THIS CONTRACT is entered into between the DISTRICT BOARD OF TRUSTEES OF FLORIDA STATE COLLEGE AT JACKSONVILLE, (hereinafter called the "Board"), and

STEVEN R. WALLACE, Ph.D. (hereinafter "Wallace" or the "College President"). IN CONSIDERATION of the mutual agreements, covenants, terms and conditions herein

contained, the parties hereto agree as follows: 1. Term of Employment. The Board agrees to employ Wallace and Wallace agrees

to accept and perform the position of College President at Florida State College at Jacksonville (the "College") for the term from July 1, 2012+ through June 30, 201_Q.§. "Term"). (the Pursuant

to F.A.C. § 6A-14.041(3) neither Wallace nor the Board owes any further contractual obligation beyond the terms of the Contract. No legal cause shall be required of the Board in the event that Wallace is not reemployed by the Board in any position after June 30, 20In.§.; and no hearing on the Board's refusal, if any, to reemploy shall be required. 2. Duties. Wallace shall be vested with and exercise the authority, power and duties

provided in Florida Statutes § 1001.65 and F.A.C. § 6A-14.0261, or as authorized by the Board, and, within Wallace's reasonable discretion, activities necessary to advance the interests of the College. Specifically, Wallace agrees to devote his full working time and attention to the duties and responsibilities assigned to him by the Board, including but not limited to the administration and implementation of policies, procedures and directives related to the continuing

establishment, operations, maintenance and improvement of the College. a. Outside Activities During the Term, Wallace may engage in outside

activities such as serving on for-profit and non-profit boards of directors, delivering speeches, writing and consulting services, if these outside activities do not interfere with the performance of his obligations under this Contract. If the Board subsequently

determines that any outside activities pose or will pose a conflict of interest or if the time commitments required of Wallace interfere with the performance of his obligations as College President, he shall, at the request of the Board, cease such activities at the earliest available opportunity. Any compensation earned by Wallace in connection with

approved outside activities may be paid to and retained by him, and will not affect the terms of this Contract. Wallace will promptly disclose to the Board each new or

recurring source of outside earned income and other compensation. 3. Compensation. A. The Board shall pay Wallace for services rendered as follows:

Annual Salary. For the period July 1, 2012.+ through June 30, 20U;?;, an TWENTY EIGHT THOUSAND TWO HUNDRED

annual salary of THREE HUNDRED

FORTY-TWO AND 721100 DOLLARS ($328,242.72) payable in semi-monthly installments of Thirteen Thousand Six Hundred Seventy-Six dollars and Seventy-Eight cents ($13,676.78),

minus required deductions and withholdings, (1) Review of Annual Salary. Wallace's compensation

amount shall be reviewed on or before June 1sf during each year of the Term and, within the discretion of the Board, be adjusted upward but not decreased. In determining the Annual Salary, the Board shall consider,

but is not limited to, the following factors: (a) the compensation of college presidents in similar size institutions; (b) the compensation of Wallace as compared to other college presidents in the Florida State College system; (c) any increase in duties or responsibilities due to the change, scope, or mission of the College; and (d) recognition compensated on a level commensurate that Wallace should be as the

with his responsibility

executive of a leading state college.


this review, if the

parties fail to agree on an Annual Salary, the rate then in effect shall continue until either there is a mutually satisfactory contract executed by the Board and Wallace, or until this Contract terminates, whichever occurs first. Notwithstanding ~ 5(b), if the parties fail to agree on an Annual

Salary as provided in this paragraph, Wallace shall have the option to



this Contract by grvmg thirty (30) days written notice to

terminate this Contract. Such termination shall be treated as a "Voluntary Termination." B. Insurance and Leave Benefits. (1) Health Insurance and Related Benefits. Wallace shall be

entitled to participate in the insurance, sick leave, and other employee benefit programs to the same extent, and in the same manner, as all employees of the Board, except as otherwise provided herein and subject to the laws and regulations of the State of Florida and policies adopted by the Board. The College shall pay the premium amounts for Wallace and

Wallace's dependents' (a) health care insurance; (b) dental insurance; (c) long-term care insurance; and (d) such other health or life insurance as are provided to the other employees of the Board. (2) reimburse ReimbursementQf Wallace an amount Medical Expenses. The College shall equivalent to the College's flexible for

spending account plan maximum, or reimburse an equivalent amount, expenses incurred for a comprehensive other allowable medical expenses.

