Common use of Pension Scheme and Severance pay Clause in Contracts

Pension Scheme and Severance pay. 4.6.1 On the Effective Date, the Employee is insured and will continue to be insured by the Company, as of his choice (“Pension Scheme”), as follows: NIS (gross) of the salary is covered by managers’ insurance policy in the “Mxxxxx” Insurance Company”, and NIS (gross) of the salary is covered by pension fund in the “ __ __”. 4.6.2 The payments for the Pension Scheme will continue to be based on the Employee’s Salary as set forth in Section 4.2.1 above and shall not include any other benefits and/or additional compensation, such as incentives of any kind. In the event that the Employee shall choose to insure his Salary in more pension programs, in any event, the insured salary in all such programs shall not exceed the Employee’s Salary as set forth in Section 4.2.1 above. 4.6.3 Should the Employee choose to insure his Salary, fully or partially, in a managers’ insurance policy, the Company will pay to such policy an amount equal to 14.83% of the part of the Salary insured in the managers’ insurance policy: 8.33% for severance payments and 6.5% for both pension component and disability insurance to cover 75% of the Salary insured in the managers’ insurance policy, subject to the pension component being no less than 5%. In the event that the cost of the disability insurance will be higher than 1.5%, the Company shall bear such costs, subject to the pension component together with a disability component being of a maximum cost of 7.5% 4.6.4 Should the Employee choose to insure his Salary, fully or partially, in a pension fund, the Company will pay to such fund an amount equal to 14.83% of the part of the Salary insured in the pension fund: 8.33% for severance payments and 6.5% for pension component. 4.6.5 In addition, the Company will continue to deduct from the Employee’s Salary an amount equal to 6% for the Employee’s part of the Pension Scheme to be forwarded to the Pension Scheme, and the Employee hereby approve such deduction. 4.6.6 The Company’s contributions to the Pension Scheme for severance component of 8.33% shall be in lieu of 100% of the severance compensation according to clause 14 of the Severance Pay Law, 1963. 4.6.7 The Parties hereby declare that they wish to continue to adopt all the of the terms and conditions detailed in the general approval of the Minister of Labor regarding payments by employers to a pension fund and insurance fund in lieu of severance pay (the “General Permit”), in accordance with section 14 of the Severance Pay Law, 1963, attached as Appendix A to this Agreement, as will be updated from time to time. These terms and conditions oblige the Parties to this agreement. For the avoidance of doubt, it is hereby clarified that the above conditions do not derogate from the rights and/or benefits granted to the Employee in accordance with this Agreement. 4.6.8 The Company waives all rights for return of the sums paid by it to the Pension Scheme for severance, unless the Employee’s right for severance was denied by court ruling under clauses 16-17 to the Severance Pay Law, 1963 or in the event that the Employee withdrew monies from the Pension Scheme without “Entitling Event”, as defined by the General Permit. 4.6.9 The Employer shall bear all applicable taxes for any of the Employer’s and the Employee’s contributions to the Pension Scheme exceeding the maximum amount exempt from income tax for such payments 4.6.10 The Employee hereby warrants and represents that he fully approves the aforesaid conditions detailed in this Section 4.6.

