§ DEFINITIONS

Unless stated otherwise, in these Conditions of Employment and the corresponding appendices where relevant, the following definitions shall be applicable:

1) Employer/ The Bank

“The Bank” or “MCB Group” refers to:

Maduro & Curiel’s Bank N.V. (‘MCB’) and its subsidiaries:

§ Maduro & Curiel’s Bank International N.V.

§ Maduro & Curiel’s Insurance Services N.V.

§ MCB Risk Insurance N.V.

§ Maduro & Curiel’s Bank (Bonaire) N.V.

§ Caribbean Mercantile Bank N.V.

§ The Windward Islands Bank Ltd.

§ The Windward Islands Bank International Ltd.

§ and such subsidiaries or business units added to MCB Group.

2) Employee(s)

§ The person who has entered into an Employment Agreement with the Bank for an indefinite period of time.

§ A person who has entered the Employment Agreement with a specified duration of Employment. The Employment Agreement outlines the terms and conditions of the Employment.

§ The person who is in part-time Employment of the Bank for at least 20 hours a week, and the Employment is for an indefinite period of time, unless the applicability of the Conditions of Employment contained in the Employment Agreement have been expressly excluded, either fully or partly.

§ The person who carries out work according to a flexible work schedule, which varies based on the nature of the business, is subject to working hours that may partially or fully overlap with the designated resting period as stipulated by the local laws or regulations on working hours.

3) Employment

To have a signed Employment Agreement with the Bank.

4) Employment Agreement

An Employment Agreement is a legally binding document between an Employer and Employee that outlines the terms and conditions, rights, and responsibilities under which they are employed.

5) Conditions of Employment

Conditions of Employment refers to the terms, provisions, benefits and factors that determine the working environment and arrangements for Employees within the Bank. These conditions include various aspects of the Employment relationship.

6) Monthly salary

The stipulated gross monthly wage agreed between the Bank and the Employee, which afterwards can be amended from time to time and communicated to the Employee, excluding additional gratuities, vacation allowance, fringe benefits, or any other payments or allowances.

7) Working-hours regulation and working schedule

The working-hours as set by the Bank, with due observance of existing legislation. The Bank retains the right to change the working hours and days in line with the business objectives, and the current laws.

8) Period of Service

The years of service of the Employee spent in continuous service, with any of the entities that exist within MCB Group. If the period of service was interrupted, it will be up to Management’s discretion if and to what extent the years preceding the interruption will be counted and considered as continued service.

9) Overtime

The hours during which the Employee by order of the Bank, carries out duties extending beyond the working schedule or working hour’s regulations.

10) Public Holidays

The public holiday, national holiday or legal holiday as established by relevant local law during the year.

11) Members of the family:

§ Children:

· Who bear the surname of the Employee.

· Formally acknowledged children.

· Children for who certificates of paternity or an order to the effect of judicial establishment of paternity is submitted.

· Children who bear the surname of the (female) Employee’s spouse, registered notarized partner or the surname of their natural parent or the name of the person who has acknowledged them.

· Step children: Children from a former marriage/ relationship of the legal spouse and/ or registered notarized partner of the Employee.

· Foster children: Children for who the Employee has guardianship/custody (“aangewezen voogdijschap”).

· Adopted Children: Children who have been officially adopted[1] by the Employee.

For all categories mentioned above, the following is applicable:

· Children should not yet have reached the age of 25 and should not yet support themselves;

· Children with special needs;

· Children, who are studying, are up to and including the age of 27, whose living expenses are fully borne by the Employee, are also considered to be members of the family.

§ The legal spouse of the Employee.

§ The registered, notarized partner of the Employee provided that the Employee has submitted to the Bank a notarized cohabitation agreement and a current extract of the Civil Registry which gives evidence that the Employee and registered/ notarized partner are living together (at the same address).

12) Pensioner(s):

The former Employee[2] who:

§ Has reached the retirement age of the Bank;

§ Whose request for early retirement has been granted or;

§ Has accepted a Voluntary Early Retirement.

·

§ GENERAL PROVISIONS

1) All matters related to the management, guidance, supervision and Employment of the Employees shall be directed by the People Manager, the Human Resources Department and the Senior Management.

2) The Bank ensures that these Conditions of Employment are accessible/ available for all Employees on its digital portal.[3]

3) If there is any indication of misconduct and/ or failure to fulfill or comply with an obligation, policy or procedure established by the Bank, the Bank will investigate this further, provided the investigation is reasonable, proportionate and the Bank’s interest outweighs the (possible) invasion of the Employee’s privacy. The Bank is allowed to, and only due to and for this specific indication, investigate the personal, social and financial circumstances of the Employee in a discreet and confidential manner. The Bank shall expressly reserve the right to monitor and restrict the Bank’s internet and e-mail use by the Employee at any time without previous notice.[4]

4) Insofar as it does not conflict with any legal regulations, the Bank shall be authorized to review and or investigate questionable or unusual financial transactions performed on Employee accounts. The Human Resource Department will be informed of any such transaction(s), and will determine further action(s) to be taken.

5) When recruiting, an internal vacancy shall be the first step in the recruitment process. Where possible, preference shall be given to Employee already in permanent service of the Bank, taking into consideration they meet all the requirements for the vacant position at all times.

6) The Bank will not hold the Employee responsible for damages to goods[5], pertaining to the Bank and used by the Employee or which are under the responsibility of the Employee, unless such damage was caused intentionally, by gross negligence, willful omission on the part of the Employee. The Employee shall not hold the Bank liable for any damage to his or her belongings or his or her person, occurred within the establishment, unless the Bank failed to comply with its duty of care.

7) The Bank will provide the necessary measures to promote good hygiene and a safe working environment.

8) The Bank reserves the right to implement modifications of existing- and issuance of new - Conditions of Employment as well as Regulations, Policies, Procedures and/ or Guidelines. The Bank is committed to communicate this in a timely manner to all Employees.

Employer obligations encompass a wide range of responsibilities and duties that Employers have towards their Employees, the government, and sometimes even the public. These obligations are defined by laws, regulations, and ethical standards.

1) Compliance with Employment Laws: MCB Group is obligated to comply with all applicable (local) laws and regulations. This includes amongst other laws related to wages, hours, working conditions, , occupational safety and health, and more.

2) Providing a Safe Work Environment: MCB Group must ensure that the workplace is free from hazards that could cause harm to Employees. This includes implementing safety protocols, providing necessary safety equipment, and training Employees on safety procedures.

3) Payment of Wages and Benefits: MCB Group is obligated to pay Employees for their work at the agreed-upon rate and frequency. This includes paying at least the minimum wage, providing overtime pay as required, and offering benefits such as health insurance, retirement plans, and paid time off where applicable.

4) Preventing Discrimination and Harassment: MCB Group must take steps to prevent discrimination and harassment in the workplace based on protected characteristics such as race, gender, religion, disability, and others. This includes implementing policies, providing training, and promptly addressing any complaints.

5) Maintaining Employment Records: MCB Group must keep accurate and up-to-date records of Employee information, where required by law and helps ensure compliance with various regulations.

6) Respecting Employee Privacy: MCB Group has an obligation to respect the privacy of their Employees and safeguard sensitive personal information. This includes maintaining confidentiality regarding medical records, financial information, and other private data.

7) Preventing Retaliation: MCB Group is prohibited from retaliating against Employees who exercise their rights, such as filing a complaint of discrimination or participating in an investigation.

