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.
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 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. 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. 5.1.1. 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 Insured Salary (the “Disability Insurance”). The Company’s contribution for Disability Insurance shall, in no circumstances, exceed the amount of 2½% of the Insured Salary.
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 Executive. The aforementioned allocations shall be in lieu of severance pay according to the Severance Pay Law, 1963 (Israel).
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.
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). 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. 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 for cause.
Managers Insurance Policy. 10.6.1 During Employee's employment, the Company shall allocate the following sums for the purpose of maintaining a Managers Insurance Policy for the Employee:
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.
