Employment Agreement President, Michigan State University This Employment Agreement (‘Agreement’) is entered into as of December 14, 2012, by and between the Board of Trustees of Michigan State University, a constitutional body corporate (the “Board”, and Lou Anna Kimsey Simon (the ‘President"). This Agreement replaces the Employment Agreement betwesn them dated November 12, 2004 and amended on September 15, 2008, December 7, 2007, December 19, 2008, December 11, 2009, and December 9, 2011, ‘The Board and the President agree as follows: 1. Employment. The Board appoints and employs Lou Anna K. Simon as the President and chief executive offcer (‘University president") of Michigan State University (the “University’) effective December 14, 2012 and Lou Anna K. Simon accepts such employment. This Agreement relates to the President's service as the University president, and nothing in this Agreement shall affect the President's tenure as a full professor in the University's College of Education, with all ofthe rights end privileges accorded a tenured faculty member of the University. 2. Duties. The President shall be responsible to the Board and shall perform such duties as are customarily performed by a university president and chief executive officer and a8. may be required by law. The President's duties under this Agreement shall Include, without being limited to, a) institutional, facuity, and educational leadership and management, (b) fund raising, development, and alumni and public-relations, (c) budget formulation and long range Planning, (d) development of regulations, rules, and procedures necessary for the well-ordering of the University, (4) administration of the personnel and the affairs ofthe University consistent with Board policy, (¢) maintenance of positive relationships with the federal government, the Michigan executive branch and legislature, and local governments, and (f) such other duties commensurate with her position a8 are described in the Bylaws ofthe Board, as they may be ‘amended from time to time, or required by the Board, 3. Best Efforts of Employee. The President shall a alltimes faithful, industrious, and to the best of her experience, ability, and telent, perform all of the duties that ‘may be required pursuant to the terms of this Agreement, ae best serves the University. 4. Compensation. Salary. Forservices rendered in the capacity of University president, the Board shall pay the President an annual salary of Five Hundred Twenty Thousand Dollars ($520,000), payable in installments at such regular intervals ais the University is then using for the payment of executive manager salaries. Such installment payments shall be subject to the customary withholding tax, social security tax, and other employment taxes that may be imposed by the State of Michigan or the United States of America. The annual salary will be reviewed each year by the Board and may be increased but not decreased at the discretion of the Board. b. Annual Retention Bonus. The University shall pay to the President an « annual retention bonus of. One Hundred Thousand Dollars ($100,000), provided that the President has served continuously as the President for-the twelve consecutive months immediately preceding January 1*' of the year in which the bonus wil be paid, Such bonus willvest on the first business day following the conclusion of the twelve month period and will be paid fo the President on or before the end of the month in which the bonus vests. ©. _Benefits--General, In addition to the remuneration specified above, the President shall be provided with all of the retirement and other fringe benefits to which executive ‘managers of the University are entiied, now or in the future, The current executive management benefits are set forth in Exhibit A. d. Contribution Limitation. If the United States tax law, now or in the future, limits the Board's contribution to the President's retirement program under the provisions of the University’s primary retirement plan to an amount that is less than the maximum contribution otherwise required by the retirement plan, the amount by which such contribution is so limited shall be added to the President's annual salary under paragraph 4.2. of this Agreement. . The President shall be provided a personal long-term care policy for herself and her spouse pursuant to the terms of the Long-Term Care Insurance Plan entered info between the President and the University effective September 11, 2008. 5. Formal Evaluation. The Board will review annually, by a method that is ‘mutually agreeable to the Board and the President, the state of the University. The President agrees to furnish the Board such oral and written reports as may be required by the Board. 