We received a copy of Rick Greenspan’s severance agreement today through a public records request.
Among the more interesting parts of the five-page document (which you can read in its entirety below) is that, according to clause 4.03, the “University agrees that Employee retains rights to any book he may wish to write and publish.”
Anyone have a suggested title for said book?
As part of the severance, Greenspan will receive the bulk of his payoff ($369,000) on or near Jan. 15, 2009.
Then he’ll receive $4,600 each month from January 2009 through December 2009, as well as $1,400 each month of next year until he “obtains other substantially equivalent employment with health insurance coverage and benefits.”
There’s also, as you might imagine, a lengthy clause in which somebody tried to use as many syllables as possible to say, “You can’t sue us.”
But here’s the summation of the whole deal for you, the third item in Recitations section of the document:
“The University and Employee have evaluated their respective needs, and the Employee has elected to resign upon condition that Employee be compensated for the release of the right to continued employment.”