Document:

ex10-1.htm

    
      

      

    

    EXHIBIT 10.1

    

    

    December
30, 2009

    

    Philippe
Tartavull

    [Address on file with Hypercom
Corporation]

     

    Re:
Employment Agreement with Hypercom Corporation

     

    Dear
Philippe:

     

    Upon
execution by you and Hypercom, this Agreement will amend and restate in its
entirety the current employment agreement, as amended to date, between you and
Hypercom Corporation (“Hypercom” or the
“Company”) with
respect to the terms of your employment with the Company, and will constitute
your employment agreement (the “Agreement”) with the
Company.

     

    
      	
              1.

            	
              Position with the
      Company.  You will continue in the position of Chief
      Executive Officer (CEO) and President of the Company, based at the
      Company’s headquarters in Scottsdale, Arizona.  You may be
      called upon to serve in additional or other capacities from time-to-time
      during your tenure with the Company.  You will faithfully and
      diligently perform all lawful duties commensurate with these positions,
      including those duties directed by the Board of Directors of the Company
      (the “Board”).  In
      addition, you will continue to serve as a director on the Board, if so
      elected, so long as you remain the CEO of the
  Company.

            

    

     

    You will
continue to work out of the Company’s headquarters Monday through Friday, which
shall be your primary place of employment except when your work necessitates
business travel.  You agree that you will establish a residence within
the greater Phoenix, Arizona, metropolitan area no later than September 30,
2010.

     

    
      	
              2.

            	
              Term.  Your
      employment by the Company as CEO and President will terminate on
      December 30, 2012 (the “Term”), unless
      you and the Company agree to renew or extend such
      employment.  On or before December 30, 2011, you and the
      Company will review the employment relationship and at that time the
      Company may, in its sole discretion, extend the Term of this Agreement
      until December 30, 2014.

            

    

     

    
      	
              3.

            	
              Compensation.  You
      will receive the following compensation for your services pursuant to this
      Agreement:

            

    

     

    
      	
               
      

            	
              (a)

            	
              You
      will receive a base salary of $450,000 per year (the “Base Salary”),
      which may be adjusted upward at the discretion of the Board or downward in
      the event of a Company-wide downward compensation
      adjustment.  Your Base Salary will be paid in equal installments
      in accordance with the Company’s salary payment policies in effect from
      time-to-time and such salary payments will be subject to the usual
      withholding for income tax and other customary
  deductions.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Your
      total target cash compensation shall be $900,000 per year (the “Total Target Cash
      Compensation”) comprising your Base Salary plus a target annual
      performance bonus of one hundred percent (100%) of your current Base
      Salary (the “Target Annual
      Performance Bonus”).  The Target Annual Performance Bonus
      or some percentage or multiple of it (the “Annual Performance
      Bonus Compensation”) will be paid to you if the Company achieves
      the annual Performance Goals, as defined below, and as determined by the
      Board; provided
      that you may be entitled to receive Annual Performance Bonus
      Compensation in an aggregate amount up to one hundred and fifty percent
      (150%) of your current Base Salary for each year during the term of this
      Agreement if the Board deems it consistent with the achievement of the
      Performance Goals for such year.  The Performance Goals, and the
      percentage of Target Annual Performance Bonus tied to each, will be
      specifically defined by the Board in its discretion, but will likely
      include, but not be limited to, some or all of the following: revenue,
      EBITDAS (income from operations, excluding special charges, depreciation,
      amortization and stock-based compensation), gross margin, earnings per
      share, market share growth and development of the organization (the “Performance
      Goals”).  The determination as to whether the Company has
      achieved the Performance Goals will be made by the Board in its
      discretion, and the Annual Performance Bonus Compensation will be paid to
      you within five (5) business days following such determination, but in any
      event no later than the 15th day of the third month following the
      applicable bonus year.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (c)

            	
              Your
      Total Target Cash Compensation will first be eligible for upward
      adjustment in connection with the Company-wide adjustment of employee
      compensation to be effective on April 1, 2010.  Thereafter, your
      Total Target Cash Compensation may be adjusted upward at the same time as
      future Company-wide adjustments of employee compensation or as otherwise
      determined in the discretion of the Board.  In adjusting Total
      Target Cash Compensation, the Company may choose to adjust either or both
      of Base Salary and Target Annual Performance Bonus.  Any such
      adjustment to Total Target Cash Compensation will be linked to an
      assessment of the Total Target Cash Compensation of executives in like
      positions in like companies in the
U.S.

            

    

     

    
      	
               
      

            	
               (d)

            	
              You
      will be eligible, but not entitled, to receive grants of stock options and
      restricted common stock of the Company in such amounts and subject to such
      conditions as the Board may determine in its sole and absolute
      discretion.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Company will provide you with housing reimbursement in connection with
      your business travel to the Company’s headquarters in Scottsdale, Arizona
      in a reasonable amount to be determined by the Board (the “Housing
      Reimbursement”); provided, however, that such
      Housing Reimbursement will be in an amount comparable to the cost of a
      standard apartment at [Location on file with Hypercom
      Corporation] located in Scottsdale, Arizona and shall only apply to
      housing costs incurred while residing in the Scottsdale, Arizona area on
      business; and further
      provided that such Housing Reimbursement shall terminate upon the
      earlier of (1) the date that you establish a residence in the greater
      Phoenix, Arizona, metropolitan area, or (2) September 30,
      2010.

            

    

     

    
      	
               
      

            	
              (f)

            	
              The
      Company will provide you with reasonable travel reimbursement, including
      one round-trip airline ticket per week between Los Angeles, California and
      Phoenix, Arizona (or comparable airport locations) and transportation to
      and from the airport in Los Angeles and to and from the airport in
      Phoenix, consistent with the terms of the Company’s travel policies then
      in effect for executive officers (the “Travel
      Reimbursement”); provided, however, that such
      Travel Reimbursement shall terminate upon the earlier of (1) the date that
      you establish a residence within the greater Phoenix metropolitan area or
      (2) September 30, 2010.

