Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

June 22-23, 2004 29225Schmidt, Jerry, that the Board of Regents:I. Modify the employment agreement of Jerry Schmidt effective March 1, 2004, anda. Provide a contract for one (1) year to March 1, 2005 with the option to extend annually;b. change his Base Salary from the annualized rate of $132,850 to the annualized rate of$141,000;c. continue his additional and outside compensation from non State appropriatedunrestricted private funds at the annualized rate of $5,000;d. provide performance based incentive bonuses including up to a two month base salary fora National Championship bonus, and other performance bonuses; and,II.Authorize the President and Athletic Director with the assistance of the General Counselto execute a contract including such termsShipp, Jackie, that the Board of Regents:I. Modify the employment agreement of Jackie Shipp effective March 1, 2004, anda. extend the contract one (1) year to March 1, 2005 with the option to extend annually;b. change his Base Salary from the annualized rate of $121,000 to the annualized rate of$145,000;c. change his additional and outside compensation from non State appropriated unrestrictedprivate funds from the annualized rate of $20,000 to the annualized rate of $10,000;d. continue the current performance based incentive bonuses including up to a two monthbase salary for a National Championship bonus, and other performance bonuses; and,II.Authorize the President and Athletic Director with the assistance of the General Counselto execute a contract including such termsSumlin, Kevin, that the Board of Regents:I. Modify the employment agreement of Kevin Sumlin effective March 1, 2004, anda. extend the contract one (1) year to March 1, 2005 with the option to extend annually;b. change his Base Salary from the annualized rate of $132,000 to the annualized rate of$140,000;c. provide additional and outside compensation from non State appropriated unrestrictedprivate funds at the annualized rate of $10,000;d. continue the current performance based incentive bonuses including up to a two monthbase salary for a National Championship bonus, and other performance bonuses; and,II.Authorize the President and Athletic Director with the assistance of the General Counselto execute a contract including such termsVenables, Brent, that the Board of Regents:I. Modify the employment agreement of Brent Venables effective March 1, 2004, anda. extend the contract one (1) year to March 1, 2005 with the option to extend annually;b. change his Base Salary from the annualized rate of $160,000 to the annualized rate of$195,000;c. continue his additional and outside compensation from non State appropriatedunrestricted private funds from the annualized rate of $40,000;