Common use of Cost of Health Insurance Coverage Clause in Contracts

Cost of Health Insurance Coverage. (a) During the ten (10) year period following Employee’s notice of willingness and ability to act as a consultant to the President pursuant to Section 8.1 above, Employee shall be required to pay the same amount for the Health Insurance Coverage as a similarly situated full-time employee would be required to pay for coverage under the Company’s group health plan(s). The amount Employee is required to pay for Health Insurance Coverage shall be adjusted in the same amount and at the same time as the amount employees of the Company are required to pay for similar coverage under the Company’s group health plan(s). Employee shall pay his cost for the Health Insurance Coverage not less frequently than monthly by submitting a personal check for the appropriate amount to the Company.