Common use of Study Fund Clause in Contracts

Study Fund. The Company shall contribute 7.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authorities) towards a study fund (“Keren Hishtalmut”) (the “Study Fund”). Executive shall contribute 2.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authorities) towards the Study Fund (the sums contributed by Executive shall be deducted directly from the Salary by the Company). Executive shall bear any and all taxes applicable in connection with amounts payable by Executive and/or Company to the Study Fund.

Study Fund. The Company shall pay on a monthly basis and contribute 7.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authorities) towards a study fund (“"Keren Hishtalmut”") (chosen by the “Study Fund”). Executive an additional 7.5% of the Salary, and the Executive shall contribute 2.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authorities) towards the Study Fund (the such a fund. The sums contributed by the Executive shall be deducted directly from his Salary at source, and the Salary by Executive hereby irrevocably instructs and authorizes the Company)Company to make such deductions and transfers to the study fund. It is clarified that the Executive shall bear any and all taxes applicable in connection which may apply with amounts payable by Executive and/or Company respect to any contribution which exceeds the Study Fund.recognized tax ceilings. 150

Study Fund. The Company shall contribute contribute, retroactively as of the Effective Date, 7.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authoritiesauthorities ) towards a study fund (“"Keren Hishtalmut”") (the “"Study Fund”"). Executive shall contribute 2.5% of the Salary (but in any event, not more than the ceiling recognized by the income tax authorities) towards the Study Fund (the sums contributed by Executive shall be deducted directly from the Salary by the Company). Executive shall bear any and all taxes applicable in connection with amounts payable by Executive and/or Company to the Study Fund.