Common use of Keren Hishtalmut Fund Clause in Contracts

Keren Hishtalmut Fund. The Company and Executive shall open and maintain a Keren Hishtalmut Fund. The Company shall contribute to such Fund an amount equal to 7-1/2% of each monthly Salary payment, and Executive shall contribute to such Fund an amount of up to 2-1/2% of each monthly Salary payment. Executive hereby instructs the Company to transfer to such Fund the amount of Executive's and the Company's contribution from each monthly Salary payment. Notwithstanding the above, if the amounts to be contributed to the Keren Hishtalmut Fund will exceed the amount exempt from tax pursuant to the applicable tax regulations, any amount so exceeding shall not be transferred to such Fund but shall be added to the Salary.

Keren Hishtalmut Fund. The Company and Executive shall open and maintain a an Education Fund ("Keren Hishtalmut FundHishtalmut"). The Company shall contribute to such Fund an amount equal to 7-1/2% of each monthly Salary payment, and Executive shall contribute to such Fund an amount of up to 2-1/2% of each monthly Salary payment. Executive hereby instructs the Company to transfer to such Fund the amount of Executive's and the Company's contribution from each monthly Salary payment. Notwithstanding the above, if the amounts to be contributed to the Keren Hishtalmut Fund will exceed the amount exempt from tax pursuant to the applicable tax regulations, any amount so exceeding shall not be transferred to such Fund but shall be added to the Salary.