{"id":9445,"date":"2011-02-10T12:06:08","date_gmt":"2011-02-10T12:06:08","guid":{"rendered":"https:\/\/marc.deschenaux.com\/?p=9445"},"modified":"2026-02-13T13:51:28","modified_gmt":"2026-02-13T13:51:28","slug":"stock-attribution-and-stock-allocation","status":"publish","type":"post","link":"https:\/\/marc.deschenaux.com\/fr\/articles\/stock-attribution-and-stock-allocation\/","title":{"rendered":"Stock Attribution and Stock Allocation"},"content":{"rendered":"
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Legal foundations, financial logic, and practical implementation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Preliminary note on terminology (common\u2011law vocabulary)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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In many common\u2011law systems, the standard corporate\u2011law terms are:<\/strong><\/p>

  • Issue \/ issuance of shares<\/strong> (US usage; also used generally), and<\/li>
  • Allotment of shares<\/strong> (UK usage; the act of allocating\/appropriating shares to a person).<\/li><\/ul>

    It is also crucial to distinguish:<\/strong><\/p>

    • Primary issuance:<\/strong> the company issues new shares (increasing issued share capital).<\/li>
    • Secondary transfer:<\/strong> an existing shareholder transfers shares to another person (no new shares; no capital raised by the company unless structured otherwise).<\/li><\/ul>

      Your terms \u201cattribution\u201d and \u201callocation\u201d map onto these common\u2011law concepts, but under common law the \u201cfree of charge\u201d idea requires careful structuring because issuing shares is usually subject to consideration\/capital rules<\/strong>, and directors must use the allotment power for proper corporate purposes.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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      I. Stock Attribution<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      1. Definition (adapted to common\u2011law practice)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Stock Attribution<\/strong> refers to an arrangement in which a person receives shares without paying cash<\/strong> to the company at the time of receipt.<\/p>

      Under common law, this can occur in three main ways (and it matters which one you mean, because the legal basis differs):<\/strong><\/p>

      1. A corporate distribution to existing shareholders<\/strong> Examples: bonus issue\/capitalisation issue<\/em>, stock dividend<\/em> (jurisdiction\u2011specific terminology). Economically, this is often a reclassification within equity<\/strong>, not a capital raise.<\/li>
      2. A compensatory or incentive grant<\/strong> Examples: restricted shares (\u201cfree shares\u201d), RSAs\/RSUs (US terminology), executive share awards. The recipient may pay no cash, but the company is typically treated as receiving services<\/strong> or other corporate benefit (i.e., there is consideration in a broader sense).<\/li>
      3. A gift\/transfer from an existing shareholder<\/strong> This is not an issuance<\/strong> by the company; it is a private transfer.<\/li><\/ol>

        Your original \u201cspirit\u201d statement\u2014gratitude\u2014fits especially well with (2) and (3) (e.g., rewarding founders, early employees, key partners), but legally the structure must align with capital and fiduciary constraints.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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        2. The legal basis (core common\u2011law constraints)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        a. Directors\u2019 authority to issue\/allot shares <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        In UK\u2011style common law company law, directors must not exercise the power to allot shares<\/strong> unless they have proper authority, subject to exceptions. The Companies Act 2006 restricts directors\u2019 allotment power (with a specific carve\u2011out for employee share schemes).<\/p>

        This matters for attribution because \u201cfree shares\u201d are still shares: even if no cash is paid, the legal act of allotment<\/strong> must be authorised.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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        b. Pre\u2011emption and shareholder protection against dilution<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        Where statutory pre\u2011emption rights apply, companies must generally offer new equity to existing ordinary shareholders pro rata before allotting to outsiders, unless rights are excluded or disapplied. The UK statutory pre\u2011emption framework is set out in Companies Act 2006 s.561.<\/p>

        Even where pre\u2011emption doesn\u2019t apply (or is disapplied), the economic<\/em> et governance<\/em> impact\u2014dilution and change of control\u2014remains central, and directors must justify the issuance in the company\u2019s interests.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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        c. Capital maintenance \/ \u201cno discount\u201d rules (UK example)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        A classic common\u2011law capital maintenance constraint is that shares must not be allotted at a discount<\/strong> (i.e., below nominal\/par value in systems that use it). In the UK, this prohibition is explicit.<\/p>

        That is why \u201cfree shares\u201d as a literal gift<\/em> by the company can be problematic if it implies issuing shares for less than the required minimum value. In practice, attribution is structured as:<\/p>

        • a bonus issue funded by reserves, or<\/li>
        • a share\u2011based compensation arrangement where the company receives services (or other benefit).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          d. \u201cConsideration\u201d for shares: cash vs non\u2011cash<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          Under UK rules, what counts as \u201ccash consideration\u201d is defined broadly, and includes (among other things) cash, cheques, release of certain liabilities, and undertakings to pay cash at a future date.<\/p>

