The Lantern is reporting that Ohio State University President Emeritus E. Gordon Gee has waived his right to $6 million in compensation owed under his old contract in favor of his new role with the University in a new contract worth $5.8 million through 2018.
Gee’s supplemental executive retirement agreement with OSU promised five additional payments totaling more than $3.47 million should he continue as president through June 30, 2017. However, he released all claims to that money, as well as to the more than $1.59 million currently in his deferred compensation plan and the additional $956,250 he would have received for the time from July 1, 2013, to Sept. 30, 2017, by signing a retention agreement contract Monday.
OSU will pay Gee $1.5 million for waiving the claims, according to the contract, which was released Monday.
In addition to the title (and role) of President Emeritus, Gee will retain his tenure at Ohio State's Moritz College of Law, where he will complete his research on 21st century education policy, as well as researching, writing, speaking nationally, teaching and lecturing for Moritz, the OSU John Glenn School of Public Affairs and the OSU College of Education. Can you imagine lectures with President Gee? Look for massive waiting lists in that man's future...
He will be paid annual base salary of $410,000, paid each year from 2013 through June 2018. After that point, Gee will be paid "equivalent to the highest paid non-administrative faculty member of the Moritz College of Law as calculated on an annualized twelve month, full-time basis." He'll be on special assignment through next June, according to the article, though it is not clear what all that assignment entails (probably keeping the place from coming apart at the seams during the transition, I would think).
There are quite a few other details in the article, but the good news is, Dr. Gee will be around for several years yet.