Pension Scheme and Severance pay. 4.6.1 3.7.1. On the Effective Date, the Employee is insured and will continue to be insured by the Company, as Company in a managers’ insurance policy of his choice “Clal Bituach” (“Pension Scheme”), as follows: NIS (gross) of the salary is covered by managers’ insurance policy in the “Mxxxxx” Insurance Company”, and NIS (gross) of the salary is covered by pension fund in the “ __ __”his choice. 4.6.2 3.7.2. The payments for the Pension Scheme will continue to be based on the Employee’s Salary as set forth in Section 4.2.1 ‎3.2.1 above and shall not include any other benefits and/or additional compensation, such as incentives of any kind. In the event that the Employee shall choose to insure his Salary in more than one pension programsprogram, in any event, the insured salary in all such programs shall not exceed the Employee’s Salary as set forth in Section 4.2.1 ‎3.2.1 above. 4.6.3 3.7.3. Should the Employee choose to continue to insure his Salary, fully or partially, in a managers’ insurance policy, the Company will pay to such policy an amount equal to 14.83% of the part of the Salary insured in the managers’ insurance policy: 8.33% for severance payments and 6.5% for both pension component and disability insurance to cover 75% of the Salary insured in the managers’ insurance policy, subject to the pension component being no less than 5%. In the event that the cost of the disability insurance will be higher than 1.5%, the Company shall bear such costs, subject to the pension component together with a disability component being of a maximum cost of 7.5% 4.6.4 3.7.4. Should the Employee choose to insure his Salary, fully or partially, in a pension fund, the Company will pay to such fund an amount equal to 14.83% of the part of the Salary insured in the pension fund: 8.33% for severance payments and 6.5% for pension component. 4.6.5 3.7.5. In addition, the Company will continue to deduct from the Employee’s Salary an amount equal to 6% for the Employee’s part of the Pension Scheme to be forwarded to the Pension Scheme, and the Employee hereby approve such deduction. 4.6.6 3.7.6. The Company’s contributions to the Pension Scheme for severance component of 8.33% shall be in lieu of 100% of the severance compensation according to clause 14 of the Severance Pay Law, 1963. 4.6.7 3.7.7. The Parties hereby declare that they wish to continue to adopt all the of the terms and conditions detailed in the general approval of the Minister of Labor regarding payments by employers to a pension fund and insurance fund in lieu of severance pay (the “General Permit”), in accordance with section 14 of the Severance Pay Law, 1963, attached as Appendix A to this Agreement, as will be updated from time to time. These terms and conditions oblige the Parties to this agreement. For the avoidance of doubt, it is hereby clarified that the above conditions do not derogate from the rights and/or benefits granted to the Employee in accordance with this Agreement. 4.6.8 3.7.8. The Company waives all rights for return of the sums paid by it to the Pension Scheme for severance, unless the Employee’s right for severance was denied by court ruling under clauses 16-17 to the Severance Pay Law, 1963 or in the event that the Employee withdrew monies from the Pension Scheme without “Entitling Event”, as defined by the General Permit. 4.6.9 3.7.9. The Employer Employee shall bear all applicable taxes for any of the Employer’s and the Employee’s contributions to the Pension Scheme exceeding the maximum amount exempt from income tax for such payments 4.6.10 3.7.10. The Employee hereby warrants and represents that he fully approves the aforesaid conditions detailed in this Section 4.6‎3.7.

Pension Scheme and Severance pay. 4.6.1 3.7.1. On the Effective Date, the Employee is insured and will continue to be insured by the Company, as of his choice (“Pension Scheme”), as follows: NIS 10,000 (gross) of the salary Salary is covered by managers’ ' insurance policy in the “Mxxxxx” "Harel" Insurance Company”", and 20,000 NIS (gross) of the salary Salary is covered by pension fund in the “ __ __”"Xxxxxxxxx Shacham". 4.6.2 3.7.2. The payments for the Pension Scheme will continue to be based on the Employee’s Salary as set forth in Section 4.2.1 ‎3.2.1 above and shall not include any other benefits and/or additional compensation, such as incentives of any kind. In the event that the Employee shall choose to insure his Salary in more than one pension programsprogram, in any event, the insured salary in all such programs shall not exceed the Employee’s Salary as set forth in Section 4.2.1 ‎3.2.1 above. 4.6.3 3.7.3. Should the Employee choose to continue to insure his Salary, fully or partially, in a managers’ insurance policy, the Company will pay to such policy an amount equal to 14.83% of the part of the Salary insured in the managers’ insurance policy: 8.33% for severance payments and 6.5% for both pension component and disability insurance to cover 75% of the Salary insured in the managers’ insurance policy, subject to the pension component being no less than 5%. In the event that the cost of the disability insurance will be higher than 1.5%, the Company shall bear such costs, subject to the pension component together with a disability component being of a maximum cost of 7.5% 4.6.4 3.7.4. Should the Employee choose to insure his Salary, fully or partially, in a pension fund, the Company will pay to such fund an amount equal to 14.83% of the part of the Salary insured in the pension fund: 8.33% for severance payments and 6.5% for pension component. 4.6.5 3.7.5. In addition, the Company will continue to deduct from the Employee’s Salary an amount equal to 6% for the Employee’s part of the Pension Scheme to be forwarded to the Pension Scheme, and the Employee hereby approve such deduction. 4.6.6 3.7.6. The Company’s contributions to the Pension Scheme for severance component of 8.33% shall be in lieu of 100% of the severance compensation according to clause 14 of the Severance Pay Law, 1963. 4.6.7 3.7.7. The Parties hereby declare that they wish to continue to adopt all the of the terms and conditions detailed in the general approval of the Minister of Labor regarding payments by employers to a pension fund and insurance fund in lieu of severance pay (the “General Permit”), in accordance with section 14 of the Severance Pay Law, 1963, attached as Appendix A to this Agreement, as will be updated from time to time. These terms and conditions oblige the Parties to this agreement. For the avoidance of doubt, it is hereby clarified that the above conditions do not derogate from the rights and/or benefits granted to the Employee in accordance with this Agreement. 4.6.8 3.7.8. The Company waives all rights for return of the sums paid by it to the Pension Scheme for severance, unless the Employee’s right for severance was denied by court ruling under clauses 16-17 to the Severance Pay Law, 1963 or in the event that the Employee withdrew monies from the Pension Scheme without “Entitling Event”, as defined by the General Permit. 4.6.9 3.7.9. The Employer Employee shall bear all applicable taxes for any of the Employer’s and the Employee’s contributions to the Pension Scheme exceeding the maximum amount exempt from income tax for such payments 4.6.10 3.7.10. The Employee hereby warrants and represents that he fully approves the aforesaid conditions detailed in this Section 4.6‎3.7.

