Resignation Letter of James H. Case from Audit Committee of ML Resources, Inc.
James H. Case informs ML Resources, Inc. that, due to New York Stock Exchange rules, he must resign from the company's Audit Committee because his firm provides legal services to the company. He confirms that he will continue to serve as the company's attorney, as a director, and as a member of the Governance, Nominating, and Compensation Committees. His resignation from the Audit Committee is effective immediately.
Exhibit 10.53
March 7, 2005
| Mr. Dennis C. Simonis, President | |
| Members of the Board of Directors | |
| ML Resources, Inc. | |
| 26-238 Hawaii Belt Road | OUR REFERENCE NO.: 056812-1 |
| Hilo, HI 96720 |
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Re: Audit Committee
Gentlemen:
The New York Stock Exchange has advised the Company that:
(1) I cannot serve on the Audit Committee because our firm performs legal services for the Company. Nevertheless, I can attend all meetings of the Audit Committee in my capacity as an attorney as long as I am not a voting member of the Committee.
(2) Furthermore, I am independent as far as serving as a director and member of the Governance and Nominating Committees.
(3) Therefore:
(1) I resign my position as a member of the Audit Committee effective immediately.
(2) I will continue to serve as an attorney for the Company, director, and member of the Governance, Nominating, and Compensation Committees at the pleasure of the Board of Directors.
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| Sincerely, |
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| /s/ James H. Case |
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| James H. Case |
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