1) The Employee is obligated to duly execute the work assigned to him/ her to the best of his/ her ability and knowledge. He/ she shall adhere to the Bank’s Policies, Procedures, Rules and Regulations and arrangements modified or newly issued by the Bank, and shall strictly observe them. Both work Processes and Procedures in the broadest sense shall be duly adhered to by the Employee as soon as they have been implemented. The Bank assures that these documents are available/ accessible for the Employees on its digital portal.[6]

2) The Bank attaches importance to emphasize that failure to comply with all existing Guidelines, Policies, Procedures, Rules and Regulations by the Employee is considered a serious offense and may lead to disciplinary actions up to and including termination of Employment.

3) The Employee declares to be familiar with, and to accept the fact that the Bank is obligated at all times, to preserve secrecy and confidentiality regarding its clients and its personnel. Therefore, the Employee shall at all times be obligated to preserve secrecy and confidentiality in regard to anything that should come to his/ her knowledge concerning the business of the Bank and its clients and personnel (the 'Obligation of Secrecy’), unless the Employee should be under any legal obligation to supply information or unless otherwise stipulated by the Bank.

4) The Employee shall not voluntarily appear in court as a witness to supply information about the Bank or its clients, without the consent of the Bank.

5) The Obligation of Secrecy shall continue after termination, dissolution, early retirement or otherwise. The Employee shall therefore remain bound by the Obligation of Secrecy also after his/ her Employment with the Bank has come to an end.

6) Under no condition whatsoever shall it be permitted for information entrusted to the Bank to be used by the Employee for his/ her personal or any third party’s gain.

7) The Employee is prohibited to engage in competitive activities[7] and activities that pose a conflict of interest during the term of Employment.

8) In the event after the termination of the Employment the Employee decides to work at another employer with a similar scope of activities as the Bank, it is prohibited for such Employee to use any information about the Bank and/ or its clients that has come to his/ her knowledge during the term of Employment at the Bank. It is especially prohibited to use any such information in a wrongful way.

9) The Employee shall at all times be under the obligation to preserve and promote a good understanding and proper communication in the workplace.

10) It shall be strictly prohibited for the Employee to perform work under the influence of any illegal substance.

11) The Bank may request a new hire or an existing Employee transferring to a different job, to undergo a medical and/ or psychiatric and/ or psychological examination, performed by a Medical doctor, at the Bank's expense. This examination must be based on a legitimate reason only and/ or if specifically necessary for the specific function and if required or allowed by law. The Bank will inform the Employee beforehand about the screening and afterwards the results of the screening. If the result is not satisfactory, continuation of the hiring- and transferring process will be re-evaluated or made conditional.

12) The Bank may request an Employee to undergo one or more tests on the use of illegal substances, at the Bank’s expense, at an official medical laboratory, only based on specific indication of performing the duties assigned to the Employee under the influence of illegal substances. These tests can be executed only if the Bank has a legal basis to do so, and if required or allowed by law. The Bank will inform the Employee about the tests and the results. If the result is not satisfactory, continuation of the Employment may be re-evaluated or made conditional.

13) If the Employee does not cooperate with the above mentioned further investigation and referral by/ to the Occupational Health Specialist will be consulted for further actions.

14) The Employee will also perform activities which do not form part (directly) of the function in which he/ she has been appointed, if in the interest of the Bank. The Bank should give instructions to such effect, provided that in such case the activities are of a temporary nature and can reasonably be expected from the Employee.

15) The Employee will at all times handle his/ her private financial matters in a responsible manner and shall avoid financial obligations that are beyond his/ her financial means.

16) The Employee shall observe regulations issued by/ or on behalf of the Bank which are contributing to safety in and around the Bank in general and of the personnel in particular. This also applies to Employees working remote.

17) The Employee, will be under the obligation, also in his/ her own interest, to notify the Human Resources Department within three (3) weeks, of paperwork evidencing new data and any and all changes with regard to their personal circumstances. Further information and requirements regarding personal data are mentioned in Article 14.

18) All Employees are required to adhere to the Bank’s Guidelines for Business Conduct at all times. The Employee shall sign, acknowledge and comply with the Bank’s Guidelines for Business Conduct annually or as indicated by the Bank.

1) When entering into an Employment Agreement, the first two (2) months (maximum) are considered a trial period. During this trial period both parties have the right to terminate the agreement immediately without giving any reason. A trial period can be agreed upon only in writing. A trial period of more than two (2) months is not valid/ applicable.

2) The Employment Agreement is entered into for a fixed period of time or an indefinite period, unless different terms are agreed and based on applicable labor laws and regulations. The specific duration is outlined in the Employment Agreement. The initiation or the continuation of the Employment is contingent upon the applicant providing all necessary documents demonstrating suitability for the position and meeting the requirements to the satisfaction of the Bank.

3) The Bank ensures that all Employees shall receive these Conditions of Employment and all other related Regulations, Policies, Procedures and/ or Guidelines at the commencement of the Employment. These shall also be accessible/ available for all Employees on its digital portal.

4) Upon entering into the Employment Agreement, the Employee shall be informed in writing of the following:

a. the department to which the Employee has been assigned to;

b. the date of commencement of the Employment;

c. the group and the salary;

d. the job description.

5) The Bank will impose at all times an Obligation of Secrecy upon all Employees when signing an Employment Agreement.

Notwithstanding all legal possibilities in which the Employment Agreement between the Bank and the Employee may come to an end, this article describes a non-limitative list of possibilities.

1) The Employment relationship may end by:

a. The Bank (termination with consent of the Director of Labor Department or with the dissolution ruling of the Court of First Instance);

b. Instant or immediate dismissal;

c. The Employee (resignation);

d. Upon mutual consent/ with mutual agreement between the Bank and the Employee.

2) Notice of termination of Employment by the Employee shall be given in writing. The period of notice of termination to be observed by the Employee shall be one (1) month.

3) Notice of termination of the contract of Employment by the Bank shall be given in writing.

4) The term of notice of termination to be observed by the Bank shall be, for a contract of Employment which, on the day of such notice being given, has had a duration of:

a. less than five (5) years of service: one (1) month

b. five (5) years of service or longer, but less than ten (10) years of service: two (2) months

c. ten (10) years of service or longer, but less than fifteen (15) years of service: three (3) months

d. fifteen (15) years of service or longer: four (4) months

5) The Employment Agreement shall in any case end, without previous notice being required, at the end of the month in which the Employee has reached the pensionable age as mentioned in the Pension Fund Regulations.

6) The Bank may proceed to request termination of the Employment Agreement in case of illness related absenteeism exceeding a continued period of one (1) year.[8]

7) A condition of every Employment Agreement is that neither party will behave in such a way that will destroy the relationship of trust and confidence that exists between them. In a situation where the relationship of trust between the Bank and the Employee has been damaged, the Bank may seek dismissal.

1) Working hours and working schedule

§ The Bank stipulates the work schedule in compliance with the valid legal regulations.

§ Eight (8) hours shall constitute a regular workday and five (5) days shall constitute a regular working week. The working days defined by the Bank are Monday through Friday.[9]

§ The working hours to be laid down in a working schedule, shall amount to forty (40) hours per week at the most, calculated over a period of four (4) weeks, on the understanding that the daily working hours should not exceed ten (10) hours.

§ The working hours in respect of an Employee who performs scheduled work, shall amount to forty five (45) hours per week at the most, on the understanding that the daily working hours should not exceed ten (10) hours.

