Outgoing University of Toledo President Lloyd Jacobs will be paid a salary of $392,700 a year for the next three years and a lump-sum payment of $150,000 under an amended contract approved on Monday by the UT board of trustees.
The agreement pays him while he is on a yearlong sabbatical, allows him to use the title of “President Emeritus” for life, and provides a string of perks. The salary is the same as his current salary.
Dr. Jacobs will resign as president and receive the $150,000 payment on Monday. He would assume his emeritus status the following day, according to the 13-page contract.
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After the first year, which ends June 30, 2015, Dr. Jacobs would assume the title of tenured professor in the university’s department of surgery. If he stays on as a professor after June 30, 2015, he would be paid according to the university’s normal faculty salary schedule, the agreement says.
The agreement also reimburses him up to $15,000 for travel and lodging while on sabbatical for a fellowship with the Council on Competitiveness. The university must provide him with a vehicle for the next year, either a GMC Yukon Denali or its equivalent, as long as it is made in the United States, the agreement provides.
He may live at the university-owned Levis House, 3883 W. Bancroft St., the university’s 6,400-square-foot official presidential residence in Ottawa Hills, for his first year as president emeritus, with maintenance, utilities, and telephone service to be provided by the university.
If as president emeritus Dr. Jacobs entertains visiting dignitaries and community leaders, or holds receptions or meetings and other events of a mixed business and social purpose benefiting the university at Levis House, the university will cover the cost of cooking, catering, and housekeeping.
The agreement spells out that he will have an office, with secretarial assistance, on campus. In addition, the university will reimburse him up to $15,000 for attorney’s fees incurred while negotiating his amended contract with the board. Under the agreement, Dr. Jacobs‘ son Lloyd Andrew Jacobs would receive the dependent tuition waiver up through and including three years of graduate study, if he is enrolled full-time and is good standing.
Dr. Jacobs is expected to maintain the decorum of a president emeritus, and any conduct amounting to moral turpitude, serious violation of law, dishonesty, or other failure of good behavior that reflects badly on the university would be cause for terminating the agreement, with no further compensation, the document states.
The agreement also includes a mutual nondisparagement clause that prohibits Dr. Jacobs or the board from making any “disparaging, negative, derogatory, or critical statements or issue any such statements or communications to any person or entity about one another.” The board and Dr. Jacobs agreed to not “promote negative feelings or comments about the other.”
And if Dr. Jacobs lands another job during the three-year period, he must notify the university of the amount he is to be paid and his University of Toledo compensation would be reduced by that amount, excluding the first $50,000 per year, from July 1, 2015, to June 30, 2017. The agreement was signed for the university by the chairman of the board of trustees, Joseph H. Zerbey IV, who is also The Blade’s president and general manager.