Common use of Manager’s Insurance/Pension Fund Clause in Contracts

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.

Manager’s Insurance/Pension Fund. 3.2.1. 3.3.1 The Company shall insure Employee under an accepted Manager’s '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 Policy 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. 3.2.2. 3.3.2 Employee may extend an existing policy or plan and/or incorporate it into the Policy, at Employee’s '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’ plans policies', provided, however, that in any event payments by the Company shall not exceed the amounts set forth in Section 3.2.1 above. In the event that addition, all contributions or and amounts under this Section 3.2 shall not exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and/or and the regulations promulgated thereunder, then the Employee whereupon such amounts shall bear any and all taxes imposed thereuponbe decreased accordingly. 3.2.3. 3.3.3 During Employee’s '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. 3.3.4 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.

Manager’s Insurance/Pension Fund. 3.2.1. The Company shall insure and the Employee under an accepted Managerwill additionally pay, on a monthly basis, as premiums on a manager’s Insurance Policy insurance policy (the “‘‘Policy”), and shall pay ) the following: (i) an amount equal to (i) 8.33% of the Salary on account of towards severance pay payable to Employee upon severance in accordance with the provisions of this Agreement; and pay, (ii) an amount equal to 5% of the Salary towards Policy paymentsa fund for life insurance and pension, subject (iii) an amount which will ensure 75% of the Salary or 2.5% of the Salary, according to the deduction 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 be paid towards the Policy policy on behalf of the Employee. In additionThe Employee hereunder irrevocably authorizes and instructs the Company to deduct from the Salary, at source, each month, the Company shall pay an aforementioned amount equal to 2.55% 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(which includes, at Employee’s discretion. In the event the Employee elects to be insured under a pension planex gratia, the allocations set forth in Section 3.2.1 above shall be adjusted in accordance with the pension plans’ policiesGlobal Compensation). In the event It is clarified 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. 3.2.3taxes, which may apply with respect to any contribution, which exceeds the recognized tax ceilings. During 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 period with the Companyemployment, for any reason whatsoever, the Company shall be release to the sole owner of 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. Other than as set forth belowNotwithstanding the above, in the event in which the Employee’s right to severance payment has been negated, in a decision of a termination competent court, pursuant to section 16 or 17 of this Agreementthe Severance Pay Law, the Company shall transfer the title in 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 be entitled to receive from the Policy the Company’s contributions to Employee. 3.2.4the Policy and any profits derived thereon. The Company and Employee agree and acknowledge It is hereby expressly agreed that transfer of ownership the Company’s contribution for severance pay (8.33%) together with any linkage, interest or other profit derivative thereof shall be instead of the Employee’s severance portion compensation, should the Employee be entitled thereto, such that upon release of the Policy to the Employee as set forth in Section 3.2.3 above Employee, no additional calculations shall be in lieu conducted between the parties regarding the matter of severance pay and not in addition no additional payments shall be made by the Company to any entitlement the Employee. The parties hereby agree to comply with the conditions of the Employee under any applicable law or this Agreement to severance pay, according to the “General Approval of Regarding the Minister of Labor and Welfare, regarding Employers’ Payments Payment by Employers to Pension Funds and Insurance Policies Funds, in Lieu of Severance Pay in Accordance with Section 14 of Payments pursuant to the Severance Pay Law Law, 5723-1963, attached hereto as Exhibit A (the “General Approval”). Accordingly, the provisions of which (including amendments thereto) are attached hereto, in the original Hebrew, as Annex A-l, and the parties hereby adopt the provisions thereof. In the event that the Employee maintains a Manager’s Insurance Policy and the Employee desires that the Company hereby waives insure him/her in the framework of such existing policy, the Employee shall instruct the Company of said desire in writing and the provisions of this section 5 of this Annex A shall apply accordingly. It being clarified for the removal of any rights doubt, that the Company shall not be obliged and shall not be liable in any manner whatsoever for any payments and/or contributions to said payments made any existing policy, which occurred and/or were supposed to have occurred prior to the Policy, except as set forth in the General Approvalcommencement date of this Agreement.

Manager’s Insurance/Pension Fund. 3.2.1. 3.2.1 The Company shall insure Employee under an accepted Manager’s '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 Policy 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. 3.2.2. 3.2.2 Employee may extend an existing policy or plan and/or incorporate it into the Policy, at Employee’s '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’ plans policies', provided, however, that in any event payments by the Company shall not exceed the amounts set forth in Section 3.2.1 above. In the event that addition, all contributions or and amounts under this Section 3.2 shall not exceed tax exempt amounts pursuant to the Israeli Income Tax Ordinance and/or and the regulations promulgated thereunder, then the Employee whereupon such amounts shall bear any and all taxes imposed thereuponbe decreased accordingly. 3.2.3. 3.2.3 During Employee’s '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. 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 B (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.

