Managers Insurance Policy. In respect of the term commencing from the beginning of Employee’s employment in the Company, the Company shall contribute funds on behalf the Employee to a Managers Insurance Fund in the name of the Employee and/or a comprehensive financial arrangement at the election of the Employee (“Fund”) and disability insurance for loss of ability to work (“Disability Insurance”) as specified below.
3.4.1. The Company shall allocate to the Fund, an aggregated amount equal to thirteen and a third percent (13.33%) in the following portions; five percent (5%) of each monthly Salary for pension compensation and eight and a third percent (8.33%) of each monthly Salary to severance compensation, which shall be payable to the Employee upon severance whether compensation is required by law or not. The contributions to the Manager’s Insurance policy shall be paid by the Company in lieu of any other legal obligation to make payments on account of severance or pension in respect of Employee’s employment during the Employment Term. Should the provisions made for severance pay not cover the amount owed by the Company to Employee by law, then the Company shall pay Employee the difference, all in accordance with Israeli law. Moreover, the Company will allocate for the purpose of the Disability Insurance a maximum premium of 2.5% of Employee’s monthly Salary. The Company shall deduct from Employee’s monthly Salary an aggregated amount equal to five percent (5%) of Employee’s monthly Salary for the Fund.
3.4.2. It is hereby agreed, and the parties agree that an agreement providing the same shall be executed between the parties as an appendix to the Employee’s Management Insurance policy, that the Employee shall, in the event of any termination of his employment with the Company (including resignation of Employee), be entitled to receive a transfer of ownership of the policy into his name, or be entitled to redeem the policy, in the full amount thereof, all the premiums in respect thereof, including the severance pay component and the aggregate amount of contributions made by the Company and by the Employee to the pension fund, due until termination having been paid in full.
Managers Insurance Policy. 2.3.1.1. Company’s contributions: (i) Severance - an amount equal to 8⅓% of the Salary; (ii) Pension - an amount equal to at least 6.5% (including the amount contributed to Disability, provided that the amount contributed to the Pension component shall be at least 5% of the Salary); (iii) Disability - subject to the consent of the Company’s insurer to underwrite such policy for Employee, the Company will contribute an amount of up to 2½% of the Salary towards disability insurance, under normal and acceptable conditions, which would insure 75% of the Salary. It is clarified that Company’s contributions towards the Managers Insurance Policy under this Section 2.3.1.1 shall not exceed 7½% of the Salary.
Managers Insurance Policy. During the Employment Period, the Company shall contribute to an insurance company as part of a Managers Insurance Policy, which shall be the property of the Company, an amount equal to 13 1/3% of the Executive’s salary (out of which 5% shall be for provident funds and 8 1/3% shall serve to cover severance compensation). Any tax payable in respect of such contributions to the insurance company shall be paid by the Executive. In addition, the Company shall deduct from the salary an amount equal to 5% of the Executive’s salary and contribute the same to the insurance company for such Managers Insurance Policy. The aforementioned allocations made by the Company shall be in lieu of severance pay according to the Severance Pay Law, 1963. The policy will include irrevocable instructions of the Company to an automatic transfer of title in the policy in the event of termination of employment for any reason.
Managers Insurance Policy. During the Employment Period, the Executive shall contribute to an insurance company as part of a Managers Insurance Policy, an amount equal to 18 1/3% of the Monthly Salary (out of which 10% shall be for provident funds and 8 1/3% shall serve to cover severance compensation). Any tax payable in respect of such contributions to the insurance company shall be paid by the Company. The aforementioned allocations shall be in lieu of severance pay according to the Severance Pay Law, 1963.
Managers Insurance Policy. 4.1.1. Disability Insurance - The Company, at its own discretion and expense, shall purchase a disability insurance, under normal and acceptable conditions, which would insure 75% of the Salary (the “Disability Insurance”). The Company’s contribution for Disability Insurance shall, in no circumstances, exceed the amount of 2½% of the Salary.
4.1.2. Severance - an amount equal to 8⅓% of the Salary;
4.1.3. Company’s contribution towards pension - the difference between 6.5% (the “Base Rate”) of the Salary and the actual percentage of the Salary contributed towards Disability Insurance, provided that the Company’s contribution towards pension shall not be lesser than 5% of the Salary;
4.1.4. Executive’s contribution towards pension – 6% of the Salary.
Managers Insurance Policy. In respect of the term commencing from the beginning of Employee’s employment in the Company, the Company shall contribute funds on behalf the Employee to a Managers Insurance Fund in the name of the Employee (“Fund”) and disability insurance for loss of ability to work (“Disability Insurance”) as specified below.
