The University of Louisville entered into an agreement with Scott Satterfield as his head coach. The ULAA board approved the following terms:
Head Football Coach
6-Years through December 31, 2024
Base Salary: $1.625 Million
Additional Compensation: $1.625 Million (media, promotional and apparel related obligations)
Bonuses: Bonus of up to $1.125M per year for athletic performance. Awarded if benchmarks are met. Bonus of up to $100,000 per year for athlete academic performance, if benchmarks are met; AND Signing bonus equal to Coach Satterfield’s liquidated damages (buyout) obligation to Appalachian State University plus a tax gross-up payment.
Standard ULAA benefits
Family Membership to University of Louisville Golf Club
Car allowance of $1000 per month
Life Insurance in amount of $3 Million
Travel Expenses for up to four family members in attending ‘away’ games
Four Club Seats and two parking passes for home basketball games
Suite and four parking passes for home football games. Additional tickets can be requested/approved as needed and available.
Authorization to conduct summer youth football camps.
For Cause: No obligation beyond amounts already due.
Not For Cause: Payment of a severance benefit equal to 75% of the remaining value of the contract, subject to an obligation to mitigate by seeking other employment (offsetting buyout with future salary).
By Coach: Subject to liquidated damages payment by Coach of up to $5 Million depending on when Coach decided to terminate agreement (I assume we’ll receive a sliding scale outlining this at a later date).