Eustace BOARD OF Stowe" REGENTS a any Septomber 3, 2015 James Bruce Harreld, MBA ‘3321 Ekhom Court ‘Avon, CO 81620 Dear Mr. Harald It ie @ pleasure to confirm with you the condltions of your employment as President of the University of lowa, Your intial appointment willbe for-a term of five years commencing on November 2, 2015. The Board of Regents, State lowa will provide you with an annual salary of $580,000. included with this salary is the usual benefits available to all facully, staff and ‘administration at the University of lowa, ‘The Board wil provide you with an IRS section 457(f) deferred compensation plan and trust (Plan) The Plan vl be fora five year term with an annual contribution of $200,000. ‘You vill be provided with addtional benefits unique to the President of the University of lowa, including housing and transportation. The University has historically provided Presidents and their families with housing in the President's residence, which serves 38 @ location for Univeriy-related business and entertainment functions on a regular basis. Its a condition of your employment as President that you reside inthe President's residence The Universly wil also provide you with a car ora car allowance as appropriate, You may be required to keep a log of non-business use ofthe vehicle and make all reimbursements for non- business travel in accordance with applicable state law and IRS regulations. Additionally, the University wil reimburse all moving and related expenses incurred as a result of your relocation tolowa City \With your appointment as President and subject to the recommendation ofthe faculty, you wil he granted tenure as a Professor in the College of Business. Upon your retirement of resignation fom the postion of President, you may continue your appointment as a tenured professor in the Collage of Business, You will receive a salary commensurate withthe highost Daid tenured professor in the College of Business, along withthe usual fringe benefits accorded toll faclty atthe University of lowe, In the event the Board determines, without cause, thal your services as President of the University of lowa are no longer required, you wil receive @ lump sum payment equal to the salary you would have eared, at your then current rate, over the remaining term of this ‘appointment. ‘wir regonts iowa. gov‘The Board looks forward to working with you in the position of President of the University of lowa, Sincerely Bruce Rastetter President Vl understand oo" ofthis appointment eter ny ( x Date: 3/3] 1S ‘James Brace Hareia Aw A—