Common use of Educational Fund Clause in Contracts

Educational Fund. The Company and the Employee shall open and maintain an Educational Fund ("Keren Hishtalmut") (the "FUND"). The Company shall contribute to such Fund an amount equal to seven and a half percent (7.5%) and the Employee shall contribute to such Fund an amount equal to two and a half percent (2.5%) of each monthly Gross Salary payment. The Employee hereby instructs the Company to transfer to the Fund the amount of the Employee's and the Company's contribution from each monthly Gross Salary payment. 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 Fund. In the event of termination for 'cause' Employee shall not be entitled to any of Company's contributions to the Fund made during this Agreement.