Advanced Study Fund. At the end of the Initial Period, and subject to the continued employment of Employee following the Initial Period, BioLine will maintain an advanced study fund (Keren Hishtalmut) recognized by the Israeli Income Tax Authorities, retroactive to the Commencement Date, such that BioLine and Employee shall contribute to such fund an amount equal to 7.5% of the Salary and 2.5% of the Salary, respectively. Any tax payable in respect of such contributions to such fund shall be borne and paid by the Employee.
Advanced Study Fund. The Company shall, during the Employment Period, make monthly contributions on behalf of the Executive to a recognized Advanced Study Fund in an amount equal to 7.5% of the Executive’s salary. Any tax payable in respect of such contributions to such fund shall be paid by the Company. In addition the Company shall deduct 2.5% from the Executive’s salary which deduction shall also be paid to such Fund.
Advanced Study Fund. During the Employment Period, BioLine will maintain for the Executive an advanced study fund (Keren Hishtalmut) recognized by the Israeli Income Tax Authorities, such that BioLine and Executive shall contribute to such fund an amount equal to 7.5% of the Salary and 2.5% of the Salary, respectively. Any tax payable in respect of such contributions to such fund shall be borne and paid by Executive. All payments and contributions of BioLine with respect to these benefits shall be limited to the Salary and up to the highest amount recognized by the tax authorities.
Advanced Study Fund. The Company shall make monthly Advanced Study Fund contributions as follows: 7.5% of the Salary paid by the Company on its account and 2.5% of the Salary to be deducted by the Company from such Salary to be paid on the employee’s account, in each case up to the ceiling recognized by the income tax authorities from time to time, but not otherwise. The Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund.
Advanced Study Fund. 10.1 As of this agreement the Company shall maintain an Advanced Study Fund for the benefit of the Employee. Allocation to the said Advanced Study Fund shall be as follows:
10.1.1 the Company – a monthly sum equals to 7.5% of the Salary;
10.1.2 the Employee – 2.5% out of the Salary.
10.2 The Employee agrees that the Company shall deduct said 2.5% of his Salary for remittance to the said Advanced Study Fund.
Advanced Study Fund. 5.2.1 Notwithstanding anything herein to the contrary, for the purpose of this Section 5.2, the term “Salary” shall mean that portion of the Salary which does not exceed the recognized ceiling for withholdings that are exempted from taxes under the provisions of applicable law in effect from time to time (the “Advanced Study Fund Ceiling”). For the removal of any doubt, it is hereby agreed that the Advanced Study Fund Ceiling shall serve as the basis for the calculation of deductions and contributions to the Advanced Study Fund.
5.2.2 Upon completion of 3 months of employment, the Company shall contribute (in a retroactive manner) an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund of Company’s choice (Keren Hishtalmut) (“Advanced Study Fund”).
5.2.3 Employee shall contribute, and for that purpose Employee hereby irrevocably authorizes and instructs Company to deduct from Employee’s Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund.
5.2.4 Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund under this Section 5.2
Advanced Study Fund. 7.1. The Company shall make monthly contributions on the Employee's behalf to a recognized advanced study fund (“Keren Hishtalmut”) (hereinafter the “Study Fund”), in an amount equal to 7.5% of the monthly Salary of the employee. In addition, the Company shall deduct 2.5% from the monthly Salary of the employee also to be paid to the Study Fund as recognized by the Income Tax Authorities. It is hereby clarified that the sums contributed by the Company to the Education Fund will not exceed the exempted limit recognized by the Income Tax Authority from time to time.
7.2. The sums contributed by the Employee shall be deducted by the Company directly from the monthly Salary of the employee. The Employee hereby instructs the Company to transfer to the Study Fund from each monthly Salary of the employee due to him the amount of the Employee's and the Company's contribution, as set forth above.
7.3. Should any tax or other compulsory payment be imposed and payable in respect of the Company’s contributions to the Study Fund, such tax shall be paid by the Employee and deduct according to law.
7.4. The Study Fund shall be transferred to the Employee, subject to any applicable law, upon the termination of the Employee's employment.
Advanced Study Fund. 6.2.1. Company has contributed certain monthly amounts and shall continue to contribute an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”).
6.2.2. Employee shall contribute, and for that purpose, Employee irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund.
6.2.3. Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund pursuant to this Section 6.2.
6.2.4. To the extent Employee’s Salary exceeds the recognized ceiling for contributions to the Advanced Study Fund that are exempted from taxes under the provisions of applicable law as shall be in effect from time to time (the “Advanced Study Fund Ceiling”), Employee shall have the option, to be exercised in his sole discretion, to apply the following provisions in connection with the Advanced Study Fund:
6.2.4.1. The contributions of Company and Employee shall be calculated based on that portion of the Salary up to, but not exceeding, the Advanced Study Fund Ceiling;
6.2.4.2. Employee shall be entitled to an additional monthly gross payment in an amount constituting 7.5% of that portion of the Salary that exceeds the Advanced Study Fund Ceiling (the “Additional Advanced Study Fund Payment”);
6.2.4.3. The provisions of Sections 5.2 and 5.3 above shall apply to the Additional Advanced Study Fund Payment and Employee will bear any and all taxes applicable in connection with the payment by Company and/or the receipt by Employee of the Additional Advanced Study Fund Payment.
6.2.5. In the event of termination of Employee’s employment under this Agreement for any reason other than a Termination for Cause (as defined hereinafter) Employee shall be entitled to all sums accumulated in the Advanced Study Fund. For the removal of doubt it is hereby clarified that the terms of this Section 6.2.5 shall apply to all contributions made to the Advanced Study Fund prior to the Effective Date.
Advanced Study Fund. 6.2.1. Company shall contribute an aggregate monthly amount equal to 7.5% of the Salary towards an advanced study fund (Keren Hishtalmut) (the “Advanced Study Fund”) acceptable to Company.
6.2.2. In addition, Employee shall contribute, and for that purpose, Employee hereby irrevocably authorizes and instructs Company to deduct from his Salary at source, an aggregate monthly amount equal to 2.5% of the Salary as Employee’s participation in such Advanced Study Fund.
6.2.3. Employee shall bear any and all taxes applicable in connection with amounts payable by Employee and/or Company to the Advanced Study Fund pursuant to this Section 6.2.
6.2.4. In the event of a Termination for Cause (as defined hereinafter) Employee shall only be entitled to his accumulated contributions to the Advanced Study Fund.
Advanced Study Fund. 11.1 The Employee shall be entitled to contributions to a recognized advanced study fund (keren hishtalmut), of his choosing. The Company shall contribute at its expense an amount at the rate of 6.5% of the Employee’s monthly salary and transfer them to the fund, and the Employee shall contribute additional 2.5% to the advanced study fund from his salary and the Company shall transfer such as well to the advanced study fund.
11.2 The Employee shall bear all tax liabilities for any deposits to the advanced study fund that exceed the tax ceiling recognized for deposits to advanced study funds as such ceiling is defined from time in the Income Tax Regulations.
11.3 Upon termination of the Employee's employment by the Company, for any reason, the Company will release all payments accumulated in the advance study fund to the ownership of the Employee.
