MEMORANDUM OF AGREEMENT

This Agreement made and entered into by and between:

Adamson University, existing under the laws of the Republic of the Philippines,
with office address at 900 San Marcelino St., Manila Philippines represented herein
by Fr. Marcelo V. Manimtim, C.M., University President, hereinafter referred
to as ACADEMIC INSTITUTION;

and

Ayala Property Management Corporation, a company created under the laws of

Republic of the Philippines, with address at G/F MSE Building, Ayala Triangle
Gardens, Ayala Avenue, Makati City, represented herein by Ms. Kayecie Ann P.
Salac, Talent Acquisition Manager, herein referred to as INDUSTRY PARTNER.

WITNESSETH

WHEREAS, the ACADEMIC INSTITUTION offering course in BS-Accountancy, has instituted an

Internship Program wherein qualified students undergo internship prior to graduation in order to be
adequately familiar with actual office and industrial operations and management to augment their
formal training;

WHEREAS, the ACADEMIC INSTITUTION proposes that its students be allowed to undergo internship
at the INDUSTRY PARTNERS facilities and offices, which proposal was accepted/approved by the
latter, subject to terms and conditions provided for in this Memorandum of Agreement;

WHEREAS, the INDUSTRY PARTNER agreed to accept students of the ACADEMIC INSTITUTION as
interns at its various facilities in support of Internship Program and complement existing Accounting
Studies curricula to match industry demand;

NOW, THEREFORE, for and in consideration of the foregoing premises, the ACADEMIC INSTITUTION
and the INDUSTRY PARTNER agree and stipulate the following:

A. The ACADEMIC INSTITUTION shall:

1. Designate a Program Director who will supervise the internship program and
coordinate with the INDUSTRY PARTNER various activities under this Program;

2. Pre-select and recommend qualified students who will undergo the internship
taking into consideration the requirement of the INDUSTRY PARTNER in terms of
qualification and number of interns needed, it being understood that only
students taking courses wherein internship is an academic requirement will be
recommended;

3. Submit to the INDUSTRY PARTNER, the resume and all other documents
required under this program, which shall serve as the basis of the INDUSTRY
PARTNER to screen, select and deploy specific students for Internship;

4. Orient students about rules, proper attitudes, behavior and work ethics inside the
internship site;

5. Monitor attendance, activities and performance of students during the internship

program in the INDUSTRY PARTNER;

6. Monitor compatibility of job circumstances with the internship course

requirements for the students attainment of advanced standing in the program
through regular interaction with the student-interns and regular visit to the
internship site;
 7. Together with the students and parents concerned, renounce and waive any
claim against the INDUSTRY PARTNER for injury that the students may sustain
or loss that they suffer personal or pecuniary arising from negligence in the
performance of their duties and functions while under training. The waiver of the
student-interns and their respective parents shall be submitted to the INDUSTRY
PARTNER prior to commencement of the internship.

8. Hold the INDUSTRY PARTNER free and harmless from any claims or suits and
shall forever defend the INDUSTRY PARTNER from any such claim or suit
whatsoever in connection with this memorandum.

B. The INDUSTRY PARTNER shall:

1. Screen, select, and deploy student-interns to the different offices and operating
units of the INDUSTRY PARTNER;

2. Designate from among its employees an Industry Supervisor who will be

assigned the following responsibilities:

a. Serve as mentor to the student-interns;

b. Give the student-interns course-related work assignments and expose

them to learning experience on actual operations and management;

c. Expose the student-interns to real situation problems and bottlenecks

thus enabling them to analyze and apply scientific as well as empirical
approach to the solution of accounting problems;

d. Arrange a conference with the Program Director when student-intern

problem arises;

3. Deploy the student-interns to the Accounting Department of the INDUSTRY

PARTNER for a fixed period of time which will depend upon the course taken by
the student-intern and as agreed upon on a case to case basis by the INDUSTRY
PARTNER and the ACADEMIC INSTITUTION;

4. Adhere to all regulations regarding laws and all rules and regulations pertaining
to internship or learners programs, as well as health and safety laws applicable
to entities similarly situated.

5. Provide safety instruction throughout the internship period;

6. Accomplish the necessary forms required by the ACADEMIC INSTITUTION in

connection with the internship of the student-interns;

7. Issue certificate of completion to student-interns who successfully finish their

training under the program;

8. Adopt and enforce rules that will govern the conduct of the program. Said rules
shall be made known to the ACADEMIC INSTITUTION and student-interns before
the start of the training.

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

1. It is expressly understood that there shall be no employer-employee relationship

between the INDUSTRY PARTNER and the student-interns of the ACADEMIC
INSTITUTION.

2. The student-interns and/or their respective guardians 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 in the
course of the internship.

3. The student-interns and the ACADEMIC INSTITUTION shall abide by the

INDUSTRY PARTNERS rules and regulations and comply with those imposed for
the program; otherwise they shall be excluded from further participation.
 4. The ACADEMIC INSTITUTION may pull out any student from the INDUSTRY
PARTNER on reasonable grounds after a written notice sent by the INDUSTRY
PARTNER requesting such a pull out.

5. That both parties shall exert all efforts necessary to achieve the objectives of this
joint undertaking;

6. That neither of the parties shall be liable in any way for the failure to observe or
perform any provision of this Agreement if such failure shall be caused by any
law, rule or regulation of any constituted public authority or shall be due to any
cause beyond the control of the party in default.

D. Duration:

This Agreement shall take effect immediately upon signing hereof and shall continue for a period
of one year thereafter but only for specific intern, provided however that any provision of this
Agreement may be amended by written consent by both parties herein provided further that the
INDUSTRY PARTNER or the ACADEMIC INSTITUTION reserves the right to withdraw its
participation in the agreement upon written notice.

IN WITNESS WHEREOF, the parties hereof have signed this Agreement on this _____ day of
___________________, 2017 in ___________________, Philippines.

Adamson University Ayala Prroperty Management

Corporation

By: By:

Fr. Marcelo V. Manimtim, C.M Ms. Kayecie Ann P. Salac

University President Talent Acquisition Manager

SIGNED IN THE PRESENCE OF:

Mrs. Marissa S. Babilonia

Faculty Member, Accountancy Department

Atty. Rey S. Rabago, CPA

Chairperson, Accountancy Department
 ACKNOWLEDGMENT

REPUBLIC OF THE PHILIPPINES } s.s

__________________________ }

BEFORE ME, personally appeared the following persons:

Name Valid I.D. Number Date & Place Issued

Fr. Marcelo V. Manimtim, C.M __

Ms. Kayecie Ann P. Salac __

who are known to me to be the same persons who executed and signed the foregoing instrument
and who acknowledged to me that the same are their free and voluntary acts and deeds.

WITNESS MY HAND AND SEAL, at the place and on the site first above written.

Notary Public

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