LINCOLN, Neb. (AP) — The University of Nebraska Board of Regents has approved a $300,000 payout for outgoing university system president Hank Bounds.
The Lincoln Journal Star reports that the board approved the contract change Friday, allowing Bounds to collect $300,000 in privately funded deferred compensation when he leaves NU later this summer. Under his original contract, Bounds could only collect the deferred compensation after five years on the job.
Regents said Friday that Bounds' accomplishments in his 4½ years at the helm of the University of Nebraska had earned him the payout.
The board said those accomplishments included creating a culture of collaboration among NU's four campuses, driving record enrollment and raising graduation rates while dealing with a series of budget challenges.
Bounds' base annual salary at NU is $510,400.