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2. BASE SALARY and COMPENSATION ADJUSTMENTS. <br />a.) The City of Little Canada agrees to pay Hanson a salary of $121,280 per year for calendar <br />year 2014. $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 I5' 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" shall be remitted <br />in a lump sum by no later than March 1St 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. PAID TIME OFF (PTO). The City agrees to grant Paid Time Off (PTO) to Hanson pursuant <br />to the City's Personnel Policy. <br />5. HOLIDAYS. The City will provide to Hanson the same standard holidays as enjoyed by <br />other employees and as set forth in Section 13 — Leaves with Pay — Holidays. <br />6. 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 />insurance plan. If Hanson elects the "opt out" option, the City will pay to Hanson an amount <br />equal to 80% of the premium that the City would have paid for Hanson's family health <br />2 <br />3 <br />