MEMORANDUM OF AGREEMENT

This Memorandum of Agreement (herein referred to as “Agreement”) is made

and entered into in the City of Makati, Philippines by and between.

PHILIPPINE SAVINGS BANK “PSBank” with office address at 777 Paseo

De Roxas corner Sedeño Street, Makati City, represented by its Human
Resources Group Head, MARK LORD D. LIMSON, Vice President
hereinafter referred to as PSBank.

-and-

UNIVERSITY OF THE EAST - MANILA, 2219 CM Recto Avenue, Manila

represented by its President and Academic Officer, DR. ESTER A.
GARCIA, hereinafter referred to as UE.

WHEREAS, PSBank in its concern to enhance the training and development of

more and better professionals has teamed up with UE for an On-the-Job Training
Program (“Program”) to provide training and support to the students of the UE on the
current trends and latest developments in the banking industry, and, to expose them
to actual industry situations, thereby enhancing their formal schooling.

NOW, therefore, for and in consideration of the foregoing premises, PSBank

and UE hereby agree on and stipulate the following:

A. UE shall:

1. After conducting preliminary screening of students for On-the-

Job training, recommend students for final selection/acceptance
by PSBank, to the Program;
2. Designate a Representative who will coordinate with PSBank on
the various activities under this Program;
3. Together with the students, faculty and parents concerned
renounce and waive any claim against PSBank for any injury or
loss that the trainees may sustain or may suffer, personal or
pecuniary, in the performance of their duties and functions
while under training not attributable to the negligence or willful
act of any of the personnel of PSBank. The waivers of the
concerned parties shall be submitted to PSBank prior to the
commencement of the training, which forms part of this
Agreement;
4. Voluntarily withdraw a student trainee who is found to
misbehave or act in defiance to existing standards , rules, and
regulations of PSBank, and, impose the necessary sanctions as
warranted by the school’s rules and regulations.

B. PSBank shall:

1. Upon the official endorsement of UE through a letter from the

school’s authorized representative, undertake the selection
process of the recommended students in adherence to PSBank
policies and guidelines in the selection for this purpose;
2. Provide the venue and assign personnel to take charge as well as
supervise the on-the-job training of students;
3. Provide UE students information, training, and support;
4. Provide students exposure to actual office environment;

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 5. Accomplish the evaluation forms required by UE in connection
with the on-the-job training of their students;
6. Issue certificates of completion to students who successfully
finish their training under this Program; and,
7. Designate an employee who will coordinate with UE the various
activities under this Program.

C. Under this Program, the following terms and conditions are likewise
included:

1. PSBank shall accord adequate protection given to student

trainees in accordance with the Labor Code and other existing,
laws, rules and regulations;
2. It is expressly understood that there will be no employer-
employee relationship between PSBank and the trainees of UE ;
3. PSBank is not obliged to employ any or all student trainees upon
completion of the training but may also do so based on such
reasonable terms and conditions that it may set;
4. The trainees will be personally responsible for any and all
liabilities for damage to property or injury to third persons,
which may be occasioned by their intentional or negligent acts
while in the course of their training; and
5. UE shall see to it that the trainees complete the agreed scope of
work within the agreed duration of the Program;
6. It is expressly understood by UE , and the trainees that all
information on technology, manufacturing process, process
standards, quality assurance methodologies, quality standards,
production capabilities, raw material purchasing, marketing,
finance and all other related documents, manuals, and
operational or technical matters that PSBank shall make
available to them shall be used solely for this Program. All of
these matters are classified as confidential in nature and
proprietary to PSBank, UE and the trainees hereby undertake to
prevent disclosure or transfer of such information, consciously or
unconsciously, to any party outside of Bank without the
knowledge and written consent of Bank. The trainees hereby
acknowledge this condition specifically after having read and
affixed their individual signatures to the CONFIDENTIALITY
AGREEMENT attached herewith, which forms part of this
Agreement.

D. CANCELLATION

Any violation of the foregoing covenants will warrant cancellation of the

Memorandum of Agreement by any party after prior written notice of
thirty (30) days to the other party.

E. LITIGATION AND OTHER EXPENSES

In case of breach of any confidential information obtained during the

training period relative to the task assigned by PSBank, UE agrees to pay
an additional sum equivalent to twenty-five percent (25%) for
Attorney’s Fees, plus costs and other fees and incidental expenses of
litigation excluding possible monetary damages that may be incurred by
reason thereof.

F. DURATION

This AGREEMENT shall hold for the duration of the 2018 School Year of
UE , and is automatically renewable every year, provided that PSBank

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 and UE reserve their respective rights to withdraw their participation in
the agreement upon written notice.

IN WITNESS WHEREOF, the parties hereto have signed these presents on this
__ day of 2018, in Manila, Philippines.

FOR:

PHILIPPINE SAVINGS BANK UNIVERSITY OF THE EAST-MANILA

MARK LORD D. LIMSON, VP DR. ESTER A. GARCIA

Head, Human Resources Group President and Chief Academic Officer

SIGNED IN THE PRESENCE OF:

LADY LYNN C. BAWI-IN

Talent Documentation and Support Specialist
Talent Acquisition Department

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Republic of the Philippines )
City of Makati ) S.S.

ACKNOWLEDGEMENT

On this ____ day of 2018, personally appeared before me, a Notary Public in
and for the city of Makati, the following persons:

NAME VALID I.D. DATE/PLACE ISSUED

Mark Lord D. Limson

Ester A. Garcia

all known to me to be the same persons who executed the foregoing document,
consisting of three pages including this page and acknowledgement that the same is an
act of their free and voluntary will and deed.

IN WITNESS THEREOF, I hereunto sign this document and affix my seal of

office on his date and place aforementioned.

NOTARY PUBLIC

Doc. No. _____

Page No. _____
Book No. _____
Series of 2018

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