§ The Bank must give the Employee, prior to implementation of any change or intended change in the working hours, at least ten (10) working days’ notice[10], unless pressing circumstances cause for a shorter period of term.

2) Place of work

At all times the Bank can assign the Employee to other departments, branch establishments or subsidiaries within the MCB Group[11], and can also assign other activities to him/ her.

Insofar as that is not opposed by the interest of the Bank and whenever that is possible, the private circumstances of the Employee shall be taken into account. If the request concerns another geographical location the expenses of travel, packing and re­ establishment shall be fully for the account of the Bank. This request will also be discussed with the Employee first.

3) Flexible work arrangements

Flexible work arrangement refers to alternate arrangements or schedules from the traditional working day and week. In order for these arrangements to be considered, the duties, expectations and deadlines should be clearly outlined by the People Manager and agreed upon by both the People Manager and the Employee. These arrangements and requirements are mentioned in the corresponding Policies and Procedures related to flexible work options.

4) Overtime and Overtime Pay

§ If, in the interest of the Bank, and if the Bank deems such necessary, the Employee is obligated to work overtime. This work shall as much as possible be limited and not assume excessive proportions.

§ The overtime must be assigned and approved by the People Manager prior to being performed.

§ The overtime wage-limit shall be laid down from time to time by the competent
(local) authority. The Employee shall be given notice of any such modification. Overtime payment is only applicable for those Employees with a monthly wage below the salary threshold as determined by such (local) authority.

§ Working fifteen (15) minutes or less outside the regular working hours per working day with the purpose to start up and/ or finalize work for the day, will not be considered as ‘working overtime’ and will therefore not be eligible for any overtime payment.[12]

5) Meal Allowance

Meal allowances are included in the overtime approval and must also run through the Payroll system.[13]

6) Dark hour premium

Employees who, conform their working schedule should do work during the period from 18.00 to 06.00 inclusive (so-called dark hours), shall be paid a compensation at the rate of 2.5% of their basic salary for each hour worked, with a maximum of Naf. 650, - per month.[14]

Other allowances related to after business hours operations, such as stand-by and on-call allowances are arranged and agreed upon in certain positions.

§ The Employee will discuss all matters relating to his/ her daily work preferably with his/ her People Manager first. Regardless of the foregoing, it shall always be possible for the Employee to discuss matters relating to his/ her daily work with another People Manager directly, however in such cases he/ she must notify his/ her immediate People Manager, which is necessary to maintain good relations within the business of the Bank.

§ In case of doubt, the Employee can always call upon the assigned Human Resource Relationship Officer (HRRO) for their advice. Matters of a private nature can be discussed with the external occupational health professionals referred to by the HRRO in charge.

§ For questions regarding (forthcoming) retirement and the financial details thereof, it is recommended to contact Maduro & Curiel's Bank Pension Fund Foundation.

§ In principle it will always be possible for the Employee to contact Senior Management directly, if he/ she should find it absolutely necessary. In any case the immediate People Manager should be informed.

§ The Human Resources Department serves as both a consultant and collaborator, providing guidance and support to both the Employee and the business..

1) Taking vacation days

a) The Employee should have been in service for at least three (3) months in order to be able to take vacation which he/ she is entitled to, unless otherwise agreed upon with the Bank (Employer).

b) Every year, before January 15th, each Employee shall insert the period or periods of the year he/ she wishes to take his/ her vacation, in the digital HR Portal. Employees who fail to observe this regulation, run the risk of having their request turned down during the year.

c) The Employee must ensure that his/ her vacation is approved, through the HR portal, by the People Manager, prior to going on vacation.

d) The Employee shall be under an obligation to take ten (10) consecutive vacation days every year. The People Manager of the Employee and the Human Resources Department shall see to strict observance of this rule.

In principle, no exceptions are possible, unless there are weighty grounds that justify an exception which needs to be approved at the discretion of the Bank.

e) The People Manager is ultimately responsible to ensure business continuity and proper vacation planning.

f) The vacation entitlement with regard to any calendar year shall, in principle, always be taken during the course of such year in consultation and after approval of the People Manager. Carrying over vacation days to the next calendar year shall be permitted up to a maximum of ten (10) workdays. In case of a carryover in excess of ten (10) workdays, the excess days will expire automatically.

The days in excess should be taken in the first (1st) quarter of the following calendar year. Unless otherwise agreed upon with Senior Management.

g) The Bank may reverse and/ or change an approved vacation in unforeseen, unanticipated situations if deemed necessary to assure continuity of business. The Bank will give ample notice when approved vacations are to be reversed. The Bank will take the financial commitments of the Employee, connected with this vacation, into consideration.

h) The Employee may take a half vacation day. Any such days will be deducted from the balance of vacation days.

2) Number of vacation days per year

The number of vacation days per year an Employee is entitled to, is specified in Appendix A.

3) Vacation allowance

Yearly, for the benefit of the Employee, the Bank deposits 8½% of the basic annual salary of the Employee in a vacation fund of the Employee. This amount is paid out to the Employee each year in the month of June (vacation allowance).

The applicable (wage) taxes/ social premiums due on the vacation allowances, shall be yearly deducted from the salary in monthly equal installments during the months of January until June, provided that this will not be in conflict with the local tax law.

The entitlement to vacation allowance will not be affected by any period of illness.

4) Disablement for work during vacation

The Employee, who falls ill during his/ her vacation must comply with all stipulations of the Bank’s Absenteeism Policies and Procedures in order to retain his/ her right to the vacation days not taken due to illness. The decision to prolong his/ her vacation, to compensate for the period ill, will be consulted with and decided by the Bank and cannot be prolonged automatically by the Employee.

5) Leave without pay

An Employee may, upon his/ her motivated and substantiated request, be granted extra furlough (leave) without pay, at Management’s discretion and only if the organization can accommodate/ if business permits.

In case the Bank grants the Employee special leave without pay, the Employee shall not accumulate vacation days nor a vacation allowance during such period.

6) Termination entitlement to vacation days

a) If the Employee does not perform his or her duties for a period of nine (9) consecutive months or more, due to illness or accident, vacation will not be accumulated over the period of the last three (3) months in which the work was not performed or on account of compliance with legal obligations during a total of at least six (6) weeks.

b) The Employee will only maintain the entitlement over the period of three (3) months out of the total period of illness.

c) This will be the case even if the period of illness falls partially in a following calendar year and on the understanding that periods are added together if they succeed each other with an interruption of less than one (1) month.

d) Vacation time already accumulated and taken during the time worked shall not be affected by this.

e) If an Employee partially returns to work after sickness, meaning resumes work for 50% or more, they will resume with the accumulation of vacation days as per usual. The Employee is also entitled to take his/ her vacation, whereas each day will be considered as one (1) day, despite the percentage actually worked.

7) Absence without leave/ reason

In the case of absenteeism during work without permission of the Bank and without legal and/ or valid reason, the Bank will deduct hours not worked from the Employee’s salary (no work, no pay) and the Employee will lose his/ her entitlement to a corresponding part of his/ her vacation, whereby a part of a day is counted as a whole day.

The Employee will also be subjected to disciplinary measures, up to and including (immediate) dismissal.

8) Assignment of vacation

The Bank is authorized to reasonably assign vacation to the Employee without the latter having applied for such holidays, if it is considered to be in the interest of the service and also in case the authorized number of vacation days to be accumulated tends to be exceeded. The Bank shall notify the Employee of such assignment at least two (2) weeks in advance.

