Document:

ex_132210.htm

Exhibit 10.1

 

 

ADVANCE  AND  RESIDUAL  PURCHASE  AGREEMENT

 

This Advance and Residual Purchase Agreement (this "Agreement"), dated December 26, 2018, is between Unified Portfolio Acquisitions, LLC, a Florida limited liability corporation whose principal address is 3363 NE 163 Street, Suite 705, North Miami Beach, Florida 33160 ("Purchaser"), and Argus Merchant Services, LLC, with offices at 40 Exchange Place, Suite 1606, New York, Ny 10005 ("Argus") and Treasury Payments, LLC ("Treasury") Argus and Treasury are collectively referred to as, the "Seller".

 

	 	
			A.

				
			Argus is a party to that certain ISO Card Processing Agreement dated May 24, 2012 (together with all amendments and modifications thereto) and that certain ISO Card Processing Agreement dated May 17, 20 l 7 (hereafter collectively referred to as the "Argus ISO Agreement") entered into between Argus and/or its affiliated entities and TOT Payments, LLC d.b.a. Unified Payments and/or its predecessors in interest ("Servicer"). Under the Argus IS0 Agreement , Argus has the right to receive compensation from Servicer ("Argus Residuals") .

			

 

	 	
			B.

				
			Treasury is a party to that certain ISO Card Processing Agreement dated May 16, 2014 (together with all amendments and modifications thereto, hereafter referred to as the "Treasury ISO Agreement ") entered into between Treasury and Servicer. Under the Treasury ISO Agreement , Treasury has the right to receive compensation from Servicer ("Treasury Residuals").

			
	 	 	 

	 	
			C.

				
			In contemplation of and as incentive for additional business to be generated by Seller as set forth in further amendments to the Argus ISO Agreement and Treasury ISO Agreement to be signed at the time of signing this Agreement, Purchaser has agreed to advance to Seller the "Advance Amount" amount further detailed below;

			

 

	 	
			D.

				
			Purchaser desires to buy, and Seller desires to sell, a portion of the monthly residuals identified in Schedule A hereto, that Seller is entitled to under the Argus ISO Agreement, the Treasury ISO Agreement and any additional marketing agreements that Seller may now have in place or will in future place with Servicer (collectively, the "Residuals"). The Argus ISO Agreement and the Treasury ISO Agreement are collectively hereafter referred to as the "Combined Marketing Agreements”.

			

 

	 	
			E.

				
			For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

			

 

I.    Advance to Seller; Purchase and Sale Of Residuals

 

1.1.   Advance to Seller. Subject to the terms and conditions of this Agreement and in contemplation of and as incentive for the new business and additional business to be generated by Seller under the Combined Marketing Agreements, Purchaser shall advance to Seller the sum of $1,150,000 (One Million One Hundred Fifty Dollars) - (the "Advance Amount"). The Advance Amount shall be paid as follows:

 

On December 27, 2018, (The "Advance Date") Purchaser shall pay to Seller the sum of $1,031,802 (One Million and Thirty One Thousand Eight Hundred and Two Dollars comprising the sum of: $1,150,000 (One Million One Hundred Fifty Thousand Dollars) - the Advance Amount less amounts due by Seller to Purchaser or its affiliated entities as identified on Schedule A.

 

 

 

 

The Advance Amount shall be secured by Seller and repaid to Purchaser as follows:

 

	 	
			(a)

				
			Each and every month commencing from January 2019 (the "Effective Date") and for a period of 24 months thereafter (the "Advance Period"), Seller hereby irrevocably grants to Purchaser all right, title and interest in the Advance Repayment Sum identified in Schedule A, whether under the Combined Marketing Agreements or any other agreement pursuant to which Seller is entitled to Residuals. Seller agrees that Purchaser is hereby authorized and instructed to deduct the Advance Repayment Sum from any and all Residuals due to Seller that are under the Purchaser's or any of its affiliated entities control by virtue of the Combined Marketing Agreements.

			

 

(a)     As further security for all obligations under this Agreement, Seller hereby grants, pledges, conveys and assigns to Purchaser continuing security interests in the following property, wherever located, whether Seller's interest therein be as owner, co-owner, lessee, consignee, secured party or otherwise: all personal property, tangible and intangible, of Seller, now owned and existing or hereafter acquired or arising, including, without limitation: (a) Accounts; (b) Inventory; (c) General Intangibles; (d) Documents; (e) Instruments; (f) Equipment; (g) all cash, and all demand, time, savings, passbook or like account maintained by Seller with a bank, savings and loan association, credit union or like organization, and any other monies; (h) all books and records (including, without limitation, customer lists, credit files, computer programs, printouts and other computer materials and records) of Seller pertaining to any of the property described in clauses through (g); (i) all additions, accessions, accessories, and replacements of any of the property described in clauses (a) through (h); and (j) all Proceeds of all or any of the types or items of property described in clauses (a) through (i). (All o f the foregoing- described property is referred to herein collectively as the "Collateral.") As used herein, the term: (i) "Accounts" means all rights to payment for goods sold or leased or for services rendered which is not evidenced by an instrument or chattel paper (including the right to receive payments under the Marketing Agreement or other processing agreements to which Seller is a party, whether or not it has been earned by performance, now owned or hereafter acquired by Seller, and shall also mean and include all accounts receivable, contract rights, book debts, notes, drafts and other obligations or indebtedness owing to Seller arising from the sale, lease or exchange of goods or other property by it and/or the performance of services by it and all of Seller's rights in, to and under all purchase orders for goods, services or other property, and all of Seller's rights to any goods, services or other property represented by any of the foregoing (including returned or repossessed goods and unpaid sellers' rights of rescission, replevin, reclamation and rights to stoppage in transit), in each case whether now in existence or hereafter arising or acquired including, without limitation, the right to receive the proceeds of said purchase orders and contracts and all collateral security and guarantees of any kind given by any person with respect to any of the foregoing, and the term "Account" means any of the Accounts; (ii) "Documents" means all "documents" (as defined in the UCC) or other receipts covering, evidencing or representing goods, now owned or hereafter acquired by Seller;

 

 

 

 