Pension Scheme and Severance pay. 4.6.1 4.7.1. On the Effective Date, the Employee is insured and will continue to be insured by the Company, as of his choice (“Pension Scheme”), as follows: NIS 25,000 (gross) of the salary Salary is covered by managers’ insurance policy in the “MxxxxxXxxxxx” Insurance Company”, and 10,000 NIS (gross) of the salary Salary is covered by pension fund in the “ __ __“Xxxxxx”. 4.6.2 4.7.2. The payments for the Pension Scheme will continue to be based on the Employee’s Salary as set forth in Section 4.2.1 ‎4.2.1 above and shall not include any other benefits and/or additional compensation, such as incentives of any kind. In the event that the Employee shall choose to insure his Salary in more pension programs, in any event, the insured salary in all such programs shall not exceed the Employee’s Salary as set forth in Section 4.2.1 ‎4.2.1 above. 4.6.3 Should 4.7.3. The Company’s contributions to the Employee choose to insure his Salary, fully or partially, in a managers’ insurance policy, the Company policy will pay to such policy an amount equal to be 14.83% of the part of the Salary insured in the managers’ insurance policy: 8.33% for severance payments and 6.5% for both pension component and disability insurance to cover 75% of the Salary insured in the managers’ insurance policy, subject to the pension component being no less than 5%. In the event that the cost of the disability insurance will be higher than 1.5%, the Company shall bear such costs, subject to the pension component together with a disability component being of a maximum cost of 7.5% 4.6.4 Should 4.7.4. The Company’s contributions to the Employee choose to insure his Salary, fully or partially, in a pension fund, the Company fund will pay to such fund an amount equal to be 14.83% of the part of the Salary insured in the pension fund: 8.33% for severance payments and 6.5% for pension component. 4.6.5 4.7.5. In addition, the Company will continue to deduct from the Employee’s Salary an amount equal to 6% for the Employee’s part of the Pension Scheme to be forwarded to the Pension Scheme, and the Employee hereby approve such deduction. 4.6.6 4.7.6. The Company’s contributions to the Pension Scheme for severance component of 8.33% shall be in lieu of 100% of the severance compensation according to clause 14 of the Severance Pay Law, 1963. 4.6.7 4.7.7. The Parties hereby declare that they wish to continue to adopt all the of the terms and conditions detailed in the general approval of the Minister of Labor regarding payments by employers to a pension fund and insurance fund in lieu of severance pay (the “General Permit”), in accordance with section 14 of the Severance Pay Law, 1963, attached as Appendix A to this Agreement, as will be updated from time to time. These terms and conditions oblige the Parties to this agreement. For the avoidance of doubt, it is hereby clarified that the above conditions do not derogate from the rights and/or benefits granted to the Employee in accordance with this Agreement. 4.6.8 4.7.8. The Company waives all rights for return of the sums paid by it to the Pension Scheme for severance, unless the Employee’s right for severance was denied by court ruling under clauses 16-17 to the Severance Pay Law, 1963 or in the event that the Employee withdrew monies from the Pension Scheme without “Entitling Event”, as defined by the General Permit. 4.6.9 4.7.9. The Employer Employee shall bear all applicable taxes for any of the Employer’s and the Employee’s contributions to the Pension Scheme exceeding the maximum amount exempt from income tax for such payments 4.6.10 4.7.10. The Employee hereby warrants and represents that he fully approves the aforesaid conditions detailed in this Section 4.6‎4.7.