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2. BASE SALARY and COMPENSATION ADJUSTMENTS. <br />a.) The City of Little Canada agrees to pay Hanson a salary of $114,072 per year for calendar <br />year 2011. $5,000 of that year's salary will be paid as deferred compensation as provided <br />in Paragraph 3 below. <br />b.) The City Council agrees to conduct a performance review and to review Hanson's <br />compensation prior to December 181 of each year. Within 15 days following the review, <br />Hanson's next year salary and any adjustments to the current year shall be determined. <br />Any amount unpaid (adjustment to the current year) as of December 31`i shall be remitted <br />in a lump sum by no later than March 1" of the following year. <br />3. DEFERRED COMPENSATION. The City agrees to allow Hanson to enroll in the ICMA- <br />RC deferred compensation plan and to enroll in PERA. The City agrees to make its required <br />contribution to PERA on behalf of Hanson, and to contribute an additional $5,000 as stated in <br />Paragraph 2 to ICMA -RC. <br />4. VACATIONS. The City agrees to grant vacation to Hanson pursuant to the City's Personnel <br />Policy, Section 13 - Leaves with Pay — Vacations. <br />5. SICK LEAVE. The City agrees to allow Hanson to accrue and utilize sick leave pursuant to <br />the City's Personnel Policy, Section 13 - Leaves with Pay - Sick Leave. <br />6. HOLIDAYS. The City will provide to I- Ianson the same standard holidays as enjoyed by <br />other employees and as set forth in Section 13 — Leaves with Pay — Holidays. <br />7. INSURANCE. The City will pay the cost of hospital and medical insurance for Hanson and <br />dependents. The City will pay 100% of the premium for Hanson's family hospital and <br />medical insurance premium. Hanson has the option to have family health insurance coverage <br />provided by the City's employee health insurance plan or he may opt out of the City's <br />employee health insurance plan and obtain health coverage through his spouse's health <br />2 <br />3 <br />