Section 14 of the Severance Compensation Law – 1963. (i) It is hereby agreed that upon termination of employment under this Agreement, the Company shall release to the Employee all amounts accrued in the Managers Insurance on account of both the Company’s and Employee’s contributions. It is hereby clearly agreed and understood that the amounts accrued in the Managers Insurance on account the Company’s contribution [i.e. 13.33% of each monthly Salary payment] shall be in lieu and in full and final substation of any severance pay the Employee shall be or become entitled to under any applicable Israeli law.
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Samples: Employment and Non Competition Agreement (Can-Fite BioPharma Ltd.), Employment and Non Competition Agreement (Can-Fite BioPharma Ltd.), Employment and Non Competition Agreement (Can-Fite BioPharma Ltd.)
Section 14 of the Severance Compensation Law – 1963. (i) It is hereby agreed that upon termination of employment under this Agreement, the Company shall release to the Employee all amounts accrued in the Managers Insurance on account of both the Company’s and Employee’s contributions. It is hereby clearly agreed and understood that the amounts accrued in the Managers Insurance on account the Company’s contribution [i.e. 13.33% of each monthly installment of the Annual Salary payment] shall be in lieu and in full and final substation of any severance pay the Employee shall be or become entitled to under any applicable Israeli law.
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