Unit 1505, 88 Corporate Center

141 Valero corner Sedeno Street,

Makati City, Philippines 1227

March 30, 2023

PRIVATE AND CONFIDENTIAL

To: Mr. Gene Benedict Velasquez

Operations Manager
TFI Solutions Philippines Inc.

Subject: NOTICE OF RETRENCHMENT

Dear Mr. Velasquez,

The current economic situation brought about by the effects of the pandemic on our business has compelled the
management to review its organizational structure and manpower requirements. It is inevitable that the company
has to reduce operating costs and enhance efficiency and productivity if it is to remain competitive.

In view of this, we have reviewed your duties and responsibilities and have decided that TFI Solutions does not
require an employee in your position. You are, therefore, given four (4) weeks’ notice of retrenchment expiring on
April 28, 2023.

In connection to the termination of your employment, you are entitled to a separation pay equivalent to half a
month’s salary for every year of service amounting to Four Hundred Sixty-Seven Thousand and Five Hundred Pesos
P467,500.00. In addition to the separation pay, we would like to extend our sincere appreciation for all your past
contributions to the company by giving additional One Hundred Thirty-Two Thousand Five Hundred (P132,500)
making your separation pay a total of Six Hundred Thousand Pesos (P600,000). The said amount shall be released
one month after your last day of employment.

If you have any questions or concerns, please do not hesitate to contact us.

Thank you.

Sincerely,

Juan P. Francisco III

Vice President, TFISPI

Acknowledged:
___________________
Date: _____________