            

    

     

    
      	
               
      

            	
              (g)

            	
              The
      Company shall make an additional payment (a “Gross-up
      Payment”) to you equal to the highest marginal applicable federal
      and state taxes calculated on the total income you are required to include
      on your federal and state income tax returns as a result of the Housing
      Reimbursements and Travel Reimbursements pursuant to Sections 3(e) and (f)
      above (but excluding the amount of income you will be required to include
      as a result of the Gross-up Payment itself).  Any Gross-up
      Payment to be paid pursuant to this Agreement shall be timely withheld by
      the Company and paid over to the applicable taxing
      authorities.  The Company acknowledges that you currently are a
      resident of California for state income tax
  purposes.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (h)

            	
              If
      you move your primary residence from your current residence to the greater
      Phoenix, Arizona, metropolitan area, the Company will provide you with a
      moving expense package in accordance with the Company's standard
      relocation policy for executives (the “Moving Expense
      Package”).  If you resign for any reason, except as a
      result of a Change of Control as defined in the Definitions Section,
      attached hereto, within twelve (12) months of the date of reimbursement
      for the move, you must reimburse the Company the full amount of the Moving
      Expense Package granted pursuant to this
  Section.

            

    

     

    
      	
               
      

            	
              (i)

            	
              You
      may participate in any pension or profit sharing plan, stock purchase
      plan, group benefit plan, medical plan, and/or other benefit plans, either
      currently in effect or as may be established from time to time by the
      Company, for which you as an executive officer of the Company are, and
      remain, eligible to participate.  (You acknowledge that you will
      not be entitled to any benefits under any discretionary plan unless
      actually provided to you in accordance with such
  plan.)

            

    

     

    
      	
               
      

            	
              (j)

            	
              You
      covenant and agree that during the term of this Agreement you will comply
      with the terms and conditions of the stock ownership guidelines then
      applicable to the CEO position as determined by the
  Board.

            

    

     

    
      	
               
      

            	
              (k)

            	
              You
      will be eligible for, but not entitled to receive, such other compensation
      as may from time to time be granted to you by the Board in its sole and
      absolute discretion, including additional bonuses approved by the Board or
      the Board’s Compensation Committee.

            

    

     

    
      	
               
      

            	
              (l)

            	
              You
      will be permitted to take paid time off (“PTO”) in
      accordance with the Company’s policies and procedures as in effect for
      executive officers of the Company.

            

    

     

    
      	
               
      

            	
              (m)

            	
              The
      Company will pay for or reimburse you for your annual fee for membership
      in the Young Presidents Organization and for your reasonable expenses
      related thereto.

            

    

     

    
      	
              4.

            	
              Benefits and
      Employment Matters.  The Company offers a comprehensive
      array of employee benefit programs.  Currently, those programs
      include PTO, medical, dental and vision care, paid holidays, disability
      insurance, life insurance, travel accident insurance, 401(k) Plan,
      Employee Stock Purchase Plan, and tuition
      reimbursement.  Details of these programs will be provided to
      you.  Eligibility for Company benefit programs may vary by
      employee status, length of service, and by the specific benefit
      program.  Hypercom reserves the right to modify, suspend or
      terminate its benefit programs in its sole
  discretion.

            

    

     

    
      	
              5.

            	
              Business
      Expenses.  The Company will pay or reimburse you for all
      ordinary and necessary business expenses incurred or paid by you in
      furtherance of the Company’s business, in accordance with the Company’s
      policies and procedures, including, without limitation, those expenses
      referred to in Sub-Section (e), (f) and (g) of Section 3.  Any
      reimbursement of an expense you are entitled to receive pursuant to this
      Agreement will (a) be paid no later than the last day of your tax year
      following the tax year in which you incurred the expense, (b) not be
      affected by any other expenses that are eligible for reimbursement in any
      tax year, and (c) not be subject to liquidation or exchange for
      another benefit.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              Termination for Cause
      or by Voluntary Resignation.

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Company may terminate you for Cause, as defined below.  Upon any
      termination for Cause, or in the event that you voluntarily resign from
      the Company, you will be entitled to receive only that compensation due
      you through the date of termination or resignation, as the case may
      be.  Your right to exercise any vested options shall be in
      accordance with the provisions of the Company’s applicable stock incentive
      plan and option agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              For
      purposes of this Agreement, “Cause” means if
      the Board, in its reasonable and good faith discretion, determines that
      you (i) have developed or pursued interests substantially adverse to the
      Company, (ii) have materially breached any employment or confidentiality
      agreement, (iii) have not devoted a majority of your business time,
      effort and attention to the affairs of the Company (or such lesser amount
      as has been agreed to in writing by the Company), (iv) are charged by
      any governmental entity with any felony (excluding traffic violations)
      that is reasonably determined by the Board to be true and to adversely
      reflect upon the Company’s standing in the community, or (v) have engaged
      in gross misconduct or other material omissions that are significantly
      detrimental to the well-being of the
Company.

            

    

     

    
      	
              7.

            	
              Death or
      Disability.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Except
      as provided in this Sub-Section 7(a), no salary or benefits shall be
      payable under this Agreement following the date of your
      death.  In the event of your death, any Base Salary earned by
      you up to the date of your death, as well as any unreimbursed expenses or
      Gross-up Payment, shall be paid to your estate or named beneficiary within
      ninety (90) days following your death.  In addition, the title
      to any restricted common stock not governed by a conflicting agreement or
      performance requirements, the vesting of which is contingent upon
      continued employment with the Company, shall immediately pass to your
      estate or named beneficiary.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      during the term of your employment, you become so disabled or
      incapacitated by reason of any physical or mental illness or any substance
      or chemical dependency which renders you unable to perform the services
      required of you pursuant to your employment for a continuous period of
      three (3) months, then, at the option of the Board, your employment will
      terminate at the end of such three (3) month period; provided that (i) the
      Board exercises reasonable efforts to accommodate such disability in
      accordance with the American with Disabilities Act, and (ii) during such
      period of disability, incapacity or incapacity, you will be paid your Base
      Salary and expenses otherwise payable to
you.

