HTC REVISED AS OF 18 MAY 2021

CONTRACT OF GUARD SERVICES

KNOW ALL MEN BY THESE PRESENTS:

This Ccontract is entered into, by and between:

INTERNATIONAL HARDWOOD & VENEER COMPANY OF THE

PHILIPPINS., OF THE PHILS., INC., a corporation duly organized and existing
under and by virtue of the Philippine Laws with principal office and place of
business at 346 Isabel Street, Sta. Ana, Manila, duly represented by its
Executive Vice President and General Manager, MS. CAROLINA TANCO-
YOUNG and hereinafter referred as the “CLIENT”.

- and -

AGLIPAY SECURITY INC., a corporation duly organized and existing

under and by virtue of the Philippine Laws with office address at 115 West
Capitol Drive, Kapitolyo, Pasig City duly represented herein by its
President/COO, MR. EMMANUEL G. CARREON and hereinafter referred to as
the “ AGENCY”.

W I T N E S S E T H:

WHEREAS, the AGENCY is a duly licensed security agency , engaged in providing

security services pursuant to the provisions of Republic Act 5487, as amended, and a duly
registered independent contractor under Department Order 174 issued by the Department of
Labor and Employment;

WHEREAS, the CLIENT desires to engage the services of the AGENCY for the purpose
of maintaining peace and order at its property and establishment identified below, by business
establishment and premises located in the place of business of the client by protecting and
guarding its property at said place from theft, robbery, arson, destruction or damages, as well as
the persons of its officers, directors, employees, and visitors from assault, harassment, threat or
intimidation, as well as enforcing and implementing its rules, policies and regulations to the end
that limbs are safely protected and its business to operate continuously and smoothly;

NOW THEREFORE, for and in consideration of the foregoing premises and the
covenants mutually agreed upon as well as the provisions hereinafter set forth, the Parties have
hereunder agreed and do hereby agree as follows:

1. PLACE AND LOCATION

The AGENCY shall provide a 24-hour security services to the CLIENT at the premises
of its properties and establishment located at INTERWOOD COMPOUND, SITIO DALIG,
CAGSIAY II, MAUBAN QUEZON and SITIO CAGANAPOL, CAGSIAY II, MAUBAN,
QUEZON.

2. FUNCTIONS AND DUTIES OF GUARDS

The guards are to provide security and maintain peace and order at the aforementioned
premises, to watch, safeguard and protect the property of the CLIENT from theft, arson, among
others, intrusion of squatters, destruction or damages; to protect the persons of the officers,
directors, employees and visitors of the CLIENT from assault, harassment, threat or intimidation
within the premises of the establishment, and to enforce and implement policies, rules and
regulations of the CLIENT aimed at maintaining peace and order thereat. It is understood that
before any guard is assigned to the CLIENT, he shall be briefed and oriented by the AGENCY
on the Client’s rules and regulations, policies and other pertinent matters or requirements.
 The SECURITY AGENCY, in the performance of its obligations under this Ccontract, is
subject to the control and direction of the CLIENT with respect to primarily as to the results to
be accomplished by the work or services herein specified and may recommend the methods
for accomplishing such result. The AGENCY hereby warrants that it shall perform such work
or services in such manner that will achieve the results herein desired by the CLIENT. The
AGENCY shall conform to such rules and regulations that may be issued by the CLIENT for
this purpose. The CLIENT, however, may work out with the SECURITY AGENCY such rules
and regulations.

3. GUARD FORCE

The AGENCY shall assign THREE (3) Guards, each with twelve (12) hours security
services daily or such number as may be required by the client including holidays to adequately
guard and protect the CLIENT’s personnel and its properties located at the address stated
above.

It is understood that before any guard is posted for duty, prior clearance and approval of
the CLIENT is required. Each assigned guard shall strictly abide by his particular schedule, and
no change of assignment shall be allowed without notifying and securing the consent of both the
AGENCY and CLIENT. A guard may, however extend his hours of duty in event of emergency
upon request of the CLIENT. Any additional postings should be mutually agreed upon before its
posting.