9) In case of termination of Employment

At termination of the Employment, the Employee must take the remaining vacation days during the term of notice, unless otherwise decided by the Bank after consultation.

If the Employment of the Employee ends prior to the end of the current calendar year, the vacation allowance will be pro-rated to the number of full months of service. A full month is considered being greater than fifteen (15) calendar days. The Employee must reimburse the Bank for the amount received in excess.

In case an Employee is dismissed for urgent reasons or, the Employee will be entitled to receive any (pro-rated) vacation days and/ or allowance up to the date of termination. In case of termination during the probationary period, the Employee will not be entitled to receive any (pro-rated) vacation days and/or allowance.

10) Short leave of absence

Short leave of absence are cases in which the Employee may take time off with pay. These extraordinary cases are mentioned in Appendix B.

11) Compulsory military service

The Employee who is called up for compulsory military service shall be placed on "non-active" service without pay by the Bank for the duration of the period to be spent in legally required military service.

12) Pregnancy and maternity leave

a. The Employee is entitled to full pay during pregnancy leave. This consists of the period before the estimated delivery date (“pregnancy leave”) and the period after the birth (“maternity leave”).

b. Local Law Regulations regarding the duration of the pregnancy-, maternity leave, and nursing apply.

1) Employment anniversaries

The Employee who has completed 5, 10, 15, 20, 25, 30, 35 or 40 and 45 years in the service of the Bank, shall be paid a gratuity in cash up to a maximum of Naf. 20.000, - gross[15]. The amount of the gratuities are mentioned in Appendix C.

2) Bonus

The Bank grants a year-end bonus amounting to an additional month's pay[16] to Employees who were in the service of the Bank on December 31st of the relative year and who had been in the service of the Bank during the whole of that year.

a) Employees who entered the service after January 1st of the calendar year, shall be granted a pro-rated bonus. An Employee who leaves the service of the Bank before December 31st of that calendar year, may be granted a proportionate bonus by way of special gratuity, at the discretion of the Bank.

b) As this bonus is based on the operating results, it is brought to the notice of the Employee that the Bank has not incurred any obligation to pay such bonus, and that, therefore, the Bank can decide at any time to grant no bonus, or to pay a lower bonus, in a certain year or years.

c) If the Bank should be forced in any year not to grant any bonus, or to grant a lower bonus, the notice shall be given to the Employees before the last quarter.

d) In case an Employee is dismissed for urgent reasons or terminated within the probationary period, the Employee will not be entitled to any (pro-rated) year-end bonus and/ or anniversary payment.

3) Bonus for valuable suggestions

If any suggestion of the Employee should result in considerable additions to the earnings or savings in costs of the Bank, the Bank can grant a cash bonus for such suggestion.

The decision on granting such bonus and the amount of it shall be at the discretion of the Bank.

No bonus shall be granted for suggestions and tips considered to be part of the regular duties of the Employee concerned.

In order to qualify for a bonus, the Employee shall submit his suggestion, clearly specified in writing. Subsequently, the Bank shall evaluate the suggestion and quantify its value to the Bank. On such basis the Bank shall make a decision and inform the Employee accordingly.

4) Wedding gift

On the occasion of his/ her marriage the Employee shall be granted an amount of Naf. 250, -[17] by the Bank as a wedding gift. This amount is per couple, meaning if two (2) Employees were to marry each other, the couple will receive Naf. 250, -.

5) Gift for newborn babies

Newborn babies of the Employee shall be eligible for a gift of the Bank to the amount of Naf. 200, -.[18]This gift is applicable per child, regardless of whether both parents are employed with the Bank.

6) Other gratuities

From time to time the Bank may decide to pay other gratuities, which however, shall at all times, remain at the discretion of the Bank; no rights can be derived from such gratuities.

7) Tax on gratuities

Taxes for the gratuities, gifts and bonuses are subjected to applicable (wage) taxes and social premiums, unless otherwise stipulated by the Tax authorities. The taxes shall be paid by the Employee.

1) Medical insurance

A collective medical insurance is taken for the Bank’s Employees, whether or not subject to the state ordinance of medical insurance and the state ordinance of accident insurance. The medical insurance can be provided (solely) by the government, the private insurance or a combination of the private insurance package, depending on the jurisdiction requirement. The Bank at this present time will cover 100% of the Medical Coverage Premiums for Employees, regardless of medical insurance provider.

All changes implemented by the local government insurance and/ or the private insurance shall apply to the Bank’s Employees be considered to be implemented as of the same date with respect to the conditions mentioned herein. The Bank shall inform its Employees of important changes, however, not informing the Employees does not grant Employees any rights.

2) Additional Preventive Medical Check-up

If an Employee (aged 35 and older) were to request an additional preventive medical check-up, i.e. a 2nd opinion and/ or any other additional medical check-up or test (not covered by the insurance provider), this check-up may be covered by the Bank.

The requirements related to this compensation are mentioned in Appendix D.

3) Expenses for Spectacles/ Lenses

a) Employees are entitled for expenses regarding the purchase of spectacles or contact-lenses. The Bank shall compensate costs of the spectacle-frame or contact-lenses as prescribed by an eye-doctor or an optometrist up to a maximum amount[19]. The compensation for either spectacles or contact-lenses is excluding sales tax. (Prescription) sunglasses do not fall within the scope of the Bank's coverage.

The requirements related to this compensation are mentioned in Appendix D.

b) The Employee’s spouse or registered partner, and children up to the age of 25 are also entitled to this compensation. This compensation is also excluding sales tax and reducing the amount covered by the government Basic Health Insurance[20]. (Prescription) sunglasses do not fall within the scope of the Bank’s coverage.

The requirements related to this compensation are mentioned in Appendix D.

c) In case the Employee's spouse or registered partner is already entitled to any similar compensation of expenses on account of such spouse's or registered partner’s own Employment, no appeal can be made hereon by such spouse or registered partner.

4) Care of elderly and mentally and/or physically challenged relatives living as members of the household

All Employees with:

§ Relatives (parents and spouses) living in the same household, aged 65 or over;

§ Relatives who are mentally and/ or physically challenged living in the same household;

Shall be eligible, at the discretion of the Bank, to receive a monthly compensation of max. 50% of the expenses in connection with the care of such relative in an institution or for professional nursing care at home. This monthly compensation will be paid out for the duration of one (1) year effective immediately when the care is needed. After receiving the compensation for one (1) year, the Employee and family members will be in charge of 100% of the expenses.

In order to be eligible for this compensation the following conditions should be met:

§ Family members must be living in the same household of the Employee when the care (either home care or nursing home), based on medical grounds, is requested;

§ Care should be provided by a recognized professional home care provider (for instance “Stichting Wit Gele Kruis”/ “WGK”);

§ Proof of medical grounds stated by a physician should be submitted[21];

§ Nursing home expenses will be compensated after the income (pension etc.) of the family member has been deducted from the total expenses. The Bank will compensate 50% of the remaining balance;

§ Previous approval of the Human Resource Department should be given;

§ Every three (3) months the status as regards to the medical necessity of the required assistance, of a recognized professional home care provider, shall be evaluated;

§ A (new) guarantee letter shall be issued each time with a duration of three (3) months;

§ This benefit is not to be combined with other related benefits and compensations.

