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<br /> <br /> <br /> <br /> <br /> <br /> b. The City will withhold from the lump sum payment all applicable income tax <br /> withholding and FICA. <br /> <br /> 4. The parties acknowledge that Carruth will be responsible for all income tax <br /> obligations accruing as a result of the payments pursuant to this Agreement; <br /> <br /> 5. Carruth, during the time described in No. 2 above, will be available to the City for <br /> consultation and assistance in transition of city management; and <br /> <br /> 6. Carruth will, at the time of the execution of this Agreement, submit a formal letter of <br /> resignation effective January 1, 2011. <br /> <br /> NOW, THEREFORE, in exchange for the consideration described above, the parties <br /> <br /> hereby forever release each other from any and all complaints, charges, claims, liabilities, <br /> <br /> demands, debts, accounts, obligations, promises, suits, actions, causes of action, and demands in <br /> <br /> law and in equity, including claims for damages, attorney's fees or costs, whether known or <br /> <br /> unknown, which either may have at the time of the execution of this Agreement. <br /> <br /> IT IS FURTHER ACKNOWLEDGED AND AGREED by the parties that should any <br /> <br /> provision of this Agreement be declared or determined to be illegal or invalid by final <br /> <br /> determination by any court of competent jurisdiction, the validity of the remaining parts, terms, <br /> <br /> or provisions of this agreement shall not be affected thereby and the illegal or invalid part, term, <br /> <br /> or provision shall be deemed not to be part of this Agreement. <br /> <br /> CITY OF PARIS, Texas <br /> <br /> <br /> <br /> Will Biard, Mayor <br /> <br /> Executed this day of December, 2010. <br /> CITY MANAGER <br /> <br /> <br /> <br /> Kevin Carruth <br /> Executed this day of December, 2010. <br /> <br /> <br /> <br /> 2 <br />