            

    

     

    
      	
               
      

            	
              (c)

            	
              In
      the event of your death, for a period of twelve (12) months from the date
      of death the Company will pay for COBRA benefits or the equivalent for
      your surviving spouse and dependents covered by the Company’s group health
      plan at the time of your death.  In the event of your
      termination on account of disability, for a period of twelve (12) months
      from the date of termination the Company will pay for COBRA benefits or
      the equivalent for you, your spouse, and your dependents covered by the
      Company’s group health plan at the time of
  termination.

            

    

     

    
      	
              8.

            	
              Termination by Reason
      of Company Non-Renewal or Extension of Your
      Employment.  In the event that the Company does not offer
      to extend your employment as provided in Section 2 and, as a result, your
      employment with the Company terminates upon the expiration of the Term,
      then, in addition to the compensation due you through the date of your
      termination of employment, you will be entitled to immediate vesting of
      all your options to purchase common stock of the Company and such options
      shall remain exercisable until their original expiration date, provided
      that the release contemplated by Section 19 below becomes effective in
      accordance with its terms on or before the thirtieth (30th) day following
      the date of your termination of
employment.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              9.

            	
              Termination by the
      Company Other than for Cause or by You for Good
      Reason.  In the event that you are involuntarily
      terminated by the Company without Cause (other than as a result of your
      death or disability or the Company’s non-renewal or extension of your
      employment, as described in Section 8) or you terminate your employment
      for Good Reason, as defined in the Definition Section, attached hereto,
      and provided that the release contemplated by Section 19 below becomes
      effective in accordance with its terms on or before the thirtieth (30th)
      day following the date of your termination of employment, you be will be
      entitled to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              an
      amount equal to the greater of (A) one (1) year of Base Salary at the rate
      then in effect or (B) the aggregate amount of Base Salary at the rate
      then in effect that would be paid for the period from the date of your
      termination of employment to the end of the Term had you remained employed
      throughout such period, which amount will be paid in a lump sum on the
      thirtieth (30th) day following the date of your termination of
      employment;

            

    

     

    
      	
               
      

            	
              (b)

            	
              immediate
      vesting of all of your shares of restricted stock and all of your options
      to purchase common stock of the Company and such options shall remain
      exercisable until the expiration date of their original terms;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              payment
      by the Company for a period of twelve (12) months from the date of your
      termination of employment for the COBRA benefits available to you, your
      spouse and your dependents covered by the Company’s group health plan at
      the time of your termination of
employment.

            

    

     

    Notwithstanding
the foregoing, this Section 9 shall not apply to a termination of your
employment to which Section 10 applies.

     

    
      	
              10.

            	
              Termination for Other
      than Cause or by You for Good Reason Following Change of
      Control.  If, within a period of twelve (12) months
      following a Change of Control, as defined in the Definition Section,
      attached hereto, you are involuntarily terminated by the Company without
      Cause (other than as a result of your death or disability or the Company’s
      non-renewal of your employment, as described in Section 8) or you
      terminate your employment for Good Reason, and provided that the release
      contemplated by Section 19 below becomes effective in accordance with its
      terms on or before the thirtieth (30th) day following the date of your
      termination of employment, you will be entitled
  to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              an
      amount equal to the greater of (i) eighteen (18) months of Base Salary at
      the rate then in effect or (ii) the aggregate amount of Base Salary
      at the rate then in effect that would be paid for the period from the date
      of your termination of employment to the end of the Term had you remained
      employed throughout such period, which amount will be paid in a lump sum
      on the thirtieth (30th) day following the date of your termination of
      employment;

            

    

     

    
      	
               
      

            	
              (b)

            	
              immediate
      vesting of all of your shares of restricted stock and all of your options
      to purchase common stock of the Company (or its successor) and such
      options shall remain exercisable until the expiration date of their
      original terms;

            

    

     

    
      	
               
      

            	
              (c)

            	
              payment
      by the Company for a period of eighteen (18) months from the date of your
      termination of employment for the COBRA benefits available to you, your
      spouse and your dependents covered by the Company’s group health plan at
      the time of your termination of employment;
and

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (d)

            	
              reimbursement
      by the Company of your reasonable moving expenses to relocate your primary
      residence from the greater Phoenix, Arizona, metropolitan area to Malibu,
      California, provided that you have previously relocated your primary
      residence from Malibu, California to the greater Phoenix, Arizona,
      metropolitan area, and, within a period of six (6) months following your
      termination of employment covered by this Section 10, you relocate your
      primary residence from the greater Phoenix, Arizona, metropolitan area to
      Malibu, California and such relocation is not at the expense of a new
      employer.

            

    

     

    
      	
              11.

            	
              Post-Employment
      Obligations.  Your continuing employment is subject to
      the Hypercom Confidentiality, Non-Solicitation, & Non-Compete
      Agreement dated January 16, 2007 which you previously executed and
      delivered to the Company.

            

    

     

    
      	
              12.

            	
              Representations.  You
      acknowledge that this employment agreement is based on, and the Company is
      relying upon, your representation that:  (i) you are not
      prohibited from entering into any employment arrangement with the Company;
      (ii) you rightfully possess any and all information that has been
      discussed or may be discussed with the Company in the future;
      (iii) no other person or entity has any interest in such information,
      arising out of any current or previous employment relationship or
      otherwise; and (iv) you have the lawful right to disclose such information
      to the Company, that such disclosure or any employment arrangement with
      the Company will not violate the terms of any employment, non-compete,
      non-solicitation, confidentiality or non-disclosure agreement, or any
      other similar agreement, contract, law, code, regulation, or other rights,
      obligations or prohibitions applicable to such information, and that such
      information could not be considered in any way a trade secret in any
      applicable jurisdiction.

            

    

     

    
      	
              13.

            	
              Personal Rights and
      Obligations.  This Agreement and all rights and
      obligations hereunder are personal and will not be assignable by either
      you or the Company except as provided in this Section 13, and any
      purported assignment in violation thereof will be null and
      void.  Subject to the provisions of Section 10, any person, firm
      or corporation succeeding to the business of the Company by merger,
      consolidation, purchase of assets or otherwise will assume by contract or
      operation of law the obligations of the Company hereunder and in such a
      case you will continue to honor the terms of this Agreement with such
      business substituted for the Company as the
  employer.