(iii) "Equipment" means all goods and property of Seller as constitutes "equipment" (as defined in the UCC) now owned or hereafter acquired by Seller, including without limitation all motor vehicles, trucks and trailers; (iv) "General Intangibles" means all "general intangibles" (as defined in the UCC) now owned or hereafter acquired by Seller, including, without limitation, (A) all obligations or indebtedness owing to Seller (other than Accounts) from whatever source arising, (B) all patent licenses, patents, trademark licenses, trademarks, rights in intellectual property, goodwill, trade names, service marks, trade secrets, copyrights, permits and licenses, (C) all rights or claims in respect of refunds for taxes paid, and (D) all rights in respect of any pension plan or similar arrangement maintained for employees of Seller; (v) "Instruments" means all "instruments", "chattel paper" or "letters of credit" (each as defined in the UCC), now owned or hereafter acquired by Seller; (vi) "Inventory" means all "inventory" (as defined in the UCC), now owned or hereafter acquired by Seller, wherever located, and shall also mean and include, without limitation, all raw materials and other materials and supplies, work-in-process and finished goods and any products made or processed therefrom and all substances, if any, commingled therewith or added thereto; and (vii) "Proceeds" means all "proceeds" (as defined in the UCC) of Accounts, Documents, Equipment, General Intangibles, Instruments or Inventory, including insurance proceeds and proceeds of all warranty and tort claims, and all Accounts, Documents, Equipment, General Intangibles, Instruments and Inventory arising from or received by Seller in connection with the sale or disposition thereof.

 

	 	
			1.2

				
			Purchase  and Sale of Residuals.  At the end of the Advance Period (the "Transfer Date"), the Purchaser and Seller shall. create a ne w static portfolio pool of mutually agreed residual income from Seller ISO Codes comprising merchant accounts boarded by Seller under the Combined Marketing Agreements t h at on t he Transfer Date have no obligation of any payments to third party agents ("down-lines") and that are generating a t least that minimum monthly amount of Net Residual Income as set forth i n Schedule A (the "Portfolio Residuals"). To t h e extent possible, the P ort folio Residuals shall be comprised of merchant accounts boarded with Priority Payment Systems, LLC and any shortfall shall be made u p from other Seller ISO Codes. "Net Residual Income" shall mean income derived from all merchant accounts in the Portfolio Residual pool less any other payments related to the generation of the residual income. From and after the Transfer Date, Purchaser and Seller shall share Ne t Residual Income genera ted from t he Portfolio Residuals in the ratios identified in Schedule A ( the "Sharing Ratio) . The Sharing Ratio shall remain unchanged and continue to apply despite ant attrition of merchant accounts or income derived therefrom.

			

 

	 	
			1.3

				
			Account Management; Non-Assumption of Liabilities. Purchaser will not assume any liabilities, obligations, expenses, or commitments of Seller of any kind, whether accrued, absolute, contingent and regardless of if incurred by Seller prior to or subsequent to the Transfer Date. Furthermore, Purchaser shall not assume any liability or obligation arising from any transaction by any merchant or consumer or otherwise. Seller shall prior to the Transfer Date be solely responsible for ongoing merchant management and shall be liable for chargebacks and other amounts for transactions by merchants forming part of the Portfolio Residuals whenever same may have occurred. After the Transfer Date, Purchaser shall be solely responsible for all equipment costs associated with maintaining merchants comprising the Portfolio Residuals and shall be responsible for customer service and technical support for those merchants. In the event that Purchaser is unable to perform its said functions due to language barrier issues, Seller agrees to perform the said customer service and technical support functions in exchange for a monthly fee of $5.00 per "Actively Processing" merchant or for non-processing merchants whose annual fees and/or PCI fees have not rejected on the most recent attempt to collect. A merchant shall be deemed to be Actively Processing if it does at least $5- in processing volume within the last 2 billing cycles in which its activity is measured.

			

 

 

 

 

	 	
			1.4

				
			Seller Guarantee. As further consideration for the amounts paid by Purchaser, Seller hereby provides Purchaser with the following attrition guarantee. Notwithstanding anything to contrary contained in this Agreement, if at any time during the Advance Period there is any reduction in the Advance Repayment Sum due to insufficient revenue generated from the Combined Marketing Agreements or otherwise, Seller hereby authorizes and directs Purchaser, to make up any shortfall from any and all amounts otherwise due to Purchaser or its affiliated entities or being held by Purchaser or its affiliated entities on behalf of Seller or its affiliated entities including but not limited to the right to offset shortfalls from amounts otherwise due to Seller from the Portfolio Residuals or otherwise pursuant to this Agreement.

			
	 	 	 
	 	1.5	Instruments of Conveyance and Transfer. Seller is delivering to Purchaser on the date of this Agreement, such assignments and other instruments of transfer as are necessary to convey all rights and interest in the Advance Repayment Sum during the Advance Period and thereafter such assignments and other instruments of transfer as are necessary to convey and vest in Purchaser, Purchaser's portion of t h e Sharing Ratio of Seller's rights, title and interest in, to and under the Portfolio Residuals including, without limitation, all monies due and to become due there under, and all amounts received or to be received with respect thereto and all proceeds thereof, free and clear of all liens, claims, security interests and encumbrances of any kind.

     

	 	
			1.6

				
			Intention of the Parties. Notwithstanding anything to the contrary in this Agreement or any instruments, certificates, financing or continuation statements, or other documents executed and delivered in connection herewith, on and after the Transfer Date, Purchaser and Seller shall own their respective Sharing Ratio interests in and to the Portfolio Residuals. It is the intention of the parties hereto that the purchase of Portfolio Residuals made hereunder shall constitute a "sale of accounts," as such term is used in Article 9 of the UCC, which sales are absolute and irrevocable and provide the Purchaser with the full benefits of Purchaser’s portion of the Sharing Ratio ownership interest therein. Seller shall be liable to Purchaser for all representations, warranties and covenants made by Seller pursuant to the tem1s of this Agreement. Upon the request of Purchaser, Seller shall execute and file such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or reasonably appropriate to perfect and maintain the perfection of Purchaser’s portion of the Sharing Ratio ownership interest in the Portfolio Residuals.

