Land-Grant Holy Land has obtained the Term Sheet given to new Ohio State president Michael Drake. This document provides the essential framework for the school's employment offer to Drake, with the expectation that a more detailed document be negotiated after the fact.
While additional documentation will provide more clarity about Ohio State's detailed goals for President Drake, this document answers some of the basic, essential questions, like Drake's base salary, his relationship with the College of Medicine, some of his employment perks, and others. We have attached the document below.
A few of the highlights:
*Despite the press conference yesterday, President Drake is not scheduled to take office until June 30th of 2014.
*President Drake's annual salary is listed as $800,000, which is curiously lower than Vice President Gene Smith's new salary, after his recent raise and subsequent extension. Drake previously made $350,000 at UC Irvine in base compensation, not counting other perks or deferred compensation. Per this Dayton Daily News Story, former Ohio State president Gordon Gee's base salary was $859,566 a year.
*Like with former president Gordon Gee, President Drake is also eligible for deferred compensation, at $200,000 a year.
*President Drake is eligible for an annual performance award of up to 25% of his salary, which would be $200,000. This bonus is based on "mutually agreed upon performance targets and goals" not specifically specified in the Term Sheet.
*President Drake will be granted laboratory space in the College of Medicine, as well as research funds of up to $50,000 a year, just in case he gets tired of all of that President-ing and decides he wants to return to his roots in medical academia.
*President Drake will be getting $1,200 a month, or $14,400 annually, towards a car allowance.
*Ohio State will provide Drake and his family with membership and dues in a "mutually agreed-upon local social club", although the paperwork also specifically points out that this would be a "non golf" club.
*President Drake will be reimbursed for up to $12,000 a year for "tax and financial planning purposes"
*Should Drake decide to stop being a university president, he'll have the option of remaining as a tenured member of the College of Medicine, and would be paid as such, provided he was willing to undergo the appropriate duties.
*Per the term sheet, President Drake is required to undergo a physical examination, by a physician that is "mutually agreed upon"
Most of this seems fairly boilerplate, although given the size of Ohio State and President Gee's generous compensation package, one might have expected the salary to be larger (although after the full contract is negotiated, that's entirely possible, given Gee's many fringe benefits). Are there any surprises to you?