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J.T. settlement finalized
East Carolina has reached
a financial agreement with departing head football coach John Thompson,
the school announced Friday.
Thompson, who held a press
conference on Wednesday to announce he had agreed under pressure to
relinquish the reigns of the Pirate football program at the end of the
season, will apparently be the beneficiary of a more flexible
arrangement than the one presented to his predecessor, Steve Logan, upon
his ouster two years ago.
The settlement outlined in
a press release from the ECU Media Relations Office includes provisions
that � subject to a defined threshold � will allow Thompson to accept
future employment and still receive income from the school for the next
three years.
Until he retains a
position elsewhere, the terms of his separation state that Thompson may
continue to receive until Jan. 1, 2008, the $150,000 base income
guaranteed under his original contract with the school, an amount which
will be decreased to $100,000 per year upon his attainment of a new job.
ECU athletic director
Terry Holland proposed the settlement to Thompson in a meeting earlier
this week in which he informed Thompson he would be asked to step down.
Logan, fired on Dec. 6,
2002, by former athletic director Mike Hamrick, is still receiving his
guaranteed base salary of $200,000. Until his contract expires on Jan.
1, 2006, Logan is subject to annual audits of his tax returns by the
university to determine the amount of any other income he may earn,
which his termination agreement states is to be subtracted dollar for
dollar from ECU's obligation.
Following is the full text
of a statement issued Friday from ECU attorney Ben Irons outlining the
provisions of Thompson's settlement:
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"The Agreement
between the University and Coach Thompson accommodates the
interests of both parties. If Coach Thompson does not obtain
future employment, he retains his contractual right to be
paid a salary of $150,000 per year until January 1, 2008. If
Coach Thompson obtains future employment, the University
would pay him $100,000 per year from the date of such
employment until January 1, 2008. This sum would not be
reduced by earned income. This gives Coach Thompson the
opportunity to increase his annual income. The University
would then pay less than it would be obligated to pay if
Coach Thompson was not employed.
The Chancellor
and the Athletic Director proposed this Agreement because
they believe it will benefit the University and Coach
Thompson. The Board of Trustees unanimously approved the
agreement." |
02/23/07 11:30 AM
Compiled from Bonesville.net
staff and
ECU Athletics reports. Copyright 2004. All
rights rights reserved. This material may
not be published, broadcast, rewritten, or redistributed.
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