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ii. A payout of earned 240 hours of vacation per the Labor <br />Agreement at the 2022 pay rate; and <br />iii. A payout of one-half of 960 accrued hours (480 hours) of sick <br />leave per the Labor Agreement at the 2022 pay rate. <br />4. Tax Treatment. The City makes no representations or warranties about any <br />particular tax treatment of the payments. Employee enters into this Agreement only after <br />consulting with his own attorney(s) and/or tax advisor(s) as to the characterization and <br />treatment of such payment. In the event a taxing authority asserts a claim against <br />Employee for federal or state income taxes, Social Security taxes, unemployment taxes <br />and/or Medicare taxes, Employee stipulates and agrees that neither the City nor the <br />League of Minnesota Cities Insurance Trust ("LMCIT") is responsible to said taxing <br />authority for payment of that obligation, and Employee agrees to pay for any such <br />obligation. Employee further agrees to indemnify the City and LMCIT for any taxes, <br />penalties, and interest incurred by them as a result of Employee's failure to satisfy <br />Employee's tax obligations, if any, with respect to the Settlement Payment and the <br />Separation Benefits. <br />5. PERA Treatment. It is specifically understood and agreed that the City will <br />comply with its obligations under the Public Employees Retirement Association <br />("PERA"), if any, with respect to the Settlement Payment and the Separation Benefits <br />being provided to Employee pursuant to this Agreement. <br />