Common use of Advanced Study Fund Clause in Contracts

Advanced Study Fund. 6.2.1. Company has contributed certain monthly amounts and shall continue to contribute an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”). 6.2.2. Employee shall contribute, and for that purpose, Employee irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund. 6.2.3. Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund pursuant to this Section 6.2. 6.2.4. To the extent Employee’s Salary exceeds the recognized ceiling for contributions to the Advanced Study Fund that are exempted from taxes under the provisions of applicable law as shall be in effect from time to time (the “Advanced Study Fund Ceiling”), Employee shall have the option, to be exercised in his sole discretion, to apply the following provisions in connection with the Advanced Study Fund: 6.2.4.1. The contributions of Company and Employee shall be calculated based on that portion of the Salary up to, but not exceeding, the Advanced Study Fund Ceiling; 6.2.4.2. Employee shall be entitled to an additional monthly gross payment in an amount constituting 7.5% of that portion of the Salary that exceeds the Advanced Study Fund Ceiling (the “Additional Advanced Study Fund Payment”); 6.2.4.3. The provisions of Sections 5.2 and 5.3 above shall apply to the Additional Advanced Study Fund Payment and Employee will bear any and all taxes applicable in connection with the payment by Company and/or the receipt by Employee of the Additional Advanced Study Fund Payment. 6.2.5. In the event of termination of Employee’s employment under this Agreement for any reason other than a Termination for Cause (as defined hereinafter) Employee shall be entitled to all sums accumulated in the Advanced Study Fund. For the removal of doubt it is hereby clarified that the terms of this Section 6.2.5 shall apply to all contributions made to the Advanced Study Fund prior to the Effective Date.

Advanced Study Fund. 6.2.15.2.1. Company has contributed certain monthly amounts and shall continue to contribute an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”). 6.2.25.2.2. Employee shall contribute, and for that purpose, Employee irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund. 6.2.35.2.3. Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund pursuant to this Section 6.25.2. 6.2.45.2.4. To the extent Employee’s Salary exceeds the recognized ceiling for contributions to the Advanced Study Fund that are exempted from taxes under the provisions of applicable law as shall be in effect from time to time (the “Advanced Study Fund Ceiling”), Employee shall have the option, to be exercised in his sole discretion, to apply the following provisions in connection with the Advanced Study Fund: 6.2.4.15.2.4.1. The contributions of Company and Employee shall be calculated based on that portion of the Salary up to, but not exceeding, the Advanced Study Fund Ceiling;; and 6.2.4.25.2.4.2. Employee shall be entitled to an additional monthly gross payment in an amount constituting 7.5% of that portion of the Salary that exceeds the Advanced Study Fund Ceiling (the “Additional Advanced Study Fund Payment”); 6.2.4.3. The provisions , or, alternatively, at the option of Sections 5.2 and 5.3 above shall apply to the Employee, the Additional Advanced Study Fund Payment and Employee will bear any and all taxes applicable in connection with be transferred to a pension fund or other saving account, on the payment by Company and/or the receipt by Employee name of the Additional Advanced Study Fund PaymentEmployee. 6.2.55.2.5. In the any of event of termination of the Employee’s employment under this Agreement by the Company for any reason other than a Termination for Cause (as defined hereinafter) reason, the Company shall provide the Employee shall be entitled to with all sums accumulated in the Advanced Study Fund. For Severance Payments Component and Compensatory Payments Component of the removal of doubt it is hereby clarified that Managers’ Insurance Policy and shall deliver to Employee the terms of this Section 6.2.5 shall apply to all contributions made relevant release letters to the Advanced Study Fund prior insurance company and all such sums shall be on account of amounts the amounts the Employee is entitled to receive pursuant to the Effective DateSeverance Pay Law – 1963.