Keren Hishtalmut. The Company and Executive shall open and maintain a Keren Hishtalmut Fund (the “Fund”). The Company shall contribute to the Fund an amount equal to 7.5% of each monthly Salary payment up to the maximum amount recognized for tax benefits pursuant to the Income Tax Ordinance, and Executive shall contribute to the Fund an amount equal to 2.5% of each monthly Salary payment up to the maximum amount recognized for tax purposes pursuant to the Income Tax Ordinance. Executive hereby instructs the Company to transfer to the Fund the amount of Executive’s and the Company’s contribution from each monthly Salary payment.
Keren Hishtalmut. The Company shall pay an amount of up to 7.5% of the salary to an "Advanced Study Fund" (in which the Executive shall participate in an amount of 2.5% of his salary by way of withholding from his pay).
Keren Hishtalmut. The Company shall make monthly contributions on the Employee’s behalf to a recognized advanced study fund (the “Fund” (“Keren Hishtalmut”)) in an amount equal to 7.5% of the Salary. In addition, the Company shall deduct 2.5% from the Salary and transfer those monies to the Study Fund; such contributions shall be subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”). For the avoidance of any doubt, said contributions shall not exceed the tax-exempt ceiling set by the applicable law for tax purposes.
Keren Hishtalmut. The Company and the Employee shall open and maintain a ‘Keren Hishtalmut’ Fund per the Employee’s choice (the “Fund”). Subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”), the Company shall contribute to such Fund an amount equal to 7½% of each monthly Salary payment, and the Employee shall contribute to such Fund an amount equal to 2½% of each monthly Salary payment. The Employee hereby instructs the Company to transfer to such Fund the amount of the Employee’s contribution from each monthly Salary payment. For the avoidance of any doubt, in the event that the Employee shall accrue an aggregate total amount in the Fund exceeding the maximum total amount prescribed by the Income Tax Ordinance, such extra amount shall be deemed as revenue income..
Keren Hishtalmut. The Company and IL shall open and maintain a ‘Keren Hishtalmut’ Fund (the “Fund”). Subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”), the Company shall contribute to such Fund an amount equal to 71/2% of each monthly Salary payment, and IL shall contribute to such Fund an amount equal to 21/2% of each monthly Salary payment. IL hereby instructs the Company to transfer to such Fund the amount of IL’s contribution from each monthly Salary payment. For the avoidance of any doubt, in the event that IL shall accrue an aggregate total amount in the Fund exceeding the maximum total amount prescribed by the Income Tax Ordinance, such extra amount shall be deemed as revenue income and such amount shall be contributed to the Fund or to the Salary as an “Additional Contribution of Keren Hishtalmut,” at IL’s discretion. The Employee hereby declares that such Fund and the Additional Contribution of Keren Hishtalmut shall not be part of the Salary and shall not be taken into account with regard to any and all social benefits that IL is entitled to, including but not limited to severance payment and the social benefits specified in this Employment Agreement.
Keren Hishtalmut. The Company and the Employee shall open and maintain a ‘Keren Hishtalmut’ Fund (the “Fund”). Subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”), the Company shall contribute to such Fund an amount equal to 71/2% of each monthly Salary payment, and the Employee shall contribute to such Fund an amount equal to 21/2% of each monthly Salary payment. The Employee hereby instructs the Company to transfer to such Fund the amount of the Employee’s contribution from each monthly Salary payment. For the avoidance of any doubt, in the event that the Employee shall accrue an aggregate total amount in the Fund exceeding the maximum total amount prescribed by the Income Tax Ordinance, such extra amount shall be deemed as revenue income and such amount shall be contributed to the Fund or to the Salary as an “Additional Contribution of Keren Hishtalmut”, at the Employee’s discretion. The Employee hereby declares that such Fund and the Additional Contribution of Keren Hishtalmut shall not be part of his Salary and shall not be taken into account with regard to any and all social benefits that the Employee is entitled to, including but not limited to severance payment and the social benefits specified in this Employment Agreement.
Keren Hishtalmut. The Company shall make monthly contributions on the Executive’s behalf to a recognized advanced study fund (the “Fund” (“Keren Hishtalmut”) in an amount equal to 7.5% of the Salary. In addition, the Company shall deduct 2.5% from the Salary and transfer those monies to the Study Fund. The Employee shall bear any and all taxes, which may apply with respect to such benefit.
Keren Hishtalmut. The Company and Executive shall open and maintain a Keren Hishtalmut Fund (the “Fund”). The Company shall contribute to the Fund an amount equal to 7.5% of the Salary, and Executive shall contribute to the Fund an amount equal to 2.5% of the Salary. Executive hereby instructs the Company to transfer to the Fund the amount of Executive’s and the Company’s contribution from each monthly Salary payment. For the avoidance of any doubt, in the event that the Executive shall accrue an aggregate total amount in the Fund exceeding the maximum total amount prescribed by the Income Tax Ordinance for tax benefit, such extra amount shall be deemed as revenue income.
Keren Hishtalmut. Commencing on the Effective Date, Section 4.2 to the Agreement shall be amended by canceling the tax-exemption limitation on the parties' contributions to the Employees' advanced study fund ("Keren Hishtalmut"), so that the parties' contributions (Company - 7.5% of Base Salary and Employee - 2.5% of Base Salary) shall be made from the Employee's entire Base Salary, without regard to such tax-exemption limitation.
Keren Hishtalmut. The Company and the Employee shall open and maintain a `Keren Hishtalmut’ Fund (the “Fund”). Subject to the maximum amount stated in Section 3(e) of the Income Tax Ordinance 1961 (the “Income Tax Ordinance”), the Company shall contribute to such Fund an amount equal to 7½% of each monthly Salary payment, and the Employee shall contribute to such Fund an amount equal to 2½% of each monthly Salary payment. The Employee hereby instructs the Company to transfer to such Fund the amount of the Employee’s contribution from each monthly Salary payment. The amounts will be paid up to the maximum total amount prescribed by the Income Tax Ordinance. For the avoidance of any doubt, in the event that the Employee shall accrue an aggregate total amount in the Fund exceeding the maximum total amount prescribed by the Income Tax Ordinance, such extra amount shall be deemed as revenue income.
