Laserfiche WebLink
City Council doesn't take action to extend or terminate this Agreement by July 20, 2018, it will <br />automatically extend for one (1) year from October2l, 2018 to October 20, 2019, <br />2. Compensation. <br />2.1 Salary <br />(a) Annual Salary <br />City agrees to pay City Manager, and City Manager agrees to accept from City, as <br />compensation for services rendered by City Manager pursuant to this Agreement, an annual base <br />salary, commencing on the Effective Date, in the amount of Three hundred Fifteen Thousand <br />Dollars ($313,000.00, hereinafter "Annual Base Salary "), payable in installment payments in <br />the same manner and at the some times as salaries of other executive managers of the City are <br />paid. <br />The term "Annual Base Salary"' as used in this Agreement shall also include any <br />such adjustments approved by the City Council other than payments not eligible to be added to <br />the City Manager's Annual Base Salary pursuant to time terms of any applicable salary resolution <br />of City. The tern "Monthly Base Salary" as used in this Agreement shall mean a sum of money <br />equal to one- twelf':h (I A 2) of City Manager's Annual Base Salary as defmned herein. <br />(b) Deferred Compensation. <br />City Manager shall receive as additional compensation added to his base salary <br />and deducted there$om pursuant to Government Code Section 53214, deferred compensation in <br />the maximum annual amountpemiltted pursuant to Section 457 of the Internal Revenue Code at <br />the time of exeoution of this Agreement, said amount consisting o£ the maximum Standard <br />contribution mid the Age 50+ contribution. <br />(o) Performance Bonus <br />Each fiscal year, commencing with the fiscal year that starts on July 1, 2014, the <br />City Council may grant to City Manager a performance bonus. Whether or not to grant a bonus <br />and the amount of any such bonus shall be in the sole discretion of the City Council. The <br />decision by the City Council regarding the performance bonus shall be made for each fiscal year <br />at the time the City Council is providing the performance evaluation of City Manager required <br />by paragraph 3 of this Agreement. <br />It is the understanding and intent of the City and City .Manager that performance <br />bonuses are not reportable to the California State Public Employees Retirement System <br />( Ca1PERS "), and are not to be included in the calculation of City Manager's retirement <br />allowance. Performance bonuses arc not added to the annual base salary. <br />45635,01000\7118043.4 <br />