Michigan State University President Lou Anna K. Simon has negotiated a new contract with Athletics Director Hollis. Below is a summary of the key changes that have been made to his contract.
· The term of the contract has been converted from a fixed term contract expiring Dec. 31, 2016, to a rolling five-year contract that will renew every July 1.
Increase in base salary to $600,000 effective Oct. 1, 2012. (This is an increase from his current base salary of $395,000.)
Annual longevity payment of $100,000 (paid each July) contingent on Hollis’ continuous service as AD for the previous 12 months (This is a new payment.)
Annual performance bonus of up to $50,000 for achievement of performance objectives, including compliance with NCAA and Big Ten rules, specific financial performance metrics, and fundraising objectives. (This is a decrease from his current annual performance bonus of up to $62,000.)
The remaining terms of his contract are unchanged