Last month, the city of Wylie accepted a resignation proposal from then City Manager Chris Holsted.
Five days later both parties agreed to a $252,531.49 lump sum payment to be made to the departing city manager.
On Oct. 18, terms of the resignation were formalized via a Severance Agreement and Release.
The 15-page document was released after a formal request by The Wylie News and contains a lump sum payment, standard release of claims clauses, warranties, a covenant not to sue and an indemnification clause.
The lump sum consists of six month’s salary ($110,574.23), medical and dental benefits ($7,163.70) and accrued sick and vacation leave ($134,793.56) scheduled to be paid 10 days after execution of the agreement.
The indemnification clause states the city, as permitted by applicable law, would agree to defend Holsted against legal actions that may arise while he was city manager. This clause would be void if a claim or lawsuit was determined to be a result of, among other things, a criminal act.
The agreement does not contain a reason for Holsted’s resignation.
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