          This matters because:<\/strong><\/p>

          • If a transaction is for cash<\/em>, it can trigger different statutory consequences (notably around pre\u2011emption and procedure).<\/li>
          • If it is non\u2011cash<\/em>, additional valuation and disclosure disciplines may apply\u2014especially for public companies.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            e. Additional constraints for public companies (UK example)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            Common\u2011law systems often impose tighter rules on public companies.<\/p>

            UK examples include:<\/strong><\/p>

            • Subscribers\u2019 shares in a public company must be paid up in cash<\/strong>.<\/li>
            • A public company must not accept an undertaking to do work\/perform services as payment for shares (preventing a simple \u201cwe\u2019ll pay you in shares for future work\u201d structure in that form).<\/li>
            • Non\u2011cash consideration for shares in a public company generally requires independent valuation<\/strong> and a valuer\u2019s report provided within a specified timeframe and sent to the allottee.<\/li><\/ul>

              Notably, the statute clarifies that capitalising reserves\/profits to pay up shares allotted to members does not count as consideration<\/strong> for that allotment\u2014this is one legal pathway for \u201cbonus shares.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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              f. Fiduciary duties and \u201cproper purpose\u201d limits<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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              In common\u2011law corporate governance, issuing shares is not merely mechanical: it is a power held in a fiduciary setting<\/strong>.<\/p>

              Under the UK Companies Act, directors must:<\/p>

              • act within powers and only use powers for their proper purposes<\/strong> (s.171), and<\/li>
              • act in good faith to promote the success of the company for the benefit of members as a whole, with attention to fairness between members (s.172).<\/li><\/ul>

                This is highly relevant to attribution because share issuances can be used improperly (e.g., to entrench control, punish a minority, or engineer voting outcomes). Common\u2011law courts scrutinise purpose and fairness when dilution appears abusive.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                3. Financial notion and economic effects of attribution<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                a. Attribution does not necessarily \u201cfinance\u201d the company<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                If the recipient pays no cash, then no cash enters the company<\/strong>. Economically, attribution is mainly used to:<\/p>

                • reward or retain talent,<\/li>
                • align incentives with long\u2011term value,<\/li>
                • recognise past contributions,<\/li>
                • restructure equity ownership (e.g., founders, partners),<\/li>
                • distribute value to members without cash (in some structures).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                  b. Dilution and value transfer<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                  Even when no cash is involved, issuing new shares generally:<\/p>

                  • increases the denominator of ownership (more shares outstanding),<\/li>
                  • dilutes existing shareholders\u2019 percentage ownership and voting power (unless pro rata),<\/li>
                  • can transfer value if the shares are issued at a price\/value that is \u201ctoo low\u201d relative to fair value.<\/li><\/ul>

                    That is why pre\u2011emption, valuation discipline, and fiduciary duties matter: the issuance price\/terms determine whether attribution is an incentive tool or an unfair wealth transfer.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                    c. Accounting perspective (high\u2011level)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                    If shares are issued in exchange for services (employee equity), modern accounting frameworks treat this as a share\u2011based payment<\/strong>: the entity recognises the services received as an expense (or asset, depending on the nature of services) with a corresponding increase in equity for equity\u2011settled transactions. IFRS 2 explains that share\u2011based payment accounting applies where an entity receives goods or services in exchange for equity instruments, and requires recognition as services are received with a corresponding increase in equity (for equity\u2011settled awards).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                    II. Stock Allocation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                    1. Definition<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                    Stock Allocation<\/strong> refers to the operation by which a company allocates (allots\/issues) existing or newly issued shares for consideration<\/strong> to one or more persons.
                    The consideration can be:<\/p>

                    • cash<\/strong> (subscription money),<\/li>
                    • non\u2011cash<\/strong> (property, IP, debt conversion, release of liabilities, business assets), or<\/li>
                    • in some jurisdictions, broader \u201ccorporate benefit.\u201d<\/li><\/ul>

                      The spirit of allocation, as you noted, is often incentive + performance<\/strong> (e.g., allocating shares to a contractor for deliverables, or to executives under performance conditions), but in finance it is also fundamentally a capital formation<\/strong> et risk\u2011sharing<\/strong> mechanism.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                      2. Legal basis (common\u2011law corporate law approach)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                      a. UK\u2011style statutory architecture (selected anchors) <\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                      • Authority to allot<\/strong>: directors\u2019 power is controlled and may require shareholder authorisation, with exceptions such as employee share schemes.<\/li>
                      • Pre\u2011emption<\/strong>: new equity generally must be offered to existing ordinary shareholders first unless disapplied.<\/li>
                      • No discount<\/strong>: shares must not be allotted at a discount.<\/li>
                      • Cash consideration definition<\/strong> (important for classification):<\/li>
                      • Public company rules<\/strong>: cash\u2011only or independent valuation regimes for certain payments, including independent valuation requirements for non\u2011cash consideration.<\/li>
                      • Mandatory filings<\/strong>: in the UK, after an allotment, a limited company must deliver a return of allotment to the registrar within one month<\/strong>.<\/li><\/ul>

