Common use of Employer's Payments Clause in Contracts

Employer's Payments. (a) Into a Pension Fund shall be no less than 14.33% of the Severance Salary or 12% of the Severance Salary if the Employer also makes payments for the Employee, in addition to the above, for supplementation of severance pay into a severance pay pension fund or an Insurance Fund in the Employee’s name in the rate of 2.33% of the Severance Salary. Where the Employer has not paid the aforesaid 2.33% in addition to the 12%, the Employer’s payments shall stand in lieu of 72% of the Employee’s severance pay only.

Appears in 4 contracts

Samples: Employment Agreement, Employment Agreement (Quark Pharmaceuticals Inc), Employment Agreement (Quark Pharmaceuticals Inc)

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