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payment as provided by said provision, beginning with the month next <br /> succeeding City's funding of any Loan Amount, as defined herein, Employee <br /> shall assign to City (i) the remaining total dollar value of In-Lieu Hours for <br /> calendar year 2003, and (ii) beginning on the first day of each calendar year <br /> thereafter until the Loan Amount is fully paid, the total annual dollar value of In- <br /> Lieu Hours which amounts shall be credited against the principal owed by <br /> Employee on the Loan Amount. <br /> <br /> 7.14 Auto Allowance. Employee is entitled to receive Four Hundred <br /> Dollars ($400) per month as Auto Allowance as defined in paragraph VI.c of The <br /> City of Redwood City Executive Management Summary of Benefits (2002), as <br /> the same now exists and as may be hereinafter amended, attached hereto as <br /> Exhibit A. During the term of the Agreement, Employee shall continue to be <br /> entitled to receive said amount of Auto Allowance; however, in lieu of the right to <br /> receive any cash payment of said auto allowance as provided by said provision, <br /> beginning with the month next succeeding City's funding of any Loan Amount <br /> and each month thereafter until the Loan Amount and any interest is fully paid. <br /> Employee shall assign the monthly dollar value of said Auto Allowance to City to <br /> be credited against the principal and interest owed by Employee on the Loan <br /> Amount. <br /> <br /> 3. Paragraph 8D of the Agreement is hereby deleted in its entirety. <br /> <br /> 4. Paragraph 9.B.1 of the Agreement is hereby amended to read as follows: <br /> 9.B <br /> <br /> 1. If Employee is terminated without cause, he shall be entitled to be <br /> paid twelve (12) months of the base salary ("severance pay") at the <br /> rate he is earning upon the effective date of his termination, <br /> payable over the immediately following twelve (12) month period, at <br /> the same time as other management employees are paid their <br /> salary, with all mandatory deductions being withheld. In addition, <br /> upon the effective date of Employee's termination, pursuant to <br /> Section 9.B or as otherwise specified in Exhibit A, he shall be paid <br /> the value of accrued benefits as though he were a non-retiring, <br /> separating employee. <br /> III <br /> <br /> III <br /> III <br /> III <br /> /11 <br /> <br />F:Atty/Ag r/Amend3.Yamamoto <br />040403 7 <br /> <br /> <br />