            

    

     

    
      	
              14.

            	
              Board
      Service.  You agree that you will not serve as a member
      of the board of directors of any for-profit company other than Hypercom
      and one other for-profit company for the first eighteen (18) months of the
      Term, and thereafter you may serve as a director of other for-profit
      entities, provided that your service on all such boards other than
      Hypercom, including related travel, does not require more than five
      percent (5%) of your total available business related time.  You
      may serve as a member of the board of directors of any not-for-profit
      entity at any time during the Term, provided that your service on such
      board and all other for-profit or not-for-profit boards other than
      Hypercom, including related travel, does not require more than five
      percent (5%) of your total available business related
      time.  Except as provided above in this Section 14, your service
      as a member of the board of directors of any for-profit or not-for-profit
      entity other than the Company will require the prior consent of the Board,
      which shall not be unreasonably
withheld.

            

    

     

    
      	
              15.

            	
              Notices.  Any
      notice, election or communication to be given hereunder will be in writing
      and delivered in person or deposited, certified or registered, in the
      United States mail, postage prepaid, addressed as
  follows:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    If to the
Company:

     

    Hypercom
Corporation

    8888 E.
Raintree Drive, Suite 300

    Scottsdale,
Arizona  85260

    Attn:  General
Counsel

     

    If to
you:

     

    Philippe
Tartavull

    [Address on file with Hypercom
Corporation]

     

    or to
such other addresses as the Company or you may from time to time designate by
notice hereunder.  Notices will be effective upon delivery in person
or upon receipt of any facsimile or e-mail, or at midnight on the fourth
business day after the date of mailing, if mailed.

     

    
      	
              16.

            	
              Entire
      Agreement.  Except for your Hypercom Employee
      Confidentiality, Non-Solicitation & Non-Compete Agreement dated
      January 16, 2007, the Company’s stock incentive plans or any other
      incentive plan and related forms of equity award agreement governing
      equity incentive, and the Company’s policies and procedures to which you
      are subject, this Agreement constitutes and embodies the full and complete
      understanding and agreement of the Company and you with respect to your
      employment by the Company and supersedes all prior understandings or
      agreements whether oral or written.  This Agreement may be
      amended only by a writing signed by you and the Company.  This
      Agreement may be executed in any number of counterparts, each of which
      will be considered a duplicate
original.

            

    

     

    
      	
              17.

            	
              Arbitration.  Any
      controversy relating to this Agreement or relating to the breach hereof
      will be settled by arbitration conducted in Phoenix, Arizona in accordance
      with the Commercial Arbitration Rules of the American Arbitration
      Association then in effect.  The award rendered by the
      arbitrator(s) will be final and judgment upon the award rendered by the
      arbitrator(s) may be entered upon it in any court having jurisdiction
      thereof.  The arbitrator(s) will possess the powers to issue
      mandatory orders and restraining orders in connection with such
      arbitration.  The expenses of the arbitration will be borne by
      the losing party unless otherwise allocated by the
      arbitrator(s).  This agreement to arbitrate will be specifically
      enforceable under the prevailing arbitration law.  During the
      continuance of any arbitration proceedings, the parties will continue to
      perform their respective obligations under this
      Agreement.  Nothing in this Agreement will preclude the Company
      or any affiliate or successor from seeking equitable relief, including
      injunction or specific performance, in any court having jurisdiction, in
      connection with any obligations of
  confidentiality.

            

    

     

    
      	
              18.

            	
              Governing
      Law.  This Agreement will be governed by and interpreted
      in accordance with the laws of the State of
  Arizona.

            

    

     

    
      	
              19.

            	
              Withholding and
      Release.  You hereby acknowledge that you have carefully
      reviewed the provisions of this Agreement and agree that the provisions
      are fair and equitable, and that they are necessary and reasonable in
      order to protect the Company and its affiliates in the conduct of their
      business.  You acknowledge and agree that payments made to you
      hereunder may be subject to applicable withholding.  You further
      acknowledge and agree that payment of any compensation to be provided to
      you following any termination of your employment is subject to your
      compliance with any reasonable and lawful policies or procedures of the
      Company relating to employee severances, including the execution and
      delivery by you of a release reasonably satisfactory to the Company of any
      and all claims that you may have against the Company or related persons,
      except for (i) any continuing obligations required by law or provided
      herein, and (ii) for any continuing obligations of indemnification due you
      as an officer or director (or a former officer or
    director).

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    20.           Code Section
409A.

     

    
      	
            	
              (a)

            	
              
                Notwithstanding
      anything set forth in this Agreement to the contrary, no amount payable
      pursuant to this Agreement on account of your termination of employment
      with the Company which constitutes a “Deferral of
      Compensation” within the meaning of the Treasury Regulations issued
      pursuant to Section 409A of the Code (the “Section 409A
      Regulations”) shall be paid unless and until you have incurred a
      “Separation From
      Service” within the meaning of the Section 409A
      Regulations.  Furthermore, to the extent that you are a “Specified
      Employee” within the meaning of the Section 409A Regulations as of
      the date of your Separation From Service, no amount that constitutes a
      deferral of compensation which is payable on account of your Separation
      From Service will be paid to you before the date (the “Delayed Payment
      Date”) which is first day of the seventh month after the date of
      your Separation From Service or, if earlier, the date of your death
      following such Separation From Service.  All such amounts that
      would, but for this Section, become payable prior to the Delayed Payment
      Date will be accumulated and paid on the Delayed Payment
      Date.

