Updated: 04/05/2013 8:55 PM KSTP.com By: Chris Long
Click the video box on this page to see 5 EYEWITNESS NEWS' Cory Kampschroer and Chris Long discuss the details of Richard Pitino's contract with the University of Minnesota.
New basketball coach Richard Pitino's contract with the University of Minnesota will pay him at least $1.2-million per year for the next six years.
5 EYEWITNESS NEWS obtained a copy of the contract, which officially begins on April 8th.
The contract calls for a $500,000 base salary and $700,000 in supplemental payments annually. The base salary will rise at least 5% each year after an annual review.
There are $400,000 bonuses built in at the three-year mark and at the completion of the six-year term.
Should Pitino leave Minnesota in the first three years of the deal, the buyout is $1.5-million. That buyout falls to $500,000 in the final three years.
The University can terminate the contract without cause by paying one-half the base salary and the full amount of the supplemental payments remaining in the contract. In the event the University exercises the buyout, payments cease if Pitino lands a comparable job elsewhere.
A notable inclusion in Pitino's contract that did not appear in Tubby Smith's deal is a $50,000 annual allocation for private jet use for recruiting.
In addition, several bonuses are built into Pitino's deal:
There are also bonuses tied to the academic performance of Pitino's student-athletes tied to the team's score in the Academic Progress Report and cumulative grade point average.
Read Pitino's Employment Agreement here: