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2. Compensation. 2.1 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 two hundred sixty -five thousand dollars ($265,000) (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. Commencing in May, 2013 and each year thereafter, said Annual Base Salary shall be eligible for upward adjustments subject to the same procedures by which the salaries of other executive managers of City are adjusted for meritorious performance, except that any such adjustments shall be at the sole discretion of the City Council and approved by amendment to this Agreement. 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. 2.2 Benefits In addition, and except as otherwise specified herein, City Manager shall receive all such other benefits and compensation that are generally applicable to executive managers, the city clerk and the city attorney of the City as of the Effective Date of this Agreement, as the same may be modified from time to time after the date of this Agreement, including but not limited to medical insurance, long term disability insurance, life insurance, sick leave, deferred compensation, holidays, vacation, bereavement and family illness leave, physical examinations, and participation in retirement system. The City Manager is entitled to accrue all unused leave, without limit, and in the event the City Manager's employment is terminated, either voluntarily or involuntarily, the City Manager shall be compensated for all accrued vacation time, all paid holidays, all executive leave and all other benefits to the termination date, except for the special sick bank time established under section 2.3 herein. For purposes of continuing participation in the City's retiree medical program, the City Manager shall receive the same benefit as other City executive managers. 2.3 Supplemental Sick Leave Bank In addition to the accrual of regular sick leave, upon commencing employment the City Manager shall have sole access to a bank of 180 sick hours to be used in the case of serious medical conditions. This leave can only be used to provide coverage during the waiting period between the onset of illness or disability and the point at which short or long -term disability coverage takes effect. Under no condition can the balance of this special sick time account be cashed in under section 2.2 of this Agreement. Any unused sick days in this bank, at 45635.01000 \7118043.4 5O A-4 _4