University of Toledo President Dr. Lloyd Jacobs has received a two-year contract extension with a longevity bonus if he stays five more years.
Dr. Jacobs, who became present of UT in July, 2006 after it merged with the former Medical University of Ohio, will serve as the university s leader through Nov. 16, 2013.
His previous contract expired June 30, 2011.
Dr. Jacobs did not receive a raise as part of the contract extension, but if he stays through 2013, Dr. Jacobs will be entitled to a $150,000 longevity bonus.
Dr. Jacob s salary remains $392,700 a year.
The UT Board of Trustees approved the contract extension Thursday.