4. QUALIFICATIONS OF GUARDS

The AGENCY warrants that its security guards to be assigned to the CLIENT shall be:

a) of good moral character and reputation, courteous, alert and without any
criminal or police record;.

b) physically and mentally fit and not less than 21 years of age and at least five
feet and seven inches in height;.

c) duly licensed and properly screened and cleared by PNP, NBI, Police
Departments and other government offices issuing clearances for
employment;.

d) in proper uniform and armed with flashlight, rifle, shotgun, pistol or revolver,
with sufficient ammunition at all times during his tour of duty, unless the
circumstances require otherwise;and.

e) in possession of such other qualifications required by the provisions of

Republic Act No. 5487, as amended.

5. MODE OF PAYMENT

For and in consideration of the services and during the eaffectivity of this Contract, the
CLIENT shall pay to the AGENCY the amount payable within fifteen (15) days upon
presentation of its Statement of Account and upon verification of the daily time records of the
security guards. Billing period shall be for fifteen (15) days:

a.) The monthly contract rate of the Security Guard assigned at the CLIENT’s
premises shall be based on the attached Annex “A”.

b.) Provided that security services rendered beyond the twelve (12) hours daily regular
duty hours shall be computed on the basis of the daily basic rate plus twenty five
percent (25%) overtime premium payment in addition to the basic contract rate.

The AGENCY shall be entitled to adjustment of the stipulated contract rate in the event
of wage increase or in the event that increased benefits in favor of workers are promulgated by

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law, executive orders, decree or wage order subsequent to the execution of this contract. Said
adjustment shall be subject to negotiation in the interest of all concerned.

If the CLIENT fails to make any payment within thirty (30) days of the due date
prescribed by the contract or receipt of appropriate billing from the AGENCY whichever comes
later, CLIENT shall pay, in addition to the outstanding amount, interest computed at 1.5% per
month on the amount due. |If legal action is taken to obtain the amount due, the CLIENT shall
pay an additional twenty-five percent (25%) of the total amount, for costs of suit and litigation
expenses, and a further sum of twenty-five percent (25%) as attorney’s fees.
It is understood that the CLIENT is NOT the employer of the security guards and will not
be liable to any claims made by the security guard in relation to their salaries, other employment
benefits or any increase thereof. Provided that the AGENCY hereby represent and warrant to
the CLIENT that it shall timely provide the benefits required by laws and regulations to be
granted to the security guards assign to the CLIENT such as but not limited to the social Social
Security System, Philhealth and HDMF contributions.

In the event of an issuance of a new law, rule and regulation establishing new minimum
wages for workers, the CLIENT agrees to adjust the contract price accordingly as provided by
law. The AGENCY shall inform in advance the CLIENT of an impending increase based on the
minimum wage law so as to allow the CLIENT to undertake appropriate measures to address
the same.

6. SUPERVISION AND CONTROL

The AGENCY shall have the direct supervision and control over all contracted security
guards. The administration of rules and regulations shall be the joint responsibility of the
AGENCY and CLIENT in coordinated efforts.

7. EQUIPMENT AND UNIFORM

The guards that the AGENCY shall provide shall be equipped with duly licensed
firearms, ammunitions, nightsticks, uniforms and other paraphernalia (e.g. flashlights) for
security purposes.

8. LIABILITY TO GUARDS AND THIRD PERSONS

The AGENCY is NOT an agent or employee of the CLIENT and the guards assigned by
the AGENCY to the CLIENT are in no case considered as employees of the latter, as they are,
for all intents and purposes, under contract with the AGENCY. Accordingly, the CLIENT shall
not be responsible for any and all claims for personal injuries or death arising out of or in the
course of the performance of guard duties.

9. REPONSIBILITIES OF AGENCY TO CLIENT

The AGENCY shall be responsible for the losses and damages to the property of the
CLIENT, except those which can easily be transported or disposed of or which cannot be
considered bulky, such as but not limited to, pocket calculators, jewelry and cash, occurring or
taking place, during the tour of duty of the guards of the AGENCY. In cases where the losses
or damages occurred inside a closed warehouse, cabinet, compartment or drawer which the
AGENCY or its agent had no access and there is no actual and physical inventory thereof, the
AGENCY shall not be held liable. Such losses or damages sustained by the CLIENT should be
reported in writing to the AGENCY within forty-eight (48) hours from the occurrence or
discovery.

