Common use of Study Fund Clause in Contracts

Study Fund. The Company and the Employee shall maintain a study fund for the Employee to which the Company shall contribute, on a monthly basis, an amount equal to 7.5% of Salary to Study Fund (as defined below) (the “Company Portion”) and the Employee shall contribute on a monthly basis an amount equal to 2.5% of Salary to Study Fund (the “Employee Portion”). Provided that the contributions according to this section will made for an amount of NIS 45,000 (the “Salary to Study Fund”). The Employee hereby instructs the Company to transfer the Employee Portion to the selected Study Fund. In the event that the Company Portion and Employee Portion exceed the maximum tax-exempt ceiling for Study Fund contributions, the exceeding amounts shall be recognized as ordinary income for tax purposes, on the date of their contribution to the selected Study Fund.