Common use of Study Fund Clause in Contracts

Study Fund. The Company shall contribute an amount equal to 7.5% of the applicable Monthly Salary (but in any event, not more than the ceiling recognized by the Israeli income tax authorities) towards a study fund ("▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇") (the "Study Fund"). The Employee shall contribute 2.5% of the applicable Monthly Salary (but in any event, not more than the ceiling recognized by the Israeli income tax authorities) towards such a fund (the sums contributed by the Employee shall be deducted directly from his applicable Monthly Salary by the Company). The Employee shall bear any and all taxes applicable in connection with amounts payable by him and/or the Company to the said Study Fund.