Manager’s Insurance/Pension Fund Sample Clauses

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. 8.2. The appointment of the insurance agent for the Policy and/or Pension Fund (as applicable)will be in the sole discretion of the Company. 8.3. The Company undertakes to transfer the Policy and/or Pension Fund (as applicable) to the Employee after termination of the Employee’s employment with the Company, whether terminated by the Company or the Employee. Notwithstanding the above, in the event that the Employee’s employment is terminated with “Cause” as defined in Section ‎18 hereto or if the Employee fails to comply with any of the Employee’s obligations to the Company, the Company will not be obliged to release to the Employee the Company’s Contributions. 8.4. The Company’s Contributions will be in lieu of the severance pay that the Employee will be entitled to (if entitled) in the event of termination of the Employee’s employment, all in accordance with the provisions of section 14 of the Sever...
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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. 3.2.2. Employee may extend an existing policy or plan and/or incorporate it into the Policy, at Employee’s discretion. In the event the Employee elects to be insured under a pension plan, the allocations set forth in Section 3.2.1 above shall be adjusted in accordance with the pension plans’ policies. In the event that contributions or amounts under this Section 3.2 shall exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and/or the regulations promulgated thereunder, then the Employee shall bear any and all taxes imposed thereupon. 3.2.3. During Employee’s employment period with the Company, the Company shall be the sole owner of the Policy. Other than as set forth below, in the event of a termination of this Agreement, the Company shall transfer the title in and to the Policy to Employee. 3.2.4. The Company and Employee agree and acknowledge that transfer of ownership of the severance portion of the Policy to the Employee as set forth in Section 3.2.3 above shall be in lieu of and not in addition to any entitlement of the Employee under any applicable law or this Agreement to severance pay, according to the General Approval of the Minister of Labor and Welfare, regarding Employers’ Payments to Pension Funds and Insurance Policies in Lieu of Severance Pay in Accordance with Section 14 of the Severance Pay Law 1963, attached hereto as Exhibit A (the “General Approval”). Accordingly, the Company hereby waives any rights to said payments made to the Policy, except as set forth in the General Approval.
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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.
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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. 10.2. The Company undertakes to transfer the severance pay ingredient to the Employee as required by law after termination of the Employee’s employment with the Company, whether terminated by the Company or the Employee. Notwithstanding the above, in the event that the Employee’s employment is terminated with “Cause” as defined in Section ‎17 hereto, the Company will not be obligated to release to the Employee the severance pay. 10.3. The Company’s contributions will be in lieu of 100% of the severance pay that the Employee will be entitled to in the event of termination of his employment, all in accordance with the provisions of section 14 of the Severance Pay Law, 5723-1963. The Employee’s signature on this Agreement represents the Employee’s agreement to the content of this Section. The Company waives in advance any right it may have in the future for the return of the Company’s Contributions, or any of them, unless: 10.3.1. The Employee’s entitlement for severance pay has been deprived by a judgment, under the provisions of sections 16 or 17 of the Severance Pay Law, 5723-1963, and as long as it was so deprived; or 10.3.2. The Employee has withdrawn monies from the Policy not in circumstances of death, disability or retirement at the age of 60 or more. A copy of the Order and Confirmation Regarding Payments of Employers to Pension Funds and Insurance Funds instead of Severance Pay is attached as Schedule 10 to this Agreement.
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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.
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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 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 Executive. The percentages listed above will be subject to adjustment in accordance with changes in applicable law from time to time.
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Manager’s Insurance/Pension Fund. The Company will pay for the Employee a premium for a managers’ insurance in an insurance company and/or to a pension fund as selected by the Employee, and according to the following rates: 7.1. In the event the Employee selects managers’ insurance, the following premiums will be deposited: (a) On account of severance pay – 8.33% of an amount equal to the monthly Salary. (b) On account of benefits – 5% of an amount equal to the monthly Salary. Concurrently, the Company will deduct from the Employee’s Salary 5% that will be deposited as a premium as part of the managers’ insurance. (c) The Company will deposit, in addition to said amounts, an amount at a rate that is required for the purpose of securing 75% of the Salary or at a rate of up to 2.5% of the Salary, whichever is lower, for the purpose of paying for loss of working capacity insurance. (d) In the event the amounts deposited in the managers’ insurance are greater than the maximum amount recognized as deductible in accordance with the instructions set forth by the income tax authorities as periodically updated, the Company shall deduct tax at source from the remaining amounts, according to their statutory rate, and shall deposit said amounts in the managers’ insurance. 7.2. In the event the Employee wishes to be insured in a pension fund, the following premiums will be deposited: (a) On account of severance pay – 8.33% of the Employee Salary. (b) On account of benefits – 6% of the amount equal to the Salary. Concurrently, the Company will deduct 5.5% of the Salary and will be transferred as a premium as part of the pension fund. 7.3. The Employee shall be entitled to request from the Company to be insured in a managers’ insurance and in a pension fund, i.e. that premiums will be deposited in a managers’ insurance in respect of part of her Salary according to the rates set out in sub-section 4.1 and in respect of the balance of her Salary premiums will be deposited in a pension fund according to the rates set out in sub-section 4.
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Related to Manager’s Insurance/Pension Fund

