Manager’s Insurance/Pension Fund. At the end of the Initial Period, and subject to the continued employment of Employee following the Initial Period, BioLine will insure Employee, retroactive to the Commencement Date, under a “Manager’s Insurance Scheme” or pension fund to be selected by BioLine in coordination with Employee (unless otherwise agreed to by the parties) (collectively the “Policy”), such that BioLine will pay an amount equal to 13⅓% of the Salary towards a such Policy, of which 5% shall be for pension fund payments and 8⅓% shall serve to cover severance compensation. In addition, BioLine shall deduct from the Salary an amount equal to 5% of the Salary, and forward the same to the Policy. Any tax payable in respect of such contributions to the Policy shall be borne and paid by the Employee.
Manager’s Insurance/Pension Fund. 3.2.1 The Company shall insure Employee under an accepted Manager's Insurance Policy (the “Policy”), and shall pay an amount equal to (i) 8.33% of the Salary on account of severance pay payable to Employee upon severance in accordance with the provisions of this Agreement; and (ii) 5% or 6% (as required under applicable law and the General Approval referred to below) of the Salary towards pension fund payments, subject to the deduction of 5% of the Salary to be paid towards the Policy on behalf of Employee. In addition, the Company shall pay an amount equal to up to 2.5% of the Salary towards disability insurance in favor of Employee.
Manager’s Insurance/Pension Fund. 8.1. The Company will insure the Employee under a “Manager’s Insurance Policy” (“Bituach Menahalim”) (“Policy”) or a Pension Fund (“Pension Fund”) to be selected by the Employee. At the end of each month during the employment of Employee, the Company shall pay an aggregate amount equal to 13.33% of the Salary for the preceding month to the Policy or 14.33% of the Salary for the preceding month to the Pension Fund (the “Company’s Contribution”), as follows: (a) 8.33% for severance pay component; and (b) for savings and risk component, either (i) in the case of a Policy, 5%, subject to deduction of 5% from the Salary by the Employee, as detailed below; or (ii) in the case of a Pension Fund, 6%, subject to deduction of 5.5% from the Salary, as detailed below. In addition, if the Employee shall elect a Policy, the Company shall pay up to 2.5% of the Salary towards loss of working capacity disability insurance (depending on the cost to the Company necessary to provide coverage) to be purchased by the Company. The Employee agrees that the Company shall deduct from the Salary an amount equal to 5% or 5.5% of the Salary for the preceding month, and shall pay such amount as premium payable in respect for savings and risk component of the Policy or the Pension Fund, as the case may be (the “Employee’s Contributions”). If the Employee elects to be insured under a combination of the Policy and Pension Plan, the Employee may determine the allocation between the two, provided that, in any event the Company’s contributions will not exceed the maximum amounts set forth above.
Manager’s Insurance/Pension Fund. 10.1. The Company will insure the Employee, as of the Commencement Date, under a "Manager's Insurance Policy" or a Pension Fund to be selected by the Employee (the "Policy"), with respect to an amount equal to 100% of the Salary, and shall remit to the Policy, as detailed in Schedule 1.
Manager’s Insurance/Pension Fund. 6.1. The Company shall comply with the provisions of the "Expansion Order of extensive pension" (the "Order"), with respect to Company and Employee contributions to pension fund and severance pay (“Pension Plan”) as required by the Order. The contributions to the Pension Plan shall be as follows: The contributions to the Pension Plan shall be as follows:
Manager’s Insurance/Pension Fund. During the Employment Period, BioLine will insure Executive under a “Manager’s Insurance Scheme” or pension fund as agreed to by the parties (collectively the “Policy”). In the case of a Manager’s Insurance Scheme, BioLine will transfer to the Policy an amount equal to 6.5% for pension payments and disability insurance and 8.33% for severance compensation. If the cost of disability insurance is more than 1.5% of the Salary, the abovementioned 6.5% payment will be increased to a maximum of 7.5% of the Salary. In addition, BioLine shall deduct from the Salary an amount equal to 6% of the Salary and transfer the same to the Policy. In the case of a pension fund, BioLine will transfer an amount equal to 14.833% of the Salary to such Policy, of which 6.5% shall be for pension fund payments and 8.33% shall be for severance compensation, and in addition, BioLine shall deduct from the Salary an amount equal to 6% of the Salary and transfer the same to the Policy. Any tax payable in respect of such contributions to the Policy shall be borne and paid by Executive. The percentages listed above will be subject to adjustment in accordance with changes in applicable law from time to time.
