An unnamed University of Arizona benefactor has offered to donate $17.68 million worth of stock that could result in multimillion dollar retention bonuses for UA athletic director Greg Byrne, basketball coach Sean Miller and football coach Rich Rodriguez.
The proposal, which will be voted on by the Arizona Board of Regents next week, offers Byrne 20 percent share of the stock, while Miller and Rodriguez will get 35 percent each if they meet the retention criteria: Each needs to stay at UA at least four years and cannot leave voluntarily before eight years in order to receive it.
Under the stock’s current value, Byrne would receive a bonus of $3.536 million while Miller and Rodriguez would each earn $6.2 million if they met the retention criteria. At the end of eight years, the three could keep the stock or sell it.
If any of the three leave voluntarily before eight years, they will forfeit their share and the units will be given to the athletic director to use as needed in consultation with the donor, according to records for next week's Regent meeting. If any of them are terminated without cause in their first four years they will receive a prorated share, and if they are terminated without cause after their fourth year they will receive the entire share.
In addition, all three are also scheduled to receive raises to their current contracts, and extensions through 2018-19, pending Regent approval.
Byrne’s base salary will jump from $500,000 to $625,000 as of June 1, while it would increase another $25,000 every year through June 2018.
Miller’s contract will be extended one year to 2018-19, and his base salary, which had $100,000 annual escalators through 2016-17 but will not increase in 2017-18, will now receive another $100,000 in 2018-19. He will receive a total package of $2.7 million plus incentives in 2018-19.
Rodriguez’s base salary of $1.33 million will be increased to $1.5 million as of June 1, and will rise by another $100,000 every year through June 2018.