6. "Residence. The President shall use Cowles House (the official University residential residence) for the performance of her duties as University president and shall hold official functions and conduct other activities there, relating to the position of University president. The Board shall maintain the immediate grounds around Cowles House, maintain ‘Covtles House in a good state of repair, and provide all utilities to Cowies House, including without being limited to voice, data, and video networks as necessary for the President's use. Expenses of the operation and maintenance of Cowles House shall be expenses of the University and shall include, without limitation, personnel and materials as necessary to conduct official University functions at Cowles House. : a ‘Transportation. The Board shall furnish to the President (a) an automobile from the University Department of Police and Public Safety, with a driver, for travel in connection with the President's official University duties, and (b) a University automobile equivalent to the University automobile furnished to her in her position as Provost, subject to the usual University ‘procedures and practices for the insurance, maintenance, repair, and fueling af the automobile. 8. Travel for the University. The Board will pay the President's reasonable travel ‘expenses, hotel bills, and other necessary and proper expenses when the President is traveling or in attendance at places other than the University's campus onthe University’s business, ‘Such expenses may include expenses for her spouse when he accompanies the President in connection with activities that the President's spouse is officially expected to attend, 9. _ Entertainment and Memberships in Service and Professional Organizations. The President wil be reimbursed by the University for any other reasonable expenses that are necessary and appropriate to the office ofa university president, including, without being limited to, a membership in a country club, memberships in service and professional organizations, and oficial entertainment. The President agrees to furnish such vouchers and receipts as are required by University policy for such reimbursement. In addition,| | complimentary tickets to University academic, athletic, and cultural events shall be made available for the President, her immediate family, and official guests. 10. Other Employment. The President shall devote substantially all her time, attention, and energies to her duties as the University president. The President may serve on Corporate and other boards and commissions and receive compensation for such service. The President shall notify the Chairperson of the Board of any potential external board or commission appointment she wishes to accept, and the President shall accept such ‘appointment only with the approval of the Chairperson, which shall be deemed given if the President has received no objection from the Chairperson within seven (7) days after such notification. The expenditure of reasonable amounts of time for personal business and for charitable and professional activities shall not be deemed a breach of this Agreement, provided ‘such activities do not interfere with the services required to be rendered to the Board under the Provisions of this Agreement. Inno event shall the President engage in any activity that may be competitive with or adverse to the best Interests of the University. The making of personal investments and the conduct of personal business affairs shall not be prohibited by this. Agreement. 11. Termination. ‘a. Termination by Board. In her capacity as University president, the President shall serve at the pleasure of the Board, subject only to the provisions of paragraph 12 of this Agreement. Therefore, the Board may terminate the President's employment by Providing a minimum of sixty (60) days written notice of such termination upon an affirmative vote of a majority of the full Board, and her appointment as the University president shall end on the date specified in the resolution thus approved. b. _ Resignation. The President may resign her appointment as the University president on a specified date, by providing a minimum of sixty (60) days written notice of such resignation to the Board. During the period from the notice of her resignation unti its effective date, the President shall fulfil her duties as President and shall cooperate and provide reasonable assistance in the transition to a new University president. ©. Capacity. The Board reserves the right to require the President to submit to a medical examination, either physical or mental, if