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EMPLOYMENT AGREEMENT This Employment Agreement is made and entered into this .J~ day of March, 1992, between the City of Ramsey, Anoka County, Minnesota, a municipal corporation under the laws of the State of Minnesota ("Employer") and Ryan R. Schroeder, ("Employee"). AGREEMENT In consideration of the mutual promises made below, the parties agree as follows: 1. Employment Position. The Employer hereby employs Employee for the position of its City Administrator to perform those duties and accept those responsibilities as described in Section 3.10 of Chapter 3 of the Ramsey City Code, in addition to those duties and responsibilities which the Ramsey City Council may from time to time direcL 2. Terms of Emt}lovm~nt. The Employee's term of employment shall run annually from January ! st through December 31 st of each year. 3. l~tl.0Z.~. Employee's salary during the term January t, 1992 through December 31, 1992 shall be at an annu~.l rate of $49,162.00 per year effective January 1, 1992. Subsequent annual salary shall b¢ negotiated with the Ramsey City Councii in December for the following year's Employment Agreement. 4. Deferred Compen,ation/Retirement. The Employer shall execute the necessary agreement allowing Employee to enroll in a Deferred Compensation Plan of the Employee's choosing. Employer agrees to contribute an amount equal to five percent (5%) of Employee's salary to said Deferred Compensation Plan. Additional contributions to a Deferred Compensation Plan may be made by the Employee at the Employee's discretion and exclusively paid by the Employee. 5. ~. The Employer will provide a monthly sum of money to Employee which sum is to be applied toward the cost of health and/or major medical and life insurance of Employee's choosing. The sum provided by the Employer will be the same amount which the Employer provides to its other administrative staff. That amount is currently $250.00 per month for calendar year 1992. Annually, or upon termination, Employer will remit the difference between the insurance allowance and the actual cost, net of all taxes, to the Employee.