              

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Company intends that income provided to you pursuant to this Agreement
      will not be subject to taxation under Section 409A of the
      Code.  The provisions of this Agreement will be interpreted and
      construed in favor of satisfying any applicable requirements of
      Section 409A of the Code.  However, the Company does not
      guarantee any particular tax effect for income provided to you pursuant to
      this Agreement.  In any event, except for the Company’s
      responsibility to withhold applicable income and employment taxes from
      compensation paid or provided to you, the Company will not be responsible
      for the payment of any applicable taxes on compensation paid or provided
      to you pursuant to this Agreement.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Under
      no circumstances may the time or schedule of any payment made or benefit
      provided pursuant to this Agreement be accelerated or subject to a further
      deferral except as otherwise permitted or required pursuant to regulations
      and other guidance issued pursuant to Section 409A of the
      Code.

            

    

     

    
      	
               
      

            	
              (d)

            	
              You
      do not have any right to make any election regarding the time or form of
      any payment due under this
Agreement.

            

    

     

    We look
forward to continuing to work with you to fully enable your and our
shareholders’ mutual success.

     

    Sincerely,

     

    

    /s/ Norman
Stout                                                                

    Norman
Stout

    Chairman
of the Board

    

    

    Accepted
and Agreed:

    

    

    /s/ Philippe
Tartavull                                                                           

    Philippe
Tartavull

    

    Date:
December
30th,
2009                                                                           

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Definitions
Applicable to

     

    Employment
Agreement, Dated December 30, 2009

     

    Between Philippe Tartavull
and Hypercom Corporation

     

    

     

    “Change of Control”
means and includes each of the following:

     

    (1)           the
acquisition of beneficial ownership, directly or indirectly, of securities
having 50% or more of the combined voting power of the Company’s then
outstanding securities by any “Unrelated Person” or “Unrelated Persons” acting
in concert with one another either at one time or over a series of
purchases.  For purposes of this definition, the term “Person” shall mean
and include any individual, partnership, joint venture, association, trust,
corporation, or other entity (including a “Group” as referred to
in Section 13(d)(3) of the Securities Exchange Act of 1934.  For
purposes of this Section, the term “Unrelated Person”
shall mean and include any Person other than the Company, or an employee benefit
plan of the Company, or any officer, director, or 10% or more shareholder of the
Company as of the date of this Agreement

     

    (2)           the
consummation of any consolidation or merger of the Company in which the Company
is not the continuing or surviving entity, or pursuant to which common stock
would be converted into cash, securities or other property, other than a merger
of the Company in which the holders of the Company’s common stock immediately
prior to the merger have at least 50% ownership of beneficial interest of common
stock or other voting securities of the surviving entity immediately after the
merger;

     

    (3)           the
consummation of any sale, lease, exchange or other transfer (in one transaction
or a series of related transactions) of assets or earning power aggregating more
than 50% of the assets or earning power of the Company and its subsidiaries
(taken as a whole), other than pursuant to a sale-leaseback, structured finance
or other form of financing transaction;

     

    (4)           the
stockholders of the Company shall approve any plan or proposal for liquidation
or dissolution of the Company; or

     

    (5)           during
any period of two consecutive years, individuals who at the beginning of such
period constituted a majority of the Board shall fail to constitute a majority
thereof, unless the election, or the nomination for election by the Company’s
stockholders, of each new director was approved by a vote of at least two-thirds
of the directors then still in office who were directors at the beginning of the
period.

     

    “Good Reason” means,
without your consent:

     

    (1)           you
suffer a reduction in position or a material adverse change in your functions,
duties or responsibilities;

     

    (2)           your
Base Salary is reduced by the Company or there is a material reduction in your
current benefits (other than a reduction in your Base Salary or benefits as part
of overall reduction applicable to all or substantially all other officers);
or

     

    (3)           you
are required by the Company to reside other than in Maricopa County, Arizona, or
in Malibu, California;

     

    provided,
however, that your voluntary termination of employment with the Company will not
be deemed for Good Reason unless (i) you have notified the Board in writing,
within ninety (90) days following the first occurrence of any of the foregoing
conditions, of the occurrence of such condition, (ii) the Company has failed to
correct such condition within thirty (30) days following the date of such
notice, and (iii) you terminate your employment with the Company within six (6)
months following the first occurrence of such condition.Exhibit 10.63

 

MASTER AMENDMENT

 

This
Master Amendment (the “Amendment”), dated as of December 30, 2009, and
effective upon the Merger (as defined below) is among Investors Community Bank
(“Bank”), Tower Tech Systems Inc., a Wisconsin corporation (“Borrower”), and
Broadwind Energy, Inc., a Delaware corporation (“Guarantor”).

 

RECITALS

 

A.            Contemporaneously
with the effectiveness of this Amendment, Borrower is merging with R. B. A.
Inc., a Wisconsin corporation (“RBA”), pursuant to the Articles of Merger of RBA
with and into Borrower (the “Merger”).

 

B.            Pursuant
to the Merger, Borrower is the surviving corporation.

 

C.            Bank
previously loaned $2,048,533.80 to RBA as evidenced by (i) a Commercial
Promissory Note in favor of Bank in the amount of $420,533.80 and a Commercial
Loan Agreement, each dated April 7, 2008 (collectively, as amended and as
may be further amended, restated or modified from time to time, “Note 903”),  (ii) a Commercial Promissory Note in
favor of Bank in the amount of $928,000 and a Commercial Loan Agreement, each
dated April 7, 2008 (collectively, as amended and as may be further
amended, restated or modified from time to time, “Note 904”) and (iii) a
Commercial Promissory Note in favor of Bank in the amount of $700,000 and a
Commercial Loan Agreement, each dated April 7, 2008, as amended by a
Commercial Debt Modification Agreement dated July 31, 2008 (collectively,
as amended and as may be further amended, restated or modified from time to
time, “Note 905,” and together with the Note 903 and Note 904, as amended by
the Agreement Governing Extensions of Credit dated April 7, 2008, the
Agreement Governing Extensions of Credit dated March 13, 2009, and the
Agreement Governing Extensions of Credit dated April 22, 2009, the “RBA
Notes”), with each RBA Note being guarantied by Guarantor and, prior to the
Merger, by Borrower.

 

D.            At
or prior to the effectiveness of this Amendment, RBA has paid in full all
obligations owing by RBA under that certain Commercial Promissory Note in favor
of Bank in the amount of $1,732,000 and Commercial Loan Agreement, each dated April 7,
2008, as amended by a Commercial Debt Modification Agreement dated March 13,
2009 (collectively, “Note 902”).

