provided, that in order to constitute a termination with Good
Reason, Executive must resign within thirty (30) days of an event which
constitutes Good Reason.

 

“Merger Agreement” means the Agreement and Plan of Merger among
the Company, VeriFone Intermediate Holdings, Inc., a Delaware corporation,
VeriFone MergerSub, Inc., a Delaware corporation, and VeriFone Holding Corp., a
Delaware corporation.

 

“Original Cost” means, with respect to each share of Common
Stock purchased hereunder, $0.05 (as proportionately adjusted for all
subsequent stock splits, stock dividends and other recapitalizations).

 

16

 

“Person” means an individual, a partnership, a limited liability
company, a corporation, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, investment fund, any other business
entity and a governmental entity or any department, agency or political
subdivision thereof.

 

“Public Offering” means the sale in an underwritten public
offering registered under the Securities Act of equity securities of the
Company or a corporate successor to the Company.

 

“Public Sale” means (i) any sale pursuant to a registered
public offering under the Securities Act or (ii) any sale to the public
pursuant to Rule 144 promulgated under the Securities Act effected through
a broker, dealer or market maker (other than pursuant to Rule 144(k) prior to a
Public Offering).

 

“Sale of the Company” means any transaction or series of
transactions pursuant to which any Person or group of related Persons other
than the Investors or their its Affiliates in the aggregate acquire(s)
(i) equity securities of the Company possessing the voting power (other
than voting rights accruing only in the event of a default, breach or event of
noncompliance) to elect a majority of the Company Board (whether by merger,
consolidation, reorganization, combination, sale or transfer of the Company’s
equity, stockholder or voting agreement, proxy, power of attorney or otherwise)
or (ii) all or substantially all of the Company’s assets determined on a
consolidated basis; provided that a Public Offering shall not constitute
a Sale of the Company.

 

“Securities Act” means the Securities Act of 1933, as amended
from time to time.

 

“Stockholders Agreement” means the Stockholders Agreement of
even date herewith among the Company and certain of its stockholders, as
amended from time to time pursuant to its terms.

 

“Subsidiary” means, with respect to any Person, any corporation,
limited liability company, partnership, association, or business entity of
which (i) if a corporation, a majority of the total voting power of shares
of stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers, or trustees thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or a combination thereof, or (ii) if
a limited liability company, partnership, association, or other business entity
(other than a corporation), a majority of 
partnership or other similar ownership interest thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons
shall be deemed to have a majority ownership interest in a limited liability
company, partnership, association, or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association, or other business entity gains or losses or
shall be or control any managing director or general partner of such limited
liability company, partnership, association, or other business entity.  For purposes hereof, references to a “Subsidiary”
of any Person shall be given effect only at such times that such Person has one
or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary”
refers to a Subsidiary of the Company.

 

17

 

“TCW/Crescent Lenders” means, collectively, (i) TCW/Crescent
Mezzanine Partners II, L.P., a Delaware limited partnership, (ii) TCW/Crescent
Mezzanine Trust II, a Delaware business trust, (iii) TCW Leveraged Income
Trust, L.P., a Delaware limited partnership, (iv) TCW Leveraged Income Trust
II, L.P., a Delaware limited partnership and (v) TCW Leveraged Income Trust IV,
L.P., a Delaware limited partnership.

 

“Transfer” means to sell, transfer, assign, pledge or otherwise
dispose of (whether with or without consideration and whether voluntarily or
involuntarily or by operation of law).

 

10.                                 Notices.  Any notice provided for in this Agreement
must be in writing and must be either personally delivered, delivered via
facsimile, mailed by first class mail (postage prepaid and return receipt
requested) or sent by reputable overnight courier service (charges prepaid) to
the recipient at the address below indicated:

 

If to Employer:

 

VeriFone, Inc.

2455 Augustine Drive

Santa Clara, CA  95054

Attention:  Chief Executive
Officer

Facsimile: (310) 209-3310

 

with copies to:

 

GTCR Fund VII, L.P.

GTCR Co-Invest, L.P.

c/o GTCR Golder Rauner, L.L.C.

6100 Sears Tower

Chicago, Illinois  60606-6402

Attention:   Collin E. Roche

Facsimile:  (312) 382-2201

 

Kirkland & Ellis

200 East Randolph Drive

Chicago, Illinois  60601

Attention:   Stephen L. Ritchie

Facsimile: (312) 861-2200

 

If to the Company:

 

VeriFone Holdings, Inc.

2455 Augustine Drive

Santa Clara, CA  95054

Attention:  Chief Executive Officer

Facsimile: (310) 209-3310

 

18

 

with copies to:

 

GTCR Fund VII, L.P.

GTCR Co-Invest, L.P.

c/o GTCR Golder Rauner, L.L.C.

6100 Sears Tower

Chicago, Illinois  60606-6402

Attention:   Collin E. Roche

Facsimile: (312) 382-2201

 

Kirkland & Ellis

200 East Randolph Drive

Chicago, Illinois  60601

Attention:   Stephen L. Ritchie

Facsimile: (312) 861-2200

 

If to Executive:

 

Douglas G. Bergeron

c/o VeriFone Holdings, Inc.

