The University of Cincinnati Board of Trustees met Wednesday afternoon and decided final compensation for former president Gregory Williams to the tune of more than $1 million over the next two years.
Williams will receive $500,000 over the next two years as well as $255,000 for his tenure position at the College of Law this year although he will not be teaching any classes. At the end of the year, the university has the option to buy out the rest of his tenure for $300,000.
Williams' resigned abruptly Aug. 21, but maintains his tenure position as a professor of law.
He will receive a $112,750 bonus — 25 percent of his 2011-2012 annual base salary of $451,000.
"We were fortunate enough to reach a consulting agreement with Dr. Williams," said Francis Barrett, chairman of the board. "He will be available at our discretion as we may need his services concerning the university, UC health, Proudly Cincinnati, UC Foundation, U-Square and the university's central role in the Big East Conference, among primary items."
For this consulting work, Williams will receive $300,000 from Sept. 15, to Sept. 15, 2013. Williams will also receive $200,000 from Sept. 15, 2013 to Sept. 15, 2014.
Williams is also scheduled to receive a $100,000 supplement at the end of this year. This compensation is a part of Williams' contract, Barrett said.
His provided housing, the UC House, must usually be vacated within 30 days of resignation or termination, but the board agreed to extend his occupancy to Jan. 31, 2013.
The board convened 3 p.m. in the Russell C. Myers Alumni Center, and immediately started an executive session, excluding media and public recording during the deliberation.
Eight of the nine trustees are present at the meeting, excluding Enquirer President and Publisher Margaret Buchanan. Buchanan is out of the state on vacation.