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Updated: April 5th, 2013 10:11am
Richard Pitino's six-year contract with 'U' worth $1.2 million a year

Richard Pitino's six-year contract with 'U' worth $1.2 million a year

University of Minnesota officials distributed a summary of new men's basketball coach Richard Pitino's employment agreement to the media after Friday's media conference at Williams Arena. Here are the details:

Term

Six years

Compensation

Annual compensation: $1.2 million
Salary: $500,000
Supplemental compensation: $700,000

Contract fulfillment incentive

$400,000 to be paid on April 30, 2016
$400,000 to be paid on April 30, 2019

University's right to terminate without cause

University shall pay Coach a termination fee of one-half of the base salary and the full amount of supplemental compensation, including guaranteed increases provided herein for the term of the agreement.

Coach is required to mitigate the University's obligations by making reasonable and diligent efforts to obtain a comparable employment position (for example, media commentator with a national broadcast or cable company, professional basketball assistant or head coach, head men's basketball coach of a Division I team) as soon as practicable following termination of employment. If Coach is employed elsewhere post-termination in a comparable employment position, then payments under this section shall cease.

Coach's right to terminate without just cause

If Coach leaves the University on or before April 30, 2016, Coach will pay the university $1.5 million. If Coach leaves the University on or between May 1, 2016, and April 30, 2019, Coach will pay the University $500,000.

Bonus structure -- athletic performance

Winning the national championship: $100,000
Playing in the Final Four: $50,000
Playing in the Sweet Sixteen: $50,000
Invitation to play in the NCAA championship tournament: $50,000
Conference regular season champion: $50,000
Conference tournament champion: $25,000
Winning record in conference regular season: $50,000

Bonus structure -- academic performance

APR greater than or equal to 940: $25,000
APR greater than or equal to 960: $50,000
APR greater than or equal to 980: $75,000
Cumulative team GPA of 3.0 or above: $25,000
Cumulative team GPA of 3.25 or above: $50,000
Cumulative team GPA of 3.5 or above: $75,000

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