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Urban Meyer OSU Terms of Employment

Urban Meyer OSU Terms of Employment

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Published by MyFoxOrlando

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Categories:Types, Legal forms
Published by: MyFoxOrlando on Nov 29, 2011
Copyright:Attribution Non-commercial

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11/29/2011

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Thesix-yearcontractagreedtobyCoachMeyerandtheuniversityincludes$4millioninannualcompensation.Additionally,CoachMeyerwillreceivesupplementalcompensationbonusesbasedonachievingcertainmilestonesincludingacademicaccomplishmentsforthefootballprogram,andretentionpaymentsof$450,000,$750,000and$1.2millionpayableifCoachMeyerisstillemployedasheadcoachonJanuary31,2014,January31,2016andJanuary31,2018,respectively.Inconcludingthisagreement,theuniversityundertookcertainbenchmarkingofcomparablecontracts.
 
HeadFootballCoach-TermsofEmploymentTheOhioStateUniversity,onbehalfofitsDepartmentofAthletics("OhioState"),andUrbanF.Meyer("Coach")havehadcertaindiscussionsregardingCoach'semploymentasOhioState'sheadfootballcoach.ThepartiesrecognizethatOhioStateshallpresentCoachwithamorethoroughemploymentcontractaddressingadditionaltermsofemploymentinthenearfuture.Untilthattime,thepartiesherebyagreetothefollowingtermsasfollows:
1.
OhioStateshallemployCoachasheadfootballcoachforatermcommencingonNovember28,2011andterminating,withoutfurthernoticetoCoach,onJanuary31,2018.2.OhioStateshallpayCoachtotalcashcompensationintheamountofFourMillionDollars
($4,OOO,OOO)
peryearforthetermcommencingonNovember28,2011andterminatingonJanuary31,2013.CoachshallreceivecompensationincreasesasapprovedbytheBoardofTrusteesforcontracttermsbeginningFebruary1,2013.Thetotalcashcompensationfortheinitialcontracttermshallbeallocatedasfollows:a.Basecompensation:$700,000;b.Media,promotionsandpublicrelations:$1,850,000;c.Apparel/shoe/equipment:$1,400,000;d.RetirementContributionPayment:
$40,000;
ande.Coca-Colaappearancepayment:
$10,000
Coachmayelect,priortoexecutionoftheformalemploymentagreementbetweentheparties,todeferaportionofthistotalcashcompensationintoadeferredcompensationaccount.3.OhioStateshallpayCoachaone-timetransitionpaymentof$250,000uponexecutionoftheagreement.OhioStateshallalsopayCoachanadditional$250,000fortransitionpurposes,whichshallbepayableuponexecutionofthisagreement,butwhichOhioStateshalldeductinsubstantiallyequalamountsfromCoach'sbasesalarypaymentsforthefirsttwelve(12)monthsoftheagreement.
(00154222-1}
MeyerTermSheet
1
 
4.OhioStateshallpayCoacharetentionpaymentasfollows:a.$450,000ifstillemployedasheadcoachonJanuary31,2014;b.$750,000ifstillemployedasheadcoachonJanuary31,2016;andc.$1,200,000ifstillemployedasheadcoachonJanuary31,2018.5.OhioStateshallpayCoachbonusesassupplementalcompensationasfollows:a.YearlyAcademicProgressRate("APR")ascalculatedbytheNCAA:APRof990-999-$100,000;APRof1000orabove-$150,000;b.GraduationSuccessRate
("GSR")
forfootballasreportedtoOhioStatebytheNCAA:GSRof70-79.99%-$100,000;GSRof80%orabove-$150,000c.BigTenleadersDivisionChampion-$50,000;d.WinnerofBigTenChampionshipGame-$100,000plusanadditionaloneyearaddedtocontractterm.[IfBigTenConferencediscontinuesthechampionshipgameduringthetermoftheagreement,thenCoachshallearn$100,000plusanadditionaloneyearaddedtocontractterm
if
OhioStateistheregularseasonBigTenChampionorCo-Champion]e.BCSbowlgame(notNationalChampionshipgame)appearance-$150,000
f.
NationalChampionship{#1v#2}BCSbowlgameappearance-$250,0006.OhioStateshallpayCoachastipendof$1200/month,whichshallbeusedto
cover
automobilecostsfortwoautomobiles.7.OhioStateshallprovideCoachafullgolfmembershipatamutually-agreedupongolfcourse.OhioStateshallpaythemonthlydues,butCoachshallpayhispersonalexpensesassociatedwithsuchmembership.8.OhioStateshallflyCoachbyprivate(notcommercial)aircraftwhenCoachismakingrecruitingvisitsandothermutually-agreeduponUniversitybusiness.WhensuchrecruitingvisitsorUniversitybusinessaremorethan200milesfromtheCityofColumbus,OhioStateshalfflyCoachbyprivate(notcommercial)jetaircraft.OhioStateagreestoletCoachusesuchjetaircraftforhispersonalusefor
thirty-five
(35)hours[in-airanddeadtime
inclusive]
eachyearduringthetermofthisagreement.Coach'suseofsuchprivateaircraftforrecruitingandothermutually-agreeduponUniversitybusinessuseshallnotexceedfifty
(SO)
hours[in-airanddeadtimeinclusive]duringeachcontractyear.
{DD154222-1}
MeyerTermSheet
2

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