Common use of Advanced Study Fund Clause in Contracts

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. During the Employment Period, BioLine will maintain for the Executive Employee an advanced study fund (Keren Hishtalmut) recognized by the Israeli Income Tax Authorities, such that BioLine and Executive 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 ExecutiveEmployee. 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.