AMENDMENT TO EMPLOYMENT AGREEMENT This is an amendment to the Employment Agreement between the University of Minnesota (the “University”), on behalf of its Department of Intercollegiate Athletics on the Twin Cities campus (the “Department”), and Lindsay Whalen (“Coach”), entered into effective April 13, 2018 (the “Employment Agreement”), as amended effective May 10, 2018 (the “First Amendment”), and as amended again effective December 15, 2019 (the “Second Amendment”). The University and Coach do now mutually desire to amend certain terms of the Employment Agreement by entering into this amendment to the Employment Agreement, effective March 11, 2022 (the “Third Amendment”).
NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Third Amendment, an such other good and valuable consideration the receipt and sufficiency of which the parties hereby acknowledge, the parties agree to amend the Employment Agreement as follows:
1. Section 1.1 is deleted and replaced with the following: 1.1 Employment Term. Subject to the terms and conditions of this Agreement, the University hereby employs Coach as head coach of the Team, and Coach agrees to be so employed by the University, for a term commencing on April 13, 2020, and ending on April 12, 2025 (the “Term of Employment”). As used in this Agreement, “contract year” refers to each period from April 13 through the following April 12 during the Term of Employment (e.g., contract year one is April 13, 2020, through April 12, 2021; contract year two is April 13, 2021, through April 12, 2022; and so on).
2. Section 2.1.1 is deleted and replaced with the following:
2.1.1 Subject to the terms of this Agreement, for all services rendered by Coach on behalf of the University, Coach’s annual full-time equivalent base salary shall be:
· Four hundred ninety six thousand five hundred dollars ($496,500) for contract year one;
· Five hundred twenty one thousand three hundred twenty five dollars ($521,325) for contract year two;
· Five hundred forty seven thousand three hundred ninety one dollars ($547,391) for contract year three;
· Five hundred seventy four thousand seven hundred sixty one dollars ($574,761) for contract year four; and
· Six hundred thousand dollars ($600,000) for contract year five.
3. Section 3.2.1 is deleted and replaced with the following:
3.2.1. The University may terminate this Agreement at any time without cause upon thirty (30) days written notice to Coach. In such event, the University shall pay Coach a Termination Fee for the remaining Term of Employment based upon the following total amount available for each contract year: four hundred ninety six thousand five hundred dollars ($496,500) for contract year one; three hundred thirty thousand dollars ($330,000) for contract year two; two hundred twenty five thousand dollars ($225,000) for contract year three; two hundred fifteen thousand dollars ($215,000) for contract year four; and zero dollars ($0) for contract year five. If Coach finishes a season with a winning Big Ten Conference regular season record during any contract year, the Termination Fee for contract year five will be two hundred fifteen thousand dollars ($215,000) instead of zero dollars ($0). So, for example, if termination occurred half-way through the end of contract year three, and Coach had not finished any season with a winning Big Ten Conference regular season record during any contract year, the payment would be three hundred twenty seven thousand five hundred hundred dollars ($327,500), i.e., one hundred twelve thousand five hundred dollars ($112,500) for the remainder of contact year three; two hundred fifteen thousand dollars ($215,000) for contract year four; and zero dollars ($0) for contract year five. If Coach had finished any season with a winning Big Ten Conference regular season record, the amount for contract year five would be two hundred fifteen thousand dollars ($215,000) instead of zero dollars ($0), and the total payment would be five hundred forty five thousand five hundred dollars ($542,500). Except for the termination fee, the University will not be responsible for any payments or benefits after the date of such a termination.
4. Section 3.6 is deleted and replaced with the following:
3.6. Coach’s Right to Terminate Without Just Cause. In the event Coach terminates this Agreement during the Term of Employment without just cause (which is hereby permitted) to accept a position that involves basketball coaching at any level, regardless of the position title, Coach shall pay the University a Termination Fee for the remaining Term of Employment based upon the following total amount available for each contract year: four hundred ninety six thousand five hundred dollars ($496,500) for contract year one; three hundred thirty thousand dollars ($330,000) for contract year two; two hundred twenty five thousand dollars ($225,000) for contract year three; two hundred fifteen thousand dollars ($215,000) for contract year four; and zero dollars ($0) for contract year five. In the event Coach terminates this Agreement during the Term of Employment without just cause (which is hereby permitted) to accept a position that does not involve basketball coaching, Coach shall pay a Termination Fee of fifty thousand dollars ($50,000). The University will not be responsible for any payments or benefits after the date of such a termination. Any payment under this Section 3.6 shall be made no later than sixty (60) days from the date of notice of termination. The University and Coach agree to execute a release agreement in the form attached as Exhibit C in connection with this payment.
5. Except as expressly provided in this Third Amendment, each and every term and condition of the Employment Agreement, as amendment by the First Amendment and Second Amendment, shall remain unchanged.
6. The parties acknowledge and agree that this Amendment is subject to formal approval by the University’s Board of Regents (BOR). This Amendment shall not be final or binding under formally approved by the BOR.
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