5) Corrective Laser Eye Surgery (Lasik/ Lasek)

a) Employees may be eligible for a one time compensation of a maximum of 50% of the expenses, up to a maximum of Naf. 2.250, - related to a corrective laser eye surgery (Lasik/ Lasek).

b) After the surgery the Employee will no longer be eligible for compensation of expenses for spectacles, spectacle-frames or contact lenses during a period of five (5) years immediately following the treatment, neither on medical grounds.

c) The Employee shall, provided it will be performed on medical grounds, get the day of the operation as a special leave. If the surgery is not performed on medical grounds the Employee shall have to take up vacation days.

d) It is optional for the Employee to decide if they want to go abroad or perform the surgery locally. Travel expenses are not included in the compensation.

For further information regarding other conditions to be eligible for the compensation of the above surgery, the Employee should contact the Human Resources Department.

6) Dental Care

The Employee is entitled to a compensation for dental care. This is subject to certain conditions and maximum, which are documented in the Health insurance policy.

The requirements and how to declare these costs are communicated to all Employees per jurisdiction.

7) Psychological Treatment

In case the expenses related to psychological treatment services are not covered by the health insurance provider or exceeds the limit covered, these expenses may be compensated by the Bank. Employees and child (ren) may be eligible, provided the following conditions should be met:

a) Letter or evidence indicating that the health insurance provider does not cover the treatments or part thereof;

b) Previous approval by the Human Resources Department;

c) Administrative referral by the Family doctor or Specialist;

d) Maximum amount of Naf. 1.250, -[22] per year (containing either consultations or psychological tests).

8) Death benefit of an Employee

In case a married Employee or an Employee with a registered/ notarized partner should pass away, the Bank shall pay the widow or the widower, as the case may be, an allowance during six (6) months by way of a contribution towards smoothing the transition from a salary to a pension.

For the first (1st) month, such allowance shall amount to 90% of the difference between the amount of the pension allowance and the last monthly salary drawn by the Employee, and shall be gradually reduced to 0% in the seventh (7th) month (90-70-50-30-20-10-0%).

9) Miscellaneous

The Employee, and after his’/ her’ death his/ her widow or widower, shall be under an obligation to inform the Human Resources Department timely of any relevant data. The Bank shall not accept liability for non-payment.

10) Life and accident insurance

There are special life and accident insurances effected on behalf of all Employees and their spouses. Those who wish to acquaint themselves with them can contact the Human Resources Department.

A brief summary of the main stipulations are mentioned in Appendix D.

The Bank shall be under the obligation to effect deductions and pay the tax due by its Employees over the wages of its Employees.

The wage tax due, in respect of the wages for the regular pay period, shall be determined by wage-tax tables valid for such pay period. In addition to this period table, there is also the table for "special remunerations". This table shall also be applied to profit sharing bonuses, gratuities, overtime pay and other remunerations.

All new hires are handed an individual payroll wage-tax statement at the commencement of their Employment. The new hire is under the obligation to supply the data requested and must hand in the individual payroll wage-tax statement form, clearly, fully completed, without reservations and signed at the Human Resources Department before the first salary payment.

New and existing Employees are also under an obligation to hand in a (new) individual payroll wage-tax’s statement form, if any changes should occur with regard to circumstances relevant to the levy.

The possibility exists that Employees may be eligible for a personal and/ or mortgage loan, at the Bank's discretion, with a special interest rate of 6% for personal loans and 4% for mortgages being charged to the Employee.

All Employees who want to apply for a loan must submit an official request to the Human Resources department[23]. All loans submitted are considered case by case and must comply with the Bank's procedures and the regulators' requirements.

The Employee is responsible for providing the required and/ or supporting documents to analyze the loan request thoroughly. All Employees who have submitted applications will receive notice of either approval or rejection of their request from the Loan officer.

Through the Human Resources department, the Bank will provide the possibility of the following advances and/ or loans:

1) Overdraft (Limit)

An overdraft is a limit an Employee can request on their current salary account. In order to apply for an overdraft, the Employee can request the amount needed to a maximum of Naf. 1.000, -.

2) Personal Loans

Personal Loans are all other loans not related to car or mortgage loans. Each request for personal loan will be analyzed individually and based on the circumstance.

3) Car Loans

Employees with more than one (1) year in active service can apply for a new or second-hand car loan. The necessary information will be requested and must comply with the applicable TDSR (Total debt servicing ratio[24]) threshold. It is essential to keep in mind that under no circumstance shall the car be re-sold or transferred during the period of repayment without previous approval in writing from the Human Resources Department.

4) Mortgage Loans

The Bank offers each Employee assistance with a mortgage plan at a special rate. Employees applying for a mortgage need to comply with the set requirements. Employees can purchase a new home, build a house, re-finance an existing one, or buy a second home.

5) Advances

Employees can request an advance from the vacation funds or December funds, and the advance requested is added as an overdraft on the Employee’s current salary account.

6) Credit Cards

The Employee may be eligible to hold a Bank credit card at the Bank’s discretion. There are no maximum amount of credit cards per Employee and the Human Resources department shall decide the limit on the credit card based on the TDSR regulation.

If for any reason an Employee is no longer employed at the Bank, the loan/ advances will be converted into a customer loans with the applicable fees and interest rates.

· STUDY EXPENSES

· SCHOOL BOOKS, UNIFORMS & MATERIALS

· COMPENSATION DAYCARE, TUTORING & AFTERSCHOOL PROGRAMS

· CHILDMINDING

· CREDIT CARDS

· SAFE DEPOSIT BOX

· TRANSACTION CHARGES

· SAVINGS SCHEME

​

1) Study expenses

If a certificate or diploma obtained by the Employee is deemed to be in the interest of the Bank, the Bank shall be prepared to take for its account the fee for tuition and study material, covering the nominal duration of such study.

This shall be evaluated for each case separately, and compensation of the fee and study material (in full or in part) shall be at the discretion of the Bank[25].

2) School books, uniforms and materials

For the purchase of school books, study materials and uniforms on behalf of Employees' children studying at an officially recognized institute[26] for foundation-based education or otherwise attending an officially recognized training course or study program of a comparable level and/ or content, shall be compensated up to a maximum of Naf. 650, -[27] per child per year.

For Employees' children following a study at an educational institution for advanced, secondary or higher education or otherwise attending an officially recognized training course of a comparable level and/ or contents, 75% shall be compensated up to a maximum of Naf. 1000, - per child per (school) year. Original receipts and the official list of books should be submitted for payment to be effected.

The above shall include, among other things, the following training courses/ institutes: “Basisvorming VSBO, HAVO, VWO, SBO[28] and HBO studies, Akademia Pedagogiko, IFE, International and local universities (University of Curacao, University of St. Maarten & University of Aruba)”.

The requirements for compensation and the process to declare these costs are communicated in separate documents.

3) Compensation Daycare, Tutoring and afterschool programs

All Employees with children who have not yet reached the age of 18, and if such children are taken care of during office hours by a care institute as described below shall be eligible, subject to the conditions mentioned in the Procedure Daycare Expenses and Tutorial Fees[29], for a compensation.

The daycare and/ or tutoring institution must be an official institution registered at the (local) Chamber of Commerce. The Bank does not support payments to any unregistered institutions.

Employees are required to submit:

§ a copy of the proof of payment (monthly);

§ the completed and signed registration form (yearly);

§ an excerpt from the (local) Chamber of Commerce of the active registration of the daycare and/ or tutoring institution (yearly).

