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City Manager or his immediate family members on any of <br />these trips. <br />City shall provide a zero interest loan not to exceed <br />$220,000.00 towards City Manager's purchase of any home <br />purchased in the City of Martinsville; the maximum term of <br />the loan shall be twelve (12) months. City Manager shall <br />execute a promissory note and recordable deed of trust, <br />naming City as beneficiary, to secure said loan. Said loan <br />shall be repaid in a lump-sum payment at (a) the <br />termination of City Manager's employment for any reason, <br />at (b) termination of the 12 month term or at (c) the sale of <br />the Manager's home in Missouri, whichever event occurs <br />first. City Manager shall enjoy the right of anticipation and <br />may prepay the loan in whole or in part. <br /> <br /> 3. Insurance: Family health insurance shall be provided to City Manager <br />and his family in accordance with the City's group policy. Health coverage shall <br />commence as soon as is practicable; City shall pay City Manager's premiums for <br />COBRA benefits for ninety (90) days or until health coverage is provided under the <br />City's group policy, whichever event occurs first. The City shall purchase a term life <br />insurance policy on City Manager's life, from the Virginia Retirement System (VRS), <br />which shall be at least equal to twice the annual salary of City Manager, and the City <br />Manager shall designate the beneficiary of said policy. The City shall discontinue <br />payment of premiums on said term life insurance policy upon the termination of City <br />Manager's employment for any reason. <br /> <br /> 4. Indemnification: City shall defend, save harmless, and indemnify <br />City Manager against any negligence, tort, professional liability claim or demand or <br />other legal action, whether groundless or otherwise, arising out of an alleged act or <br />omission occurring in the performance of City Manager's duties except for willful acts <br />and/or actions of the City Manager. City may compromise and settle any such claim or <br />suit without City Manager's concurrence and shall pay the amount of any settlement <br />agreed upon or judgment rendered thereon. <br /> <br /> 5. Bonding: City shall bear the full cost of all fidelity or other bonds <br />required of City Manager under any statute, ordinance or regulation. <br /> <br /> 6. Other: The City Manager shall undergo an annual medical <br />physical examination, to be conducted by a physician of his choice. The documented <br />expense of such examination, not to exceed $1,000.00, shall be borne by the City. <br /> <br /> <br />