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IN THE NATIONAL INDUSTRIAL COURT IN THE LAGOS JUDICIAL DIVISION HOLDEN AT LAGOS SUIT NO. L.A/05/2009 BETWEEN: LASACO ASSURANCE PLC…………………….. CLAIMANT AND (1) ASSOCIATION OF SENIOR STAFF OF BANKS, INSURANCE AND FINANCIAL INSTITUTIONS (2) ASSOCIATION OF SENIOR STAFF OF BANKS, INSURANCE AND FINANCIAL INSTITUTION DEFENDANTS (LASACO DOMESTIC UNIT) (3) F.O. FASANMI TERMS OF SETTLEMENT TAKE NOTICE that the Claimant and the Defendants herein have resolved their differences amicably as hereinafter stated:- (1) The Claimant has agreed to pay terminal benefits of the 3rd Defendant in line with Part II, Section 1, Article 5 of Collective Agreement, copy of which is attached marked and attached as Exhibit A, the details of which are as follows: (a) Period of service 15 years (14 weeks for every completed year) (=N=264,753.13x15) =N=3,971,296,95 (b) Transport allowance =N=100,OOO.OO (c) Medical allowance =N=lOO,OOO.OO (d) Nine (9) months basic salary in lieu of notice =N=357,018.75 (e) Long service award =N=115,167.75 Total =N=4,643.483.45 (2) Upon the terms of settlement herein being entered as the judgment of the court the Claimant shall deliver to the 3rd Defendant immediately its cheque in the sum of =N=4,643.483.45 (four Million, Six hundred and forty three thousand, Four hundred and eighty three naira, Forty five Kobo only). (3) The payment of the sum of =N=4,643.483.45 (Four Million, Six hundred and forty three thousand, Four hundred and eighty three naira, Forty five Kobo only) shall serve as full and final settlement of the 3rd Defendant's claim against the Claimant in this case and/or any other related cases to the termination of his employment with the Claimant. (4) The parties shall bear their respective cost of this action (5) These terms shall be made the judgment of this Honourable court. Dated this 4th day of March 2009 _____________________ ________________________ The Claimant Prof. Yemi Osinbajo, SAN LASACO Assurance Co. Ltd Claimant’s Counsel _____________________ _____________________ The National President of the The Secretary General of 1st 1st Defendant Defendant _____________________ _______________________ The Unit Vice President of the The Unit Secretary of the 2nd 1st Defendant Defendant _____________________ Mr. F.O. Fasanmi (The 3rd Defendant) ____________________ Mr. Fred Agbaje The 1st, 2nd and 3rd Defendant’s counsel MEMORANDUM OF AGREEMENT BETWEEN THE MANAGEMENT OF LASACO ASSURANCE PLC AND ASSOCIATION OF SENIOR STAFF OF BANKS, INSURANCE AND FINANCIAL INSTITUTIONS (ASSBIFl) Whereas the Company and the Union held negotiation meetings on Thursday and Monday, 15th and 19th January 2009 respectively and resolved as follows: 1. That on the issue of termination of Mr. F. O. Fasanmi, the parties agreed that Management shall pay terminal benefits in line with Part II, Section 1, Article 5 of our Collective Agreement. The package agreed is as follows: Period of service 15 years (14 weeks for every completed year) (=N-264,753.13x15) =N=3,971,296,95 Transport allowance =N=100,000.00 Medical allowance =N=100,000.00 Nine (9) months basic salary (in lieu of notice) =N357,018.75 Long service award (15 years) =N=115,167.75 Total =N=4,643.483.45 For and on behalf of Management For and on behalf of Union 1. E.B. Wright 1. Com S.O. Salako Executive Director Ag. National President 2. Mr. O.A Popoola 2. Com. J.E. Erhomosele Coy. Sec/Legal Adviser Secretary-General 3. Witness 3. Witness Mrs. Olamipo Omisade Com. P.K. Oluwabiyi Legal Officer Unit Vice President