the Board believes the President may be incapacitated. Such examination shall be performed at Board expense by a physician licensed. to practice medicine in all its branches, selected by the Board in consultation with the University Physician. If the President is determined to be unable to perform her duties under this ‘Agreement due to disability, her appointment as University president under this Agreement shall terminate immediately, but her salary under paragraph 4 of this Agreement shall continue to be paid to her for six (6) months following such termination; provided, however, that the foregoing shall not limit the President's rights under any applicable disability insurance coverage, nor shall this provision in any way limit the authority of the Board to designate an acting University president in the event of the disability of the President as détermined by the Board. 12. Post Presidency. a. __ Return to Faculty. If the President chooses to retum to the faculty after her service as the University president, she shall be entitled to a twelve (12) month esearch leave for the purpose of assisting her in her return to the faculty. During this research leave, she shall be paid 100% of her last base salary as President, she shall| | | | continue to be provided with all fringe benefits to which officers of the University are entitled, and she shall be provided with a suitable office in a mutually agreeable University building, along with appropriate secretarial services, computer and technology equipment, technical suppor, a telephone, and other necessary office tools. Upon her return to the faculty, her appoiniment shall be on an annual year (AN) basis and her initial salary shall be 100% of her last presidential base salary forthe first year and 75% of her last presidential base salary for the second and any subsequent years, thereafter subject to annual review, salary increases, and fringe benefit consistent with those available to other members of the tenured faculty. ‘The President will be provided with a Suitable office in a mutually agreeable University building, secretarial services, appropriate computer and technology equipment, technical support, a telephone, and ‘other office tools appropriate to her work as a facully member. b. Lifetime Benefits. After the President's service as the University president under this Agreement, the Board shall provide to the President for her lifetime and to her spouse for his lifetime: i. Two complimentary all events and al locations driving and parking asses (‘red passes’) as are available to her as the President; ii, Two complimentary tickets to home football games in the Spartan Club on the 4" floor of the Stadium Tower; i, Two complimentary tickets to home women’s basketball games in a seating location comparable to those provided for men’s basketball and two complimentary courtside seats for women's volleyball; ‘iv. The option to purchase up to four season tickets for men's basketball with the seating assignment in the same location provided to her during the 2009- 2010 basketball season or an equivalent location acceptable to the President and her spouse; V. Tickets for bowl games and post-season play for football, men's and women's basketball, and ice hockey, and tickets for performances on campus (by way of ‘example but not limitation at Wharton Center, the MSU Auditorium and the Breslin Center) on the same basis as such tickets are offered to University Trustees Emerti or as such tickets are offered to doriors at the President's donor status, whichever is preferabie to the President; vi. Aparking pass for each home football game, home men's and women’s basketball game, and home ice hockey game on the same basis such parking passes are offered to University Trustees Emeriti. ©. President Emeritus Title. After her service as the University president, the President shall have the title of President Emeritus in addition to her facuity title. To faclitate her actives in support of the University as President Emeritus, the President and her spouse will continua to be provided technical computer support and access to all MSU computer services including voice mail. Any costs associated with the provision of such technical support will be paid by the Office of the President. d, The provisions of this paragraph 12 shall survive the termination of this‘ Agreement,13. Miscellaneous. a. Entire Agreement. This Agreement, including its Exhibit A, constitutes the entire agreement ofthe Board and the President regarding the President's employment as University president, superseding any other agreements as fo such employment. The President acknowledges and agrees that no prior