			

 

 

 

 

II. Covenants

 

2.1.     Covenants. Seller hereby covenants that, during the term of this Agreement:

 

(a)     Seller agrees with effect from the date of this Agreement to indicate on its internal records Purchasers rights to the Advance Repayment Sum during the Advance Period and with effect from the Transfer Date that Purchaser’s portion of the Sharing Ratio of the Portfolio Residuals have been sold to, and are the property of, Purchaser;

 

(b)     all representations and warranties previously made to Purchaser and contained herein shall remain true and correct;

 

(c)     Seller shall not, directly or indirectly (i) provide credit card authorization, settlement or related services to any of the merchants forming part of the Portfolio Residuals except as contemplated herein, (ii) interfere with, disrupt or attempt to disrupt any past, present or prospective business relationship, contractual or otherwise, related to or arising from the merchants forming part of the Portfolio Residuals, between servicer or Processor and any merchants forming part of the Portfolio Residuals , or (iii) For a period of 60 months beginning as of termination of the Advance Period, directly or indirectly solicit or endeavor to solicit, obtain, provide services to or otherwise interfere with any of the merchants forming part of the Portfolio Residuals - whether by causing or seeking to cause any such merchant or third party to terminate, modify, or reduce the amount or nature of the business it does with Purchaser. Seller acknowledges that any violation by Seller of this non-solicit provision will cause irreparable harm to Purchaser and Seller shall have 30 days after notification from Purchaser advising of a solicitation event to replace the solicited merchant with a new merchant of equal or greater value to Purchaser failing which Purchaser shall a penalty of $5,000 per solicited merchant to Purchaser and hereby authorizes Purchaser to deduct such amounts from Seller Residuals.

 

(d)     Seller, together with its successors in interest and assigns, will not at any time, directly or indirectly, use, communicate, or disclose to any individual or entity any knowledge or information regarding any matters relating to this Agreement, Purchaser or merchants forming part of the Portfolio Residuals, including but not limited to copies or originals of any information supplied to Purchaser. If Seller is required, by interrogatories, subpoenas, or otherwise, to disclose such information, Seller will immediately provide Purchaser with notice of such request so that Purchaser may seek an appropriate protective order or waive compliance with this Section; and

 

(e)     Seller will not seek additional processing or bank relationships for merchant processing other than its existing relationships as defined in its current Combined Marketing Agreement without the express written consent of Purchaser. Seller shall notify Purchaser in writing, promptly upon learning thereof of any litigation commenced against Seller that may have a material adverse effect on the business, assets, operations, prospects or financial or other condition of Seller;

 

(f)     Seller shall comply with the material terms and conditions of the Combined Marketing Agreements and any amendment(s) thereto.

 

(g)    Seller shall not create or permit any lien upon any part of the Portfolio Residuals and the merchants associated therewith.

 

 

 

 

 

Ill. Representations And Warranties

 

Seller represents, warrants and covenants the following to Purchaser, and any successor or assignee of Purchaser, with the knowledge that Purchaser is relying on such representations, warranties and covenants in entering into this Agreement:

 

a.     Authorization.  Seller has full power and authority to enter into this Agreement, sell the stated ownership interest i n the Portfolio Residuals and the merchants associated therewith and carry out the terms and provisions of this Agreement. Seller may lawfully sell, transfer and assign the sell the stated ownership interest in the Portfolio Residuals to Purchaser without affecting the obligations of the Processor under the Combined Marketing Agreements. This Agreement, when executed and delivered, will constitute the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms.

 

b.     No Violation.  Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated by this Agreement: (i) would require the consent of any other party to, constitute a breach of, or result in the creation or imposition of any lien upon the Portfolio Residuals and the merchants associated therewith, any agreement to which Seller is a party; or (ii) will violate any law or ruling of any court or governmental authority to which Seller is subject.

 

	 	
			c.

				
			Consents and Approvals. No consent or approval of any governmental authority, merchants forming part of the Portfolio Residuals or any other party is required to be made or obtained by Seller in connection with the performance of this Agreement by Seller. All parties in the Combined Marketing Agreements consent to the assignment of the stated ownership interest in the Portfolio Residuals to Purchaser.

			

 

	 	
			d.

				
			No  Undisclosed  Liabilities.  Seller has no material liabilities or obligations of any nature, absolute, accrued, contingent or otherwise, that adversely impact the Portfolio Residuals and the merchants associated therewith.

			

 

	 	
			e.

				
			Litigation. There is no action, proceeding or investigation pending or threatened against Seller or any merchant that is associated with the Portfolio Residuals that (i) would involve the said merchants and Seller or Purchaser, or (ii) may impact Purchaser's right to the Residuals.

			

 

	 	
			f.

				
			Portfolio Residuals Merchants.  All information disclosed to Purchaser in this Agreement or otherwise provided to Purchaser is entirely accurate and complete. Seller has not received any notice of default or termination from any merchant associated with the Portfolio Residuals, nor does Seller know of any bankruptcy of any of said merchants. Seller has complied, and will continue to comply, in all material respects with the provisions of the Combined Marketing Agreements. Seller has complied, and will continue to comply, with all applicable laws, regulations and industry standards in connection with the operation of its business as it relates to the merchant associated with the Portfolio Residuals. Seller has good title to the Portfolio  Residuals, free and clear of all liens, claims, security interests and encumbrances of any kind.

			

 

 

 

 

	 	
			g.

				
			Disclosure. No representation or warranty by Seller contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements in this Agreement not misleading. There is no fact or development known to Seller which adversely affects, or which might in the future adversely affect, the merchants associated with the Portfolio Residuals. All documents and information, in whatever form, provided to Purchaser by Seller are complete and correct versions of the documents and information they purport to represent.

			

 

	 	
			h.

				
			Brokerage Fees. Seller has not incurred any obligation or liability, contingent or otherwise, for brokerage or finders' fees or agents' commissions or other like payment in connection with this Agreement or the transactions contemplated by this Agreement.

			

 

i.     No Third Parties. Seller does not have any agreements or commitments to or with any person or entity, including an independent sales organization or trade association, which would give rise to any valid claim against Purchaser. No third party, including but not limited to any sales agent, independent sales organization or trade association, has any claim to a proprietary or economic interest in any merchant associated with the Portfolio Residuals or with the revenue derived therefrom. Seller has paid in full, and will be liable for, all amounts due to any third party in respect of the merchant associated with the Portfolio Residuals or any transaction relating to the said merchants.

