April2012John
L.
Smith2241WoodlandDr.Ogden,UT84403DearCoachSmith:OnbehalfoftheUniversityofArkansas,Fayetteville,IampleasedtoofferyouthepositionofHeadFootballCoach.ThislettersetsforththematerialtermsoftheUniversity'soffertoyouthatwilllaterbeincorporatedintoaformalemploymentagreement.Bycopyofthisletter,IamrequestingthattheOfficeoftheGeneralCounselprepareanEmploymentAgreementconsistentwiththetermsofthisofferandwiththeUniversity'sstandardcoachingcontracts.•TERM:Thetermoftheemploymentagreementwillbeforatotalperiodoften(10)monthsbeginningnolaterthanMay24,2012orthedateuponwhichyouactuallybeginyourduties,whicheverdateisearlier.•COMPENSATION:TheoveralleconomicvalueofyourcompensationasHeadFootballCoachoftheUniversityofArkansaswillbeatotalofEightHundredFiftyThousandandNo/IOODollars($850,000.00)asdetailedherein.TheannualtotalcompensationfrompublicandprivatefundstobepaidbytheUniversityofArkansastoyoushallbeFourHundredTwentyFiveThousandandNo/I00Dollars($425,000.00)("Salary")whichshallbepaidinequalmonthlyinstallmentsonthelastcalendardayofeachmonthandconsistentwiththeUniversity'sroutinepayrollcycle.TheRazorbackFoundation,Inc.("Foundation")willprovideanadditionalFourHundredTwentyFiveThousandandNo/IOODollars($425,000.00).SubjecttothemutualagreementbetweenyouandtheFoundation,thissummaybestructuredasdeferredcompensationforyourperformanceofpersonalspeakingengagements,forservingasthehostofradioandUniversityand/ortheFoundation,andforassistinginfundraisingactivitiestosupportRazorbackAthletics.Toprovidetheseformsofcompensation,theFoundationwillprepareandenterintoseparateagreementswithyouandwilldiscussthebestwaytostructureanypaymentstoyou.Weanticipatestructuringyourcompensationpackageinthismanner,buttheUniversityreservestheright,workingwiththeFoundation,youandyourfinancialadvisers,todevelopalternative
structuresandallocationsforthepaymentofthetotaleconomicvalueofyourcompensationsubjecttothepoliciesoftheBoardofTrusteesandthelawsoftheStateof•InadditiontoyourSalary,youwillbeeligibletoreceiveincentivecompensationfortheathleticachievementssetforthinExhibitA(whichisincorporatedhereinbyreference)andincentivecompensationforacademicachievementssetforthinExhibitB(whichisincorporatedhereinbyreference).IncentiveCompensationisnotincludedwithinthedefinitionofyourSalary(asdefinedabove).Youwillnotreceiveanyincentivecompensationintheeventyouremploymentagreementisterminatedfor"inducement"(asdefinedbelow).•THIRD-PARTYGUARANTEEOFYOURUNIVERSITYSALARY:Althoughwedonotanticipateterminatingyouremploymentagreementforconvenience,thetermsofyouremploymentagreementwiththeUniversitywillincludeaprovisionthattheunpaidportionsofyourtotalcompensationofEightHundredFiftyThousandandNoll00($850,000.00)willbeguaranteed,subjecttoanaffirmativedutyofmitigation,byathird-partyguarantorintheeventtheUniversityterminatesyouremploymentforconvenience.•TERMINATIONFOR"INDUCEMENT":Intheeventyourterminationarisesasaresultofyourinducement,thenyouwillnotbeentitledtoreceiveanyamountsofanticipatedcompensation,includingbutnotlimitedto,yourSalary(asdefinedabove)oranyincentivecompensation."Inducement"ofterminationshallmeanandreferto:(a)yourvoluntaryresignationasHeadFootballCoachpriortotheendoftheterm;or(b)yourwillfulfailuretoperformyourdutiesasHeadFootballCoach;or(c)yourterminationforcauseasprovidedintheUniversity'semploymentagreementandanyamendmentsthereto.TheUniversitywillrequestthattheFoundationprepareandenterintoapersonalservicesandguarantyagreementwithyou.•BENEFITS:Consistentwithbenefitsprovidedtoothersimilarlysituatednon-classified,non-academicemployees,andsubjecttothesametermsandconditions,youwillbeentitledtothefollowingbenefits:majormedicalandlifeinsurance;long-termdisabilityinsurance;Universityleave;tuitionreductionforyouandyourlegaldependents;travelallowances;andsuchotherbenefitscurrentlyprovidedfornon-classified,non-academicemployeesoftheUniversityasmaybeapprovedfromtimetotimebytheBoardofTrusteesoftheUniversity.•TheUniversitywillprovideyouwithatwelve(12)seatskyboxwithticketsforeachhomefootball2
inFayettevilleandLittleRockthe2012footballseason.Inaddition,theUniversitywillprovideyoufour(4)complimentaryticketsforeachhomebasketballgameinFayettevilleduringthetermofyouremploymentagreement.•AUTOMOBILES:Youwillbefurnishedwiththeuseofone(1)loanedvehiclewhichissimilarintermsofmakeandmodeltothetypesofvehiclesloanedtootherheadcoaches,andifpossible,isacceptabletoyourreasonablerequestandthatisprovidedtotheUniversitybysupportersoftheinstitution'sathleticsprograms.TheUniversityshallwithholdapplicablefederalandstatetaxesasrequiredbytheIRSandapplicablelaw.Youwillberesponsibletopayexpensesofmaintenance,operationandinsuranceoftheloanedvehicle.Upontheexpirationorterminationofyouremploymentagreement,youagreetoreturntheloanedvehicleasrequestedbytheUniversity.•MOVINGEXPENSES:TheUniversitywillpayorreimburseyourreasonablemovingexpensesforyourhouseholdinaccordancewithUniversitypolicyandstatelaw.•CLUBMEMBERSHIP:YoushallbeentitledtoaclubmembershipattheFayettevilleAthleticClub.ThemembershipshallbesubjecttoanytermsandconditionsimposedbytheFayettevilleAthleticClub.TheUniversityshallnotberesponsibleforyourpurchasesofgoodsandservicesattheclub.Ifrequiredbythelaw,theUniversityshallwithholdallapplicablefederalandstatetaxesonthecostofanysuchmemberships.•RIGHTOFREASSIGNMENT:ThepositionofHeadFootballCoachisvitallyimportanttothesuccessandwellbeingofthestudent-athletesonourfootballteam,theUniversityandthefansofourathleticprogram.TheUniversity,initssolediscretion,reservestherighttoreassignyoutoanadministrative,non-coachingpositionatanytime.YouagreetoacceptsuchreassignmentasdirectedbytheViceChancellorandDirectorofAthletics.Althoughyourdutiesandassignmentsmaychangeintheeventofareassignment,yourtotaleconomiccompensationpackageshallremainthesame,forthetermofyouremploymentagreement.staff.WefurtheragreethatthebestinterestsoftheUniversity'Sfootballprogramwillbeservedbymaintainingastable,positiveandproductiveworkingenvironmentwithinthefootballprogram.Accordingly,allcurrentmembersofthefootballcoachingstaff,thestrengthcoachesandthesupportstaffshallcontinueintheirrespectivetitlesandpositionsduringthetermofyouremploymentagreementsubjecttoallUniversity3
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John L. Smith Letter of Agreement
John L. Smith's letter of agreement with the University of Arkansas to become the Razorbacks interim football coach.
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