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REV: 07-22-2021 MI unavoidable circumstances. Such circumstances will not include strikes, lockouts, work stoppages, or other labor disturbances conducted by, or on behalf of, Consultant’s officers or employees. 5. Time is of the Essence. Time is of the essence for each and every provision of this Agreement. 6. Compensation. City will pay to Consultant a not-to-exceed amount of Three Hundred Sixty Thousand dollars ($360,000) for the completion of all the work and services described herein, which sum will include all costs or expenses incurred by Consultant, payable as set forth in Exhibit “A” under the heading “Complete Fee Schedule”. 6.1. The Consultant will bill the City monthly in arrears based on the average amortized cost value, accrued interest, and cash or money market fund balances of assets under management for the month. The actual annual fees will depend on the average amount of assets under Consultant’s management. No fee will be charged for assets invested outside of Consultant’s management; 6.2. Consultant shall maintain adequate records and shall permit inspection and audit by City of Consultant’s charges under this Agreement. Consultant shall make such records available to City during normal business hours upon reasonable notice. Nothing herein shall convert such records into public records, and they will be available only to City and any specified public agencies. Such records shall be maintained by Consultant for one (1) year following completion of the work under this Agreement unless a longer period of time is required by state or federal law, in which event Consultant shall retain its records for the time required by such laws. 6.3. The payments made to Consultant pursuant to the Agreement will be the full and complete compensation to which Consultant is entitled. City will not make any federal or state tax withholdings on behalf of Consultant or its officers, agents, employees, consultants, or subcontractors (collectively, “Consultant Personnel”). City will not be required to pay any workers' compensation insurance or unemployment contributions on behalf of Consultant or any Consultant Personnel. Consultant agrees to reimburse City within thirty (30) days for any tax, retirement contribution, social security, overtime payment, unemployment payment or workers' compensation payment, which City makes on behalf of Consultant or any Consultant Personnel for work done under this Agreement. At the City’s election, City may deduct the reimbursable amount from any balance owing to Consultant. 7. Status of Consultant. Consultant will perform the Services as an independent contractor and not as an employee of City. The persons used by Consultant to provide services under this Agreement will not be considered employees of City for any purposes. ATTY/AGR.2021.129/PFM Asset Management LLC (Investment Advisory Services) (Page 2 of 17)