 

j.     Commercial Purposes. The transactions contemplated herein are for commercial purposes only, and not for personal, family or household purposes.

 

IV.     Delivery Of Documents

 

On the Closing Date, Seller shall deliver to Purchaser the following documents :

 

a.     Bill of Sale. A bill of sale and such other documents reasonably satisfactory to Purchaser and its counsel, as shall be necessary to vest Purchaser’s portion of the Sharing Ratio in, and title to, the Portfolio Residuals in Purchaser on the Transfer Date;

 

b.     Residuals. Any documents required to demonstrate Purchaser's irrevocable rights to receive the Advance Repayment Sum with effect from the Effective Date

for the Advance Period and Purchaser’s portion of the Sharing Ratio with effect from the Transfer Date;

 

c.     Documents. Copies of documents, computer files, and computer printouts requested by Purchaser related to the Portfolio Residuals and merchants associated therewith.

 

d.     Amendments to ISO Agreements: Amendments to the Argus ISO Agreement and Treasury ISO Agreement indicating agreed terms for additional business to be generated by Seller;

 

e.     Cross Corporate and Other Guarantees: Agreements by Argus and Treasury cross guaranteeing the obligations of one another under the ISO Agreements entered into with TOT Payments, LLC d.b.a. Unified Payments.

 

 

 

 

V.     Indemnification

 

From and after the Effective Date, Seller shall indemnify Purchaser and hold Purchaser harmless from and against all liabilities, losses, costs or expenses that Purchaser may suffer, incur or sustain to the extent arising out of any breach of any covenant, representation or warranty made by Seller under this Agreement or the transactions contemplated by this Agreement.

 

VI.     Miscellaneous 

 

	 	
			a.

				
			Amendments. This Agreement may be modified or amended only by an instrument in writing and signed by all the parties hereto . Any waiver of the terms and conditions of this Agreement must be in writing and signed by all the parties hereto and any such waiver shall not be construed as a waiver of any other terms and conditions of this Agreement. A waiver by either party as to any particular breach shall not constitute or be considered as a waiver of any similar or other breach or default thereafter.

			

 

	 	
			b.

				
			Waivers.  A waiver of a breach of any term of this Agreement will not be considered a waiver of a further breach of the same term or a waiver of a breach of any other term or a waiver of Purchaser's right to declare a default.

			

 

c.     Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been given if sent via telecopy with confirmed receipt or sent via overnight delivery service to the Parties at the addresses set forth in the first paragraph of this Agreement or to such other person or address as either party shall furnish the other party in writing.

 

d.     Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Seller may not assign this Agreement or any of Seller's rights , interests or obligations arising out of this Agreement without the prior written consent of Purchaser.

 

e. Governing  Law  and  Venue. This contract, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Florida, without giving effect to its choice of laws principles. The parties hereto waive any challenge to personal jurisdiction or venue (including without limitation a challenge based on inconvenience) in Miami, Florida.

 

f.  Counterparts.  This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

i. Headings.  The headings contained in this Agreement are inserted for convenience only and shall not constitute a part of the Agreement. This Agreement is the mutual product of the parties, and each provision has been subject to the mutual consultation and negotiation of each of the parties, and shall not be construed for or against any party .

 

j.  Severability.  If any provision of this Agreement shall be found to be illegal, invalid, or unenforceable under present or future laws, such provision shall be fully severable and the remaining provisions shall remain in full force and effect. Any provision of this Agreement held illegal, invalid, or unenforceable shall remain in full force and effect to the extent not so held. In lieu of the provision held illegal, invalid, or unenforceable, there shall be automatically added as part of this Agreement a provision as similar in its terms to such invalid provision as may be possible and may be legal, valid and enforceable.

 

 

 

 

k.     Entire Agreement. This Agreement and other documents referred to herein which form a part of this Agreement, embody the entire agreement of the parties regarding the subject matter contained in it. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

 

SELLER:

 

ARGUS MERCHANT SERVICES, LLC.

 

 

By:     /s/ Jacob Shimon____________

 

Date: 12/26/2018

 

 

 

SELLER:

 

TREASURY PAYMENTS, LLC

 

By:     /s/ Jacob Shimon____________

 

Date: 12/26/2018

 

 

 

PURCHASER:

 

UNIFIED PORTFOLIO ACQUISITIONS, LLC.

 

 

By:     /s/ Oleg Firer                                

 

Oleg Firer, CEOformof5yearretentionawar

                          AMENDED AND RESTATED                    INDEPENDENCE CONTRACT DRILLING, INC.                          2012 OMNIBUS INCENTIVE PLAN                                 FORM OF FIVE-YEAR                     RESTRICTED STOCK AWARD AGREEMENT         This RESTRICTED  STOCK AWARD   AGREEMENT  (this  “ Agreement ”)  is  made  by  and   between  Independence  Contract  Drilling,  Inc.,  a  Delaware  corporation  (the  “ Company ”),  and   ______________ (the “ Grantee ”) effective as of ________, 20__ (the “ Grant Date ”), pursuant  to  the  Amended  and  Restated  Independence  Contract  Drilling,  Inc.  2012  Omnibus  Incentive  Plan,  as  amended  (the  “ Plan ”),  a  copy  of  which  previously  has  been  made  available  to  the  Grantee and the terms and provisions of which are incorporated by reference herein.  In the event  of a conflict between the terms of the Plan and the terms of this Agreement, the terms of the Plan  shall control.           WHEREAS  ,  the  Company  desires  to  grant  to  the  Grantee  the  shares  of  the  Company’s   common stock, $0.01 par value per share, specified herein (the “ Shares ”), subject to the terms   and conditions of this Agreement; and          WHEREAS , the Grantee desires to have the opportunity to hold the Shares subject to the   terms and conditions of this Agreement;          NOW, THEREFORE , in consideration of the premises, mutual covenants and agreements   contained herein, and other good and valuable consideration, the receipt and sufficiency of which   are  hereby  acknowledged,  the  parties  hereto,  intending  to  be  legally  bound  hereby,  agree  as   follows:          1.    Definitions .  For purposes of this Agreement, in addition to the defined terms  contained in Exhibit A to this Agreement, the following terms shall have the meanings indicated:               (a)    “Forfeiture Restrictions ” shall mean the prohibitions and restrictions set   forth herein with respect to the sale or other disposition of the Shares issued to the Grantee   hereunder and the obligation to forfeit and surrender such Shares to the Company.               (b)    “Period  of  Restriction ”  shall  mean  the  period  during  which  Restricted   Shares are subject to Forfeiture Restrictions and during which Restricted Shares may not be sold,   assigned, transferred, pledged or otherwise encumbered.                (c)   “Restricted Shares ” shall mean the Shares that are subject to the Forfeiture  Restrictions under this Agreement.         Capitalized terms not otherwise defined in this Agreement shall have the meanings given  to such terms in the Plan.         2.    Grant of Restricted Shares .  Effective as of the Grant Date, the Company shall  cause to be issued in the Grantee’s name the following Shares as Restricted Shares:  _______  

