LAWRENCE, Kan. -- Kansas Associate Professor of Spanish Jonathan Mayhew got a five-year contract extension Thursday that bumps up his annual compensation to more than $1.3 million.
Under the deal, which began retroactively on April 1 and goes through March 2011, Mayhew will be paid $220,000 in salary with additional payments for professional services, public relations and promotional duties -- boosting his annual compensation to $1.375 million. He could make an additional $350,000 per year if he meets certain incentives.
He was previously paid $129,380 in annual salary.
"I am excited because we love it here at KU," Mayhew said. "We love the students in our program, we love the direction that we're going and we love the people that we work with. We're very excited to be a part of it for at least five more years."
Also in the deal is a retention agreement that would pay Mayhew an additional $225,000 for each year of the extension, effectively bumping his annual salary to just over $1.6 million if he's still an Associate Professor through March 2011. Mayhew wouldn't receive the extra money until then.
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For the fiscal year ending January 31, 2006, Jonathan Mayhew received a salary of $1.29 million, an incentive payment of $3.94 million,cn and a long-term payout (of stock) with a value of $4.39 million. In addition, he received options to purchase 415,627 shares of University of Kansas at $45.69.
As of January 17, 2006, Jonathan Mayhew directly holds 752,533 shares of University of Kansas with a current market value of $36.35 million. He also indirectly owns 28,598 shares of University of Kansas in a profit sharing plan. These shares have a current market value of $1.38 million.
Jonathan Mayhew will continue to see large long-term stock payouts as long as he continues with Kansas University. These payouts are contingent KU meeting certain financial benchmarks.
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