                        These constraints govern not only \u201cfundraising rounds\u201d but also strategic allotments (M&A consideration shares, debt conversions, equity issued to consultants, etc.).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                        b. Delaware (US) corporate law as a common\u2011law reference point<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                        Delaware is influential in corporate structuring. Delaware law provides broad flexibility on what constitutes lawful consideration.<\/p>

                        DGCL \u00a7152 states, in substance, that the board determines the form\/manner of payment, and may authorise stock to be issued for consideration consisting of cash, tangible or intangible property, or any benefit to the corporation<\/strong>, and may issue in one or more transactions pursuant to board resolutions (with delegation permitted if the resolution sets limits like maximum shares, time period, and minimum consideration).<\/p>

                        DGCL \u00a7153 adds important minimum\u2011value logic where par value exists:<\/p>

                        • shares with par value<\/strong> must be issued for consideration not less than par value (as determined under \u00a7152),<\/li>
                        • shares without par value may be issued for consideration determined under \u00a7152, and<\/li>
                        • treasury shares may be disposed of for consideration greater\/less\/equal to par value.<\/li><\/ul>

                          This Delaware approach aligns with the financial reality that consideration can be non\u2011cash and that corporate \u201cbenefit\u201d can be broader than immediate cash, but it still demands proper board process and compliance with any par value\/minimum consideration rules.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                          3. Financial notions: why allocation is \u201cfinancing,\u201d not only a contract<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                          Stock allocation is a financing instrument because it:<\/p>

                          • increases the company\u2019s equity base (or re\u2011mobilises treasury shares),<\/li>
                          • shifts risk from creditors to shareholders,<\/li>
                          • often improves leverage ratios and solvency optics,<\/li>
                          • can fund growth without fixed repayment obligations,<\/li>
                          • changes governance (votes, board dynamics, protective provisions).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                            Key financial mechanics include:<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                            a. Valuation and pricing<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                            The price\/valuation used in an allocation is not just a commercial term\u2014it determines:<\/p>

                            • dilution per existing share,<\/li>
                            • implied enterprise value,<\/li>
                            • investor return profile,<\/li>
                            • option pool sizing,<\/li>
                            • future anti\u2011dilution adjustments (for preferred shares).<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                              b. Share classes and capital structure<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                              Allocations frequently involve:<\/p>

                              • ordinary\/common<\/strong> shares (residual risk\/return),<\/li>
                              • preferred<\/strong> shares (liquidation preference, protective provisions, conversion),<\/li>
                              • convertibles<\/strong> and warrants (future allocations upon conversion\/exercise).<\/li><\/ul>

                                These terms are governance tools as much as financial tools.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                c. \u201cCash vs non\u2011cash\u201d and balance sheet impact<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                Cash allocations increase cash and equity. Non\u2011cash allocations may increase assets (e.g., IP) or reduce liabilities (e.g., debt conversion), changing leverage and potentially affecting covenants or financial reporting.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                III. Mode of Attribution or Allocation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                1. Primary issuance (allotment\/issuance of new shares)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                This is the classic \u201ccompany issues shares\u201d mechanism.<\/p>

                                Typical steps and documents (common\u2011law practice):<\/strong><\/p>

                                1. Check constitutional authority<\/strong> (articles\/charter) and statutory power.<\/li>
                                2. Board approval<\/strong> (and, where required, shareholder approval\/authorisation). In the UK this ties directly to the directors\u2019 allotment authority framework.<\/li>
                                3. Address pre\u2011emption rights<\/strong> (offer to existing shareholders or valid disapplication\/exclusion).<\/li>
                                4. Set the consideration<\/strong> (cash or non\u2011cash) and ensure it is legally sufficient (including \u201cno discount\u201d constraints where relevant).<\/li>
                                5. Execute subscription\/investment documents<\/strong> (subscription agreement, shareholders\u2019 agreement, disclosures).<\/li>
                                6. Update corporate records<\/strong> (register of members\/stock ledger, cap table).<\/li>
                                7. Make required filings<\/strong> (e.g., UK return of allotment within one month).<\/li><\/ol>

