Service Agreement

Payroll Administration

The undersigned:

[PAYROLL PROVIDER], hereinafter referred to as: “[PAYROLL PROVIDER],”

and

[CLIENT], hereinafter referred to as: the “Client,” hereinafter jointly referred to as the “Parties,”

declare that for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, they have agreed as follows.

ARTICLE 1

SERVICES AND ACTIVITIES

[PAYROLL PROVIDER] will keep the payroll records for employees of the Client. The activities to be performed by [PAYROLL PROVIDER] for the benefit of Client will involve, among other matters, the following (the “Services”):

Preparing salary slips for (selected) employees;

Drawing up a statement of payments for the Client;

Drafting a journal entry, taking account where possible of the Client's own chart of accounts; and

Submitting the payroll tax return to the Tax Administration.