or other written or oral representations or agreements a8 {o such employment, if any, shall be deemed to be a part ofthis Agreement or otherwise binding on the Board, b. Amendments; Assignments; Waiver. This Agreement may not be amended except by a writing signed by both parties. Neither party may assign rights or Fesponsibilties under this Agreement without the express prior written consent of the other party. No waiver of rights under this Agreement shall be effective unless in a writing signed by the party against whom enforcement of the waiver is sought, and no waiver of rights at one time ‘shall be deemed a waiver of the same or other rights in the future, ©. Governing Law. This Agreement shall be governed by and construed in accordance with the law of the State of Michigan. d. Severability of Parts. In the event any part or provision of this Agreement is held to be illegal or unenforceable, it shall be deemed severed from this Agreement without effect on the remaining provisions of this Agreement, Tax Liabiliy. The President acknowledges that the Board cannot ‘guarantee personal tax treatment of any payments or benefits under this Agreement and that she shall be responsible for any personal income tax liabilty incurred as a result ofthis Agreement. The President further acknowledges that she has not relied on the Board or its counsel or University personnel and that she has been advised to sek professional advice with regard to compensation and other matters addressed by this Agreement. IN WITNESS WHEREOF, the parties have executed this Employment Agreement, President, Michigan State University, on December 14, 2012. Board of Trustees of Michigan State University Lou Anna Kimgey Sinan By, Joel | Ferguson, ckExecutive Management Benetits Summar Page | of 6 ry ie MSU Muman Resouces >> Bits >> iy >> Executive Management Benefits Summary Executive Management Benefits Summary Pais of ployment led thin GD day oF pinto during te rl ope ncliment ed ‘oluntary ADD plan is ailable through payroll deduction in increments ranging from 1% 8 times an employee's base armel [srnings up toa maximum of $1 milion dofas SE lear al erp inenter ell eer iy eee Eau coe cannantrt Lear ere oem ate! epg ere ty Seek op ae ea SE RT Sow greatness iste pe re re eee a er Dourtesy, providing credit of an amount equal to one-half of the ar ae meat ett SE ee ee Fosce chien ae lependents within 60 days of employment or during an ennnal open et ‘The University cumerily pays the fll cot of the remium fr individuals working full-time, The coverage is bricfly scribed below: ncolled within 60 days of | Jeustomary costs of mast dental services up a maximem payment. inument or during the {8600 per person per ealendar year Orthodoni s eavered for persons openenroliment erage 19 witha 50% eo-peyment ands 2 $600 lifetime riod imum. ofemployment if fhe Delte Dental plan pays 50% of the usual reasonable and Dental Coverage [University he Actaa Dental Maintenance Organization (DMO) wlizes primary are dentists tp lower the erst it sa managed care dental plan. Members select primary care denis (PCD) fem the provider nctwork and vist their PCD as needed for teatment and ear, There ‘oF employment pesinerss | ams ang ar Pt msl hon po Stn ee in case of death ofan active employee raluding Loaves of absence for up to 180 days from the fst day paid), the Univesity provides lif surance equal fo one year’s annual bese salty ($80,000 maximum) fBasie Life lan [University pon employment fis oF tein following be month of Pimple may colina FSA by designating en amount of pro-sx mer nol within ola ob se aso for eat ltd wn penn crs ays ofapoiniment or fexpenses. This elt in ax savings on federal, sat, cy uring the enual open fappicabl) and social searty taxes nt period. Jptexbte Spending ployee http://www hr-msu.edwhiring/facultyhiring/ExecutiveManagement.bim ecounts (FSA) [Pretax basis) mployees have the option of ehoosing ether Blue Cross Blve Shield of Michigan Communily Blee (PPO) o¢ Bie Cate Network (BCN)Executive Management Benefits Summary of employment if Page 2 of 6 for themselves, ther spouse or Other Eligible Individual! and their ligible dependents, Coverage through Blue Cross Blue Shield of [Michigan Transition Plans available only when there is amix of [Medicare and non-Medieae family members (certain medical ia are me!) Te coverages are briefly described below: |Community Blue: omit Blue i a Prefered Provider Organization (PPO) and Jews You to choose whelher you recsive health eae services fom in-network or out-of network provider. Thee sa nationwide ork of participating PPO physiciens und hospitals that allow you primary cae py toniniidaly st Stn ly forthe ena