Dear Coach Ford,
The purpose of this letter is to outline the terms of a severance package. This offer is necessary for the following reasons:
1. Your performance has not met the minimum expectations of your employment agreement.
2. Your performance has directly led to a substantial reduction in attendance, and a corresponding loss of revenue for the athletic department.
3. Your current salary is among the 15 best in Division I basketball. Therefore, expectations are much higher for someone with your compensation.
4. Player development has been negligible. Few of your players have demonstrated significant improvement over the course of their careers. Others left school long before their eligibility was completed.
In no way is this letter meant to dismiss the contributions you have made. You have represented the school with dignity and integrity.
Following are two proposals for your consideration:
Option A
Accept a buyout equal to 50% of your existing contract. If you accept the offer, you may seek employment with any other institution without penalty. In addition, if you accept this offer within the next two weeks, a $1M annuity will be purchased over the next four years at $250K per year. This annuity will be paid to you over a 10 year period beginning in
2020.
Option B
Accept a reduction in pay to $1.5M per year over the life of your existing agreement. If you win the conference championship or two NCAA Tournament victories during this time, the balance of your existing agreement will be paid in full.
If you fail to exercise one of these two options, the following steps will be initiated:
1. Your office will be relocated to the basement of Bennett Hall.
2. Your golf club membership will be transferred from Karsten Creek to Lakeside Golf Club.
3. Your current automobile will be switched to a Ford Fusion or Chevy Cruze-your choice.
4. Your recruiting budget will cut 50%. Hotel stays will be reimbursed by no more than $60 per night. Meals will be reimbursed at $20 per day.
As you would imagine, we're anxious to resolve this issue as soon as possible. We're sorry these steps must be taken, but we have no other choice based on the lack of progress you have made in the basketball program.
Kind Regards,
Your Beloved AD
The purpose of this letter is to outline the terms of a severance package. This offer is necessary for the following reasons:
1. Your performance has not met the minimum expectations of your employment agreement.
2. Your performance has directly led to a substantial reduction in attendance, and a corresponding loss of revenue for the athletic department.
3. Your current salary is among the 15 best in Division I basketball. Therefore, expectations are much higher for someone with your compensation.
4. Player development has been negligible. Few of your players have demonstrated significant improvement over the course of their careers. Others left school long before their eligibility was completed.
In no way is this letter meant to dismiss the contributions you have made. You have represented the school with dignity and integrity.
Following are two proposals for your consideration:
Option A
Accept a buyout equal to 50% of your existing contract. If you accept the offer, you may seek employment with any other institution without penalty. In addition, if you accept this offer within the next two weeks, a $1M annuity will be purchased over the next four years at $250K per year. This annuity will be paid to you over a 10 year period beginning in
2020.
Option B
Accept a reduction in pay to $1.5M per year over the life of your existing agreement. If you win the conference championship or two NCAA Tournament victories during this time, the balance of your existing agreement will be paid in full.
If you fail to exercise one of these two options, the following steps will be initiated:
1. Your office will be relocated to the basement of Bennett Hall.
2. Your golf club membership will be transferred from Karsten Creek to Lakeside Golf Club.
3. Your current automobile will be switched to a Ford Fusion or Chevy Cruze-your choice.
4. Your recruiting budget will cut 50%. Hotel stays will be reimbursed by no more than $60 per night. Meals will be reimbursed at $20 per day.
As you would imagine, we're anxious to resolve this issue as soon as possible. We're sorry these steps must be taken, but we have no other choice based on the lack of progress you have made in the basketball program.
Kind Regards,
Your Beloved AD