 

shares of the Company’s common stock, $.01 par value, which are granted pursuant to the terms  of  the  Plan.   The  Company  shall  cause  certificates or  electronic  book  entries  evidencing  the  Restricted Shares, and any shares of Stock or rights to acquire shares of Stock distributed by the  Company  in  respect  of  Restricted  Shares  during  any Period  of  Restriction  (the  “ Retained  Distributions ”),  to  be  issued  in  the  Grantee’s  name.   During  the  Period  of  Restriction  such  electronic book entries and certificates shall bear a restrictive legend to the effect that ownership  of  such  Restricted  Shares  (and  any  Retained  Distributions),  and  the  enjoyment  of  all  rights  appurtenant thereto, are subject to the restrictions, terms, and conditions provided in the Plan and  this Agreement.  The Grantee shall have the right to vote the Restricted Shares awarded to the  Grantee and to receive currently and retain all regular dividends paid in cash or property (other  than Retained Distributions), and to exercise all other rights, powers and privileges of a holder of  Shares, with respect to such Restricted Shares, with the exception that (a) the Grantee shall not  be  entitled  to  delivery  of  the  stock  certificate  or  certificates  or  electronic  book  entries  representing such Restricted Shares until the Forfeiture Restrictions applicable thereto shall have  expired,  (b)  the  Company  shall  retain  custody  of  all  Retained  Distributions  made  or  declared  with  respect  to  the  Restricted  Shares  (and  such  Retained  Distributions  shall  be  subject  to  the  same restrictions, terms and conditions as are applicable to the Restricted Shares) until such time,  if  ever,  as  the  Restricted  Shares  with  respect  to  which  such  Retained  Distributions  shall  have  been made, paid, or declared shall have become vested, and such Retained Distributions shall not  bear  interest  or  be  segregated  in  separate  accounts  and  (c) the  Grantee  may  not  sell,  assign,  transfer,  pledge,  exchange,  encumber,  or  dispose  of  the  Restricted  Shares  or  any  Retained  Distributions during the Period of Restriction.  Upon issuance any certificates shall be delivered  to such depository as may be designated by the Committee as a depository for safekeeping until  the forfeiture of such Restricted Shares occurs or the Forfeiture Restrictions lapse, together with  stock  powers  or  other  instruments  of  assignment,  each  endorsed  in  blank,  which  will  permit  transfer  to  the  Company  of  all  or  any  portion  of  the  Restricted  Shares  and  any  securities  constituting Retained Distributions which shall be forfeited in accordance with the Plan and this  Agreement.  In accepting the award of Shares set forth in this Agreement the Grantee accepts  and agrees to be bound by all the terms and conditions of the Plan and this Agreement.          3.    Transfer  Restrictions .   The  Shares  granted  hereby  may  not  be  sold,  assigned,  pledged,  exchanged,  hypothecated  or  otherwise  transferred,  encumbered  or  disposed  of,  to  the  extent then subject to the Forfeiture Restrictions.  Any such attempted sale, assignment, pledge,  exchange,  hypothecation,  transfer,  encumbrance  or  disposition  in  violation  of  this  Agreement  shall be void and the Company shall not be bound thereby.  Further, the Shares granted hereby  that are no longer subject to Forfeiture Restrictions may not be sold or otherwise disposed of in  any manner that would constitute a violation of any applicable securities laws.  The Grantee also  agrees that the Company may (a) refuse to cause the transfer of the Shares to be registered on the  applicable stock transfer records of the Company if such proposed transfer would, in the opinion  of counsel satisfactory to the Company, constitute a violation of  any  applicable securities law  and (b) give related instructions to the transfer agent, if any, to stop registration of the transfer of  the Shares.         4.    Vesting .               (a)   The  Shares  that  are  granted  hereby  shall  be  subject  to  the  Forfeiture  Restrictions.  The Forfeiture Restrictions shall lapse as to the Shares that are awarded hereby in                                        -2-    

 

