24-3408 Restating Employment Agreement between the City and City Manager James R. Newlon

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i. All retirement benefits and deferred compensation plan remain the property of the City Manager. ii. The City pays one hundred percent (100%) of any paid annual and compensatory leave time and any paid sick leave time accrued by the City Manager, in accordance with City policy applicable to all regular City employees, as well as all retirement benefits to the extent controlled by the City, and other accrued benefits due the City Manager under the terms of this Agreement. iii. The City will pay the cost of health insurance and dental insurance for the City Manager for 12 months after separation from the City, which may be under the plans offered by the City, or such other plan(s) as may be needed to fulfill the obligations of this paragraph. Such plans shall be equal to those offered by the City to full-time employees. The City Manager shall select and identify which type plan he shall choose for coverage. The City's obligation under this paragraph shall conclude not later than twelve (12) months after separation or the time at which the City Manager becomes covered by replacement insurance, whichever is sooner. iv. The City shall pay severance, inclusive of all forms of compensation, within fifteen (15) days from receipt of a written request from the City Manager, in one final lump sum payment or in structured installment payments, at the City Manager's discretion. The number of installments will not extend for more than twelve (12) months from the commencement of such installments. The City Manager will determine the commencement date of such installment payments, if any. v. The City will pay the equivalent of twenty (20) weeks compensation, plus the amounts set forth in subsections (i) through (iv) of Paragraph 9.a. vi. Upon payment as above in Paragraph 9.a.(i-v), the City Manager agrees to execute a "Separation Agreement" holding the City harmless, releasing the City from all liability relative to the termination of employment, and accepting the payments in full satisfaction of the City's obligations under this Agreement. b. If this Agreement is terminated for "Cause" as defined in Paragraph 8.a., the City will have no obligation to pay Severance Salary as set forth in Paragraph 9.a.(i-v). However: i. The City will pay one hundred percent (100%) of accrued annual and compensatory leave time and accrued sick leave, in accordance with City policy applicable to all regular City employees, plus all retirement benefits and other accrued benefits as are due to the City Manager under the terms of this Agreement. ii. All retirement benefits and deferred compensation plan(s) shall remain the property of the City Manager. c. If a court should determine that the City Commission did not properly terminate the City Manager for cause, the parties agree that such 4