Study Fund. The Company shall pay on a monthly basis and contribute towards a study fund (“Keren Hishtalmut”) chosen by the Employee an additional 7.5% of the Salary (which includes, ex gratia, the Global Compensation), and the Employee shall contribute 2.5% of the Salary (which includes, ex gratia, the Global Compensation) towards such a fund, all up to amounts which do not exceed the recognized amounts exempted from Israeli tax. The sums contributed by the Employee shall be deducted from his/her Salary at source, and the Employee hereby irrevocably instructs and authorizes the Company to make such deductions and transfers to the study fund. It is clarified that the Employee shall bear any and all taxes, which may apply with respect to any contribution, which exceeds the recognized tax ceilings. Upon the termination of the employment with the Company for any reason whatsoever, the Company shall release to the Employee all the funds accumulated in the Study Fund, from the contributions of both the Company and the Employee, provided however that, subject to any applicable law the Company shall not release the funds accumulated on account of the Company’s contributions to the Study Fund and said funds shall be returned to the Company and the Employee shall not have any right therein, in any event of termination of the employment hereunder as a result of Termination for Cause, as defined in this Agreement.
Appears in 2 contracts
Sources: Employment Agreement (Chiasma, Inc), Employment Agreement (Chiasma, Inc)