accordance  with  the  following  schedule,  provided  that  the  Grantee’s  employment  with  the  Company and its subsidiaries has not terminated prior to the applicable lapse date:                                                 Number of Restricted Shares                   Lapse Date              as to Which Forfeiture Restrictions Lapse        third anniversary of Grant Date                   1/3         fourth anniversary of Grant Date                  1/3         fifth anniversary of Grant Date                   1/3                 (b)   Notwithstanding  any  other  provision  of  this  Agreement  or  any  employment or change of control agreement to the contrary, if, during the Term, a Change of  Control  occurs  and  following  such  Change  of  Control  the  Grantee’s  employment  with  the  Company and its Affiliates is terminated by the Company without Cause (other than for death or  Disability) or by the Grantee for Good Reason, then any remaining Forfeiture Restrictions shall  lapse as to all then unvested Restricted Shares that are granted hereby.               (c)   Upon  the  lapse  of  the  Forfeiture  Restrictions  with respect  to  the  Shares  granted  hereby  the  Company  shall  cause  to  be  delivered  to  the  Grantee  a  stock  certificate  or  electronic  book  entry  representing  such  Shares,  and  such  Shares  shall  be  transferable  by  the  Grantee  (except  to  the  extent  that  any  proposed  transfer  would,  in  the  opinion  of  counsel  satisfactory to the Company, constitute a violation of applicable securities law).               (d)   Except as otherwise provided in Section 4(b) hereof and notwithstanding  any other provision of this Agreement or any employment or change of control agreement to the  contrary, if the Grantee ceases to be employed by the Company or an Affiliate for any reason  (including  due  to  the  death  or  Disability  of  the  Grantee  or  termination  of  employment  by  the  Company or Grantee for any reason) before the applicable lapse date, the Forfeiture Restrictions  then  applicable  to  the  Restricted  Shares  shall  not lapse  and  all  the  Restricted  Shares  shall  be  immediately forfeited to the Company.         5.    Capital  Adjustments  and  Reorganizations .   The  existence  of  the  Restricted  Shares shall not affect in any way the right or power of the Company or any company the stock  of  which  is  awarded  pursuant  to  this  Agreement  to  make  or  authorize  any  adjustment,  recapitalization, reorganization or other change in its capital structure or its business, engage in  any  merger  or  consolidation,  issue  any  debt  or  equity  securities,  dissolve  or  liquidate,  or  sell,  lease, exchange or otherwise dispose of all or any part of its assets or business, or engage in any  other corporate act or proceeding.         6.    Tax Withholding .  To the extent that the receipt of the Restricted Shares or the  lapse of any Forfeiture Restrictions results in income to the Grantee for federal, state, local or  foreign  income,  employment  or  other  tax  purposes  with  respect  to  which  the  Company  or  its  subsidiaries  or  any  Affiliate  has  a  withholding  obligation,  the  Grantee  shall  deliver  to  the  Company at the time of such receipt or lapse, as the case may be, such amount of money as the  Company or its subsidiaries or any Affiliate may require to meet its obligation under applicable  tax laws or regulations, and, if the Grantee fails to do so, the Company or its subsidiaries or any                                         -3-    

 

Affiliate  is  authorized  to  withhold  from  the  Shares  granted  hereby  or  from  any  cash  or  stock  remuneration  then  or  thereafter  payable  to  the  Grantee  in  any  capacity  any  tax  required  to  be  withheld by reason of such resulting income, sufficient to satisfy the withholding obligation.         7.    Section  83(b)  Election .   The  Grantee  shall  not  exercise  the  election  permitted  under  section  83(b)  of  the  Internal  Revenue  Code  of  1986,  as  amended,  with  respect  to  the  Restricted  Shares  without  the  prior  written  approval  of  the  General  Counsel  or  the  Chief  Financial Officer of the Company.  If the General Counsel or the Chief Financial Officer of the  Company permits the election, the Grantee shall timely pay the Company the amount necessary  to satisfy the Company’s attendant tax withholding obligations, if any, and shall provide a copy  of any such filing to the Company promptly after submission to the Internal Revenue Service.         8.    No Guarantee of Tax Consequences .  The Company and the Committee make  no commitment or guarantee that any federal, state, local or other tax treatment will (or will not)  apply or be available to any person eligible for compensation or benefits under this Agreement.   The Grantee has been advised and been provided the opportunity to obtain independent legal and  tax  advice  regarding  the  granting,  vesting  and  settlement  of  Restricted  Shares  pursuant  to  the  Plan and this Agreement.          9.    No Fractional Shares .  All provisions of this Agreement concern whole Shares.   If the application of any provision hereunder would yield a fractional share, such fractional share  shall be rounded down to the next whole share if it is less than 0.5 and rounded up to the next  whole share if it is 0.5 or more.         10.   Employment Relationship .  For purposes of this Agreement, the Grantee shall  be considered to be in the employment of the Company and its Affiliates as long as the Grantee  has  an  employment  relationship  with  the  Company  and  its  Affiliates.   The  Committee  shall  determine  any  questions  as  to  whether  and  when  there  has  been  a  termination  of  such  employment  relationship,  and  the  cause  of  such  termination,  for  purposes  of  the  Plan  and  the  Committee’s determination shall be final and binding on all persons.         11.   Not  an  Employment  Agreement .   This  Agreement  is  not  an  employment  or  service agreement, and no provision of this Agreement shall be construed or interpreted to create  an  employment  or  other  service  relationship  between  the  Grantee  and  the  Company,  its  subsidiaries or any of its Affiliates, to guarantee the right to remain employed by the Company,  its  subsidiaries  or  any  of  its  Affiliates  for  any  specified  term  or  to  require  the  Company,  its  subsidiaries or any of its Affiliates to employ the Grantee for any period of time.         12.   Legend .  The Grantee consents to the placing on the certificate or electronic book  entry for the Shares an appropriate legend restricting resale or other transfer of the Shares except  in accordance with all applicable securities laws and rules thereunder.         13.   Notices .   Any  notice,  instruction,  authorization,  request,  demand  or  other  communications required hereunder shall be in writing, and shall be delivered either by personal  delivery, by telecopy or similar facsimile means, by  certified or registered mail, return receipt  requested,  or  by  courier  or  delivery  service,  addressed  to  the  Company  at  the  Company’s  principal business office addressed to the attention of the Company’s General Counsel and to the                                        -4-    

 

Grantee  at  the  Grantee’s  residential  address  indicated  beneath  the  Grantee’s  signature  on  the  execution  page  of  this  Agreement,  or  at  such  other address  and  number  as  a  party  shall  have  previously designated by written notice given to the other party in the manner hereinabove set  forth.  Notices shall be deemed given when received, if sent by facsimile means (confirmation of  such receipt by confirmed facsimile transmission being deemed receipt of communications sent  by facsimile means); and when delivered (or upon the date of attempted delivery where delivery  is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or  registered mail, return receipt requested.         14.   Amendment and Waiver  .  Except as otherwise provided herein or in the Plan or  as necessary to implement the provisions of the Plan, this Agreement may be amended, modified  or  superseded  only  by  written  instrument  executed  by  the  Company  and  the  Grantee.   Only  a  written instrument executed and delivered by the party waiving compliance hereof shall waive  any of the terms or conditions of this Agreement.  Any waiver granted by the Company shall be  effective only if executed and delivered by a duly authorized executive officer of the Company  other than the Grantee.  The failure of any party at any time or times to require performance of  any provisions hereof shall in no manner affect the right to enforce the same.  No waiver by any  party  of  any  term  or  condition,  or  the  breach  of  any  term  or  condition  contained  in  this  Agreement,  in  one  or  more  instances,  shall  be  construed  as  a  continuing  waiver  of  any  such  condition  or  breach,  a  waiver  of  any  other  condition,  or  the  breach  of  any  other  term  or  condition.         15.   Dispute  Resolution .   In  the  event  of  any  difference  of  opinion  concerning  the  meaning  or  effect  of  the  Plan  or  this  Agreement,  such  difference  shall  be  resolved  by  the  Committee.         16.   Governing Law and Severability .  The validity, construction and performance  of  this  Agreement  shall  be  governed  by  the  laws  of the  State  of  Delaware,  excluding  any  conflicts  or  choice  of  law  rule  or  principle  that  might  otherwise  refer  construction  or  interpretation of this Agreement to the substantive law of another jurisdiction.  The invalidity of  any provision of this Agreement shall not affect any other provision of this Agreement, which  shall remain in full force and effect.                                          -5-    

