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3. Compensation. Compensation shall be paid to Employee as follows: <br />a. Salary: City shall pay Employee a gross salary of $264,999.00 per year, <br />payable monthly in accordance with City's normal payroll process, less applicable federal <br />and state withholdings and deductions. <br />b. Medical Benefits: Employee and his dependents shall receive health, <br />dental and vision benefits on the same basis, and under the same terms and conditions, as <br />were in effect at the time of his resignation as City Manager. <br />C. Benefit Accruals: Employee shall accrue PERS retirement credits on the <br />same basis, and under the same terms and conditions, as were in effect at the time of his <br />resignation as City Manager. Employee shall not accrue vacation or sick benefits during <br />the Term of this Agreement. <br />d. Fringe Benefits: Employee shall not receive any additional fringe <br />benefits of any nature. <br />e. Business Expenses: City shall reimburse Employee for reasonable <br />business expenses incurred in the course of Employee's duties, subject to advance written <br />approval by the City Manager. Any and all expenses for which Employee seeks <br />reimbursement must be properly documented with the actual receipt for each expenditure. <br />4. Term. The term of this Agreement shall be from February 2, 2013 through <br />February 1, 2014. <br />5. Protection of Confidential Information. Employee agrees to maintain and <br />protect the confidentiality of all Employer Confidential Information (as defined in <br />Attachment "A"). In consideration of employment and the compensation and benefits <br />provided to Employee under this Agreement, Employee agrees to execute the "Agreement <br />to Protect Confidential Information" attached hereto as Attachment "A". Employee <br />acknowledges that the provisions regarding protection of City's confidential information <br />apply both during and after conclusion of Employee's employment. <br />6. Other Terms and Conditions of Employment. There are no additional terms <br />and conditions of employment. Employee acknowledges that he is a contract employee <br />and does not have any additional rights as are set forth in Employer's charter, municipal <br />code or policies, as may be revised from time to time in the sole discretion of Employer. <br />7. Termination. <br />a. Resignation/Mutual Agreement: Employee may voluntarily resign his <br />position after giving City at least seven (7) days written notice prior to the effective date <br />of such resignation, unless such notice is waived in whole or part by the City Manager. <br />Additionally, the Parties may mutually agree to terminate this Agreement at any time. <br />2 <br />55394.00000\7818416.1