MEMORANDUM OF UNDERSTANDING

______ Corporation, a corporation duly organized

and exiting under the laws of the Philippines, and
with office address at _______, hereinafter referred
to the FIRST PARTY;
-and____________, Filipino, of legal age, and a resident
of _____________, hereinafter referred to as the
SECOND PARTY
HEREBY AGREE THAT:
1.
The FIRST PARTY acknowledges that the
SECOND PARTY worked for xxx or xxx from _____________
until _________ 2014;
2.
Since the FIRST PARTY acquired the rights to
manage and operate xxx, the FIRST PARTY shall continue to
employ the SECOND PARTY;
3.
The FIRST PARTY shall honor the SECOND
PARTYs length of service in xxx in the determination of
benefits which may be due the SECOND PARTY, including
but not limited to separation pay;
4.
The SECOND PARTY expressly agrees that he/she
is not entitled to any separation pay either from the FIRST
PARTY or xxxs at the time of the execution of this
agreement, his/her employment with the FIRST PARTY
being merely a continuation of his/her employment with xxx;
5.
The SECOND PARTY shall follow and abide by all
the rules that may be imposed by the FIRST PARTY.
Signed this ________ day of _________, 2014 at _______
City.

___________________
For: ______ Corporation
First Party

___________________
Second Party