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FORM OF
ASSUMPTION AND CONSENT TO ASSIGNMENT AGREEMENT
THIS AGREEMENT
made the
day of
, 20
ABITIBI-CONSOLIDATED INC.
, a
corporation constituted under the laws of Canada
ABITIBIBOWATER INC. , a corporation
constituted under the laws of Delaware
, an individual residing in the
City of
, in
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A.
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The
Corporation and the Executive have entered into a Severance
Compensation Agreement dated
, 20
(the “Severance Agreement”), attached hereto as
Schedule 1.
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B.
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Pursuant to Section 8 of the
Severance Agreement, the Corporation undertook to require any
successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the
business and/or assets of the Corporation, by agreement in form and
substance satisfactory to the Executive, to expressly assume and
agree to perform the Severance Agreement in the same manner and to
the same extent that the Corporation would be required to perform
it if no such succession had taken place.
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C.
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The
Corporation has entered into a definitive agreement with Bowater
Incorporated to combine in a all stock merger of equals (the
“Transaction”).
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D.
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In
the context of the Transaction, the Corporation has requested and
the Assignee has agreed to be bound by the terms of the Severance
Agreement, upon and subject to the closing of the
Transaction.
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E.
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The
effective date (the “Effective Date”) for purposes of
this Agreement will be the date of closing of the
Transaction.
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NOW
THEREFORE in consideration of these premises and the mutual
covenants herein contained, the Corporation, the Assignee and the
Executive hereby covenant and agree as follows:
1.
Assignment by the Corporation
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