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June21,2007Dr.SallyK.Mason41AshcroftPlaceWestLaFayette,IN
47Q06
Re:UniversityofIowaPresidentDearDr.Mason:ItisapleasuretoconfirmwithyoutheconditionsofyouremploymentasPresidentoftheUniversityofIowa.TheBoardofRegents,StateofIowa,willprovideyouwithanannualsalaryof
$450,000,
effectiveAugust1,2007.IncludedwithtilesalarywillbetheusualbenefitsavailabletoallUniversityofIowafacultyandadministration.YouwillalsobeprovidedwithanIRSsection
457(f)
deferredcompensationplanandtrust.ThePlanwillcommenceAugust.1,2007.Themonthlycontributiontothetrustwillbe$5,000or$60,000annually.AccruedcompensationandearningswiflvestandbedistributedprovidedyouremaincontinuouslyemployedasPresidentoftheUnIversityofIowathroughJuly31,2012.AccruedcompensationandearningswillalsovestandbedistributedifyoubecomedisabledoraredismissedbytheBoardofRegentsforotherthangoodcause.IfyoudonotremaininthecontinuousemploymentoftheBoardofRegentsthroughJuly31,2012foranyreasonotherthandeath,disability,ordlsrnlssalwithoutcause,allsumsheld
underthe
Plan,togetherwillallaccruedeamlngs,areforfeited.Additionally,youwillbeprovided
$!?O,OOO
inannualsupplementalcompensationcontingentuponyouachievingperformancegoalsasidentifiedbytheBoardofRegents.Thissupplementalcompensationisguaranteedonlyforthefirstyearofyouremployment.Also,theBoardwillprovidetheadditionalbenetltsuniquetothePresidentoftheUniversity,includingspecialallowancesfortheOfficeofthePresident.andh~:)Uslngoryouandyourfamilyat102ChurchStreet.It;saconditionofyouremploymentasPresidentandforthebenefitandconvenienceoftheUniversityInhavingthefunctionsofyourofficemostefflciemtlydischarged,thatyouresideat102ChurchStreet.Asiscustomary,thebuilding
wifl
beavailableandwillbeusedforUniversity-relatedbusinessandentertainmentonaregularandcontinuingbasis,withprivatelivingquartersprovidedtoyouandyourfamilywithinaportionofthestructure.Althoughunlikely,
if
ItshouldhappenthattheIRSortheStateofIowaweretodeemtheuseofthisstructureataxablebenefittoyou,theUniversitywillreimburseyouforthetaxesyoupayonthis·account.BecauseyouwillberequiredtotravelfrequentlyonUniversitybusiness,anautomobilewill
be
providedforyouruse.TheUniversitywillalsocoveryourpersonalmovingexpensesto102ChurchStreet.
11260AuroraAvenue'Urbandale.Iowa50322-7905'Phone515-281-3934•Fax
515-261·6420
\W/w.!?state.ia.vs/regents
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