2455 Augustine Drive

Santa Clara, CA  95054

Facsimile: (310) 209-3310

 

with a copy to:

 

Foster Pepper & Shefelman PLLC

1111 Third Avenue, Suite 3400

Seattle, WA 98101

Attn: Robert Kunold, Jr.

Facsimile: (206) 749-1984

 

If to the Investors:

 

See the attached Investor Notice Schedule.

 

or such other
address or to the attention of such other person as the recipient party shall
have specified by prior written notice to the sending party.  Any notice under this Agreement will be
deemed to have been given when so delivered or sent or, if mailed, five days
after deposit in the U.S. mail.

 

11.                                 General
Provisions.

 

(a)                                  Transfers
in Violation of Agreement.  Any
Transfer or attempted Transfer of

 

19

 

any Executive
Stock in violation of any provision of this Agreement shall be void, and the
Company shall not record such Transfer on its books or treat any purported
transferee of such Executive Stock as the owner of such equity for any purpose.

 

(b)                                 Severability.  Whenever possible, each provision of this
Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

 

(c)                                  Complete
Agreement.  This Agreement, those
documents expressly referred to herein and other documents of even date
herewith embody the complete agreement and understanding among the parties and
supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, that may have related to the subject
matter hereof in any way.

 

(d)                                 Counterparts.  This Agreement may be executed in separate
counterparts (including by means of facsimile), each of which is deemed to be
an original and all of which taken together constitute one and the same
agreement.

 

(e)                                  Successors
and Assigns.  Except as otherwise
provided herein, this Agreement shall bind and inure to the benefit of and be
enforceable by Executive, the Company, the Investors and their respective
successors and assigns (including subsequent holders of Executive Stock); provided
that the rights and obligations of Executive under this Agreement shall not be
assignable except in connection with a permitted transfer of Executive Stock
hereunder.

 

(f)                                    Choice
of Law.  The corporation law of the
State of Delaware will govern all questions concerning the relative rights of
the Company and its stockholders.  All
other questions concerning the construction, validity and interpretation of
this Agreement and the exhibits hereto will be governed by and construed in
accordance with the internal laws of the State of Delaware, without giving
effect to any choice of law or conflict of law provision or rule (whether of
the State of Delaware or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Delaware.

 

(g)                                 Remedies.  Each of the parties to this Agreement
(including the Investors as third-party beneficiaries) will be entitled to
enforce its rights under this Agreement specifically, to recover damages and
costs (including attorney’s fees) caused by any breach of any provision of this
Agreement and to exercise all other rights existing in its favor.  The parties hereto agree and acknowledge that
money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that any party may in its sole discretion apply to any court
of law or equity of competent jurisdiction (without posting any bond or
deposit) for specific performance and/or other injunctive relief in order to
enforce or prevent any violations of the provisions of this Agreement.

 

20

 

(h)                                 Amendment
and Waiver.  The provisions of this
Agreement may be amended and waived only with the prior written consent of the
Company, Employer, Executive and the Majority Holders (as defined in the
Purchase Agreement).

 

(i)                                     Insurance.  The Company or Employer, at its discretion,
may apply for and procure in its own name and for its own benefit life and/or
disability insurance on Executive in any amount or amounts considered
available.  Executive agrees to cooperate
in any medical or other examination, supply any information, and to execute and
deliver any applications or other instruments in writing as may be reasonably
necessary to obtain and constitute such insurance.  Executive hereby represents that he has no reason
to believe that his life is not insurable at rates now prevailing for healthy
men  of his age.

 

(j)                                     Business
Days.  If any time period for giving
notice or taking action hereunder expires on a day which is a Saturday, Sunday
or holiday in the state in which the Company’s chief executive office is
located, the time period shall be automatically extended to the business day
immediately following such Saturday, Sunday or holiday.

 

(k)                                  Indemnification
and Reimbursement of Payments on Behalf of Executive.  The Company, Employer and their respective
Subsidiaries shall be entitled to deduct or withhold from any amounts owing
from the Company or any of its Subsidiaries to Executive any federal, state,
local or foreign withholding taxes, excise taxes, or employment taxes (“Taxes”)
imposed with respect to Executive’s compensation or other payments from the
Company or any of its Subsidiaries or Executive’s ownership interest in the
Company, including, without limitation, wages, bonuses, dividends, the receipt
or exercise of equity options and/or the receipt or vesting of restricted
equity.  In the event the Company or its
Subsidiaries does not make such deductions or withholdings, Executive shall
indemnify the Company and its Subsidiaries for any amounts paid with respect to
any such Taxes, together with any interest, penalties and related expenses
thereto.

 

(l)                                     Reasonable
Expenses.  The Company agrees to pay
the reasonable fees and expenses of Executive’s counsel arising in connection
with the negotiation and execution of this Agreement and the consummation of
the transactions contemplated by this Agreement.

