[ASA Limited Letterhead]
November 19, 2004
ASA (Bermuda) Limited
00 Xxxxxx Xxxxxx
0xx Xxxxx
Xxxxxxx, XX 00000
Re: Supplemental Non-Qualified Pension Agreement
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Ladies and Gentlemen:
In connection with the reorganization of ASA Limited ("ASA") into ASA
(Bermuda) Limited ("ASAB"), which is scheduled to close on November 19, 2004
("Closing Date"), ASA hereby conveys and assigns all rights, interests and
obligations under the Supplemental Non-Qualified Pension Agreement ("Pension
Agreement") to ASAB without recourse, effective as of the close of business on
the Closing Date of the reorganization.
ASA hereby further requests that ASAB agrees that the obligations of ASAB
under the Pension Agreement shall not be binding upon any of ASAB's directors,
shareholders, nominees, officers, agents, or employees of ASAB personally, but
shall be binding only upon the assets and property of ASAB
Please indicate your acceptance of the foregoing by executing two copies
of this letter, returning one copy to ASA and retaining one for your records.
Sincerely,
ASA Limited
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Xxxxxx X.X. Xxxxx
Chairman and Treasurer
Accepted by ASA (Bermuda) Limited
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By: Xxxxxx X.X. Xxxxx
Chairman, Chief Executive Officer, President
and Treasurer
