Attached hereto is the latest draft of the Settlement Agreement. The main concern in this draft is obviously the issue of indemnifying PGIT in the event the former Mayor decides to somehow proceed with litigation against the insurance company. The Trujillo Vargas firm has agreed to represent the Town at a cost not exceed $50,000.00 plus costs. Attached hereto is a Memorandum from the Trujillo Vargas firm acknowledging that they will proceed with the defense of same in the event that it becomes necessary. It is recommended that the Council accept the settlement. The principal terms of the Settlement Agreement are that the insurance carrier will pay $500,000.00 which will be a net of $300,000.00 to the Town after the contingency fee payment to the law firm representing the Town. In addition the insurance carrier will be paying thirty (30%) percent of all costs incurred by the Town after May 1, 2017, including settlements at the rate of thirty (30%) percent of the costs incurred, not to exceed the sum of $200,000.00.