 

E.             As
a result of the Merger, Borrower succeeds to all of the obligations of RBA,
including but not limited to, those evidenced by the RBA Notes and the RBA
Documents (as defined below).

 

F.             In
connection with the Merger, Bank agrees to terminate and release Borrower and
Guarantor from its obligations under the Terminating Security Documents (as
defined below).

 

G.            Bank
previously committed to loan up to $5,500,000 to Borrower as evidenced by a
Commercial Promissory Note in favor of Bank in the amount of $5,500,000 and a
Commercial Loan Agreement, each dated March 21, 2008, as amended by a
Commercial Debt Modification Agreement dated September 22, 2008, a
Commercial Debt Modification Agreement dated

 

 

October 15, 2008, a Commercial Debt Modification
Agreement dated October 22, 2008, a Commercial Debt Modification Agreement
dated March 13, 2009, and the Agreement Governing Extensions of Credit
dated March 13, 2009 between Bank and Borrower (collectively, as amended
and as may be further amended, restated or modified from time to time, the “LOC
Note”), which is guarantied by Guarantor and, prior to the Merger, was
guaranteed by RBA.

 

H.            Borrower
has requested that the maximum principal commitment of Bank under the LOC Note
to be increased to $6,500,000.

 

I.              Borrower and
Bank wish to amend
the Loan Documents (as herein defined) in accordance with the terms and
conditions contained herein.

 

AGREEMENT

 

1.             Recitals.  The representations, determinations and
statements contained in the Recitals set forth above are true and correct in
all material respects and form a part of this Amendment.

 

2.             Definitions. 
For purposes of this Amendment, the following terms shall have the
following meanings:

 

“Account
Debtors” mean persons who are obligated on Accounts Receivable.

 

“Accounts
Receivable” means all of the following:

 

(i)            Accounts and
Other Rights of Payment.  All rights
Borrower has now or in the future to payments including, but not limited to,
payment for goods and other property sold or leased for services rendered.  This includes any rights or interests
(including all guaranties, standby letters of credit, liens and security
interests) which Borrower may have by law or agreement against any Account
Debtor.

 

(ii)           Chattel Paper.  All rights Borrower has now or in the future
to payments arising out of a writing or a writings which evidence both a
monetary obligation and a security interest in or a lease of specific
goods.  This includes any rights and
interests (including all liens and security interests) which Borrower may have
by law or agreement against any Account Debtor.

 

(iii)          General Intangibles.  All general intangibles including, but not
limited to, tax refunds, applications for patents, patents, copyrights,
trademarks, trade secrets, good will, trade names, customer lists, permits and
franchises, and the right to use Borrower’s name.

 

(iv)          Proceeds.  All proceeds from the disposition or
collection of Accounts Receivable. 

 

“Borrowing
Base” means the sum of (i) fifty percent (50%) of the gross value of Borrower’s
Eligible Inventory, plus (ii) twenty percent (20%) of the sum of (a) Borrower’s
total fixed assets, minus (b) all Bank term debt (including without
limitation,

 

2

 

all obligations owing under the RBA Notes), minus (c) the value of
the real estate owned by Borrower located in Abilene, Texas, minus (d) the
value of the real estate owned by Borrower located in Brandon, South Dakota,
minus (e) the value of all Borrower’s capital leases, plus (iii) fifty percent (50%) of Borrower’s Eligible
Accounts Receivable, less (iv) such reserves as Bank, in its sole
discretion, deems necessary or appropriate. 
Bank’s calculation of the Borrowing Base will be the final determination
of the Borrowing Base when Bank’s calculation of the Borrowing Base differs
from Borrower’s.

 

“Continuing
Security Documents” means all documents securing any Obligation, including but
not limited to:

 

(i)            Mortgage executed by RBA encumbering
the property located in Waupaca County and more particularly described therein
dated March 21, 2008 and recorded with the Register of Deeds for Waupaca
County on March 28, 2008 as Document No. 751378 (the “Mortgage”), as
amended by a First Amendment to Mortgage dated the date hereof executed by
Borrower;

 

(ii)           Commercial Security Agreements
executed by Borrower in favor of Bank dated July 13, 2005 and October 4,
2007;

 

(iii)          Two Commercial Security Agreements
executed by RBA in favor of Bank, each dated October 4, 2007 (the “RBA
Security Agreements”);

 

(iv)          Guaranty of Guarantor for all
obligations of Borrower in favor of Bank dated October 22, 2008 (the “Continuing
Guarantor/Borrower Guaranty”); and

 

(v)           All other mortgages, real estate
security agreements, security agreements, collateral pledges and other security
documents executed by one or more of Borrower or Guarantor in favor of Bank and
related to the Obligations, other than the Terminating Security Documents or
other intangibles.

 

“Debt Service Coverage
Ratio” means for any period the ratio of (i) the sum of Borrower’s net
profit before taxes, plus depreciation, plus amortization, plus the impairment
of goodwill, trade name or customer lists, plus interest expense, to (ii) the
sum of Borrower’s required principal payments, plus interest expense, plus
capital lease payments.

 

“Eligible
Accounts Receivable” means all of Borrower’s Accounts Receivable that are based
on goods shipped or services rendered by Borrower and that are and continue to
be acceptable to Bank in all respects. 
Criteria for determining eligibility may be revised by Bank at any
time.  Without limitation, Eligible
Accounts Receivable exclude all of the following Accounts Receivable: the
entire balance of any Accounts Receivable that has been due and owing for more
than 90 days from the invoice date; all of the remaining Accounts Receivable
owned by an Account Debtor when this Account Debtor has been due and owing for
more than 90 days from the invoice date on one account; and those Accounts
Receivable which Bank in Bank’s sole discretion disqualifies as an Eligible
Account.

