Common use of Resignation as President Clause in Contracts

Resignation as President. In the event Xx. Xxxxxxxxxx resigns his employment as President of the University in a timely manner that is acceptable to the Board, and elects to return to the tenured faculty in a teaching, research or service role, Xx. Xxxxxxxxxx shall be paid the lower amount of (a) 81 % of his base salary or (b) a salary equal to the highest paid faculty member in the department to which Xx. Xxxxxxxxxx is relocating) and shall have the option of spending the first academic year (two semesters) immediately following his resignation on professional development leave, to prepare for his return to faculty. The professional development leave is subject to the terms and conditions of the University's professional development leave program, including, without limitation, Xx. Xxxxxxxxxx’x agreement to repay the University any salary he receives while on leave if he does not return to the University for at least two consecutive semesters (excluding xxxxxxx) immediately following participation in the program. No other benefits or compensation referenced in this Agreement shall continue other than standard benefits for faculty.