Pension Arrangement. The Executive is entitled to contributions to a pension arrangement of his choice (the "Pension Arrangement"), at the following monthly rates:
Pension Arrangement. The Employee shall be entitled to contributions to a pension arrangement of the Employee’s choice (the "Pension Arrangement"), at the following monthly rates:
Pension Arrangement. Executive is entitled to contributions to a Managers Insurance Policy (the “Policy”) or to a comprehensive pension plan (the “Pension Plan”), or a combination of the two, as may be selected by Executive, at the following monthly rates: In the event Executive chooses a Policy: (i) 8.33% of the Salary towards severance pay component; and (ii) 6.5% of the Salary towards the savings and risk component and the loss of the earning capacity component, at the ratio detailed below (the “Employer’s Contributions”). The Employer’s Contributions shall include contributions to the loss of the earning capacity component at the lower of (i) 2.5% of the Salary; or (ii) a rate which is required to ensure 75% of the Salary. The Employer’s Contributions shall not: (a) include a contribution to the savings and risk component that is lower than 5%; and (b) exceed a total of 7.5%. The Company shall also deduct 6% of the Salary to be paid on Executive’s account towards the Policy. In the event Executive shall choose a Pension Plan: (i) 8.33% of the Salary towards severance pay component; and (ii) 6.5% of the Salary towards the savings and risk component. The Company shall also deduct 6% of the Salary to be paid on Executive’s account towards the Pension Plan. In any event, the Company shall not bear more that 7.5% of the Salary (for savings and risk component and loss of earning capacity component combined). Executive shall be entitled to change his pension arrangement choice in accordance with and subject to the provisions of the law and subject to its compliance with the terms of the General Order (as defined below). It is hereby agreed that the settlement regulated in the General Order as amended (attached as Exhibit A) published under section 14 of the Severance Pay Law 1963 applies. The Company’s contributions to Executive’s pension arrangement will therefore constitute Executive’s entire entitlement to severance pay in respect of the paid Salary, in place of any severance pay to which Executive otherwise may have become entitled at law. The Company waives all rights to have its payments refunded, unless Executive’s right to severance pay is denied by a judgment according to sections 16 or 17 of the Severance Pay Law or in the event that Executive withdraw monies from the Policy in circumstances other than an Entitling Event, where an “Entitling Event” means death, disablement or retirement at the age of 60 or over.
Pension Arrangement. 4.2 This Clause shall apply where the Executive loses rights to future payments pursuant to clauses Seventh, Eighth or Ninth of the Senior Executive Contract dated 29 April 2009 between Banco Santander, S.A. and the Executive. In recognition that the Executive will by reason of accepting employment with the Employer, suffer significant loss in relation to future payments on retirement by virtue of his loss of rights as referred to in this Clause, the Employer has agreed to establish for the Executive as soon as reasonably practicable an unfunded pension arrangement for and in respect of the Executive (in terms to be agreed with the Executive and subject to complying with any requirements of the FSA, including its Remuneration Code, as amended from time to time) to compensate him in part for the loss of future payments under his existing arrangements.
Pension Arrangement. The Company encourages the Executive to tailor a pension arrangement, a Managers' Insurance Policy (the “Policy”) and/or Pension Fund (the “Pension Fund”) and/or alike, or a combination of plans that best suit the Executive's anticipated future needs. Therefore, the Executive shall be entitled to a pension arrangement in accordance with his/her choose. For the avoidance of doubt, in the event the Executive elects to combine plans, the contributions percentages will relate to such portion of the Determined Salary that the Executive has allocated towards each benefit plan as follows:
Pension Arrangement. As of the Employment Starting Date, the Company shall insure the Employee under a pension fund and/or managers’ insurance and/or provident fund and/or a combination of several types of such arrangements (the “Pension Arrangement"), according to the Employee’s selection regarding the pension product as well as the pension provider. For avoidance of any doubt it is hereby clarified that in any event the Company’s overall contributions will not be made from an amount exceeding the Employees’ Monthly Salary. Out of the Monthly Salary, Company shall contribute 6.5% to the Company remuneration (“Tagmulim”) component, provided the Employee contributes 6% for the Employee remuneration component. If the Employee has elected manager’s insurance and/or provident fund for his/her pension arrangement, it is hereby clarified that the Company’s contributions to the remuneration component to managers’ insurance and/or provident fund shall include a contribution of 5% for the remuneration component as well as payment for acquiring loss of ability to work insurance to insure 75% of the Monthly Salary. Notwithstanding, in the event that in order to acquire the aforementioned loss of ability to work insurance, the Company shall be required to increase the percentage of its contributions, in such case the Company’s contributions shall be increased up to 7.5% of the Monthly Salary. In addition, and for the avoidance of any doubt, the Company’s contributions percentages to the remuneration component for managers’ insurance and/or provident fund shall not be lower than 5% of the Monthly Salary, and the total amount of the Company’s contributions, including loss of ability to work insurance shall not be higher than 7.5% of the Monthly Salary.
Pension Arrangement. The Company and the Executive continue the Executive pension arrangement (a Managers’ Insurance Policy (the “Policy”) and/or Pension Fund (the “Pension Fund”) and/or alike, or a combination of plans that best suit the Executive’s anticipated future needs). As such, the Executive shall continue to be entitled to a pension arrangement in accordance with his choice. For the avoidance of doubt, in the event the Executive elects to combine plans, the contributions percentages will relate to such portion of Salary that the Executive has allocated towards each benefit plan as follows:
Pension Arrangement. 6.1. The Manager shall continue to receive insurance coverage in a provident fund and/or a pension fund and/or senior employees’ insurance and/or a combination thereof at his discretion, both with respect to the type of the pension product and with respect to the pension insurer (the “Pension Arrangement”) according to the rates and conditions as stated hereunder. For the avoidance of doubt, at the Manager’s request, and for tax considerations, the parties agreed that the deposits for benefits within the framework of the Pension Arrangement shall be performed only for a salary in the amount of ILS 22,000 (the “Pension Salary”). In accordance with the said provisions, the parties agreed that the amount in lieu of the deposits to benefits if the deposits for the benefits had been performed for the full amount of the Salary and not just for the Pension Salary will be paid each month to the Manager as Salary differentials. If the Manager or anyone acting on his behalf commences legal action against the Company and anyone acting on its behalf on the grounds of making pension deposits for benefits up to the amount of the Pension Salary only and not for the entire amount of the Salary, the Manager shall be obligated to return to the Company promptly the amount of the Salary differentials paid to the Manager during the entire term of the legal action, with the addition of linkage differentials to the increases in the consumer price index and maximum interest in arrears in accordance with the instructions of the Bank of Israel.
Pension Arrangement. 12.1. The Employee shall continue to be entitled to contributions to a Managers Insurance Policy (hereinafter: the “Policy”) or to a comprehensive pension plan (hereinafter: the “Pension Plan”), or a combination of the two, as may be selected by him, at the following monthly rates:
Pension Arrangement. (a) Upon the Effective Date, AMO Germany agrees to provide Executive with full service credit under the Allergan GmbH Pension Plan for all periods beginning January 1, 1985 continue the additional "deferred compensation" pension arrangement of Pharma Allergan dated March 2001.