Compensations can be declared every month and must be submitted online through the HR digital portal.

4) Childminding

With previous approval of the Human Resources Department or the People Manager, Employees who, in connection with job related projects and other activities have to work overtime for the Bank, may be eligible for an hourly pay of Naf. 25, -[30] by way of compensation for the expenses of childminding for children of the Employee aged 0 to 5 years old.

5) Credit Cards

Employees, who hold a personal credit card of the Bank, shall pay 50%, of the regular interest rate. The annual fee shall not be applicable to these credit cards. The (optional) balance protection must be paid by the Employee.

6) Safe deposit box

Employees and Pensioners shall enjoy 25% discount off the rent of a safe deposit box, if such boxes are available.

7) Transaction charges

The Employee shall be exempted from paying charges in connection with transactions transferred by telex/ swift, provided that the transactions have been performed for the Employee himself, his/ her spouse and/ or minor children; and a regular private transaction is involved which is not of a commercial nature.

8) Savings Scheme

For the purpose of promoting saving among its Employees, the Bank has introduced a savings-scheme.

a) Savings that can be withdrawn at any time, at an interest rate of 2% per year.

b) Savings tied up for one year, at an interest rate of 3%, per year with a maximum of Naf. 150.000, -.[31]

c) Savings tied up for the whole duration of the Employment, at an interest rate of 4½%, per year with a maximum of Naf. 150.000, -.[32]

This savings-scheme shall only be applicable to amounts set aside by way of savings through deductions from the Employee's salary, while the aforementioned interest rates can at all times be adjusted, at the discretion of Senior Management.

The Employees shall be given previous notice of such adjustment. The Employee can set aside a maximum of 25% of his/ her (net) salary by way of savings. If the Employee should wish to withdraw the funds prematurely, the Bank shall judge what interest rate shall be applied.

The Employee, as also the Pensioner, will be under the obligation, also in his/ her own interest, to notify the Human Resources Department within three (3) weeks, of paperwork evidencing new data and any and all changes with regard to their personal status, included but not limited to change of address, marriage, divorce, the birth of a legitimate child, or any other relevant information which are or may be of importance in establishing the Employee’s rights and obligations. If, e.g., the Employee/ Pensioner should fail to pass on such data, he/ she will run the risk of the relevant health and accident risks and pension not being insured or not being timely insured, with all the ensuing undesired consequences, while moreover no claim can be laid to the widows’/ widowers’ and orphans’ pension later on.

The Bank is entitled to postpone payout of the pertaining benefits until the Employee presents the valid paperwork justifying that related benefit. The benefit will be paid retroactively for the maximum period of one (1) month upon receipt of the valid back up documentation.

Furnishing false information or concealing facts to the Bank may result in loss of claims and/ or disciplinary actions being taken against the Employee up to/ and including termination of the Employment Agreement.

1) Performance evaluations take place to provide Employees the opportunity to discuss mutual goals and the overall strategic objectives of the Bank. On an annual basis, normally during the months of November or December, the Employees and the Bank will finalize the annual performance evaluations as prescribed in the manual. This manual available to all Employees through the online HR portal.

2) The performance evaluation will assess the performance of the Employee. The shortcomings will be identified in the event the Employee fails to meet or carry out his/ her duty as outlined in his/ her job description. Suitable measures towards improving performance standards will be explored[33].

3) If such evaluation results to be satisfactory, a salary increase within the group may be granted. The merit increase percentages applied by the Bank for the annual performance evaluation are as follows:

§ Good: 3%

§ Very Good: 4%

§ Outstanding: 5%

4) An Employee, who has already reached his/ her maximum salary, will be granted, instead of a salary increase, a lump sum equal to the salary increase to which he/ she would have been entitled.

5) As regards to Employees close to the maximum of their group, the salary will first be adjusted to the maximum of their group and the difference will be paid out as a lump sum.

6) The performance of the Employee who was absent for six (6) months or more during his/ her evaluation period, shall be evaluated for the period during which he/ she performed. The related salary increase, if any, shall be applied proportionately.

7) In case the Employee does not agree with the evaluation, he/ she has the right to appeal to the Manager Human Resources within fourteen (14) days after discussing the evaluation with his/ her People Manager. The Manager Human Resources will take the complaint, accompanied with a HR recommendation, to the Senior Management for further discussion and assessment. After this the Bank will inform the Employee of its final decision in a letter.

8) The minimum period of employment linked to performance evaluation in order to determine if an Employee is eligible for a performance based salary adjustment is a minimum of three (3) months, before the calendar year ending. The payment of any performance based increase would be pro-rated. A performance evaluation must be in place[34].

With regards to an Employee who has been assigned to a higher function, a trial period of three (3) months shall be observed. His/ her People Manager may extend this period in consultation with the Human Resources Department. On completion of the trial period, and after a positive formal performance evaluation the Employee should receive a level adjustment to the position level, regardless whether it means an increase of two (2) or three (3) levels.

This should be confirmed in writing to the Employee, including that the level adjustment is retroactive to the start date of the higher function.

1) The functions in the Bank are classified into salary groups, depending on the nature of the requirements laid down and the related activities. To make such classification, the Hay method[35] is applied.

2) The Hay method is used for job evaluation and job profiling. This method is aimed at establishing the contribution expected from a job to realize the objectives of the organization (“output”) and what is required in a function to enable such contribution to be made (“input/ throughput”).

3) Basis for formal evaluation of an existing position is when the contents and job related function has been significantly altered. Significantly does not comprise of increase workload of same, the nature of the position needs to have changed to such an extent that in any of the mentioned areas there is enough change to warrant an evaluation.

1) If and when an Employee, based on knowledge, skill and experience is able to effectively perform in a position with a higher position level, the Employee can be, temporarily, assigned to do so. Performing in a higher level position can be required in case of (long term) absence of the Employee in said position.

2) The Bank holds the view that:

§ a function is never fully exercised in case of temporary assignment;

§ the assignee will get working practice in a higher group, adding to his/ her know-how and experience, thus increasing his/ her chances of promotion.

3) In case the period extends over a period longer than four (4) weeks, the Employee concerned shall be eligible to receive a compensation for the duration of the assignment. The calculation of said compensation will be based on the days effectively worked in the position and the minimum of the salary range of the higher position.

4) In case the period should be longer, Management shall, depending on the circumstances and for each case separately, decide on the eligibility of the Employee concerned for extra pay, or for promotion to a higher group.

5) To be eligible for pay, Employees will be required to assume at least 75% of the responsibilities associated with the role. If the Employee is carrying out only a part of the responsibilities attached to this higher position, that part should be evaluated to determine the level at which the relief was carried out and whether indeed (a part of) the deputy allowance should be paid. In this particular situation, each case must be assessed on its own merit.

6) The People Manager will provide details of the responsibilities to be deputized, in writing, to the Human Resources Department, prior to the Employee assuming the deputized position.

7) Not be eligible for a deputy allowance, are:

§ Employees in training (because they are or in the future may be assigned to another job, thus increasing the chances for employability or promotion;

§ Interns;

§ Official appointed trainees.

1) Tellers shall be granted a yearly (pro rata) cash allowance[36] amounting to a maximum of Naf. 1.500, - for the purpose of covering cash differences, if any.

2) Such allowance shall be indissolubly connected with the function of a teller, and shall automatically be cancelled when the Employee is assigned to another function.

