10-Accepting the separation agreement

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SEPARATION AGREEMENT AND GENERAL RELEASE This Separation Agreement and General Release ("Agreement") is entered into by and between the City of Paris, Texas ("City") and Kevin Carruth ("Carruth"). WHEREAS, the City and Carruth have decided to sever their relationship and resolve all obligations pursuant to Carruth's employment with the City, and WHEREAS, the parties acknowledge that they have previously entered into a document entitled "City Manager Employment Agreement" and have extended said agreement. The parties acknowledge that some of the terms contained within the Agreement are susceptible to different interpretations. The parties in this Agreement desire to settle any and all issues regarding said City Manager Employment Agreement as well as any and all other issues that may exist between the parties; and WHEREAS, in consideration of Carruth signing the Agreement and releasing the City from any and all claims which Carruth may have against it, including those contained in the City Manager Employment Agreement, and the City signing this Agreement and approving such, the parties will do the following: 1. Carruth shall continue to work and draw his current salary and benefits through and until January 1, 2011; 2. Thereafter, Carruth will draw his salary and benefits from January 1, 2011 through and until March 31, 2011; 3. On or about April 1, 2011, Carruth will receive a lump sum payment from the City to be calculated as follows: a. $140,000.00 less the total cost to the City for Carruth's employment from January 1, 2011 through March 31, 2011 as described in No. 2 above. The amount to be deducted from the $140,000.00 lump sum figure described herein shall specifically include all cost to the City for Carruth's employment during this time period and specifically includes the following: salary, City's matching social security obligation, retirement contributions, car allowance, insurance premiums for health, dental, disability, and vision; and 1 85