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GENERAL ACKNOWLEDGMENT, WAIVER, AND RELEASE AGREEMENT THIS GENERAL ACKNOWLEDGEMENT, WAIVER, AND RELEASE AGREEMENT made this day of U -r\ 2012 by and between ALAN J. COHEN (Hereinafter referred to as "Employee "), and the CITY OF SUNNY ISLES BEACH (hereinafter referred as to the "City "), is attached to and made a part of the Consultant Agreement between the parties. WITNESSETH THAT: WHEREAS, Employee is employed with the City as the City Manager on an at -will basis; IM WHEREAS, the parties to this Agreement desire to enter into an agreement in order to settle all issues including benefits to Employee as a result of his separation from employment with the City effective June 20, 2012. NOW, THEREFORE, in consideration of the premises and in consideration of the mutual covenants and promises hereinafter provided and of the actions taken pursuant thereto, the parties agree as follows: 1. Effective on June 20, 2012, Employee has agreed to separate from his employment with the City. 2. Upon the expiration of the Consideration Period as defined in Paragraph 9 and the execution of the Agreement, as severance compensation and compensation for consultant services, the City shall pay Employee due wages which equal to nine (9) months salary of Employee's annual wages, subject to all applicable taxes. The City shall also pay Employee for vacation and floating holiday hours earned in the amount of $16,295.53, subject to all applicable tax withholding requirements and other deductions. City shall pay Employee $8,946.69 for sick leave earned, subject to all applicable taxes. Vacation and sick leave compensation shall be paid in a lump sum no later than June 22, 2012. Except for leave time payment, the payment herein shall be paid based on a bi- weekly payment schedule unless a lump sum payment is provided by the City. Employee shall also receive a $500 monthly car allowance during the six (6) months severance period, which commences on June 20, 2012. Severance compensation herein is limited to the applicable amount under state law and all other compensation is for consultant services. 3. Employee shall receive a medical stipend of $500.00 on a monthly basis during the six (6) month severance period. Except for a whole life policy for a one year period, group vision and dental benefits, life and long term disability insurance benefits shall continue until June 30, 2012, Employee will no longer be eligible to participate in the following Employee benefit programs offered by the City, including but not limited to: (i) vacation benefits; (ii) retirement benefits; (iii) medical insurance and related benefits, (iv) travel and accident benefits, or (v) accidental death benefits. Employee will receive corporate notification pursuant to COBRA continuation of benefits. Employee acknowledges that Employee's medical insurance coverage Pagel of 4 GENERAL ACKNOWLEDGMENT, WAIVER, AND RELEASE AGREEMENT xno