                                  Where the shares are \u201cattributed\u201d to employees<\/strong>: many legal systems provide specific carve\u2011outs or procedural simplifications for employee share schemes. UK law explicitly recognises employee share scheme allotments within the allotment\u2011authority framework.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                  2. Bonus issue \/ capitalisation issue (shares issued \u201cfor free\u201d to existing members)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                  This is the mode that most closely matches \u201cfree shares\u201d in a corporate distribution sense.<\/p>

                                  Economically, a bonus issue typically:<\/p>

                                  • does not<\/strong> raise new funds,<\/li>
                                  • converts reserves\/profits into share capital (within equity),<\/li>
                                  • increases the number of shares, often proportionally, leaving percentage ownership unchanged.<\/li><\/ul>

                                    The UK public\u2011company valuation rules for non\u2011cash consideration also clarify that paying up shares out of reserves\/profits to members does not count as consideration for the allotment (which is consistent with the bonus issue concept).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                    3. Allocation for cash: subscriptions, private placements, rights issues<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                    This is the standard capital raise.<\/p>

                                    Common\u2011law financing patterns include:<\/p>

                                    • seed\/venture rounds (private placements),<\/li>
                                    • rights issues (existing shareholders are offered shares first\u2014aligned with pre\u2011emption logic),<\/li>
                                    • strategic placements.<\/li><\/ul>

                                      In UK statutory terms, pre\u2011emption is a central default protection for existing ordinary shareholders when equity is being allotted.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                      4. Allocation for non\u2011cash consideration (contributions in kind)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                      Examples:<\/strong><\/p>

                                      • issuance to acquire IP or assets,<\/li>
                                      • issuance to buy another company (share\u2011for\u2011share),<\/li>
                                      • debt\u2011to\u2011equity conversions (shares issued in exchange for release of a liquidated debt can be treated as \u201ccash consideration\u201d in certain statutory contexts).<\/li><\/ul>

                                        For UK public companies, non\u2011cash consideration often triggers independent valuation\/report requirements.<\/p>

                                        For Delaware corporations, lawful consideration can include tangible\/intangible property or \u201cany benefit to the corporation,\u201d as determined through board process.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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                                        5. Share\u2011based compensation (employee\/executive attribution or allocation)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
                                        \n\t\t\t\t
                                        \n\t\t\t\t\t\t\t\t\t

                                        Typical instruments:<\/strong><\/p>

                                        • restricted shares \/ RSAs (often \u201cattribution\u201d from the employee\u2019s cash perspective),<\/li>
                                        • options,<\/li>
                                        • RSUs (promise to deliver shares in the future),<\/li>
                                        • performance shares.<\/li><\/ul>

                                          Securities law overlay (US example)<\/u><\/strong><\/p>

                                          In the US, issuing shares\/options as compensation implicates federal securities registration rules unless an exemption applies.<\/p>

                                          Rule 701<\/strong> is a major exemption for compensatory issuances by private companies:<\/p>

                                          • It exempts certain sales of securities made to compensate employees, consultants, and advisors, and it is not available to Exchange Act reporting companies.<\/li>
                                          • The regulation emphasises its purpose: it is for compensatory circumstances and cannot be used as a disguised capital\u2011raising scheme; it also notes resale limitations (Rule 701 securities are treated as restricted).<\/li><\/ul>

                                            Tax overlay (US example)<\/u><\/strong><\/p>

                                            If stock is transferred in connection with services, US tax rules may apply (e.g., IRC \u00a783). \u00a783(b) allows a service provider to elect to include income at transfer based on fair market value (subject to conditions), rather than later upon vesting. (Implementation is technical and timing\u2011sensitive; in practice people take specialist advice.)<\/p>

                                            Accounting overlay<\/u><\/strong><\/p>

                                            As noted above, IFRS 2 governs many share\u2011based payment transactions, requiring recognition of services received with corresponding equity or liability recognition depending on settlement.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

                                            \n\t\t\t\t
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                                            6. Treasury shares and re\u2011issuance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
                                            \n\t\t\t\t
                                            \n\t\t\t\t\t\t\t\t\t

                                            Some jurisdictions permit companies to hold treasury shares<\/strong> (previously issued and later reacquired). These can sometimes be re\u2011sold or re\u2011issued under different constraints than newly issued shares.<\/p>

                                            Delaware law explicitly addresses disposal of treasury shares and allows disposal for consideration greater\/less\/equal to par value (if any), and the consideration can be cash, property, or any benefit to the corporation.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

                                            \n\t\t\t\t
                                            \n\t\t\t\t\t

                                            IV. Strategic role in finance and governance (why companies use attribution\/allocation)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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                                            \n\t\t\t\t\t

                                            1. Financing and capital formation<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
                                            \n\t\t\t\t
                                            \n\t\t\t\t\t\t\t\t\t

                                            Share allocation:<\/strong><\/p>