Resignation and Release of Claims This is an agreement between University of Oregon (UO) and Michael Bellotti (Bellotti). Recitals 1 Bellotti is currently employed by UO as Director of Intercollegiate Athletics. Bellotti wishes to end his employment with UO at this time, and UO agrees itis in their mutual best interests for Bellotti to do so. Prior to assuming responsibilities as Director of intercollegiate Athletics, Bellotti had a long and jistinguished career has Head Football Coach at UO. In recognition of his many contributions, UO wishes to assist Bellotti in seeking a transition to other employment opportunities currently available to him. Agreement 1 By signing this agreement, Bellotti confirms his resignation from UO effective April 30, 2010. UO agrees that to fulfill commitments made to Bellotti at the time of his employment as Intercollegiate Athletics Director, University will pay Bellotti $2,300,000 (two million, three hundred) as follows: a. UO will pay Bellotti $600,000 (six hundred thousand dollars) on or before May 1, 2010; b. UO will pay the balance monthly payments of $25,000 (twenty-five thousand dollars) less any applicable withholding; ©. UO will pay interest on the balance calculated on a calendar year basis to equal to the earnings of the University of Oregon Foundation Willamette Pool in the previous calendar year. Notwithstanding, regardless of the annual earnings of the University of ‘Oregon Foundation Willamette Pool, interest paid to Bellotti on the balance will in no year be less than 7% (seven percent) nor greater than 10% (ten percent). Bellotti and UO agree that while they consider this Agreement to be part of Bellott’s personnel record, Bellotti agrees UO may release it upon request. Hf, atany time, serious tek GPedbired a consequence of his employment at UO to participate in any litigation relation to the University, he will cooperate fully on behalf of UO. If he no longer lives in Eugene and he is asked or required to return to participate in such litigation, UO will reimburse his necessary travel and lodging expenses at standard UO authorized rates. ‘This agreement shall remain in force until UO has fulfiled its obligation to Bellotti. If Bellotti shall die prior to the termination of this agreement, UO will make payments to the beneficiary designated by Bellotti in his Last Will and Testament in the same amount and in the same ‘manner otherwise provided in this agreement. If no such beneficiary has been named, payment shall be made to the Executor or Administrator of Bellotti’s estate.6. _ In consideration for the execution of this agreement, Bellotti releases and discharges UO, the State Board of Higher Education, the State of Oregon and their employees, officers and agents from any and all claims, known or unknown, which he or others might have on his behalf arising from his employment or separation thereof prior to the date of this agreement. 7. Inconsideration for the execution of the agreement, the State of Oregon, the State Board of Higher Education and UO release Bellotti from any and all claims, known or unknown, arising from activities in the course and scope of his employment. However, this release does not release Bellotti from cooperating in the defense of claims against UO or otherwise modify the provisions of ORS 30.260 to 30.300. 8. This document includes the entire agreement between UO and Bellotti, and there are no other understandings, oral or written, other than those stated herein. However, nothing in this ‘Agreement modifies agreements regarding, or payments of, retirement or deferred compensation previously earned by Bellotti. Those obligations to Bellotti whether by UO or ‘other entities are separate and unrelated to the matters contained in this agreement and shall not be modified in any way be the terms of this Agreement. The parties acknowledge by signatures below that they fully understand the terms of the agreement. The parties further declare by their signatures that they have carefully reviewed the terms of the agreement, that they know the contents thereof, that they have had adequate opportunity to consult with individuals of their choosing and that each has voluntarily accepted the terms set forth herein of their own free will. ‘Michael Bellotti President Director of Intercollegiate Athletics