55A - RESO - CM AND COTC BONUS CM AGMT

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will provide written notice to City Manager that the Agreement will not be extended and consequently will terminate as of the end of the current term. If action is not taken by City Council within three (3) months before the expiration of the initial term of this Agreement on November 16, 2018, this Agreement shall on February 16, 2019, automatically extend for one (1) year from February 16, 2019 until February 16, 2020. For each succeeding year that the City Council does not take action to extend or terminate this Agreement by three (3) months before the then current end of the Agreement, the Agreement shall automatically extend for an additional year. For example, if action is not taken by the City Council to extend or terminate this Agreement by November 16, 2020, the Agreement shall on that date automatically extend for one (1) year from February 16, 2021, to February 16, 2022, and if the City Council doesn't take action to extend or terminate this Agreement by November 16, 2021, it will automatically extend for one (1) year from February 16, 2022 to February 16, 2023. 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) Right of Estate to Accrued Salary City agrees that if the City Manager dies during the term of this Agreement, his estate is entitled to accrued salary as of date of death as defined in section 2.1(a) under this Agreement. (c) 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. 2 55394.00000 \8170424.1 55A -8