Reso 2000-244 - Laserfiche WebLink

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SETTLEMENT AGREEMENT II~ ~ THIS AGREEMENT, made this -LL day of between JACK NEUSTADT (hereinafter "Employee") and the ITY BEACH (hereinafter "Employer"): , 2000, by and OF SUNNY ISLES WITNESSETH: WHEREAS, Employee has been employed by Employer since December 8, 1997, and has most currently held the position ofInterim City Manager; and WHEREAS, Employee, in consideration of other terms and conditions agreed to by Employer, wishes to retire from his current position with Employer; NOW, THEREFORE, in consideration of the mutual covenants and agreements as hereinafter set forth, Employee and Employer agree as follows: 1. Retirement by Employee: Employee hereby agrees to submit a letter of retirement from his employment at the City of Sunny Isles Beach effective seven (7) days following execution of this Agreement which shall have been considered for a total period of twenty-one (21) days. This Agreement shall not be in full force and effect until such time as the City Commission of the City of Sunny Isles Beach adopts a resolution approving this Settlement Agreement on the seventh day after execution by Employee, after or concurrent with the conclusion of the 21-day consideration period, whichever comes later. 2. Monetary Consideration and Benefits: a. Employer agrees to pay six (6) months severance pay over a four month period beginning July 15, 2000, up through, and including, November 15, 2000 in the sum of $46,377.50 (less all taxes owing on this amount) to Employee as consideration for Employee's retirement, the continuing assurances set forth in this paragraph, and the execution of the General Acknowledgement, Waiver and Release given by Employee to Employer. Said payment shall be made in four equal monthly installments beginning July 15, 2000. (1) Employee agrees to provide consulting services to the City Manager on an "as-needed" basis over the course of six (6) months from July 15, 2000, with respect to budget preparation, financial matters affecting the City and any other matters of which Employee has knowledge. Employee shall not be expected to keep normal business hours nor does Employer expect Employee to be present at Employer's place of business to provide said services except as specifically requested by the City Manager. (2) Employee acknowledges and affirms these benefits as outlined in this Paragraph are not a legal entitlement for retirement and are more than Employee would normally be entitled to receive upon retirement. Neustadt Settlement Agreement LMD:ch 6/20/00 -- I :37 PM 1