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The University shall not have the right to terminate this Contract for Employment without cause before April 30, 2020. Thereafter, if the University terminates the employment of the Employee hereunder contrary to the terms hereof, it shall pay the Employee liquidated damages in the amounts outlined below, in any event reduced by the sum of (i) any compensation earned by Employee during the contract year to date for the year in which the University terminates the employment without cause; and (ii) any amounts received by the Employee from any other employment for services or obtained as a consultant before the end of the term of this Contract for Employment (the sum of (i) and (ii), "the offset"). For purposes of this Contract for Employment, the term "contract year" means the period during the term of this Contract for Employment which begins on May 1 and ends on April 30 of the subsequent year. Such liquidated damages to be paid in equal monthly installments until April 30, 2024, or in such lump sum as might be negotiated and agreed to by the parties.
If University terminates without cause on or after May 1, 2020, it shall be responsible for the corresponding amount of liquidated damages as follows in Chart A (subject to the offset):
CHART A University termination date:
Total Damages Between May 1, 2020 and April 30, 2021 $6,000,000
Between May 1, 2021 and April 30, 2022 $3,000,000
Between May 1, 2022 and April 30, 2023 $1,000,000
Between May 1, 2023 and April 30, 2024 $300,000
Notwithstanding Chart A, if the Men's Basketball Team wins twenty (20) or more games with Employee on the sidelines ( or, if not on the sidelines, with an excused absence, as described in Paragraph 4.H, above) and/or goes to the NCAA post-season tournament with Employee serving as Head Men's Basketball Coach, in any of the first three (3) seasons of Employee's employment with University ("First Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2021. In such event, if the University terminates the Contract of Employment without cause on or after May I, 2021, it shall pay the following liquidated damages as follows in Chart B (subject to the offset):
University termination date after First Trigger Event
Total Damages Between May I, 2021 and April 30, 2022 $6,000,000
Between May 1, 2022 and April 30, 2023 $3,000,000
Between May I, 2023 and April 30, 2024 $1,000,000
Notwithstanding Chart A and Chart B, after the First Trigger Event, if the Men's Basketball Team in any season other than the season in which the First Trigger Event occurred goes to the NCAA tournament with Employee serving as Head Men's Basketball Coach ("Second Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2022. In such event, if the University terminates the Contract of Employment without cause on or after May 1, 2022, it shall pay Employee the following liquidated damages as follows in Chart C (subject to the offset):
University termination date after Second Trigger Event:
Total Damages Between May 1, 2022 and April 30, 2023 $6,000,000
Between May 1, 2023 and April 30, 2024 $3,000,000
Notwithstanding Chart A, Chart B and Chart C, after the First Trigger Event and Second Trigger Event, if the Men's Basketball Team again goes to the NCAA tournament with Employee serving as Head Men's Basketball Coach in any season other than the season in which the First Trigger Event or the Second Trigger Event occurred {"Third Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2023. In such event, if the University terminates the Contract of Employment without cause on or after May 1, 2023, it shall pay Employee the following liquidated damages as follows in Chart D (subject to the offset):
University termination date after Third Trigger Event:
Total Damages Between Mav 1, 2023 and April 30, 2024 $3,300,000
The University shall have no other obligation to the Employee if it terminates this Contract for Employment contrary to the terms hereof, except the payment of liquidated damages as provided herein and any earned bonuses under Exhibit A.
The University shall not have the right to terminate this Contract for Employment without cause before April 30, 2020. Thereafter, if the University terminates the employment of the Employee hereunder contrary to the terms hereof, it shall pay the Employee liquidated damages in the amounts outlined below, in any event reduced by the sum of (i) any compensation earned by Employee during the contract year to date for the year in which the University terminates the employment without cause; and (ii) any amounts received by the Employee from any other employment for services or obtained as a consultant before the end of the term of this Contract for Employment (the sum of (i) and (ii), "the offset"). For purposes of this Contract for Employment, the term "contract year" means the period during the term of this Contract for Employment which begins on May 1 and ends on April 30 of the subsequent year. Such liquidated damages to be paid in equal monthly installments until April 30, 2024, or in such lump sum as might be negotiated and agreed to by the parties.
If University terminates without cause on or after May 1, 2020, it shall be responsible for the corresponding amount of liquidated damages as follows in Chart A (subject to the offset):
CHART A University termination date:
Total Damages Between May 1, 2020 and April 30, 2021 $6,000,000
Between May 1, 2021 and April 30, 2022 $3,000,000
Between May 1, 2022 and April 30, 2023 $1,000,000
Between May 1, 2023 and April 30, 2024 $300,000
Notwithstanding Chart A, if the Men's Basketball Team wins twenty (20) or more games with Employee on the sidelines ( or, if not on the sidelines, with an excused absence, as described in Paragraph 4.H, above) and/or goes to the NCAA post-season tournament with Employee serving as Head Men's Basketball Coach, in any of the first three (3) seasons of Employee's employment with University ("First Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2021. In such event, if the University terminates the Contract of Employment without cause on or after May I, 2021, it shall pay the following liquidated damages as follows in Chart B (subject to the offset):
University termination date after First Trigger Event
Total Damages Between May I, 2021 and April 30, 2022 $6,000,000
Between May 1, 2022 and April 30, 2023 $3,000,000
Between May I, 2023 and April 30, 2024 $1,000,000
Notwithstanding Chart A and Chart B, after the First Trigger Event, if the Men's Basketball Team in any season other than the season in which the First Trigger Event occurred goes to the NCAA tournament with Employee serving as Head Men's Basketball Coach ("Second Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2022. In such event, if the University terminates the Contract of Employment without cause on or after May 1, 2022, it shall pay Employee the following liquidated damages as follows in Chart C (subject to the offset):
University termination date after Second Trigger Event:
Total Damages Between May 1, 2022 and April 30, 2023 $6,000,000
Between May 1, 2023 and April 30, 2024 $3,000,000
Notwithstanding Chart A, Chart B and Chart C, after the First Trigger Event and Second Trigger Event, if the Men's Basketball Team again goes to the NCAA tournament with Employee serving as Head Men's Basketball Coach in any season other than the season in which the First Trigger Event or the Second Trigger Event occurred {"Third Trigger Event"), the University shall not have the right to terminate the Contract of Employment without cause until after April 30, 2023. In such event, if the University terminates the Contract of Employment without cause on or after May 1, 2023, it shall pay Employee the following liquidated damages as follows in Chart D (subject to the offset):
University termination date after Third Trigger Event:
Total Damages Between Mav 1, 2023 and April 30, 2024 $3,300,000
The University shall have no other obligation to the Employee if it terminates this Contract for Employment contrary to the terms hereof, except the payment of liquidated damages as provided herein and any earned bonuses under Exhibit A.
