AGREEMEN

T

KNOW ALL MEN BY THESE PRESENTS:

THIS AGREEMENT IS MADE AND ENTERED INTO SOLELY BY AND BETWEEN:

ABC Corporation, a corporation organized and existing under Philippine laws, with address at Unit 123 Maaraw Bldg., Novaliches, Quezon City, represented herein by its President and CEO, Mr. Sonny Liway, (hereinafter referred to as the “EMPLOYER”).

And the employees named in Annex “A”, who are all of legal age and Filipino

(hereinafter referred to individually as “EMPLOYEE” and collectively as “EMPLOYEES”).

WITNESSETH: THAT –

WHEREAS, the EMPLOYER has purchased life insurance for its EMPLOYEE/S as indicated in Annex “A”, for employee benefit purposes only.

WHEREAS, the EMPLOYER pays 100% of the insurance premium to SUN LIFE OF CANADA (PHILIPPINES), INC. (“SLOCPI”)1.

NOW, THEREFORE, for and in consideration of the foregoing, the above-named parties do hereby agree and consent to the following:

A. As to Premium:

1. While the EMPLOYEE is employed with the EMPLOYER, the EMPLOYER shall pay the full premium on theas indicated in the policy.

2. The obligation of the EMPLOYER to pay the premium, however, shall cease upon the EMPLOYEE’s separation or retirement, or transfer of the ownership of the policy to the EMPLOYEE.

B. As to Surrender or Transfer of Ownership of the Policy

1. Upon EMPLOYEE separation from the EMPLOYER due to resignation, retirement, or involuntary separation2, the EMPLOYER has two (2) options:

a. Surrender the policy. EMPLOYER will receive the surrender value and use the surrender value as stipulated in item C of this Agreement; or.

b. Transfer t the ownership of the policy to the EMPLOYEE. EMPLOYEE will pay the premiums and exercise all the rights as the new owner of the policy as stipulated in item D of this Agreement.

1 Please amend accordingly to show premium payment sharing between EMPLOYER and EMPLOYEE.2 An EMPLOYEE lawfully but involuntary separated from the Company, and separation pay is not required by law, only option B.1.a is available.

C. As to Surrender of the Policy:

1. If a covered EMPLOYEE (resigns)3 or is lawfully but involuntarily separated, and separation pay is legally due, the surrender value of the policy shall be used for his separation pay. EMPLOYER shall process the s urrend er o fs urrend er o f the policy in accordance with the policy contract and the turnover of the separation pay to the EMPLOYEE. It is understood that the cash surrender value will be as defined in the po licy co ntractpo licy contract which will be paid to the EMPLOYER as owner of the policy. If su ch s urrendersu ch surrender value is less than whatthan what Philippine labor law requires as separation pay, the EMPLOYER shall pay the difference.

2. If a covered EMPLOYEE is lawfully but involuntarily separated from the company and separation pay is not required by law the EMPLOYEE shall not be entitled to the surrender value. It isIt is understood that the cash surrender value will be as defined in the policy contract which will be paid to the EMPLOYER as owner of the policy. EMPLOYER shall keep the surrender value.

3. If a co vered EM PL OYEEco vered EMPLOYEE retires from service and is eligible for retirement benefits, the EMPLOYER will use the surrender value of the policy to pay his retirement benefits. If thisIf this surrender value is lower than the amount legally required as retirement pay under Phillipine labor laws, the EMPLOYER shall pay the difference. It is understood that th ethat the cash surrender value will be as defined in the policy contract which will be paid to the EMPLOYER as owner of the policy. EMPLOYER shall p ro cess thep ro cess the surrender of the policy in accordance with the policy contract and the turnover of the retirement benefits to the EMPLOYEE.

4. If a covered EMPLOYEE qualifies for rewards or loyalty benefits as defined by the EMPLOYER, the EMPLOYER will use the surrender value of the policy to pay the rewards/loyalty benefits. It is understood that the cash surrender value will be as defined in the policy cont ract whi chcont ract, which will be paid to the EMPLOYER as owner of the policy. Whatever discrepancy between the agreed rewards or loyalty benefits and the surrender value of the policy will be the responsibility of the EMPLOYER. EMPLOYER shall process theprocess the surrender of the policy in accordance with the policy contract and the turnover of the rewards/loyalty b enefits tob enefits to the EMPLOYEE.

D. Opti on toOpti on to Continue the Policy. An EMPLOYEE who iswho is eligible for employee b enefi ts asb enefi ts stateda s i nstated i n Section C.1, C.3 and C.4 above, may opt to have the policy transferred to his name in accordance with the policy provisions on assignment. The EMPLOYEE shall thereafte r exercis ethereafte r e x e r c i s e the rights of a policy owner (including but not limited to payment of premiums, amendment of designated beneficiary/ies).

3 This will be included ONLY if Employer provides separation pay to employees in case of resignation.

E. Death Benefit. The EMPLOYEE shall haveshall have the exclusive right to name the beneficiary of the policy where he is life insured, who shall be entitled to receive the policy proceeds in the event of the EMPLOYEE’s death.

IN WITNESS WHEREOF, the above-named parties hereunto set their hands this 28th day of November 2013 at Quezon City.

ABC Corporation EMPLOYEES

SONNY LIWAY President & CEOWhose names and signatures appear inAnnex “A”

REPUBLIC OF THE PHILIPPINES )

) S. S.

ACKNOWLEDGMENT

BEFORE ME, a Notary Public, for and within Quezon City, personally appeared the following with their competent evidence of identity written opposite their names:

Name Competent Evidence ofIdentity

Date and Place of Issue andExpiration Date

Sonny Liway DL No. 123456 12/3/2012/QuezonCity/12/3/2015

See Annex A

known to me and to me known to be the same persons who have executed the foregoing Agreement and acknowledged to me that the same is their free and voluntary act and deed and that of the corporation represented.

WITNESS MY HAND AND SEAL, on the date and place first above written.

NOTARY

PUBLIC Doc. No. 1;Page No. 2;Book No. 3; Series of 2013.Annex “A” Insurance Details

Product Name:

Name ofEmployee

Signature Position Face Amountof Insurance

Jane Doe Supervisor P250,000.00John Doe Supervisor P250,000.00Juan Dela Supervisor P250,000.00

Cruz