Relocation Costs Loan Sample Clauses

Relocation Costs Loan. In order to assist in the costs related to Executive’s relocation, BioLine agrees to provide Executive with a loan in the amount of $15,000 under the following terms: 7.1. The loan shall be provided within seven days after the date that this Agreement is signed, and shall bear linkage to the Israeli consumer price index and annual interest at the lowest rate allowed in accordance with the rules for employee loans currently in effect as established by the Israeli Income Tax Authority. 7.2. After completion of one year of employment, 33% of the loan (including accrued interest) shall be forgiven. 7.3. After completion of two years of employment, 100% of the loan (including accrued interest) shall be forgiven. 7.4. If Executive decides to terminate the employment arrangement prior to completion of two years of employment, the balance amount of loan then in effect (including linkage and accrued interest) shall become payable within 30 days of termination, and Executive hereby agrees that the balance amount shall be deducted from Executive’s Salary and/or any other payment due to Executive by BioLine. If BioLine decides to terminate the employment arrangement, other than for Cause as defined herein, the entire loan balance (including linkage and accrued interest) shall be immediately forgiven. Executive will be responsible for all income taxes that may be payable upon forgiveness of the loan and accrued interest.