  • Group Insurance Benefits To determine if a leave under the provisions of the Family and Medical Leave Act will be paid or unpaid leave of absence contact the school district Employee Benefits Department.

  • Excess/Umbrella Liability Policies Required insurance coverage limits may be provided through a combination of primary and excess/umbrella liability policies. If coverage limits are provided through excess/umbrella liability policies, then a Schedule of underlying insurance listing policy information for all underlying insurance policies (insurer, policy number, policy term, coverage and limits of insurance), including proof that the excess/umbrella insurance follows form must be provided after renewal and/or upon request.

  • Excess Liability Insurance $___________________ minimum required insurance policy for anything other than General Liability or Automobile coverage. ☐ - Additional Insurance Requirement: Client, Contractor, and any other entity which the Contractor is required to name as an additional insured under the Prime Contract shall be named as additional insureds under the General Liability Insurance required by this Section and any such insurance afforded to the additional insureds shall apply as primary insurance. Any other insurance maintained by the Client or Contractor shall be excess insurance and shall not be called upon to contribute to Subcontractor’s primary or excess insurance carrier’s duty to defend or indemnify unless required by law. The excess insurance required above shall also afford additional insured protection to Client and Contractor. This Section shall in no event be construed to require that additional insured insurance coverage be provided to a greater extent than permitted under the statutes or public policy governed under State law. Certificates of Insurance. Certificates of insurance, and the required additional insured and other endorsements, including waivers of subrogation shall be furnished to Contractor before the performance of any Services.

  • Employer’s Liability Insurance The Contractor shall also maintain Employer's Liability Insurance Coverage with limits of at least: (i) Bodily Injury by Accident $1,000,000 each accident; (ii) Bodily Injury by Disease $1,000,000 each employee; and (iii) Bodily Injury/Disease Aggregate $1,000,000 each accident. The Contractor shall require all Subcontractors performing work under this Contract to obtain an insurance certificate showing proof of Employers Liability Insurance Coverage and shall submit a certificate on the letterhead of the Contractor in the following language:

  • Director and Officer Liability Insurance The Company will maintain an insurance policy or policies providing directors’ and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

  • Compensation and Employers Liability Insurance a. Statutory California Workers' Compensation coverage including broad form all-states coverage. b. Employer's Liability coverage for not less than one million dollars ($1,000,000) per occurrence.

  • Group Insurance All employees covered by this Agreement shall receive the same group insurance benefits as provided to other County employees in accordance with the County Benefit Program.

  • Director and Officer Insurance As of the Closing, the Company will have obtained director and officer insurance in an aggregate coverage amount of not less than $5,000,000, to be effective as of the Closing, under a form of insurance policy that is reasonably acceptable to the Underwriter.

  • Worker's Compensation and Employer's Liability Insurance The Contractor shall have in effect during the entire life of this Agreement Workers' Compensation and Employer's Liability Insurance providing full statutory coverage. In signing this Agreement, the Contractor certifies, as required by Section 1861 of the California Labor Code, that it is aware of the provisions of Section 3700 of the California Labor Code which requires every employer to be insured against liability for Worker's Compensation or to undertake self-insurance in accordance with the provisions of the Code, and I will comply with such provisions before commencing the performance of the work of this Agreement.

  • Workers’ Compensation/Employer’s Liability Insurance The minimum limits of Workers’ Compensation/Employer’s Liability insurance are: Part One: Part Two: “Statutory” Each Accident $1,000,000 Disease – Policy Limit $1,000,000 Disease – Each Employee $1,000,000

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