 

3

 

“Eligible
Inventory” means all of Borrower’s Inventory that is either a finished good or
raw material  and continues to be
acceptable to Bank in all respects. 
Criteria for eligibility may be revised by Bank at any time.  Without limitation, Eligible Inventory
excludes all of the following Inventory: 
all Inventory that Borrower does not own or that is subject to a
competing claim, lien or encumbrance; and Inventory which Bank in Bank’s sole
discretion disqualifies as Eligible Inventory. 
The “gross value” of Eligible Inventory is the lesser of such Eligible
Inventory’s cost as determined using generally accepted accounting principles
or the fair market value as determined by Bank in its sole discretion.

 

“Inventory” means all
inventory which Borrower holds for ultimate sale or lease, or which has been or
will be supplied under contracts of service, or which are raw materials, work
in process, or materials used or consumed in Borrower’s business.

 

“Loan Documents” means
this Amendment, the RBA Notes, the LOC Note,  the Continuing Security Documents and all other
documents evidencing, securing or relating to the obligations of Borrower to
Bank, other than the Terminating Security Documents.

 

“Obligations”
means all amounts owing to Bank by Borrower or Guarantor, including but not
limited to amounts owing under the RBA Notes and the LOC Note and any of the
other Loan Documents.

 

“Tangible Net Worth”
means the total net worth of Borrower less the sum of goodwill and other
intangible assets.

 

“Terminating Security
Documents” include the following documents:

 

(i)            Commercial Security Agreements
executed by Borrower in favor of Bank dated August 31, 2007, April 17,
2008 and June 25, 2008;

 

(ii)           Guaranties of RBA for all obligations
of Borrower in favor of Bank dated October 4, 2007, March 21, 2008
and October 22, 2008;

 

(iii)          Guaranties of Borrower for all
obligations of RBA in favor of Bank dated October 4, 2007, April 7,
2008 and October 22, 2008;

 

(iv)          Guaranties of Guarantor for all
obligations of Borrower in favor of Bank dated October 4, 2007, March 21,
2008 and April 7, 2008; and

 

(v)           Guaranties of
Guarantor for all obligations of RBA in favor of Bank dated October 4,
2007, April 7, 2008 and October 22, 2008.

 

3.             LOC
Note.  Notwithstanding anything contained
in the LOC Note or the Loan Documents to the contrary, as of the date of this
Amendment, the maximum principal amount of the LOC Note is hereby amended to be
the lesser of the Borrowing Base or $6,500,000. 
In addition to other required payments, Borrower shall pay Bank, in
reduction of the Obligations owing to Bank, pursuant to the LOC Note at any
time, such sums as may be necessary from time to time to maintain the Borrowing
Base and to comply with the foregoing advance limits.  The

 

4

 

Borrowing Base is stated only for the purpose of
advances under the LOC Note and not for valuation of the Collateral.

 

4.             New
Covenants.  Borrower covenants that
it will, while any credit is available to Borrower hereunder and while any part
of the Obligations remain unpaid:

 

(a)           Debt Service Coverage Ratio.  Maintain a Debt Service Coverage Ratio of
not less than 1.25 to 1.0 at all times. 
Compliance with this covenant shall be measured at the end of each
fiscal quarter of Borrower and be based on the trailing twelve month period of
Borrower, commencing December 31, 2009.

 

(b)           Minimum Tangible Net Worth.  Maintain a Tangible Net
Worth of no less than $5,500,000 as of December 31, 2009 and no less than
$5,000,000 as of January 31, 2010 and February 28, 2010.

 

(c)           Banking Relationship.  Establish and maintain with Bank Borrower’s
primary banking depository and disbursement relationship.

 

(d)           Loans from Affiliates.  Not permit the outstanding balance of the
loans that Borrower has borrowed from its affiliates to be less than
$44,000,000 at any time.

 

(e)           Borrowing Base.  As often as requested by Bank, but at least
monthly, a report in the form required by Bank reflecting the Borrowing Base as
of the end of the fifth business day following Bank’s request or the end of the
month, as applicable, together with such related information as Bank may
request, certified by an authorized signatory of Borrower.

 

(f)            Debt.  Not incur, contract for,
assume, or permit to remain outstanding, indebtedness for borrowed money,
installment obligations, or obligations under capital leases or operating
leases, other than (i) indebtedness reflected in the latest financial
statement of Borrower furnished to Bank prior to execution of this Amendment and
(ii) indebtedness incurred with Bank’s prior written approval.

 

(g)           Tax Returns.  Furnish to Bank within 90 days of the end of
each fiscal year, a copy of Borrower’s tax returns and related schedules for
such fiscal year.

 

(h)           Interim Financial Statements.  Furnish to Bank within 15 business days after
the end of each month, financial statements, including a balance sheet and
related statements of income, retained earnings, and cash flows for each such
month prepared by Borrower, in each case in reasonable detail and certified as
true, correct and complete by an authorized signatory of Borrower.

 

(i)            Financial Statements.  Furnish to Bank within 90 days after the end
of each year, a consolidated balance sheet of Borrower as of the close of such
year and related consolidated statements of earnings, retained earnings and
statements of cash flows for such year, each with comparative figures for the
preceding fiscal year and each in consolidating form, all in reasonable detail
satisfactory to Bank, prepared in

 

5

 

accordance with generally accepted accounting principles consistently
applied, certified as true, correct and complete by an authorized signatory of
Borrower.

 

(j)            Collateral Account.  Establish and maintain a demand deposit
account (the “Collateral Account” and will immediately deposit all payments
from Account Debtors (the “Funds”) in payment and as security for the
Obligations.  Borrower will continue to
deposit these Funds in this Collateral Account until Bank informs Borrower in
writing that this is no longer necessary to do so.  Borrower may withdraw from this Collateral
Account only upon Bank’s prior written consent. 
Borrower will execute any documents that are necessary to establish and
maintain the Collateral Account and Bank’s control over it.  The Funds will be deposited in the form
received.  Pending deposit, Borrower
agrees that Borrower will not comingle the Funds with any of Borrower’s other
property.  Bank has the right at any
time, without notice, to withdraw Funds from the Collateral Account and apply
those Funds to the Obligations or release any of the Funds in this Collateral
Account to Borrower.

