5.0 TERMINATION OF EMPLOYMENT DUE TO BUSINESS CLOSURERETRENCHMENT

1.0 TERMINATION OF EMPLOYMENT DUE TO BUSINESS CLOSURE/RETRENCHMENT

1.1 When the Company has to execute a business strategy that necessitates a layoff or termination of employment of certain employees, the concerned employees shall be given seven (7) working days-notice.

2.0 PROCESS

2.1 The HR Manager shall serve the Termination Notice to the concerned employees, at least seven (7) working days prior to the effectivity of the termination.

2.2 The effectivity of the termination may be immediate, upon receipt of the notice, provided that the Company pay the employee the equivalent of seven (7) days, in lieu of the notice period.

2.3 Upon receipt of the termination notice, the concerned employees shall start with the turnover process, by accomplishing the Final Endorsement Form (FTF-MBA-F-018) and the Clearance (FTF-MBA-F-017).

2.4 The processing of the final payment of the concerned employees shall be the same as the resigned employee (voluntary resignation), including the provision on Exit Interview.