TRUST RECEIPT AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This TRUST AGREEMENT executed by ____________________________________, of

legal age, Filipino, married/single and resident of __________________________________ ,
hereinafter called the TRUSTEE, who acknowledges to have received IN TRUST, from EDWARD
O. VILLANIS, of legal age, Filipino, married and resident of Boulevard, Molo, Iloilo City,
Philippines, hereinafter called the TRUSTOR, of the following items described and itemized
hereunder with their corresponding prices in the total amount of P____________________
dated __________________.

Items Quantity Price

_________________________ ____________________ ___________________

_________________________ ____________________ ___________________
_________________________ ____________________ ___________________
_________________________ ____________________ ___________________

Total P __________________

The TRUSTEE shall hold in trust the foregoing items to be sold by her/him only in cash for
which she/he is entitled to a ________ (______%) PERCENT commission on any item sold
provided the sale must ONLY be in CASH. In the event, however that the TRUSTEE will not be
able to sell any of the above-described items within a period of ________________ (_____)
DAYS from execution of this trust receipt agreement, she/he obligates herself/himself
unconditionally to return the said items received from the TRUSTOR . Failure to return any of
the items or deliver its cash value or price within _______________ (____) DAYS from
execution of this trust agreement, the said items shall be considered sold by the TRUSTEE, who
in turn shall remit the proceeds thereof to the TRUSTOR.

It is also understood that failure to remit the prices corresponding to the items shall
earn interest equivalent to TEN (10%) PERCENT per month.

IN WITNESSS WHEREOF, the parties have hereunto set their hands this ________________,
in Iloilo City, Philippines.

__________________________ EDWARD O. VILLANIS

Trustee Trustor

SUBSCRIBED AND SWORN to before me this ___________________, in the City of

Iloilo, Philippines.

Doc. No. ________;

Page No. _______;
Book No. _______;
Series of 2020.