Sutton's compensation agreement revealed

[osupsycho]

From News9.com

Oklahoma State University agreed to pay Sean Sutton, former head basketball coach for the men's program, $2.7 million in return for his resignation.

The compensation agreement spells out the terms of the agreement, with Sutton receiving $300,000 now and the remainder of the money over a 10-year-span. Sutton will continue to receive payment from OSU even if he agrees to take a coaching position at another university, reads the agreement.

The agreement is contingent upon the OSU/A&M Board of Regents.


Interesting in that it is spread over so long a period and that no penalty for getting another coaching gig...

[okstatepike]

From News9.com

Oklahoma State University agreed to pay Sean Sutton, former head basketball coach for the men's program, $2.7 million in return for his resignation.

The compensation agreement spells out the terms of the agreement, with Sutton receiving $300,000 now and the remainder of the money over a 10-year-span. Sutton will continue to receive payment from OSU even if he agrees to take a coaching position at another university, reads the agreement.

The agreement is contingent upon the OSU/A&M Board of Regents.


Interesting in that it is spread over so long a period and that no penalty for getting another coaching gig...

I don't know much about these types of agreements, but the terms seem very fair, especially guaranteeing it regardless of other employment.

[OSUFan]

From News9.com

Oklahoma State University agreed to pay Sean Sutton, former head basketball coach for the men's program, $2.7 million in return for his resignation.

The compensation agreement spells out the terms of the agreement, with Sutton receiving $300,000 now and the remainder of the money over a 10-year-span. Sutton will continue to receive payment from OSU even if he agrees to take a coaching position at another university, reads the agreement.

The agreement is contingent upon the OSU/A&M Board of Regents.


Interesting in that it is spread over so long a period and that no penalty for getting another coaching gig...

What was Sean getting paid a year? Didn't Sean have three years remaining on his contract? Does that mean Sean was getting $900,000 a year in salary, camps and shoe contracts or is he being compensated for being forced out?

[wickerbill]

I would love to get paid this much to quit my job.

[wickerbill]

Actually, I would love to get paid this much to even DO my job!

[Lewis the Pike]

Why is Holder paying him, if he resigned?? :confused:

[FloridaPoke]

Why is Holder paying him, if he resigned?? :confused:

Lewis, your newfound status was short lived

[Chief-Poke]

Yeah, know lots of people who would be pissed receiving 270K for the next ten years and even burn a bridge or two if caught in the right moment.

[osupsycho]

More info from Newsok:

From Staff Reports

Sean Sutton will receive a one-time payment of $300,000 and then $2.4 million over 10 years as part of a final compensation agreement between the former Oklahoma State men's basketball coach and the university.

Details of the agreement were obtained by The Oklahoman through an open-records request.

The $2.7 million will be paid from OSU athletic department funds and does not involve any state-appropriated money. The agreement is contingent upon approval from the OSU Board of Regents.

The agreement was different than what was originally outlined in Sutton's employment contract. OSU and Suttton mutually agreed to delete a clause in that contract that would have caused him to forfeit any compensation owed him by OSU should he land another position.

"We wanted to recognize the 17 years of service Sean Sutton rendered to the OSU program as a player, assistant coach and head coach," OSU Director of Communications Gary Shutt said in a statement.

"We thought Sean's contract negotiated when OSU named him head coach designate was too constraining on him and his family. We wanted to be as fair as possible.

"While this situation has been very difficult, we appreciate the constructive way in which Sean Sutton and Mike Holder developed and structured this agreement in the best interest of everyone."

[Boss 24]

"We wanted to recognize the 17 years of service Sean Sutton rendered to the OSU program as a player, assistant coach and head coach," OSU Director of Communications Gary Shutt said in a statement.

We wanted to make sure he didn't sue us and we wanted to look like we hadn't just kicked a guy sqare in the nuts while twisting the knife in his back.


"We thought Sean's contract negotiated when OSU named him head coach designate was too constraining on him and his family. We wanted to be as fair as possible.

Fair...not decent.

"While this situation has been very difficult, we appreciate the constructive way in which Sean Sutton and Mike Holder developed and structured this agreement in the best interest of everyone."

This was way too easy since we were the ones holding all the money. Oh and the whole Sean Sutton and Mike Holder developing and structuring thing? That consisted of Mike re-enacting the scene from Deliverance with Ned Beatty



Sean should've followed my signature line advice

[BigBadBen]

A quarter of a mil per year for 10 years, guaranteed. I would have no problems with that at all.......


Where do I sign up?

[Lewis the Pike]

We wanted to make sure he didn't sue us and we wanted to look like we hadn't just kicked a guy sqare in the nuts while twisting the knife in his back.




Fair...not decent.



This was way too easy since we were the ones holding all the money. Oh and the whole Sean Sutton and Mike Holder developing and structuring thing? That consisted of Mike re-enacting the scene from Deliverance with Ned Beatty



Sean should've followed my signature line advice


Amen X 4

[Lewis the Pike]

Lewis, your newfound status was short lived

http://ecx.images-amazon.com/images/I/415XTK30JTL._AA240_.jpg

[BigBadBen]

Crazy or not, i would like to see her in chaps!

[snuffy]

Crazy or not, i would like to see her in chaps!

Why would you want to see her so overdressed?:rollseyes:

[Poke John I]

Don't feel sorry for Sean. He left Holder's office with a big smile on his face.