3) The Bank shall be authorized to adjust the allowance from time to time. Adjustments shall be made with effect on January 1st (first) of the year in which the adjusted teller premium or the cash allowance, as the case may be, shall be applicable. Notice of such adjustment shall be timely given before January 1st (first) of the relevant year.

The pension scheme for the Employees has been placed with the Maduro & Curiel's Bank Pension Fund Foundation and the Caribbean Mercantile Bank Pension Fund Foundation[37] (Hereinafter jointly the “Fund”). The Fund is entrusted with and responsible for this pension provision and for such purpose has made a pension arrangement for the eligible Employees on the conditions applicable to the foregoing from time to time and as included in the relevant pension regulations. The Fund also takes care of the execution and management of the pension scheme for the Employees.

§ The Employee who fails to comply with his/ her obligations, and/ or acts contrary to the Conditions of Employment, his/ her individual Labor Agreement, the Bank’s "Guidelines for Business Conduct", the Bank’s policies, procedures, regulations, instructions, manuals/ handbooks and/ or the (local) law, can be disciplined by the Bank according to the seriousness of the violation and the history of the Employee, with:

1) A verbal (informal) or written (formal) reprimand (warning);

2) Suspension without pay up to a maximum of three (3) weeks at the most:

a. In case (repeated) violation of:

i. the Labor Agreement between the Bank and the Employee;

ii. the Bank’s policies, procedures, regulations, instructions, manuals/ handbooks;

iii. and/ or the (local) law.

b. If the obligations of a good Employee[38] have been dishonored.

c. If the Employee has already received a reprimand (warning) verbally or in writing with respect to the offence concerned.

3) Termination of Employment in accordance with the legal provisions (local laws) and proceedings, taking a reasonable term of notice into account.

4) Termination of Employment for urgent reasons due to instant or immediate dismissal, without the obligation to take a term of notice into account.

§ Only when the employee involved has had the right to be heard himself/ herself and the investigation has been concluded, it will be decided if any disciplinary measure will be given, as well as which form.

§ In case a serious offence is suspected, an Employee may be relieved of his/ her duties without any loss of pay and will be requested to not enter the Bank’s premises pending further investigation, up to five (5) working days. This period can be extended depending on the nature and complexity of the investigation. This explicitly is not considered a disciplinary measure. However, if after the investigation has been finalized and it has been concluded that a serious offence by the Employee took place, the Employee can be subjected to disciplinary measures as described above.

§ For the record, it is hereby established that a written warning ceases to be effective after two (2) years and that more severe disciplinary measures (such as suspension) cease to have effect after a period of five (5) years. This implies that after the above-mentioned periods disciplinary measures applied shall not have any effect on evaluations or opportunities for promotion, as the case may be.

§ The lawful urgent reasons that are considered for an instant or immediate dismissal, are stated in the respective local laws.[39]

§ Without prejudice to the provisions made in these Conditions of Employment, the "Guidelines for Business Conduct", and the Bank’s policies, procedures, regulations, manuals/ handbooks, instructions and/ or the law and the regulations or modifications of existing regulations to be newly issued by the Bank from time to time, the Employee shall be considered to have betrayed the trust put in him/ her, if the Employee commits any acts or abetted, aided, facilitated any acts to be committed, or omits any acts or abetted, aided, facilitated any acts to be omitted that are contrary to the Bank or statutory regulations and/ or damage the Bank's reputation.

§ These acts shall be understood to include, but not exclusively, and/ or limited to, cases in which confidential Bank information is provided to third parties without the consent of the Bank or the client, assisting in any manner or being involved in any violation of Bank or statutory regulations, or failure to think when that should have been duly done, and taking the consequences for granted.

§ In case a disciplinary measure turns out to be unjustified, the Bank will reinstate the Employee in writing and pay any unpaid salary, or in case the disciplinary measure originally imposed is mitigated, diminish the consequences of the disciplinary measure originally imposed to a reduced disciplinary measure.

§ Complaints issued by Employees must be addressed as quickly as possible. It is always advisable for People Managers to maintain an open door policy and/ or conduct periodic Employee meetings to discuss the Employee’s possible grievances and complaints in a more informal setting.

§ An Employee who is of the opinion that he/ she has been treated incorrectly or unjustly in relation to his/ her work or on the work floor and/ or has any other concern related to his/ her employment, can lodge a relevant complaint.

Formal complaints [40]shall be handled in the following manner:

§ If an Employee has a complaint, the Employee shall meet and discuss this with the Employee’s immediate People Manager within two (2) working days after the circumstances giving rise to the complaint having occurred, or have come or ought reasonably to have come to the attention of the Employee, in order to give the immediate People Manager an opportunity of addressing the complaint.

§ If the complaint is not settled to the satisfaction of the Employee by the People Manager, within seven (7) working days of the discussion and/ or meeting, the next step is to plan a meeting to discuss the complaint with the Senior Manager or the Senior Management member (AMD/ MD) in charge.

§ If following the meeting with the Senior Management member the complaint is still not settled to the satisfaction of the Employee by the People Manager within seven (7) working days of the discussion and/ or meeting, this complaint may then be filed with the Human Resources Department.

Formal complaints addressed to Human Resources will be dealt with in the following ways:

§ The complaint shall be lodged at the Human Resource Department by the Employee concerned.

§ Within five (5) working days after having been notified about the complaint, the local Human Resources Manager shall take a decision about the complaint after consulting Senior Management. The Employee will be notified thereof in writing.

§ In case the Employee is not satisfied, he/ she can lodge an appeal with Senior Management within five (5) working days after having been notified of the decision of the Human Resources Manager.

§ Senior Management must take a decision with respect to the complaint(s) presented in the appeal within ten (10) working days after receiving the appeal, and notify the Employee concerned of the decision taken in writing.

The MCB Group Whistleblower Policy

§ The MCB Group Whistleblower Policy provides Employees the possibility to report concerns and the protection against retaliation for those who do so. The Whistleblower Policy, the intent, scope and further proceedings belonging thereto forms part of the Guidelines for Business Conduct.

With regard to all the provisions laid down in these presents regarding the Bank’s Conditions of Employment and stipulations, the Bank would like to bring the following to the attention of all Employees.

§ It is the philosophy of the Bank to have the Employees share in the prosperity experienced by the Bank. As long as it is feasible the Bank will maintain and, if and where possible, improve the Conditions of Employment from time to time.

§ In case, however, business management considerations should force the Bank to reconsider the Conditions of Employment granted, all Employees should take into consideration that the Conditions of Employment may be revised. Although the Bank hopes that it will never come to that, from a point of view of honesty and fairness to the Employees, the Bank deems it appropriate to emphasize the foregoing. Naturally, notice of any adjustment, and especially if such adjustment is not in favor of the Employee or his/ her family, will be given or announced, as the case may be, as early as possible and amply before its commencement.

§ All codes of law, articles and documents to which reference is made, shall be open for inspection at the Human Resources Department or Legal Department of the Bank.

1) An Employee with less than 5 years of service shall be entitled to 17 workdays vacation a year, i.e. 1.42 workdays a month.

2) An Employee with at least 5 years, but less than 16 years of service, shall be entitled to 19 workdays vacation per year, i.e. 1.58 workdays per month. This shall also apply to Employees classified in group GO5 up to and including G07 or A33 up to and including A35.

3) An Employee with more than 16, but less than 26 years of service, shall be entitled to 21 workdays vacation per year, i.e. 1.75 workdays per month.

