MEMORANDUM OF AGREEMENT

MOTORCYCLE PLAN POLICY

This MEMORANDUM OF AGREEMENT is made and executed in Binondo Manila,

Metro Manila, Philippines this day of __________________ by and between:

__________________, of legal age, Filipino citizen, single and with residence and
postal address at ______________________________, hereinafter referred to as the
COLLECTOR/MESSENGE;

-and-

SANYO SEIKI STAINLESS STEEL CORPORATION, a business

entity duly registered under the laws of the Republic of the Philippines, with
postal address at 255 Simeon de Jesus St., San Rafael Village Balut, Navotas,
hereinafter referred to COMPANY

TERMS AND CONDTIONS:

1) All COLLECTOR/MESSENGER who have rendered one (1) year of continuous
service to the company shall be entitled to this benefit.
2) The COMPANY shall provide every qualified COLLECTOR/MESSEBFER a brand
new Motorcycle. Model or Unit type shall be agreed upon by both parties. However,
amount shall be in accordance to the given budget for the covered year.
3) The COMPANY shall shoulder one-half (1/2) or fifty percent (50%) of the total
amount for one unit of motorcycle and the EMPLOYEE shall shoulder the remaining
half or 50%.
a. Payment shall be for a minimum of sixty (60)- months equal salary deduction
arrangement or at the discretion of the management, to start at least two (2)
weeks after release of unit or on the payroll cut off period covering the date of
release.
b. Payment made by the EMPLOYEE shall be placed into a participation fund
until it reaches the total acquisition cost (50% of the total amount of unit).
He/she shall then buy back the ownership of the motorcycle using the said
fund. Deed of absolute sale shall be executed by the COMPANY after full
payment.
4) The COMPANY shall shoulder the gas allowance (including the oil) of the 40
Liters/month basis from Monday to Saturday only. However, the
COLLECTOR/MESSENGER shall ensure accuracy of the odometer reading for
monitoring and billing purposes of the gas company. Moreover,
COLLECTOR/MESSENGER must use the Gas Allowance for Official Business
Trips only; they must shoulder the additional gas expenses if used for personal
purposes.
5) The COMPANY shall pay the Comprehensive Insurance ONLY for the first five (5)
years, until the subsidized cost is paid in full. Subsequent insurance payment shall be
 borne by the employee. In cases of accident/s, participation fee shall be shouldered by
the EMPLOYEE.
6) The COLLECTOR/MESSENGER shall shoulder ALL expenses pertaining to
MAINTENANCE of the motorcycle and shall be the sole responsible for taking care
of the said vehicle.
7) After five (5) years, the COMPANY shall again issue a new motorcycle to the
COLLECTOR/MESSENGER, and the old unit shall become the property of the
COLLECTOR/ MESSENGER. A deed of sale shall be prepared by the COMPANY
to transfer ownership to the COLLECTOR.
8) In case of separation due to any reason during the course of this Agreement, the
COMPANY shall charge to the COLLECTOR the whole amount of the Motorcycle
unit less the payment made by the latter and consider the unit sold. Deed of Absolute
Sale shall be given after processing of clearance and settlement of all accountabilities.
Unit Details
Model Unit Type: _________________ Engine No.: ________________
Plate No. : _________________ Chassis No.: ________________
Date Issued: ________________ Color : ________________

Payment Breakdown
Total Approved Budget : P71,700.
Total Amount of Desired Unit : P 71,700
Charge to be incurred by employee: NONE

Total amount to be shouldered : P35,850

Monthly Amortization : 597.50
Deduction per payroll : 298.75
Amortization starts : 08/11/2020

Prepared by: Noted by:

AMOR CLAVERIA ANNETH R. AGONCILLO

Legal Assistant Admin Manager

Approved by:

GEORGE RASALAN
Sr Finance Manager

ACKNOWLEDGEMENT AND AUTHORITY TO DEDUCT

This is to certify that I have read and understood the abovementioned terms and conditions
for the Motorcycle Plan Policy, and acknowledged my responsibility as the co-owner of the
motorcycle unit. I hereby affix my signature as acceptance to the policy andto authorizes the
company to deduct the amount of THIRTY FIVE THOUSAND EIGHT HUNDRED FIFTY
PERSOS as my share of payment.

_______________________________ __________________________
SIGNATURE OVER PRINTED NAME DATE