 

      17.   Clawback Provisions .   Notwithstanding any other provisions in this Agreement  or the Change of Control Agreement to the contrary, any incentive-based compensation, or any  other compensation, payable pursuant to this Agreement or any other agreement or arrangement  with  the  Company  or  an  affiliate  which  is  subject  to  recovery  under  any  law,  government  regulation  or  stock  exchange  listing  requirement,  will  be  subject  to  such  deductions  and  clawback as may be required to be made pursuant to such law, government regulation or stock  exchange listing requirement (or any policy adopted by the Company or an affiliate pursuant to  such law, government regulation or stock exchange listing requirement.)         18.   Successors  and  Assigns .   Subject  to  the  limitations  which  this  Agreement  imposes  upon  the  transferability  of  the  Shares  granted  hereby,  this  Agreement  shall  bind,  be  enforceable by and inure to the benefit of the Company and its successors and assigns, and the  Grantee,  the  Grantee’s  permitted  assigns,  executors,  administrators,  agents,  legal  and  personal  representatives.         19.   Counterparts .   This  Agreement  may  be  executed  in  two  or  more  counterparts,  each of which shall be an original for all purposes but all of which taken together shall constitute  but one and the same instrument.                                          -6-    

 

      IN WITNESS WHEREOF , the Company has caused this Agreement to be duly executed by  an officer thereunto duly authorized, and the Grantee has executed this Agreement, all effective  as of the date first above written.                                   INDEPENDENCE CONTRACT DRILLING, INC.                                   By:                                                                             Name:  J. Anthony Gallegos                                  Title:  Chief Executive Officer                                   Address for Notices:                                                                    Independence Contract Drilling, Inc.                                  20475 Hwy 249, Suite 300                                  Houston, Texas 77070                                  Attn:  Chief Executive Officer                                   GRANTEE                                                                                                                                                                                                                             Name:                                     Address for Notices:                                                                    Executive’s then current address shown in the                                  Company’s records.                                       Restricted Stock        

 

                            Irrevocable Stock Power        KNOW  ALL  MEN  BY  THESE  PRESENTS ,  that  the  undersigned, For  Value  Received ,  has  bargained,  sold,  assigned  and  transferred  and  by  these  presents  does  bargain,  sell,  assign  and  transfer unto the Secretary of Independence Contract Drilling, Inc. a Delaware corporation (the  “Company ”),  the  Shares  transferred  pursuant  to  the  Restricted  Stock  Award  Agreement  dated  _______, 20__, between the Company and the undersigned; and  subject  to and in accordance  with  such  Restricted  Stock  Award  Agreement  the  undersigned  does  hereby  constitute  and  appoint  the  Secretary  of  the  Company  the  undersigned’s  true  and  lawful  attorney,  IRREVOCABLY, to sell, assign, transfer, hypothecate, pledge and make over all or any part of  such  Shares  and  for  that  purpose  to  make  and  execute  all  necessary  acts  of  assignment  and  transfer thereof, and to substitute one or more persons with like full power, hereby ratifying and  confirming all that said attorney or his substitutes shall lawfully do by virtue hereof.         In  Witness  Whereof ,  the  undersigned  has  executed  this  Irrevocable  Stock  Power  effective the __th day of ______, 20__.                                                                             Name:                                                                                          8    

 

                                                EXHIBIT A   (1)“Change of Control ” shall mean:            (i)    the  acquisition  by  any  individual,  entity  or  group  (within  the  meaning  of      Section  13(d)(3)  or  14(d)(2)  of  the  Securities  Exchange  Act  of  1934,  as  amended  (the      “Exchange Act ”)) (a “ Person ”) of beneficial ownership (within the meaning of Rule 13d-     3  promulgated  under  the  Exchange  Act)  of  50  percent  or  more  of  either  (A)  the  then      outstanding  shares  of  common  stock  or  membership  interests  of  the  Company  (the      “Outstanding Company Common Stock ”) or (B) the combined voting power of the then      outstanding voting securities of the Company entitled to vote generally in the election of      directors  or  managers  (the  “ Outstanding  Company  Voting  Securities ”);  provided,      however,  that  for  purposes  of  this  subsection  A,  the  following  acquisitions  shall  not      constitute  a  Change  of  Control:  (1)  any  acquisition  directly  from  the  Company  or  any      acquisition  by  the  Company;  or  (2)  any  acquisition by  any  employee  benefit  plan  (or      related trust) sponsored or maintained by the Company or any corporation controlled by      the  Company;  or  (3)  any  acquisition  by  any  corporation  pursuant  to  a  transaction  that      complies with clauses (1), (2) and (3) of subsection (i) of this definition; or             (ii)    individuals, who, as of the date hereof constitute the Board (the “Incumbent      Board ”)  cease  for  any  reason  to  constitute  at  least  a  majority  of  the  Board;  provided,       however,  that  any  individual  becoming  a  director  subsequent  to  the  date  hereof  whose       election,  or  nomination  for  election  by  the  Company’s  stockholders  or  members,  was       approved by a vote of at least a majority of the directors then comprising the Incumbent       Board  shall  be  considered  as  though  such  individual  was  a  member  of  the  Incumbent       Board, but excluding, for purpose of this subsection (ii), any such individual whose initial       assumption  of  office  occurs  as  a  result  of  an  actual  or  threatened  election  contest  with       respect to the election or removal of directors or other actual or threatened solicitation of       proxies or consents by or on behalf of a Person other than the Board;               (iii)    consummation of a reorganization, merger or consolidation or sale or other       disposition  of  all  or  substantially  all  of  the  assets  of  the  Company  (a  “Corporate       Transaction ”)  in  each  case,  unless,  following  such  Corporate  Transaction,  (1)  all  or       substantially  all  of  the  individuals  and  entities  who  were  the  beneficial  owners,       respectively,  of  the  Outstanding  Company  Common  Stock  and  Outstanding  Company       Voting  Securities  immediately  prior  to  such  Corporate  Transaction  beneficially  own,       directly or indirectly, more than 60 percent of, respectively, the then outstanding shares of       common stock and the combined voting power of the then outstanding voting securities       entitled  to  vote  generally  in  the  election  of  directors,  as  the  case  may  be,  of  the       corporation  resulting  from  such  Corporate Transaction  (including,  without  limitation,  a       corporation that as a result of such transaction owns the Company or all or substantially       all  of  the  Company’s  assets  either  directly  or  through  one  or  more  subsidiaries)  in                                       9                 