3.4.1. The Company shall allocate to the Fund, an aggregated amount equal to thirteen and a third percent (13.33%) in the following portions; five percent (5%) of each monthly Salary for pension compensation and eight and a third percent (8.33%) of each monthly Salary to severance compensation. Moreover, the Company will allocate for the purpose of the Disability Insurance a maximum premium of 2.5% of Employee’s monthly Salary, as provided by the general approval of the Minister of Labor and Social Welfare regarding payments by employers to a pension fund and insurance fund in lieu of severance pay, (“General Approval”) annexed hereto as Exhibit A. The Company shall deduct from Employee’s monthly Salary an aggregated amount equal to five percent (5%) of Employee’s monthly Salary for the Fund.
3.4.2. The aforementioned allocations shall be in lieu of Severance Pay according to the Severance Pay Law 5723-1963 (“Severance Pay Law”), if Employee is entitled to, and this in view of the General Approval. For clarification purposes, it is hereby expressed that the Company is waiving its right to a refund of the funds accumulated in the Fund in accordance with the provisions of the General Approval.
Managers Insurance Policy. During the Employment Period, the Company shall contribute to an insurance company as part of a Managers Insurance Policy, which shall be the property of the Company an amount equal to 131/3% of the Monthly Salary (out of which 5% shall be for provident funds and 8 1/3% shall serve to cover severance compensation). The executive shall have the right to allocate the contribution of the above-mentioned 131/3% between Managers Insurance Policy program and a Pension fund. In the event due to applicable tax law or regulation, the executive shall not be entitled to deduct any part of the above mentioned 131/3% contribution, the executive shall have the right to receive this part of the contribution as part of his salary (similar to the equivalent treatment of advanced study fund (“Keren Hishtalmut”). Any tax payable in respect of such contributions to the insurance company shall be paid by the Executive. The aforementioned allocations shall be in lieu of severance pay according to the Severance Pay Law, 1963. The policy will include irrevocable instructions of the Company for an automatic transfer of title upon termination of employment for any reason other than termination by the Company pursuant to Art. 5 (c) (III) below.
Managers Insurance Policy. The Company shall effect a Managers' Insurance Policy, or maintain the Employee's Managers' Insurance Policy, as shall be directed by the Employee in its sole discretion (hereinafter: the "POLICY") in the name of the Employee and shall pay a sum which equals to 18.83% of the Employee's Basic Salary towards such Policy, of which 8.33% will be on account of severance pay and 5% on account of pension fund payments. The Company shall deduct 5% from the Employee's Basic Salary to be paid on behalf of the Employee towards such Policy. An additional amount which equals to 2.5% of the Employee's Basic Salary shall be paid by the Company on account of the Employee's disability pension payments.
Managers Insurance Policy. During the Employment Period, the Company shall contribute to an insurance company as part of a Managers Insurance Policy, which shall be the property of the Company an amount equal to 13 1/3% of the Monthly Salary (out of which 5% shall be for provident funds and 8 1/3% shall serve to cover severance compensation). The executive shall have the right to allocate the contribution of the above-mentioned 13 1/3% between Managers Insurance Policy program and a Pension fund. In the event due to applicable tax law or regulation, the executive shall not be entitled to deduct any part of the above mentioned 13 1/3% contribution, the executive shall have the right to receive this part of the contribution as part of his salary (similar to the equivalent treatment of advanced study fund (“Keren Hishtalmut”). Any tax payable in respect of such contributions to the insurance company shall be paid by the Executive. The aforementioned allocations shall be in lieu of severance pay according to the Severance Pay Law, 1963 provided that upon any increase in the Monthly Salary the Company will contribute to the policy a sum of 8 1/3% multiplied by the increase and the number of months since the beginning of the Employment Period . The policy will include irrevocable instructions of the Company for an automatic transfer of title upon termination of employment for any reason other than termination by the Company pursuant to Art. 5 (c) (III) below.
Managers Insurance Policy. The Company shall contribute funds on behalf of its employees to a Managers Insurance Fund in the name of the Employee (“Fund”) and disability insurance for loss of ability to work (“Disability Insurance”) as specified below.
1.1 The Company shall allocate to the Fund, an aggregated amount equal to thirteen and a third percent (13.33%) in the following portions; five percent (5%) of each monthly Salary for pension compensation and eight and a third percent (8.33%) of each monthly Salary to severance compensation. Moreover, the Company will allocate for the purpose of the Disability Insurance a maximum premium of 2.5% of Employee’s monthly Salary, as provided by the general approval of the Minister of Labor and Social Welfare regarding payments by employers to a pension fund and insurance fund in lieu of severance pay. The Company shall deduct from Employee’s monthly Salary an aggregated amount equal to five percent (5%) of Employee’s monthly Salary for the Fund.
1.2 The aforementioned allocations shall be in lieu of the Company’s statutory obligation to pay severance pay, if required, under Section 14 of the Severance Pay Law 5723-1963.
