Trust Receipt Form No.

: 069
Date Issued: September 24, 2020
Place Issued: Dipolog City

TRUST RECEIPT AGREEMENT

Received in trust from CHRISTIAN JADE C. HENSON

(ENTRUSTER) the following goods per order of the undersigned
ENSTRUSTEE:

Quantity Description Unit Price Amount

10 units SEIKO WATCH P10,000.00 P100,000.00
10 units GOLD TOOTH P50,000.00 P500,000.00

Total P600,000.00
Due date Dec. 20, 2020

Undersigned ENTRUSTEE hereby agrees, undertakes and

commits to hold in trust for the ENTRUSTER the above goods, to
dispose of or sell them for cash and receive the proceeds thereof in
trust for the ENTRUSTER, to turn over and remit the proceeds of the
sale of the goods to the ENTRUSTER on or before the above due
date, at the net amount indicated above, or to return the goods to
the ENTRUSTER in the event of non-sale on or before December
20, 2020 or upon demand of the ENTRUSTER.

The ENTRUSTER may cancel this trust receipt agreement and

take possession of the above goods or of the proceeds realized
therefrom at any time upon default or failure of the undersigned
ENTRUSTEE to comply with any of the terms and conditions of this
trust receipt agreement. It is however, understood that should there
be goods remaining unsold on December 20, 2020, the
ENTRUSTER may, at his/her option, extend in writing the operation
of this trust receipt agreement to another date under the same terms
and conditions.

Any court action arising from this agreement, the same shall be
brought in the proper court of Dipolog City to the exclusion of all other
courts.

JUAN DELA CRUZ

Entrustee
Sta. Filomena, Dipolog City