This also applies to all Employees classified in groups S08 up to and including S12 or A36 up to and including A42.

4) An Employee with 26 years of service or more, or an Employee who is classified in group S13 or A43 or higher, shall be entitled to 23 workdays vacation per year, i.e. 1.92 workdays per month.

5) Every year Employees aged 55 and older shall be allowed an extra day off in the month of their birthday.

Except for cases of delivery or death, proof may be required for the purpose of obtaining extraordinary leave.

In cases in which such can be foreseen, the Employee shall inform his immediate People Manager at least one (1) week in advance of the facts that justify any anticipated extraordinary leave of absence.

The following anniversary gratuity will be paid on the occasion of the Employee anniversaries with the Bank.

The gratuity for all existing Employees in service of the Bank, prior to January 2024, will be as indicated below:

For all new Employees hired on or after January 2024 the gratuity will be as indicated below:

This Appendix aims to provide additional information and/ or requirements related to Article 10.

The conditions and requirements mentioned herein can at any time by revised and or adapted at the discretion of the Bank. The Bank will inform all Employees in a timely matter if any changes were to be implemented. All amounts mentioned must be applied at equivalent local currency.

1) Additional Preventive Medical Check-up

Employees aged 35 and older can undergo an annual "check-up", additional check-ups, 2nd opinion requests or medical tests, which for any reason are not covered by the insurance provider, can be covered by the Bank up to a maximum amount of Naf. 300, - per year.

This would include medical check-ups and/ or tests performed abroad as well.

2) Expenses for Spectacles/ Lenses

Employees are entitled for expenses regarding the purchase of spectacles or contact-lenses every two (2) years (after purchase date). For MCB-Bonaire this is every three (3) years equal to the government Health Insurance. The Bank shall take for its account the total cost of the contact-lenses and/ or spectacle-frame as prescribed by an eye-doctor or an optometrist up to a maximum of Naf. 1.100, -. This compensation is excluding sales tax and reducing the amount covered by the government Basic Health Insurance.

The Employee’s spouse or registered partner and children up to the age of 25 are also entitled to this compensation. On the understanding that 50% of the expenses shall be compensated up to a maximum of Naf. 500,- for contact lenses or spectacle lenses and a spectacle frame, excluding sales tax and reducing the amount covered by the government Basic Health Insurance.

In case the Employee's spouse is already entitled to any similar compensation of expenses on account of such spouse's own employment, such spouse's entitlement ensuing from this subsection shall become ineffective. Sunglasses shall not be paid for, neither with prescribed glasses.

Instructions and how to declare these costs are communicated to all Employees per jurisdiction.

3) Life and Accident Insurance

The (main) stipulations (summed up briefly) below of these policies are applicable to an Employee who is employed in permanent service/ indefinite period of time, unless otherwise indicated below:

a. In case of death of the Employee 18x the basic salary with a minimum of Naf. 25.000, - till the age of 64 years.

b. In case of death of an Employee in consequence of an accident, in conformity with the judgment of the Insurance Company, the amount mentioned above in subsection a. plus additionally 6 years’ basic salary, with a maximum of Naf. 750.000, - and a minimum of Naf. 100.000, - till the pensionable age.

c. This last-mentioned insurance shall also cover the risk of permanent disability in consequence of an accident, in respect of which the compensation shall be determined by the degree of disability as provided in the policy.

d. In case of death of the spouse of an Employee Naf. 25.000, - till 64 years of age or as stipulated from time to time in the insurance agreement.

e. In case of death of the spouse of an Employee in consequence of an accident the abovementioned subsection d plus an additional Naf. 30.000,- till the pensionable age of the spouse/ registered partner till 64 years of age or as stipulated from time to time in the insurance agreement.

In case of death of a child of the Employee:

a) Up to the age of 21 and for studying children/ mentally and/or physically challenged children up to the age of 27, Naf. 5.000, -

b) On behalf of part-timers there is a life insurance amounting to Naf. 10.000, - till the pensionable age.

c) Funeral expenses of the Employee, who reached the pensionable age in the employment of the Bank and the Employee who has taken early retirement, shall be paid up to a maximum of Naf. 9.000,-.

​

[1] Legally with formal documents to support.

[2] With established residency in Curacao, Aruba, St. Maarten and the BES Islands (or emerging countries and public bodies).

[3] Online digital portal provided by the Human Resources Department.

[4] Reference is made to the MCB Group Internet and Email Code of Conduct.

[5] Refers to properties and belongings of the Bank.

[6] Online digital portal provided by the Human Resources Department.

[7] Similar scope of activities as the Bank.

[8] Reference is made to the Policy & Procedure regarding Health- related absenteeism which outlines the process regarding re-integration and/ or termination due to absenteeism.

[9] Part-time Employment may consist of less working hours and alternating days.

[10] Article 13 of the “Arbeidsregeling 2000” gives further guidance on this subject.

[11] “MCB Group” or The “Bank” refers to Maduro & Curiel’s Bank N.V. (‘MCB’) and its subsidiaries Maduro & Curiel’s Bank International N.V., Maduro & Curiel’s Insurance Services N.V., Maduro & Curiel’s Risk Insurance Services N.V., Maduro & Curiel’s Bank (Bonaire) N.V., Caribbean Mercantile Bank N.V., The Windward Islands Bank Ltd., The Windward Islands Bank International Ltd. and such subsidiaries or business units added to MCB Group.

[12] Reference is made to the Overtime Policy and Procedure of the Bank which describes in detail the regulations related to overtime and overtime pay and the rates paid for overtime as established by local law.

[13] Reference is made to the Overtime Policy and Procedure of the Bank which describes when Employees are eligible to receive a meal allowance.

[14] Equivalent currency applicable at each island.

[15] Equivalent currency applicable at each island.

[16] “13th month salary”

[17] Equivalent currency applicable at each island.

[18] Equivalent currency applicable at each island.

[19] Amounts and compensations are mentioned in the related Appendix.

[20] If applicable.

[21] The proof of medical grounds containing medical information will be forwarded directly to the professional home care provider. The Bank will not keep any records containing confidential medical information.

[22] Equivalent currency applicable at each island.

[23] Process may vary per jurisdiction.

[24] The percentage of gross monthly income required to cover all other debts, loans and monthly obligations

[25] Reference is made to the Policy and Procedure Learning & Development.

[26] Officially recognized at the Department of Education.

[27] Equivalent currency applicable at each island.

[28] Equivalent levels hereof at each island.

[29] Reference is made to the Procedure Daycare Expenses and Tutorial fees.

[30] Equivalent currency applicable at each island.

[31] Equivalent currency applicable at each island.

[32] Equivalent currency applicable at each island.

[33] Reference is made to the Procedure for Performance Management which covers the progression of communicating a performance gap, and describes how the Bank coaches, evaluates and rewards Employees.

[34] Reference is made to online guides regarding the Performance Appraisals Procedures.

[35] Reference is made to the Hay Procedure regarding the process that must be followed in order to warrant an evaluation.

[36] Reference is made to the Memo Cash Allowance 2015 and any other memo/ PPM on the topic superseding the aforementioned memo (insofar still valid)

[37] Solely for the Employees of CMB

[38] “Goed werknemerschap”

[39] Note that the list is not limitative.

[40] Formal complaints entails a written complaint mentioning the experienced grievances raised by the Employee that after attempts to raise and resolve issues through communication or other interventions were proven unsuccessful.

[41] As defined in Article 1 of this document.