Here Are The Terms Of New Rutgers President's Contract

NEW BRUNSWICK, NJ — William Tate is now Rutgers' most highly paid president: Under the terms of his five-year contract, he will be paid a yearly base salary of $1.1 million, according to Rutgers.

However, Tate's contract also states he will be paid an additional $375,000 per each year of his five-year contract, in what is called "deferred compensation." That total ($1.875 million, $375K x five years) will be paid at the end of his fifth year at Rutgers, or if he has to depart early, dies or is injured and can no longer perform the job.

Tate will also be entitled to incentive compensation, where he will receive an additional $352,000 (32 percent of his base salary) the first year, depending on "an evaluation of performance and achievement of predetermined specific goals and objectives," said Rutgers.

That is for his first year. Starting in his second year, Tate’s bonus potential significantly drops, down to 10 percent of his base pay, or a $110,000 bonus per year.

Tate's contract is slightly above what outgoing Rutgers president Jonathan Holloway was paid: Holloway was paid $888,540 a year in base salary, with bonus pay of $214,106 yearly, for a total of more than $1.1 million a year, according to NJ.com.

The job of Rutgers University president also comes with a house in Piscataway, a university car and a driver.

Rutgers Names New President To Succeed Holloway, Who Will Resign In June (Monday)