ALBUQUERQUE (KRQE) - Term Sheet
Coach Steve Alford
March 18, 2013
This document will memorialize our agreement on the principal term of your new employment contract. We have agreed on the following principal terms, which will be incorporated into a definitive, written agreement. Terms are contingent upon our reaching agreement on a final written employment agreement.
Term of the contract: Ten years, commencing April 1, 2013. Contract will run April 1 through March 30. Length on the contract will not drop below 6 years. There are no additional years earned on the contract based on incentives earned.
Coach Alford will receive a $240,000 increase to his compensation for next year beyond any incentives earned this year that role into his base for next year.
Coach Alford agrees to not to open salary discussion for a 4 year period.
Unless specified in this agreement or changes are needed due to language that is outdated or no are longer accurate, remaining terms of existing contract remain intact.
University will commit to an additional salary pool of $65,000 for the basketball coaches and staff. Any raises must conform to University HR policy and must be approved by the Vice President for Athletics.
Should Coach Alford leave the employment of UNM he will be required to pay the following amount:
- Prior to April 1, 2015 $1,000,000
- After April 1, 2015 but prior to April 1, 2017 $500,000
- After April 1, 2017 $300,000
New Incentives that read as follows:
- Conference Championship $50,000
- Conference Tournament Championship $50,000
- NCAA Sweet 16 $60,000
- NCAA Elite 8 $75,000
- NCAA Final Four $125,000
- Beat a top 25 team* $15,000
*ranking at the time of the game, capped at a maximum award of 3
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