Common use of Advanced Study Fund Clause in Contracts

Advanced Study Fund. For each month during the Employee’s employment, the Company shall contribute an amount equal to 7.5% of the Employee’s monthly Base Salary (but not exceeding the highest deductible and/or credible amount for tax purposes (the “Deductible Amount”)), and shall deduct an amount equal to 2.5% of the Employee’s monthly Base Salary for such month, from the Employee’s monthly Base Salary, and forward such amount on behalf of the Employee to the an advance study fund designated by the Employee in the name of the Employee, to cover a professional education fund (▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇). The difference between 7.5% of the Employee’s monthly Base Salary and the Deductible Amount shall be monthly paid to the Employee by the Company at the same time with the Base Salary (the “Additional Amount”). Nevertheless, the parties hereby agree that such Additional Amount shall not be deemed, for any purpose whatsoever, including without limitation for the calculation of the severance payment and/or any other social benefit, as a part of the Employee’s Base Salary hereunder.

Advanced Study Fund. For each month during the Employee’s employment, the Company shall contribute an amount equal to 7.5% of the Employee’s monthly Base Salary (but not exceeding the highest deductible and/or credible amount for tax purposes (the “Deductible Amount”)), and shall deduct an amount equal to 2.5% of the Employee’s monthly Base Salary for such month, from the Employee’s monthly Base Salary, and forward such amount on behalf of the Employee to the an advance study fund designated by the Employee in the name of the Employee, to cover a professional education fund (▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇keren hishtalmut). The difference between 7.5% of the Employee’s monthly Base Salary and the Deductible Amount shall be monthly paid to the Employee by the Company at the same time with the Base Salary (the “Additional Amount”). Nevertheless, the parties hereby agree that such Additional Amount shall not be deemed, for any purpose whatsoever, including without limitation for the calculation of the Target Bonus, severance payment and/or any other social benefit, as a part of the Employee’s Base Salary hereunder.

Advanced Study Fund. For each month during the Employee’s employment, the Company shall contribute an amount equal to 7.5% of the Employee’s monthly Base Salary (but not exceeding the highest deductible and/or credible amount for tax purposes (the “Deductible Amount”)), and shall deduct an amount equal to 2.5% of the Employee’s monthly Base Salary for such month, from the Employee’s monthly Base Salary, and forward such amount on behalf of the Employee to the an advance study fund designated by the Employee in the name of the Employee, to cover a professional education fund (▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇). The difference between 7.5% of the Employee’s monthly Base Salary and the Deductible Amount shall be monthly paid to the Employee by the Company at the same time with the Base Salary (the “Additional Amount”). Nevertheless, the parties hereby agree that such Additional Amount shall not be deemed, for any purpose whatsoever, including without limitation for the calculation of the Target Bonus, severance payment and/or any other social benefit, as a part of the Employee’s Base Salary hereunder.