Manager’s Insurance/Pension Fund. 3.2.1. The Company shall insure Employee under an accepted effect a Manager’s 's Insurance Policy in the name of the Employee (the “"Policy”"), and shall pay an amount equal a sum of up to (i) 8.3315.83% of the Salary towards such Policy, as follows: (i) 8.33./0 will be on account of severance pay payable to Employee upon severance in accordance with the provisions of this Agreementpay; and (ii) 5% on account of the Salary towards Policy payments, subject to ; (iii) the deduction of Company shall deduct 5% of from the Salary Salary, to be paid towards the Policy on behalf of Employeethe Employee towards the Policy. In addition, the Company shall pay an amount equal up to additional 2.5% on account of disability insurance parents. 3.2.2. Alternatively, and at the choice of the Employee, the Company shall effect a Pension Fund in the name of the Employee (the "Fund"), and shall pay a sum of up to 14.83% of the Salary towards disability insurance in favor such Fund, as follows: (i) 8.33% will be on account of Employeeseverance pay; (ii) 6% on account of pension fund payments; (iii) the Company shall deduct 5.5% from the Salary to be paid on behalf of the Employee towards such Fund. 3.2.23.2.3. In the event that the Employee chooses to combine plans (Manager's Insurance Policy and Pension Fund), the above percentages will apply to such portion of the Salary that the Employee has allocated towards each such plan. 3.2.4. Employee may extend an existing policy Policy or plan Fund and/or incorporate it into the PolicyPolicy and/or Fund, at Employee’s '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 promulgate thereunder, then the Employee shall bear any and all taxes imposed thereupon. 3.2.33.2.5. 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. 3.2.43.2.6. 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 3.2.4 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 EmployersEmployers ’ Payments to Pension Funds and Insurance Policies in Lieu of Severance Pay in Accordance with Section 14 of the Severance Pay Law 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.

Manager’s Insurance/Pension Fund. 3.2.1. The According to the Executive’s choice, the Company shall insure Employee under an accepted affect a Manager’s Insurance Policy or Pension Fund or a combination thereof, (the “Policy”)) in the name of the Executive, and shall pay an amount equal to (i) a sum of 8.33% of the Deducted Salary on account of for severance pay payable to Employee upon severance in accordance with pay. The Company shall deduct 6% from the provisions of this Agreement; and (ii) 5% of the Salary towards Policy payments, subject to the deduction of 5% of the Deducted Salary to be paid towards the Policy as benefits (Tagmulim) on behalf of Employeethe Executive towards such Policy. In addition, The Company’s contribution for the Company Policy shall pay an amount equal to 2.5be 6.5% of the Deducted Salary towards disability insurance in favor of Employeeas employer’s share for benefits (Tagmulim). Such rates shall be adjusted as required by applicable law. 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 the Executive shall elect to be insured in a Manager’s Insurance Policy or a provident fund which is not a Pension Fund - the Company’s contributions or amounts under this Section 3.2 for benefits (Tagmulim) shall include payment for disability insurance in an amount which will ensure 75% of the Deducted Salary, provided however, that in any event the contributions of the Company for benefits shall be equal to at least 5% of the Deducted Salary, and the total cost of the Company for disability insurance and benefits shall not exceed tax exempt amounts pursuant to 7.5% of the Israeli Income Tax Ordinance and/or the regulations promulgated thereunder, then the Employee Deducted Salary. Such rates shall bear any and all taxes imposed thereuponbe adjusted as required by applicable law. 3.2.3. During Employee’s employment period The Parties hereby declare and agree that the pension arrangement in accordance with this clause constitutes a “beneficial arrangement” for the Companypurpose of the Extension Order (Combined Version) for Mandatory Pension under the Collective Agreements Law, 5717-1957 (the “Pension Extension Order”), and the Company shall not be under any obligation to provide any pension arrangement as provided in the sole owner of the Policy. Other Pension Extension Order other than as set forth below, provided in the event of a termination of this Agreement, the Company shall transfer the title in and to the Policy to EmployeeSection. 3.2.4. The Company and Employee agree and acknowledge that transfer of ownership Without derogating from the generality of the severance portion of aforesaid, all payments made by the Company to 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 pay due to the General Approval of Executive or his heirs from the Minister of Labor Company, and Welfarethe Company shall not have any additional or other obligations to pay the Executive severance payments, regarding Employers’ Payments and the Executive hereby consents to Pension Funds and Insurance Policies this arrangement in Lieu of Severance Pay in Accordance accordance with Section 14 of the Severance Pay Law 19635723-1963 and the “General Approval Regarding Payments by Employers to a Pension Fund and Insurance Fund in Lieu of Severance Pay”, a copy of which is attached hereto to this Agreement as Exhibit A and executed by the Parties (the “General Approval”), and the provisions of the General Approval shall apply to the Executive and this Agreement. 3.2.5. AccordinglyAs of the date indicated herein, the General Approval has not yet been updated to reflect the percentages of contributions/deductions indicated above. In the event of discrepancy between the updated General Approval and the percentages stated herein, the updated General Approval shall prevail. 3.2.6. The Company hereby waives any rights to said payments made entitlement and/or right for reimbursement with respect to the Policyseverance compensation and acknowledges, that upon termination of the Executive’s employment in the Company, including inter alia, in the event of the Executive’s resignation, the Company shall release the severance compensation and shall transfer the severance compensation to the Executive, except as set forth in the event that: (i) the Company has terminated the Executive’s employment due to circumstances under which his/her entitlement for severance payment is denied pursuant to Articles 16 or 17 of the Severance Law; or (ii) the Executive has already withdrawn funds from the Policy and not because of “Eiroa Mezake” according to Section 2(b) of the General Approval.