Further Education Fund. 2.7.1. The Company shall make monthly Further Education Fund contributions as follows: 7.5% of Base Salary paid by the Company on its account and 2.5% of Base Salary to be deducted by the Company from such Base Salary to be paid on Executive's account, in each case up to the ceiling recognized by the income tax authorities from time to time (the "Ceiling"), but not otherwise.
2.7.2. Executive shall bear any and all taxes applicable in connection with amounts payable by him or Company to the said Further Education Fund.
Further Education Fund. The Company together with the Employee will maintain a Further Education Fund (“Keren Hishtalmut”). Each month, the Company shall contribute to such fund an amount equal to 7.5% of the Salary and the Employee shall contribute to such fund an amount equal to 2.5% of the Salary. All of the Employee’s aforementioned contributions shall be transferred to the fund by the Company by deducting such amounts from each monthly Salary payment. Notwithstanding the aforesaid, the Employee may instruct the Company in writing to pay him directly, together with his/hers monthly Salary and after deducting the applicable taxes, the amount exceeding the income tax exempted amount. For the avoidance of doubt, no amount remitted by the Company in respect of this Section 11 shall be considered as part of the Salary for purposes of any deduction therefrom or calculation of severance pay.
Further Education Fund. The Company shall contribute towards a Further Education Fund (‘Keren Hishtalmut’) (the “Education Fund”) in an amount equal to 7.5% of the Salary applicable to the month in respect of which such contribution is made, and Employee shall contribute towards such Education Fund an amount equal to 2.5% of such applicable Salary (which contribution by Employee shall be made by way of a deduction by the Company of such amount from Employee’s monthly Salary and remitting same to such Education Fund).
Further Education Fund. Each month, on the date on which the Employee’s salary is paid and as instructed by the Employee, the Company shall pay into a Further Education Fund for the Employee, a sum to the total stipulated in Part One to the Employment Agreement and on the Employee’s part, the Employee agrees and instructs the Company to deduct and pay from the Employee’s salary, an additional sum to the total stipulated in Part One to the Employment Agreement from the Employee’s monthly salary to the aforementioned Further Education Fund.
Further Education Fund. The Company together with the Employee will maintain a Further Education Fund ("KEREN HISHTALMUT"). Each month, the Company shall contribute to such fund an amount equal to 7.5% of the Salary and the Employee shall contribute to such fund an amount equal to 2.5% of the Salary. All of the Employee's aforementioned contributions shall be transferred to the fund by the Company by deducting such amounts from each monthly Salary payment. Notwithstanding the aforesaid, the Employee may instruct the Company in writing to contribute to such fund only the amount that is tax exempted and to increase the Salary (and all related payments) proportionately such that the aggregate cost to the Company for payments made by it to the Employee shall remain the same as if the Company was contributing the full amount to such fund. ADDITIONAL BENEFITS
Further Education Fund. 3.7.1. The Company shall make monthly Further Education Fund contributions as follows: 7.5% of Base Salary paid by the Company on its account and 2.5% of Base Salary to be deducted by the Company from such Base Salary to be paid on the Executive's account, in each case up to the ceiling 24806 - 2669370/1 recognized by the income tax authorities from time to time (the "Ceiling"), but not otherwise. The names of the institution(s) and plan(s) to which contributions under Section 3.7.1. shall be made are currently Xxxxx Xxxxxxx and Psagot Further Education Funds. The Company shall send letters of release to the relevant insurers releasing to the Executive all amounts accumulated in the Further Education Funds following the termination of his employment for any reason.
3.7.2. In addition, the Company will make monthly payments equal to 7.5% of the part of the Base Salary exceeding the Ceiling directly to the Executive as a special increment, which shall not constitute part of the Executive's Base Salary for any intents or purposes (the "Special Increment"). Notwithstanding the above and as a gesture of good will, the Company will make contributions to the Executive's Pension Arrangement based also on the Special Increment.
3.7.3. The Executive shall bear any and all taxes applicable in connection with amounts payable by him and/or Company to the said Further Education Fund.
