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MEMORANDUM OF AGREEMENT

This Employee Car Plan Memorandum of Agreement is hereby


entered into by and between:

(COMPANY), a duly registered corporation with business address at


_______________, represented by its Chief Executive Officer,
___________, hereinafter referred to as the “COMPANY”

And

(Name, position, and address of Employee), hereinafter referred


to as the “EMPLOYEE”.

Witnesseth:

The said EMPLOYEE acknowledges the receipt of one (1) unit of


MOTOR VEHICLE described as follows:

Make
Series
Chassis No.
Motor No.
Year/ Model
Type of Body
No. of CYL
Fuel
Color
Plate No.
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Whereas, (COMPANY)hereby grants EMPLOYEE privilege under the
company Car Plan Program with the following conditions:

1. Registration and ownership of the car shall be under (COMPANY);


2. The COMPANY grants EMPLOYEE possession and use of the
subject motor vehicle from start of business hours on Mondays until
end of business hours on Saturdays. If Monday is a holiday, then the
EMPLOYEE may possess and use the motor vehicle at the start of
business hours on the first working day of the week;
3. The EMPLOYEE engages to leave the motor vehicle within the
company premises and turnover its care and keys to the guard on
duty who is in charge of the care of company motor vehicles at the
end of office hours every Saturdays. If Saturday is a holiday, then
the motor vehicle shall be turned over at the end of office hours on
last working day of the week;
4. Should the employment of the EMPLOYEE with the COMPANY
terminate by virtue of resignation or for any other cause, the
Employee shall immediately return the motor vehicle to the
COMPANY in good condition upon termination of the said
employment;
5. The COMPANY shall bear change oil and tune up expenses of the
motor vehicle for every five thousand kilometers (5,000KM). Other
repairs and maintenance costs shall be borne by the EMPLOYEE;
6. Insurance premium and car registration shall be paid by the
COMPANY;

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7. Gas expenses shall be borne by the COMPANY provided that it was
incurred during official business for the COMPANY. In this regard,
official receipts of the actual gas expenses shall be presented by the
EMPOLYEE to the COMPANY for reimbursement;
8. The EMPLOYEE shall maintain this motor vehicle under such terms
and conditions which may further be provided for by the COMPANY;
9. This Car Plan Program is a privilege given to selected employees
solely based on the COMPANY’S prerogative. Therefore, upon the
awarding of said vehicle after five years of service, the availment of
another Car plan is not automatic and will be subject to the approval
of the COMPANY; and
10. As this Car Plan Program is a privilege, the COMPANY, upon its
discretion, has the right to terminate this agreement at anytime.

IN WITNESS WHEREOF, the parties hereto have signed this


AGREEMENT on __________________ at Quezon City, Philippines.

Name of Employee
Position
(COMPANY)

Chief Executive Officer


(COMPANY)

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Witnesses:

_________________________ ______________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)


____________________________) SS.

Before me, Notary Public, for and in the City/Municipality of


___________________, on __________________ personally appeared:

COMPETENT EVIDENCE OF DATE/PLACE OF ISSUE


IDENTITY

Name of Employee

Known to me and to me known to be the same persons who executed


the foregoing instrument and they acknowledge to me that the same is their
free and voluntary act and deed.

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This instrument, consisting of 5 pages, including the page on which
this acknowledgment is written, has been signed on the left margin of each
and every page thereof by the concerned parties and their witnesses, and
sealed with my notarial seal.

IN WITNESS WHEREOF, I have hereunto set my hands and affixed


my seal on _____________________ in __________________, Philippines.

NOTARY PUBLIC

Doc. No. _____


Page No. _____
Book No. _____
Series of _____

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