Sources: Kirk Schulz, 785-532-6220, email@example.com; John Currie, 785-532-6912,
firstname.lastname@example.org; Bruce Shubert, 785-532-6226, email@example.com
News release prepared by: Cheryl May, 785-532-6415, firstname.lastname@example.org
Tuesday, Jan. 5, 2010
K-STATE A.D. JOHN CURRIE'S CONTRACT COMPLETED WITH FINALIZED INCENTIVE CLAUSES
MANHATTAN -- John Currie, Kansas State University's athletics director since June 2009, recently completed his contract with the signing of an incentive and retention clause that will grant him bonuses when K-State's athletic teams accomplish certain high-level goals. The clause was signed Dec. 3, 2009. It is available online at http://www.k-state.edu/media/newsreleases/jan10/curriecompplan.pdf
Currie signed his initial contract May 18, 2009, and as part of this contract, Schulz and Currie were to agree upon appropriate incentives within 120 days. This was extended, and this agreement on incentives completes his contract.
"We designed this clause of the contract to reward the athletics director when K-State teams meet major goals such as Big 12 championships, football bowl appearances, post-season basketball tournaments and the like," said K-State President Kirk Schulz. "The incentive component of the contract reflects the high expectations we have for our teams and athletics director.
"Various head coaches earn bonuses based upon athletic-related accomplishments and I felt it was appropriate to reward the athletics director for his leadership," Schulz said.
"This past May my family and I had a once-in-a-lifetime opportunity to join the Kansas State family," Currie said. "It certainly has been a busy and exciting first six months. I am grateful for President Schulz and the Kansas State Athletics Board of Directors' confidence in me and for the very warm welcome our family has received in Manhattan. Kansas State University is a destination university and we are blessed that this will be our home for many, many years to come."
The incentives paid to Currie will be 75 percent of the bonus paid to head coaches and will be limited to no more than 25 percent of his base annual salary in any contract year. The contract also includes a retention incentive payment to reward Currie if he completes a five year term as athletics director. In that case he would receive a single lump sum payment of $250,000 payable within 30 days of June 6, 2014.
"Incentive calculations are performed in June of each year," said Bruce Shubert, vice president for administration and finance. "Since this summer, we knew this contract component remained to be finalized. Now that it has, we wanted to release it."
Parties signing include Currie, Schulz and Shubert.