CAVAZOS, DAVID -2013 - Laserfiche WebLink

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City Council doesn't take action to extend or terminate this Agreement by July 20, 2018, it will automatically extend for one (1) year from October 21, 2018 to October 20, 2019. 2. Compensation. 2.1 Salary (a) Annual Salary City agrees to pay City Manager, and City Manager agrees to accept from City, as compensation for services rendered by City Manager pursuant to this Agreement, an annual base salary, commencing on the Effective Date, in the amount of Three Hundred Fifteen Thousand Dollars ($315,000.00, hereinafter "Annual Base Salary"), payable in installment payments in the same manner and at the same times as salaries of other executive managers of the City are paid. The term "Annual Base Salary" as used in this Agreement shall also include any such adjustments approved by the City Council other than payments not eligible to be added to the City Manager's Annual Base Salary pursuant to the terms of any applicable salary resolution of City. The term "Monthly Base Salary" as used in this Agreement shall mean a sum of money equal to one-twelfth (1/12) of City Manager's Annual Base Salary as defined herein. (b) Deferred Compensation. City Manager shall receive as additional compensation added to his base salary and deducted therefrom pursuant to Government Code Section 53214, deferred compensation in the maximum annual amount permitted pursuant to Section 457 of the Internal Revenue Code at the time of execution of this Agreement, said amount consisting of the maximum Standard contribution and the Age 50+ contribution. (c) Performance Bonus Each fiscal year, commencing with the fiscal year that starts on July 1, 2014, the City Council may grant to City Manager a performance bonus. Whether or not to grant a bonus and the amount of any such bonus shall be in the sole discretion of the City Council. The decision by the City Council regarding the performance bonus shall be made for each fiscal year at the time the City Council is providing the performance evaluation of City Manager required by paragraph 3 of this Agreement. It is the understanding and intent of the City and City Manager that performance bonuses are not reportable to the California State Public Employees Retirement System ("CalPERS"), and are not to be included in the calculation of City Manager's retirement allowance. Performance bonuses are not added to the annual base salary. 45635,01000\7118043.4 2