Breaking Down Josh Heird's Contract to be Louisville's Athletic Director
LOUISVILLE, Ky. - The Louisville athletic department finally has a permanent figurehead.
The University of Louisville Athletic Association formally approved Friday a contract for interim athletic director Josh Heird to be stripped of the interim tag and hired to the full-time position.
"It is impossible for me to put into words the emotion that accompanies this announcement," Heird said in a release. "The opportunity to lead one of the premier athletic departments in the country means the world to me. ... I will work tirelessly to provide our world-class coaches, staff, and student-athletes with the resources essential to achieve their academic and athletic dreams."
Heird contract lasts five years, starting on June 3, 2022 and ending on June 30, 2027, with his base salary being $850,000 - an increase from his previous base salary of $731,795 as interim. He has a retention bonus of $125,000 if employed on June 30, 2024, with three subsequent retention bonuses that increase by $25,000 on June 30, 2025, 2026 and 2027.
He also has performance bonus, where he is eligible for a bonus of up to 25 percent of his base salary per contract year. The exact amount will be determined by the University's Board of Trustees, and be "based upon metrics to be mutually agreed upon."
Additional benefits include: a life insurance policy for $15 million, a family membership at the ULGC golf course, "reasonable travel expenses" for four family members to attend games outside of Louisville, eight tickets to each home, away conference tournament and post-season game for any UofL varsity team, two priority parking passes for home basketball and football games, and eight tickets for each home women's basketball game.
As for his buyout, if Heird is terminated without cause, it starts at $400,000 during the first year of his contract, and decreases by $50,000 each term year.
His term sheet also include a non-compete clause, which bars him from engaging with another ACC institution prior to the end of his term and 12 months after.
(Photo of Josh Heird: Matt McGavic - Louisville Report)
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