 

(m)                               Termination.  This Agreement (except for the provisions of Sections
8(a) and (b)) shall survive a Separation and shall remain in full
force and effect after such Separation.

 

(n)                                 Adjustments
of Numbers.  All numbers set forth
herein that refer to share prices or amounts will be appropriately adjusted to
reflect stock splits, stock dividends, combinations of shares and other
recapitalizations affecting the subject class of equity.

 

(o)                                 Deemed
Transfer of Executive Stock.  If the
Company (and/or the Investors and/or any other Person acquiring securities)
shall make available, at the time and place and in the amount and form provided
in this Agreement, the consideration for the Executive Stock to be repurchased
in accordance with the provisions of this Agreement, then from and after such
time, the Person from whom such shares are to be repurchased shall no longer
have any rights as a holder of such shares (other than the right to receive
payment of such consideration in accordance with this

 

21

 

Agreement),
and such shares shall be deemed purchased in accordance with the applicable
provisions hereof and the Company (and/or the Investors and/or any other Person
acquiring securities) shall be deemed the owner and holder of such shares,
whether or not the certificates therefor have been delivered as required by
this Agreement.

 

(p)                                 No
Pledge or Security Interest.  The
purpose of the Company’s retention of Executive’s certificates and executed
Stock Powers is solely to facilitate the repurchase provisions set forth in Section 3
herein and Section 6 of the Stockholders Agreement and does not constitute
a pledge by Executive of, or the granting of a security interest in, the
underlying equity.

 

(q)                                 Rights
Granted to GTCR Fund VII and its Affiliates.  Any rights granted to GTCR Fund VII, GTCR
Co-Invest and their Affiliates hereunder may also be exercised (in whole or in
part) by their respective designees (which designees may be Affiliates of GTCR
Fund VII and/or GTCR Co-Invest).

 

(r)                                    Directors’
and Officers’ Insurance.  Each of the
Company and Employer agree that it shall obtain and maintain in full force and
effect during the term of Executive’s employment hereunder directors’ and
officers’ insurance policies in amounts and with coverages customary for
entities of the size and with the type of business of the Company and Employer,
respectively.

 

*    
*     *     *    
*

 

22

 

IN WITNESS WHEREOF, the parties hereto have executed this Senior
Management Agreement on the date first written above.

 

	
   

  	
  VERIFONE
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas
  Bergeron

  
	
   

  	
  Its:

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VERIFONE,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas
  Bergeron

  
	
   

  	
  Its:

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Douglas
  Bergeron

  
	
   

  	
  Douglas G.
  Bergeron

  
	
   

  	
   

  
	
  Agreed and
  Accepted:

  	
   

  
	
   

  	
   

  
	
  GTCR FUND
  VII, L.P.

  	
   

  
	
   

  	
   

  
	
  By: GTCR
  Partners VII, L.P.

  	
   

  
	
  Its:  General
  Partner

  	
   

  
	
   

  	
   

  
	
  By: GTCR
  Golder Rauner, L.L.C.

  	
   

  
	
  Its: General
  Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joseph
  P. Nolan

  	
   

  
	
  Name:

  	
  Joseph P.
  Nolan

  	
   

  
	
  Its:

  	
  Principal

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  GTCR
  CO-INVEST, L.P.

  	
   

  
	
   

  	
   

  
	
  By: GTCR
  Golder Rauner, L.L.C.

  	
   

  
	
  Its: General
  Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Joseph
  P. Nolan

  	
   

  
	
  Name:

  	
  Joseph P.
  Nolan

  	
   

  
	
  Its:

  	
  Principal

  	
   

  

 

 

	
  TCW/CRESCENT
  MEZZANINE PARTNERS III, L.P.

  TCW/CRESCENT MEZZANINE TRUST III

  	
   

  
	
  TCW/CRESCENT
  MEZZANINE PARTNERS III

  	
   

  
	
   

  	
  NETHERLANDS,
  L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  TCW/Crescent
  Mezzanine Management III, L.L.C.,

  	
   

  
	
   

  	
  its
  Investment manager

  	
   

  
	
   

  	
   

  
	
  By:

  	
  TCW/Asset
  Management Company,

  	
   

  
	
   

  	
  its Sub-Advisor

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Timothy
  P. Costello

  	
   

  
	
  Name:

  	
  Timothy P.
  Costello

  	
   

  
	
  Title:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  TCW
  LEVERAGED INCOME TRUST IV, L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  TCW/Asset
  Management Company,

  	
   

  
	
   

  	
  as its
  Investment Advisor

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Rufus H.
  Rivers

  	
   

  
	
  Name:

  	
  Rufus H. Rivers

  	
   

  
	
  Title:

  	
  Senior Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  TCW Asset
  Management Company,

  	
   

  
	
   

  	
  as its
  Managing Member of

  	
   

  
	
   

  	
  TCW (LINC
  IV) L.L.C., the General Partner

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Timothy
  P. Costello

  	
   

  
	
  Name:

  	
  Timothy P.
  Costello

  	
   

  
	
  Title:

  	
  Managing
  Director

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