xxx

Memorandum No. 008, Series of 2021

To: All Employees

Subject: Temporary Salary Reduction due to the COVID-19 Pandemic
Date: 04 August 2021

Pursuant to Board Resolution No. 015 dated 2 August 2021 covering Management’s
approval of this temporary relief measure during its committee meeting held on the
aforementioned date, the following directives are hereby issued:

I. Coverage
All employees regardless of rank and status of appointment shall be covered by this
Memorandum.

II. Temporary Relief Measure

The company will be temporarily implementing a 30% pay cut across the board,
owing to the long-running pandemic we are experiencing.

III. Rationale

It is evident that our company has been experiencing a significant downturn in our
business operations due to the global COVID-19 (Coronavirus) pandemic. In response to
this, the Management decided to put in place a temporary reduced pay arrangement to
avoid mass layoffs and continue normal business operations as usual. We wish to reiterate,
however, that the benefits and other allowances are still to be provided to all employees.

We are expecting that by this implementation of the Board’s recommendation, our

company will soon regain its profitable position. The Management has also considered all
other possible operational relief measures to cut down costs, lessen expenses and optimize
the company’s available resources.

Rest assured that the Management and the Board will continue to be responsive of
your needs and will still deliver its role with its best foot forward for the betterment of the
whole organization.

IV. Effectivity
 These interim relief measures shall take effect on the next month following the
signing of this Memorandum and shall remain in force until the end of this year 2021.

xxxxxx
Senior Vice President for Finance

04 August 2021