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re: The buyout is just under $9.4 Million and decreasing daily...
Posted on 10/1/17 at 11:21 pm to Tiger Phil
Posted on 10/1/17 at 11:21 pm to Tiger Phil
quote:
The payout is prorated based on the salary received to date. So it is $8.5MM in January 2018.
Let's say we fire him on December 1, 2017. He will have been paid 11 months of $3.5MM, so that is $3.209MM, we would owe him a buyout of $8.79MM.
The first payment of $2MM is due 60 days after termination, so February 1, 2018. The rest of it is payable over the length of the contract. The contract runs through December 2021, so we would owe him roughly $1.7MM per year except the first year, in which we owe him $3.7MM.
Posted on 10/1/17 at 11:37 pm to Godfather1
$1.7 mil? Out of a department that profited $55 million during the 2015-2016 academic year, That is very manageable even if TAF contributes 0 the buyout.
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