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EMPLOYMENT AGREEMENT <br /> THIS AGREEMENT is made effective as of September 1 , 1992, by and between <br /> Elk River Municipal Utilities, a Minnesota municipal utility corporation ("ERMU") <br /> and William Birrenkott, (the "Executive") . <br /> RECITALS: <br /> A. ERMU has retained the services of the Executive; and <br /> B. The Executive has been employed by ERMU since May, 1986; <br /> C. ERMU and the Executive desire to set forth the employment arrangement <br /> between them in writing; and <br /> D. This Agreement sets forth the terms and conditions of the employment <br /> agreement between the parties. <br /> AGREEMENT: <br /> NOW THEREFORE, in consideration of the foregoing and the terms and conditions <br /> herein, the Executive and ERMU agree as follows : <br /> 1 . TERM. ERMU hereby employs the Executive for an indefinite term. <br /> 2. DUTIES. The Executive accepts said employment in the position of <br /> General Manager and agrees to perform for ERMU such duties as ERMU shall from <br /> time to time determine, including but not limited to the duties generally asso- <br /> ciated with the Chief Executive Officer of an electric distribution utility and <br /> municipal water department. <br /> 3. COMPENSATION AND OTHER BENEFITS. ERMU, at its own expense shall : <br /> (a) Salary. Pay Basic Compensation as determined by mutual agreement. <br /> Payment of Basic Compensation shall be made in increments that conform <br /> to ERMU' s normal payroll practice. All payments to the Executive shall <br /> be subject to withholding and other deductions and employer payment <br /> required by law. <br /> Page 1 <br />