The official minutes of the University of South Carolina Board of Trustees are maintained by the Secretary of the Board. Certified copies of minutes may be requested by contacting the Board of Trustees’ Office. Electronic or other copies of original minutes are not official Board of Trustees' documents.

The Executive Committee of the University of South Carolina Board of Trustees met by telephone conference call on Friday, December 19, 2003, at 2:30 p.m. The call was generated from Room 206-B of the Osborne Administration Building.

Members present were: Mr. Herbert C. Adams; Mr. James Bradley; Dr. C. Edward Floyd; Mr. William C. Hubbard; and Mr. Michael J. Mungo. Mr. Mack I. Whittle, Jr., Chairman, was absent. Mr. Samuel R. Foster, II was also present.

Others present were: President Andrew A. Sorensen; Secretary Thomas L. Stepp; Vice President and Chief Financial Officer Richard W. Kelly; General Counsel Walter (Terry) H. Parham; Director of Athletics Michael B. McGee; Director of the Office of University Communications, Division of University Advancement, Russell McKinney, Jr.; and members of the media.

Presiding Chairman Adams called the meeting to order and asked Secretary Stepp to call the roll. Mr. McKinney introduced members of the media who were in attendance. Mr. Adams stated that notice of the meeting had been posted and the press notified as required by the Freedom of Information Act; the agenda and supporting materials had been circulated to members of the Committee; and a quorum was present to conduct business.

There was a contractual matter which was appropriate for discussion in Executive Session. Mr. Adams called for a motion to enter Executive Session. Mr. Mungo so moved, and Mr. Bradley seconded the motion. The vote was taken, and the motion carried.

The following persons were invited to remain: Mr. Stepp, Mr. Kelly, Mr. Parham, Dr. McGee, Mr. McKinney, and Ms. Stone.

Return to Open Session

1. Athletics Contract Approval - Football Coaching Staff Appointment:
   
   Chairman Adams called on Mr. Parham who presented the terms and conditions of a proposed employment agreement with Coach Rick Stockstill. Mr. Parham stated that the term of the contract was approximately three years beginning December 19, 2003 and ending December 31,2006. Coach Stockstill would be paid an annual base salary of $125,000 and paid an additional $25,000 annually by the Athletics Departments broadcast rights holder. In the event that the broadcast rights holder failed to pay, the Athletics Department would be obligated. Coach Stockstill would also be eligible for a bonus based on any post season bowl appearances by the football team. He would receive the use of an automobile.
   
   The termination clauses were as follows:
   
   
   1. Termination for Cause: The University could terminate the agreement for cause which included conviction of a felony or misdemeanor, major violation of NCAA legislation, series or pattern of secondary NCAA violations; failure to report any violation of NCAA legislation; substantial physical or mental incapacity lasting in excess of 45 consecutive days which could not be reasonably accommodated and which interfered with his ability to perform the essential functions of the job; and violation of any material provision in the contract that was not corrected within ten days.
      
      If the University terminated the contract for cause, the University would only be obligated to pay the base salary until the effective date of termination.
      
      
   2. Termination by University Without Cause: The University could terminate the contract without cause upon 15 days written notice. In such event, the University would be obligated to pay Coach Stockstill $150,000 per year for the remaining term of the contract or the appropriate Apro rata@ amount if less than a year.
      
      
   3. Termination by Coach: Coach Stockstill could terminate the contract upon 15 days written notice to the University. In such event, Coach Stockstill would pay the University $100,000 if there was more than one year remaining on contract and $50,000 for one year or less. In addition, if Coach Stockstill terminated the contract in order to accept a position as a head intercollegiate football coach at the Division I-A level, he would not be obligated to pay the University any liquidated damages.
      
      
   4. Notice Prior to Negotiation with Other Employers: Coach Stockstill must notify the Athletics Director before engaging in discussions with other potential employers.
      
      

   Secretary Stepp informed the Committee that Dr. Sorensen had been a participant of the meeting via telephone but, due to technical difficulty, had been disconnected. He further informed the Committee that Dr. Sorensen had held prior briefings and discussions with Dr. McGee on this matter and that he wholeheartedly supported the proposal.
   
   Mr. Mungo moved approval of this Athletics Department Football Coaching Staff contract as presented. Mr. Bradley seconded the motion. The vote was taken, and the motion carried.

2. Adjournment: Since there were no other matters to come before the Committee, Chairman Adams declared the meeting adjourned at 2:58 p.m.
   
   

Respectfully submitted,
Thomas L. Stepp
Secretary