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MEMORANDUM OF UNDERSTANDING These are the terms under which Kirby Smart (âCoachâ) accepts employment with the University System of Georgia at the University of Georgia (the âUniversityâ) as Head Football Coach. In addition to the benefit plans available to other employees of the University, Coach will receive the additional benefits and payments described below from the University of Georgia Athletic Association, Inc. (the âAssociationâ). The University shall have no liability for any of these additional benefits and payments to be made by the Association. The parties shall make every effort to memorialize the definitive terms of their agreement in a written contract (the âContractâ); however, this Memorandum of Understanding shall serve as the Contract if a more definitive agreement is not signed within ninety (90) calendar days from the date of this Memorandum of Understanding. 1. TERM and BASE SALARY: The term of the Contract shall be from January 1, 2016 until December 31, 2021 or until the day after any bowl game in which the football team plays in January 2022. Coach shall be paid an annual gross salary of at least $400,000 (âBase Salaryâ), and shall receive the insurance and retirement benefits provided by the University to employees of the University. The Base Salary shall be paid in approximately equal monthly installments in accordance with the Universityâs payroll practices. 2. SUPPLEMENTAL INCOME: The Association will pay Coach $3,350,000 per calendar year in approximately equal quarterly installments (March, June, September, and December), attributable to the Associationâs shoe and clothing endorsement, and as compensation for radio and television shows, programs, interviews, and other appearances and endorsements (the âSupplemental Incomeâ). Coach shall comply with all contracts the Association enters into, including by making appearances and giving interviews in compliance with such contracts. In addition, Coach shall make no less than 12 appearances or endorsements per fiscal year as reasonably requested by the Association, any payments for such appearances to be negotiated and kept by the Association. Coach shall also make no less than 12 unpaid appearances at Bulldog Clubs and other fundraiser events as reasonably requested by the Association or the University. Coach shall also be available for up to 3 personal appearances on behalf of the Associationâs equipment provider (currently Nike). Coach shall not make separate endorsement, appearance, or speaking agreements except as approved in writing by the Athletic Director, such approval not to be unreasonably withheld. To the extent provided for in the Associationâs shoe and apparel endorsement contract, Coach will receive up to $3,600 worth of clothes and shoes directly from the manufacturer (currently Nike) each year. 3. PERFORMANCE BONUSES: Coach will be eligible for certain potential bonuses based on the football teamâs performance and other objective criteria, up to a maximum of $1,600,000 per season. (Attachment A) 4. VEHICLE STIPEND: Coach will be provided a stipend of $1,800 per month to directly lease or purchase up to two (2) cars. The Association will pay up to a maximum of $5,000 annually for insurance and other expenses of both cars. Coach agrees to purchase (1) a minimum of $250,000 per person and $500,000 per accident in both bodily injury and underinsured motorist insurance coverage for the cars and any other vehicles Coach may own or lease and at any
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