The CLIENT shall in no case arbitrarily deduct cost of lost or damaged property from the
billing of the AGENCY without any prior consent of the latter. However, should the facts of the
case readily show that the losses or damages done on the property of the CLIENT was due to
the negligence on the part of the AGENCY’s guards, the CLIENT may bill the AGENCY and the
said bill be paid in full by the AGENCY to the CLIENT within 15 days from receipt thereof by the
AGENCY.

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 The CLIENT shall not be responsible for any incident, mishaps or injury of any kind of
nature that maybe sustained by any security guard furnished by the AGENCY in connection
with such guard’s services, including death resulting there from.

10. REPLACEMENT OF GUARDS

The CLIENT shall at all times have the right to inspect the guards to determine the
quality of their performance, their discipline and such other questions as may arise with respect
to the quality and acceptability of the service performed by the guards. The CLIENT may at any
time, request for the immediate replacement of any guard, who in its judgment, is not up to the
CLIENT’s standard of efficiency, punctuality and courtesy.

11. NO EMPLOYER-EMPLOYEE RELATIONSHIP OF SECURITY GUARDS AND CLIENT.

The AGENCY holds CLIENT free and harmless from any claims of or liabilities to
AGENCY’s employees and guards for salaries and wages, benefits, compensation for death,
sickness or for any other claim arising from or in connection with their employment by the
AGENCY.

12. TERM OF CONTRACT

The Ccontract shall take effect on April 27, 2021 and shall expire on April 26, 2022,
renewable for such period and under such conditions as may be mutually agreed upon by the
parties, provided . Provide that a written notice of the CLIENT’s intent to renew the Contract
has been sent to the SECURITY AGENCY at least sixty (60) days prior to the expiration of the
Contract. If the Ccontract is not renewed ten (10) days prior to expiration, the contract shall be
on a month to month basis until a new contract is agreed.

13. TERMINATION OF CONTRACT

Either party may terminate this Contract without cause at any time by written notice
given to the otherprior party not later than thirty (30) days prior to the intended date of
termination.

14. VENUE OF ACTION

The SECURITY AGENCY and the CLIENT agree that in case of litigation arising from or
in connection with this Contract, venue of action shall be in the proper Regional or Metropolitan
Trial Court of Pasig and the amount equivalent to 25% of the amount claimed shall be due and
demandable as attorney’s fees.

IN WITNESS WHEREOF, the parties have hereunder signed these presents this 30th
day of April 2021 in Makati City, Philippines.

INTERNATIONAL HARDWOOD & VENEER

COMPANY OF THE PHILIPPINES AGLIPAY SECURITY INC.
(Client) (Security Agency)

By: By:

CAROLINA T. YOUNG EMMANUEL G. CARREON

VICE PRESIDENT & GENERAL MANAGER PRESIDENT/COO

INTERNATIONAL HARDWOOD & AGLIPAY SECURITY INC.

VENEER CO., OF THE PHILS., INC. (Security Agency)
(Client)

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By: By:

CAROLINA T. YOUNG EMMANUEL G. CARREON

EXECUTIVE VP & GENERAL MANAGER PRESIDENT/COO

SIGNED IN THE PRESENCE OF:

__________________________ ___________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

) S.S.
_______________________________)

BEFORE ME, a Notary Public for and in ______________________ personally

appeared:

NAME DRIVER’S LICENSE NO. DATE/PLACE ISSUED

AGLIPAY SECURITY INC.

By:

EMMANUEL G. CARREON DL#N04-96-354985 Aug 19, 2019 / Pasig

INTERNATIONAL HARDWOOD &

VENEER COMPANY OF THE
PHILIPPINES
By:

CAROLINA T. YOUNG N07-80-022366 Sept 04, 2022

NAME DRIVER’S LICENSE NO. DATE/PLACE ISSUED

EMMANUEL G. CARREON DL#N04-96-354985 Aug 19, 2019 / Pasig

CAROLINA T. YOUNG N07-80-022366 Sept 04, 2022

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known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to
me the same are their free and voluntary act and deed as well as that of the entity they represent.

This instrument consists of five (5) pages including this page of acknowledgement
signed by the parties and their instrumental witnesses on all pages hereof and sealed with my
notarial seal.

IN WITNESS THEREOF, I have hereunto affixed my hand and notarial seal this _____
day of _____________________, in _____________________________.

NOTARY PUBLIC

Doc. No. __________;

Page No. __________;
Book No. __________;
Series of 2021.