Manager’s Insurance/Pension Fund. 3.2.1. The Company shall insure Employee under an accepted Manager’s Insurance Policy (the “Policy”), and shall pay an amount equal to (i) 8.33% of the Salary on account of severance pay payable to Employee upon severance in accordance with the provisions of this Agreement; and (ii) 5% of the Salary towards Policy payments, subject to the deduction of 5% of the Salary to be paid towards the Policy on behalf of Employee. In addition, the Company shall pay an amount equal to 2.5% of the Salary towards disability insurance in favor of Employee.
Manager’s Insurance/Pension Fund. The Company and the Employee will additionally pay, on a monthly basis, as premiums on a manager’s insurance policy (the ‘‘Policy”) the following: (i) an amount equal to 8.33% of the Salary towards severance pay, (ii) an amount equal to 5% of the Salary towards a fund for life insurance and pension, (iii) an amount which will ensure 75% of the Salary or 2.5% of the Salary, according to the lower of the two amounts, towards disability insurance, in addition, the Employee shall contribute, out of his/her Salary, an amount equal to 5% of the Salary towards a fund for life insurance and pension. The amount contributed by the Employee shall be deducted by the Company from his/her Salary, at source, and the Company will remit such amount to the policy on behalf of the Employee. The Employee hereunder irrevocably authorizes and instructs the Company to deduct from the Salary, at source, each month, the aforementioned amount equal to 5% of the Salary (which includes, ex gratia, the Global Compensation). It is clarified that the Employee shall bear any and all taxes, which may apply with respect to any contribution, which exceeds the recognized tax ceilings. Notwithstanding the above, you are hereby advised that you are entitled to instruct the Company in writing to distribute the payments and contributions described above among different and various policies and saving plans, including without limitation pension funds, at your discretion, so long as the Company’s total cost and liability will not increase; subject to any applicable law and/or instructions and/or guidelines of the Ministry of Finance and/or all the bylaws and regulations of any fund and the general approval attached as Annex A as referenced below. Upon termination of the Employee’s employment, for any reason whatsoever, the Company shall release to the Employee all rights accrued in the Policy, on account of both the Company’s and the Employee’s contributions, and waives any right it may have to receive the funds in the policy. Notwithstanding the above, in the event in which the Employee’s right to severance payment has been negated, in a decision of a competent court, pursuant to section 16 or 17 of the Severance Pay Law, 5723-1963, and to the extent so negated, or in the event in which the Employee shall have withdrawn funds from the Policy, not in light of an ‘entitling event’ (for this matter, an entitling event, is death, invalidity, or retirement at the age of 60 and above)-the Company shall...
Manager’s Insurance/Pension Fund. 2.1 The Company will allocate to a managers’ insurance policy or a pension fund (individually and collectively in this clause referred to as the “Policy”), or a combination of both (whereby each will apply partially), the following:
Manager’s Insurance/Pension Fund. During the Employment Period, BioLine will insure Employee under a “Manager’s Insurance Scheme” or pension fund as agreed to by the parties (collectively the “Policy”). In the case of a Manager’s Insurance Scheme, BioLine will pay an amount equal to 13⅓% of the Salary towards such Policy, of which 5% shall be for pension payments and 8⅓% shall serve to cover severance compensation. In addition, BioLine shall deduct from the Salary an amount equal to 5% of the Salary and forward the same to the Policy. In the case of a pension fund, BioLine will pay an amount equal to 14⅓% of the Salary towards such Policy, of which 6% shall be for pension fund payments and 8⅓% shall serve to cover severance compensation, and in addition, BioLine shall deduct from the Salary an amount equal to 5.5% of the Salary and forward the same to the Policy. Any tax payable in respect of such contributions to the Policy shall be borne and paid by Employee.
