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JUN 0 5 2024 SEPARATION AGREEMENT AND RELEASE 1. Separation From EmAor ment and Severance Pa%went. I, Ronald J. Nierenhausen, (referred to throughout this Separation and Release Agreement in the first person) understand that my last day of employment with the City of Elk River (the "City") will be May 31, 2024 (the "Separation Date"). I understand that City policy ("Severance Pay") provides that I may be eligible to receive a portion of my unused sick leave if I meet the following conditions: 1) I must resign in good standing; 2) I must provide proper written notice of my resignation in accordance with City policy; and 3)1 must execute a release of claims. The amount I may be eligible for is determined in accordance with the Severance Pay policy. For purposes of this Agreement, the third condition described above is the "Release Condition"; the first and second conditions are the "Other Conditions." I understand that in order to be eligible for a portion of my unused sick leave in connection with my separation from employment, I must satisfy the Other Conditions according to their terms and I must satisfy the Release Condition by signing and not rescinding this Separation Agreement and Release ("Agreement"). As of May 31, 2024, the amount of my unused sick and ESST ("sick") leave is 965.4073 hours and my regular rate of pay at the time I gave notice to resign was $78.0651 per hour. If I satisfy the Release Condition and the Other Conditions, pursuant to the Severance Policy, the portion of my unused sick leave that I will receive is 50% up to 480 hours. Accordingly, the sum total of the payment that I will receive for my unused sick leave if I satisfy the Release Condition and the Other Conditions will be thirty-seven thousand four hundred sixty-nine dollars and fifty-two cents ($37,469.52). The Severance will be paid into my Post Employment Health Care Saving Plan on the first pay day following 18 days after I sign this Agreement, provided I sign and do not rescind the Agreement. According to my years of service and upon confirmation of PERA retirement I am eligible to receive an additional 30% of my unused sick time, not to exceed a combined total of 960 hours. Accordingly, the sum total of the payment that I will receive for my unused sick leave based upon years of service if I satisfy the Release Condition and the Other Conditions will be twenty- two thousand four hundred eighty-one dollars and seventy-one cents ($22,481.71). The Severance will be paid into my Post Employment Health Care Saving Plan on the first pay day following 18 days after I sign this Agreement, provided I sign and do not rescind the Agreement, or following confirmation of PERA Retirement, whichever is later. I understand that the Severance payment will be subject to normal deductions that the City is obligated by law to make, or believes in good faith it is obligated by law to make. No representations as to taxability or tax treatment of the Severance have been made to me by the City. I understand that I will receive the Severance only if I satisfy the Other Conditions and sign this Agreement and do not rescind it within the fifteen (15) calendar days described below under Ooi,ortunity to Rescind. -1- 230598v1 Page 74 of 372