 

substantially  the  same  proportions  as  their  ownership,  immediately  prior  to  such  Corporate Transaction, of the Outstanding Company Common Stock and the Outstanding  Company Voting Securities, as the case may be, (2) no Person (excluding any corporation  resulting from such Corporate Transaction or any employee benefit plan (or related trust)  of  the  Company  or  such  corporation  resulting  from  such  Corporate  Transaction)  beneficially  owns,  directly  or  indirectly,  20  percent  or  more  of,  respectively,  the  then  outstanding  shares  of  common  stock  of  the  corporation  resulting  from  such  Corporate  Transaction  or  the  combined  voting  power  of  the  then  outstanding  voting  securities  of  such corporation except to the extent that such ownership existed prior to the Corporate  Transaction and (3) at least a majority of the members of the board of directors of the  corporation resulting from such Corporate Transaction were members of the Incumbent  Board at the time of the execution of the initial agreement, or of the action of the Board,  providing for such Corporate Transaction; or         (iv)    approval by the stockholders of the Company of a complete liquidation or  dissolution of the Company.   (2)   “Cause ” shall mean Grantee’s:         (i)   willful  and  continued  failure  to  comply  with  the  reasonable  written  directives of the Company for a period of thirty (30) days after written notice from the  Company;           (ii)  willful and persistent inattention to duties for a period of thirty (30) days  after  written  notice  from  the  Company,  or  the  commission  of  acts  within  employment  with the Company amounting to gross negligence or willful misconduct;         (iii)  misappropriation of funds or property of the Company or committing any  fraud  against  the  Company  or  against  any  other  person  or  entity  in  the  course  of  employment with the Company;         (iv)  misappropriation  of  any  corporate  opportunity,  or  otherwise  obtaining  personal profit from any transaction which is adverse to the interests of the Company or  to the benefits of which the Company is entitled;         (v)   conviction of a felony involving moral turpitude;          (vi)  willful  failure  to  comply  in  any  material  respect  with  the  terms  of  any  employment agreement with the Company and such non-compliance continues uncured  after thirty (30) days after written notice from the Company; or         (vii)  chronic  substance  abuse,  including  abuse  of  alcohol,  drugs  or  other  substances or use of illegal narcotics or substances, for which Grantee fails to undertake  treatment immediately after requested by the Company or to complete such treatment and  which  abuse  continues  or  resumes  after  such  treatment  period,  or  possession  of  illegal                                  10                 

 

       narcotics or substances on Company premises or while performing Grantee’s duties and         responsibilities.          For purposes of this definition, no act, or failure to act, by  Grantee will  be considered   “willful” if done, or omitted to be done, by Grantee in good faith and in the reasonable belief that   the act or omission was in the best interest of the Company or required by applicable law.    Any   termination during the Employment Term by the Company for Cause shall be communicated by   Notice  of  Termination.   For  purposes  of  this Agreement,  a  “Notice  of  Termination ”  means  a  written notice which (i)  indicates the specific provisions in the definition of “cause” or  “good  reason”  relied  upon,  (ii)  to  the  extent  applicable,  sets  forth  in  reasonable  detail  the  facts  and  circumstances  claimed  to  provide  a  basis  for  termination  of  Grantee's  employment  under  the  provision so indicated and (iii) if the Date of Termination (as defined below) is other than the  date of receipt of such notice, specifies the termination date (which date shall be not more than  30 days after the giving of such notice). The failure by the Company to set forth in the Notice of  Termination any fact or circumstance which contributes to a showing of Cause shall not waive  any right of the Company from asserting such fact or circumstance in enforcing the Grantee's or  the Company's rights hereunder.         (3)    “Good Reason ” shall mean without the express written consent of Grantee, the   occurrence of any of the following following the occurrence of a Change of Control:               (i)   any action or inaction that constitutes a material breach by the Company         of  this Agreement  and  such  action  or  inaction  continues  uncured  after  thirty  (30)  days         following written notice from the Grantee;           (ii)  a change in the geographic location at which Grantee must perform services to a         location more than fifty (50) miles from the location at which Grantee normally performs         such services as of the date of the occurrence of the Change of Control; or(iii)  a         reduction  in  Grantee’s  annual  salary  or  total  cash compensation  levels  in  effect         immediately  prior  to  the  occurrence  of  the  Change  of  Control  or  failure  of  Grantee  to         participate in the long-term incentive programs of the ultimate parent company following         such Change of Control.          Notwithstanding  anything  herein  to  the  contrary,  the  interim  assignment  of  Grantee’s   position,  authority,  duties,  or  responsibilities  to  any  person  while  Grantee  is  absent  from  his   duties  during  any  period  of  Disability  shall  not  constitute  a  Good  Reason  for  Grantee  to   terminate  his  employment  with  the  Company.   In  addition,  the  Grantee’s  termination  of   employment  shall  not  constitute  Good  Reason  unless Grantee  notifies  the  Company  of  the   condition  or  event  constituting  Good  Reason  within ninety  days  (90) days  of  the  condition’s   occurrence  (unless  unknown  to  Grantee)  and  the  Company  fails  to  cure  the  conditions,  to  the   extent curable, specified in the notice  within thirty  (30) days following  such notification. Any   termination of Employment by the Grantee for Good Reason shall be communicated by a Notice   of Termination.                                               11     

 

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