physical, health assessment, or

Any amount not used may not be

carried over at the end of each calendar year. (3) Leave Benefits. In recognition and acknowledgement of

Wallace's executive administrative experience in higher education, and as consistent with applicable state law and rules governing the College as established compensation by the Board, Wallace accrued shall be entitled to receive leave

for previously

sick leave and vacation

benefits, and to accrue sick leave and vacation leave benefits as specified herein. As it relates to sick leave benefits previously accrued by Wallace, the following terms shall apply: (a) the 776 sick leave hours previously accrued by Wallace and transferred to his annual leave account are hereby forfeited; (b) as of December 31, 2009 Wallace's sick leave balance shall

remain all of Wallace's accrued sick leave hours shall be transferred to his annual leave account except for 296 hours, an amount that shall not be increased in the future; (~b) beginning on January 1,2010 Wallace will be granted three (3) days of vacation leave for each calendar month of service or major fraction ofa calendar month of service; (ge) Wallace may accrue vacation leave without limitation; and (~d) at his discretion, Wallace may convert any accrued vacation leave to compensation at the then current per diem rate applicable at the time of conversion, Upon termination, any

vacation leave balance shall be converted to and paid as compensation to Wallace at the then current per diem rate. Further, Wallace is entitled to any other form of leave available or mandated by federal or state law, including but not limited to the Family and Medical Leave Act. (4) Benefit Days. Wallace shall earn one "benefit day" credit

for each month of service which credit shall be converted to compensation at the then current per diem rate upon Wallace's separation from the

College. Effective July 1,2010, Wallace shall earn an additional one-half (.5) benefit day credit for each month of service. The distribution upon

termination of employment shall be made within 60 days of termination in a single lump payment, net of any income or employment taxes. The

terms of the benefit conversion shall be governed by Rule 6Hx7-3.63 as adopted on December 1, 2009 or as amended and in effect at the time Wallace separates from employment. In addition to the payment received at separation, Wallace shall also be entitled to receive interim distributions in sufficient amounts to pay any federal income and employment taxes payable due to the applications of Internal Revenue Code sections 457(f) and 3121 (v). For the purpose of determining the amount payable to

Wallace to reimburse him for his federal income and employment taxes, it shall be assumed that Wallace is in the highest federal income tax bracket. These interim distributions shall reduce the amount Wallace would

otherwise be paid by the College in satisfaction of its "benefit day" obligation.


Wallace shall receive all other benefits accrued or earned in

accordance with the terms of any applicable benefit plans and programs of the College described in ~ 3(8) through the date of his termination; and (3) Contingent upon execution by Wallace of a Release and

Severance Agreement in a form satisfactory to the College releasing any and all claims that he may have against the College, the College shall pay Wallace severance pay from nonstate appropriated tiinds--in an amount equal to twenty (20 weeks prorated salary the le::tserof one yeaf's Annual Salary ill the Annual Salary for the rernaiAlftg tenH of this Contract, payable in a lump sum within thirty (30) days of such termination. In

addition, the College shall pay the amount due for continued COBRA coverage for Wallace and Wallace's dependents under the College's

medical and dental plans, should he elect such coverage, for the period during which he is entitled to receive continued Annual Salary

installments under this subsection. b. Voluntary Termination. In the event Wallace shall vo luntaril y terminate

his employment prior to the end of the Term of this Contract, he shall be required to give the Board not less than six (6) months notice in order to transition the duties and responsibilities of his position. Upon such termination, Wallace shall be entitled to any accrued but unpaid Annual

Salary and benefits described in ~~ 3(A), 3(8), and 3(C). Wallace shall not be entitled to any severance pay in the event he voluntarily terminates his employment. c. unable to perform Disability. the essential The College may terminate Wallace's employment if he is functions of his position with or without reasonable

accommodation during the Term because of physical or mental injury or illness ("Disability"), subject to any limitations imposed by federal, state or local laws for the College to provide a reasonable accommodation to him, if such reasonable accommodation would not impose an

undue hardship to the College and would enable him to satisfactorily perform the essential functions of his position. During any approved Disability leave, the College agrees to pay the

difference between Wallace's Annual Salary and any payments received by his pursuant to any


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