Further Education Fund. As stipulated in Part B to the Employment Agreement, on the date on which Xxxxxxx’x salary shall be paid, Gadot shall pay each month on Xxxxxxx’x behalf into a further education fund nominated by Xxxxxxx, a sum that is seven and one half percent (7.5%) of Xxxxxxx’x Xxxxx Salary and Xxxxxxx agrees to such and instructs Gadot that Gadot shall deduct from his Gross Salary, an additional sum, which shall be two and one half percent (2.5%), which Gadot shall pay into the aforementioned further education fund. If any of the payments shall be higher than the allocation limit determined by Law, the tax incurred by those payments shall be grossed up.
Further Education Fund. As stated in Part Two to the Employment Agreement, each month, on the date on which the Employee’s salary is paid and as instructed by the Employee, the Company shall pay for the Employee into the Further Education Fund, the sum that is 7.5 % (seven and one half parts in a hundred) of the Employee’s monthly salary and on the Employee’s part, the Employee shall agree to and instruct the Company to deduct and pay from the Employee’s monthly salary, an additional sum at the rate of 2.5 % (two and one half parts in a hundred) of the Employee’s monthly salaries into the aforementioned Further Education Fund. If there will be payments, which will be higher than the ceiling for such provisions in accordance with Law, tax shall be grossed up for such payments.
Further Education Fund. 13.1. The Company shall continue to make monthly Further Education Fund’s contributions as follows: 7.5% of Salary paid by the Company on its account and 2.5% of Salary to be deducted by the Company from such Salary to be paid on the Employee’s account.
13.2. At the request of the Employee, it is agreed that the contributions shall be made in each case up to the ceiling recognized by the income tax authorities from time to time (the “Exempted Education Fund Salary”) and that in addition, the Employee shall be entitled to receive an education supplement to be paid together with his salary in an amount equal to the Company’s contributions towards the Further Education Fund out of the Salary above the Exempted Education Fund Salary (hereinafter: the “Education Fund Increment”). The Education Fund Increment shall not constitute a salary component for any purpose, including for the purpose of calculating any fringe benefits (such as severance pay). Without derogating from the generality of the above, and for the sake of caution only, it is hereby mutually agreed that any Education Fund Increment paid includes within it payment of severance pay on account of it. It is agreed that the Parties will file a request to the Minister of Economy to approve this arrangement according to Section 28 of the Severance Pay Law, 1963. If the Ministry of Economy’s approval is not obtained, and the Employee demands severance pay on the basis of any of the Education Fund Increments paid, then it is hereby mutually agreed that any Education Fund Increments paid to the Employee will be decreased retroactively by 8.33% (hereinafter: the “Reduced Education Fund Increments”). In such case, any Education Fund Increments that were paid in excess of the Reduced Education Fund Increments will be considered as advanced payments paid to the Employee and will be set-off against any amount owed to the Employee. For the avoidance of any doubt, the lack of any set-off or partial set-off shall not exempt the Employee from his liability to return his abovementioned debt to the Company.
Further Education Fund. 2.7.1. The Company shall make monthly Further Education Fund contributions as follows: 7.5% of Base Salary paid by the Company on its account and 2.5% of Base Salary to be deducted by the Company from such Base Salary to be paid on the Executive's account, in each case up to the ceiling recognized by the income tax authorities from time to time (the "Ceiling"), but not otherwise.
2.7.2. In addition, the Company will make monthly payments equal to 7.5% of the part of the Base Salary exceeding the Ceiling directly to the Executive as a special increment, which shall not constitute part of the Executive's Base Salary for any intents or purposes (the "Special Increment"). Notwithstanding the above and as a gesture of good will, the Company will make contributions to the Executive's Pension Arrangement based also on the Special Increment. The Company shall send letters of release to the relevant insurers releasing to the Executive all amounts accumulated in the further education fun following the termination of his employment for any reason.
2.7.3. The Executive shall bear any and all taxes applicable in connection with amounts payable by him and/or Company to the said Further Education Fund.
