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Texas A&M University drafted a "Letter of Intent" for contract terms with Aggie Football's new offensive coordinator Noel Mazzone. We received a copy of the letter via an Open Records request to the university. The Letter of Intent is subject to review and approval by Texas A&M University's Board of Regents. These are the highlights of the letter:
Term of Employment Agreement: 3 years
Compensation:
Annual Base Salary
2016: $800K plus $165K signing bonus
2017: $600K plus $200K retention bonus if employed on January 1, 2018
2018: $600K plus $200K retention bonus if employed on January 1, 2019
Termination by Coach without Cause:
The contract will include a provision providing for a payment of liquidated damages by the Coach to the University in an amount equal to 25% in year one, 12% in year two, and 7% in year three, of the total base salary compensation payable to Coach for the remaining term of the contract, if Coach terminates his employment with the University without cause. This liquidated damages percentage would be 100% if Coach accepts a position with a Southeastern Conference school. The contract will include a provision waiving the payment of liquidated damages by Coach if he leaves the University for a head coach position in the National Football League or at an NCAA Division I football program.
Termination by University without Cause:
The contract will include a provision providing for a payment of liquidated damages if the University terminates Coach's employment without cause as follows: if the University terminates the employment after year one, then the Coach is due $500K for year two and three; if the University terminates the employment after year two, then the Coach is due $500K for year three; in both cases subject to mitigation based on other income received by Coach post-termination.
This letter of intent was signed by Texas A&M University President Michael Young and Offensive Coordinator Noel Mazzone on January 8, 2016. If you are interested in learning more about Mazzone's offensive system, read our previous article on what to expect.