CONTRACTOFEMPLOYMENTBETWEENDISTPJCTBOARDOFTRUSTEESOFFLORIDASTATECOLLEGEATJACKSONVILLEANDSTEVENR.WALLACE,PH.D.THISCONTRACTisenteredintobetweentheDISTRICTBOARDOFTRUSTEESOFFLORIDASTATECOLLEGEATJACKSONVILLE,(hereinaftercalledthe"Board"),andSTEVEN
R.
WALLACE,Ph.D.(hereinafter"Wallace"orthe"CollegePresident").INCONSIDERATIONofthemutualagreements,covenants,termsandconditionshereincontained,thepartiesheretoagreeasfollows:1.TermofEmployment.TheBoardagreestoemployWallaceandWallaceagreestoacceptandperformthepositionofCollegePresidentatFloridaStateCollegeatJacksonville(the"College")forthetermfromJuly1,2011throughJune30,2015(the"Term").PursuanttoF.A.C.
§
6A-14.041(3)neitherWallacenortheBoardowesanyfurthercontractualobligationbeyondthetermsoftheContract.NolegalcauseshallberequiredoftheBoardintheeventthatWallaceisnotreemployedbytheBoardinanypositionafterJune30,2015;andnohearingontheBoard'srefusal,ifany,toreemployshallberequired.2.Duties.Wallaceshallbevestedwithandexercisetheauthority,poweranddutiesprovidedinFloridaStatutes§1001.65andF.A.C.§6A-14.0261,orasauthorizedbytheBoard,and,withinWallace'sreasonablediscretion,activitiesnecessarytoadvancetheinterestsoftheCollege.Specifically,WallaceagreestodevotehisfullworkingtimeandattentiontothedutiesandresponsibilitiesassignedtohimbytheBoard,includingbutnotlimitedtotheadministrationandimplementationofpolicies,proceduresanddirectivesrelatedtothecontinuingestablishment,operations,maintenanceandimprovementoftheCollege.a.OutsideActivitiesDuringtheTerm,Wallacemayengageinoutsideactivitiessuchasservingonfor-profitandnon-profitboardsofdirectors,deliveringspeeches,writingandconsultingservices,iftheseoutsideactivitiesdonotinterferewiththeperformanceofhisobligationsunderthisContract.IftheBoardsubsequently
Z:\Files\Wallace\SRWContract10-3-11RevisedFINAL.doc
determinesthatanyoutsideactivitiesposeorwillposeaconflictofinterestorifthetimecommitmentsrequiredofWallaceinterferewiththeperformanceofhisobligationsasCollegePresident,heshall,attherequestoftheBoard,ceasesuchactivitiesattheearliestavailableopportunity.AnycompensationearnedbyWallaceinconnectionwithapprovedoutsideactivitiesmaybepaidtoandretainedbyhim,andwillnotaffectthetermsofthisContract.WallacewillpromptlydisclosetotheBoardeachneworrecurringsourceofoutsideearnedincomeandothercompensation.3.Compensation.TheBoardshallpayWallaceforservicesrenderedasfollows:
A.
AnnualSalary.FortheperiodJuly1,2011throughJune30,2012,anannualsalaryofTHREEHUNDREDTWENTYEIGHTTHOUSANDTWOHUNDREDFORTY-TWOAND721100DOLLARS($328,242.72)payableinsemi-monthlyinstallmentsofThirteenThousandSixHundredSeventy-SixdollarsandSeventy-Eightcents($13,676.78),minusrequireddeductionsandwithholdings.(1)ReviewofAnnualSalary.Wallace'scompensationamountshallbereviewedonorbeforeJune1
st
duringeachyearoftheTermand,withinthediscretionoftheBoard,beadjustedupwardbutnotdecreased.IndeterminingtheAnnualSalary,theBoardshallconsider,butisnotlimitedto,thefollowingfactors:(a)thecompensationofcollegepresidentsinsimilarsizeinstitutions;(b)thecompensationofWallaceascomparedtoothercollegepresidentsintheFloridaStateCollegesystem;(c)anyincreaseindutiesorresponsibilitiesduetothechange,scope,ormissionoftheCollege;and(d)recognitionthatWallaceshouldbecompensatedonalevelcommensuratewithhisresponsibilityastheexecutiveofaleadingstatecollege.Notwithstandingthisreview,ifthepartiesfailtoagreeonanAnnualSalary,theratethen
in
effectshallcontinueuntileitherthereisamutuallysatisfactorycontractexecutedbytheBoardandWallace,oruntilthisContractterminates,whicheveroccursfirst.Notwithstanding~5(b),ifthepartiesfailtoagreeonanAnnualSalaryasprovided
in
thisparagraph,Wallaceshallhavetheoptionto
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terminatethisContractbygivingthirty(30)dayswrittennoticetoterminatethisContract.Suchterminationshallbetreatedasa"VoluntaryTermination."
B.
InsuranceandLeaveBenefits.
(1)
HealthInsuranceandRelatedBenefits.
Wallaceshallbeentitledtoparticipateintheinsurance,sickleave,andotheremployeebenefitprogramstothesameextent,andinthesamemanner,asallemployeesoftheBoard,exceptasotherwiseprovidedhereinandsubjecttothelawsandregulationsoftheStateofFloridaandpoliciesadoptedbytheBoard.TheCollegeshallpaythepremiumamountsforWallaceandWallace'sdependents'(a)healthcareinsurance;(b)dentalinsurance;(c)long-termcareinsurance;and(d)suchotherhealthorlifeinsuranceasareprovidedtotheotheremployeesoftheBoard.(2)
ReimbursementofMedicalExpenses.
TheCollegeshallreimburseWallaceanamountequivalenttotheCollege'sflexiblespendingaccountplanmaximum,orreimburseanequivalentamount,forexpensesincurredforacomprehensivephysical,healthassessment,orotherallowablemedicalexpenses.Anyamountnotusedmaynotbecarriedoverattheendofeachcalendaryear.(3)
LeaveBenefits.In
recognitionandacknowledgementofWallace'sexecutiveadministrativeexperienceinhighereducation,andasconsistentwithapplicablestatelawandrulesgoverningtheCollegeasestablishedbytheBoard,Wallaceshallbeentitledtoreceivecompensationforpreviouslyaccruedsickleaveandvacationleavebenefits,andtoaccruesickleaveandvacationleavebenefitsasspecifiedherein.AsitrelatestosickleavebenefitspreviouslyaccruedbyWallace,thefollowingtermsshallapply:(a)asofDecember31,2009allofWallace'saccruedsickleavehoursshallbetransferredtohisannualleaveaccountexceptfor296hours,anamountthatshallnotbeincreasedinthe
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Steven Wallace 2011 contract at FSCJ
The 2011 contract for President Steven Wallace at the Florida State College at Jacksonville. See his most current contract here: http://www.scribd.com/doc/108581131/Steven-Wallace-s-employment-contact
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