THIS REIMBURSEMENT AGREEMENT(“Agreement”) is made and entered into as April 1,2015 by and between (ⅰ)CHUHATSU (THAILAND) CO., LTD., a Thailand corporation (“CTC”),and (ⅱ)CHUO SPRING CO., LTD., a Japanese corporation (“Chuo”)
RECITALS
A. Chuo is the owner of a majority of the stock of CTC
B. From time to time, Chuo assists CTC by transferring some of its employees to become employees of CTC (“Japanese Associates”).
C. Notwithstanding that the Japanese Associates become employees of CTC, Chuo makes certain payments to or behalf of the Japanese Associates.
D. The parties desire that CTC bear the full cost of employing the Japanese Associates.
Agreement
NOW, THEREFORE, the parties hereby agree as follows:
1. COMPENSATION COVERED
The parties agree that Chuo may pay to or for the benefit of the Japanese Associates items in the nature of those set forth on Exhibit A attached hereto and made a part hereof.
2. REPORTS
Chuo shall advise CTC by the 10th day of each month the amounts paid to or on behalf of each Japanese Associates items in the nature of those set forth on Exhibit A attached hereto and made a part hereof.
3. REIMBURTHMENT
CTC shall pay to Chuo on or before the last day of the month following the close of each calendar month the amount which Chuo has advised CTC it has paid to or for the benefit of the Japanese associates during the preceding month.
4. TERM
This Agreement shall have a term of one year from the date hereof. This Agreement shall automatically renew for successive one-year terms unless either party gives written notice to the other at least 30 days prior to the end of the then tern of its desire to terminate this Agreement at the end of such term.
5. BINDING EFFECT
This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.
6. GOVERNING LOW
This Agreement shall be governed by, and construed in accordance with, the law of the Commonwealth of Japan without regard to its conflict of laws rules.
IN WUTHNESS WHEREOF, the parties have excused this Agreement as of the day and year first written above.