Post by daleko on Apr 26, 2024 17:29:32 GMT -5
And he could have had financial/personal gain by not getting fired. <shrug>
He had a good attorney negotiating for him. Good for him. He's not the first guy to stare at a loaded gun and come out w his life and a couple of dollars. He ended up w a $304,000 severance package. Kind of light for the size of a "company" he was running. And forfeited $150MM in future revenues.
Tressel pre-empted any termination for cause notification under the contract by tendering to the University his letter of resignation dated May 30, 2011. On July 8, 2011, Tressel executed an Agreement and Release of All Claims (“Release Agreement”). The Release Agreement acknowledges that Tressel wished to exercise his option to retire as an employee of the University effective June 30, 2011, and that both Tressel and the University may have issues or disputes that arise out of his employment and separation therefrom. The Release Agreement, in essence, provides that Tressel will retire from the University effective June 30, 2011, that he will receive health benefits and base pay through June 30, 2011, and that within fifteen days after the execution of the Release Agreement he will receive the lump sum payment due him under the University policies for cash-out of accrued vacation and/or sick time equal to 240 hours.
As a result of the Release Agreement, each party mutually released the other from any and all claims of any kind or nature arising out of the employment relationship. Paragraph 6, however, of the Release Agreement, indicates that the agreement does not constitute and shall not be construed as an admission by either Tressel or OSU of any wrongdoing or violation of any common law, statute, or regulation.
In a reversal, OSU, which earlier had asked for Tressel's resignation on May 30, 2011, indicated that it had now agreed, pursuant to the Release Agreement, to allow him to call it a retirement. OSU also indicated that Tressel did not have to pay the $250,000 fine levied against him for his actions. On top of that, Tressel received the last month of his pay, $54,000, in essence received a $304,000 severance package. Tressel further agreed to cooperate when OSU goes before the NCAA Infractions Committee, in addition to the University and Tressel agreeing that they would not sue each other.