 

5.             Acknowledgment. 
Borrower hereby acknowledges that Borrower is the successor by merger to
RBA’s interest in the RBA Notes, the RBA Security Agreements, the Mortgage and
all related Loan Documents executed by RBA (collectively, the “RBA Documents”),
and is bound by, subject to and shall perform as if it was the original party
(debtor) thereto, all of RBA’s rights and obligations under the RBA Documents.

 

6.             Bank
Consent.  Bank consents to the Merger
of RBA into Borrower.

 

7.             Guarantor Consent; Reaffirmation.  Guarantor hereby (i) consents
to the Merger of RBA into Borrower; (ii) acknowledges and consents to
the terms of this Amendment; (iii) ratifies and affirms its obligations
under the Continuing Guarantor/Borrower Guaranty and any other agreements,
documents and instruments securing or otherwise relating thereto (collectively,
the “Guarantor Documents”); and (iv) acknowledges further that the
Guarantor Documents (a) guarantee payment of all obligations to Bank
of Borrower, including but not limited to the Obligations, all other
obligations evidenced by the RBA Documents and all other RBA obligations to
Bank assumed by Borrower pursuant to the Merger, (b) agree that all
references, if any, in the Guarantor Documents to the indebtedness guaranteed
by Guarantor, including but not limited to the term Indebtedness (as defined in
the Guaranty dated October 22, 2008), are modified to also include all of
the Obligations, all other obligations evidenced by the RBA Documents and
all other RBA obligations to Bank assumed by Borrower pursuant to the Merger, (c) continue
in full force and effect, remaining unchanged, except as specifically modified
hereby, and (d) are valid, binding and enforceable in accordance with
their respective terms.

 

8.             Security
Documents; Cross Collateralization.  Borrower reaffirms each Continuing Security
Document to which Borrower, whether directly or as successor to RBA, is a party
and agrees that each Security Document to which Borrower, whether directly or
as successor to RBA, is a party secures each of the RBA Notes, the LOC Note,
all other Loan Documents and all Obligations. 
Notwithstanding anything to the contrary contained in any Loan Document,
in the event of a default under the Loan Documents, Bank may apply the proceeds
of any collateral securing the Obligations in such manner as determined by Bank
in its sole discretion.

 

6

 

9.             Cross Default.  Any default under any Loan Document shall be
a default under all Loan Documents.

 

10.           Loan Documents
Remain in Effect.  Borrower
and Guarantor each acknowledge that each such party’s obligations under the
Loan Documents exist and are enforceable in accordance with their terms.  Without limitation, each of Borrower and
Guarantor hereby (i) ratifies and reaffirms all of its payment and
performance obligations, contingent or otherwise, and each grant of security
interests and liens in favor of Bank under each Loan Document, (ii) agrees
and acknowledges that, except as previously disclosed to Bank in writing, the
liens and security interests in favor of Bank under each Loan Document
constitute valid, binding, enforceable and perfected first priority liens and
security interests, and (iii) agrees and acknowledges that the Obligations
constitute legal, valid and binding obligations of Borrower and Guarantor, as
applicable, and that (x) no offsets, defenses or counterclaims to the
Obligations or any other causes of action with respect to the Obligations or
the Loan Documents exist and (y) no portion of the Obligations is subject
to avoidance, disallowance, reduction or subordination.

 

11.           Terminating
Security Documents.  Bank
acknowledges that the Terminating Security Documents are superseded or
terminated in connection with the effectiveness of this Amendment and that all
references to the Terminating Security Documents in any of the Loan Documents
are deleted from all such documents and rendered of no ongoing force or effect
as of the effectiveness of this Amendment. 
Bank further acknowledges that the Continuing Security Documents are
sufficient to secure the obligations of Borrower to Bank under the RBA Notes
and the LOC Note.

 

12.           Conditions
Precedent.  The terms of this
Amendment shall not be effective until Bank shall have received:

 

(a)          Payment in full of all obligations owing
by RBA under Note 902;

 

(b)         A fully executed Amendment;

 

(c)          A fully executed First Amendment to the
Mortgage, in form and substance satisfactory to Bank;

 

(d)         A title report from a title company
acceptable to Bank insuring the First Amendment to the Mortgage, in form and
substance satisfactory to Bank with all applicable endorsements deemed
necessary by Bank in its sole discretion; and

 

(e)          Evidence satisfactory to Bank that
Borrower authorized the execution of this Amendment and First Amendment to the
Mortgage.

 

13.           Amendment.  This Amendment may not be amended without the
prior written consent of each of the parties hereto.

 

14.           Governing
Law.  This Amendment shall be
governed by, and construed in accordance with, the laws of the State of
Wisconsin without giving effect to applicable principles

 

7

 

of conflict of laws to the extent that the application
of the laws of another jurisdiction would be required thereby.

 

15.           Counterparts.  This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

 

16.           Severability.  In case any provision in this Amendment shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

 

17.           Assignment.  All agreements of the parties hereto shall
bind each of their respective successors and assigns.

 

18.           Entire
Agreement.  This Amendment expresses
all agreements between the parties concerning the subject matter hereof and
supersedes all previous understandings relating thereto, whether oral or
written.

 

*              *              *

 

8

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the day and year first above written.

 

	
  INVESTORS
  COMMUNITY BANK

  	
   

  	
  TOWER
  TECH SYSTEMS INC.,

  
	
   

  	
   

  	
  successor
  by merger to R. B. A. Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Robert P. Boerger

  	
   

  	
  By:

  	
  /s/
  Michael L. Salott

  
	
  Name:

  	
  Robert
  P. Boerger

  	
   

  	
  Name:

  	
  Michael
  L. Salott

  
	
  Its:

  	
  Senior
  Commercial Lender

  	
   

  	
  Its:

  	
  Group
  Controller & Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BROADWIND ENERGY, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/
  J. Cameron Drecoll

  
	
   

  	
   

  	
   

  	
  Name:

  	
  J.
  Cameron Drecoll

  
	
   

  	
   

  	
  Its:

  	
  Chief
  Executive Officer

  
						

 

9

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