yea For uo hitp://www-hr.nsu.eduhiring/facultyhi Pew ro nae stale Sy for the calendar year with higher out-of-pocket costs, usually a 20% ja Care oe verge ive care Network BON: isa Heth Mase Orzatin (M0) mening at ties wiser an wt Sean pinay epee LSrumapecnce MSU monies em ok ees Goatees te mia oni, [oe unotneon (ooamarseh fii Deeb fren oa a Pec rr naan eee bea Ercsautcs Th rasa Sotease shoumainiad sti. ie surstncrok ecu SSDs ea Bcoftaniy tr be eu yea A anny ore ree xe igen oado%eriuraesthe west tsacseahe ete tru of 80 nl 8000p kd yx Caremark Pros Deng Pan he peop rg uns dria toh CVS Caso Jett han gpa sever paseo a fncnescs thang secoreeiseosiug aaron Herel grekrentenetaariny ee Drug Tier pe cay Sangh COPS fL Generic deug il $10 i $20. ay hand Do ES BE ‘alternatives are available) 329 baad on Tomelny Band Brag (tar SOOT ; ae a Joe [ orm Brad DngorNanFomuay Boog [RIOFTUS TOO Leonuus ott attend . roy nicvadcs rccqaee carale BEERS Incot havo te ee te ae ot selected” ug ad th the dre pene equate Frmnay Bena Dragertonrfamstay Bano [BIGPLLS,O0%OTBS leo pesarearnc ame Prine tee cesr ee ae [irc cashew we (Oe ae esses ftom ie Gone Prescribing Progam “Level” jpmaddugand ieee Ste grerage costo al the Fle Co aee etere bales scpion fsjoranmegmercs. mune memes crate ‘Gowri Pascoe tenes iowlit drag ll fost ue one Tap aS Teh Depry Drs 0 feocaesay nea Tuer fee i t | ing/ExecutiveManagement.htmExecutive Management Benefits Summary Page 3 of 6 j-800.56-7105 ‘Genenie Preserving Program ‘Sandee gs vais ude te pan maybe etl the Gene Prescribing Program. This progam nudes the follwing provisions, {Levelt the rogram: Ifyou o your apeaart et trade presen cu fr which a diet ent ecient the genre ‘supa, yu ml als need oy te dle in cst twa he bane rg and the et eri equa ha eas ve benches, ‘Level of he Program: For cers haps hss ef gs, y or your depen! choot a esr for wich mere pense wit ie ation ot nee copay, you wil dao aco pay tho feos in zt een te b-ame ag ed te aerage cost of te genic aeranvesavlable io he rape ass Tee epee asses of drugs inated by Level Tah pogia isle oeaptas, mal str, high cholestrol esi sleep problems und OERDIscid re (lca 17171, grin laos, Seo pesze es (ARBs and ACES) dae nonce willbe pare ts ls of rv) ‘eludes: Under Level a Level fie rogaiacude: Prensa, Lanoxin Dilan, Counain nd Syuoid Exeeption-roct: nae cass some pple ewe a cri genre dr for docuente medi eins, Toei an exetion process oh CVS. ‘meicton nen of genre. Thr wil boon aon charge to you or your Phsisin to ile an exception (weve, your lysin may chars yeu fe or Coney fr heii) + Essaioe Bo * + pia-Teipeiay Drs wil be nite 34a plies (0 dy supplies ils longs be vaabe ribet deus). In ton oBttve TV] dase ‘yp dg reins a only Be fled by Ihe CVSICaemar Spc Pharmacy. Rheumatoid rie prespson awn veo an can cot fo le in 0-9 soi 1 a ne pad holkays In any oad year New Year's Day he Gay foeceding or following New Year's Day, Nemoral Day, Independsace Day, shor [Day, Thanksgiving Day and the dey following Thanksgiving Day, Christmas Day an phe day preceding or following Chuistmas Day, or a otherise announced by the foavitnl yin ae ala ove cay Oy ah GA NT TAT ‘al be compensated forte frense betes po fr uy duty and = pay ifabeat oan work or ute than 80 hours No aust toque fy jury Duty _[Usiversity [Upon Fmploymsnt Fury duy sevice of 80 hours ores. fresetome fa ‘without pay may be granted for up toto yean. Exiesions beyond wo years paneea ay be approved by the administrative supsier fo whom responsibility for personel thout Pay ion has been delegated. efits normaly ey on te 18" dy fing the completion of 180 dys of inuous dsebifiy pon ftleine monthly income benefit is 60% of morthly bas salary up to $15,000. The LTD penetit amount is offser by any Social Securiy, Workers’ Compensation or oer plicable wage replacement bene. monthly waiver benefit will pay bath the employee's $% and the University’s 10% contribution to the Base Retirement Phn ofthe emplayee, This in sdition to ‘monthly LTD income beosfit. hitp://www hr.msu.edu/hiring/facultyhiring/ExecutiveManagement htmExecutive Management Benefits Summary Page 4 of 6 he monthly inceme bonfit and the monthly waiver benefit are increased esch Inaddition, the University cont-bario toward health, dental and Employee- ai Life benefits will continu, to six mone of paid leave i avatlable # Pealtn problems prevent tho inividaal working. Medieal leave is non-accruhle with no terminal payott Individuals o Family Medical Leave (FMLA) wil have their health and dental benefits continued the same level and with the same premium contribution as prior othe FMLA, ve. Any sharo of premiums which bad been paid by the individual prior tothe leave must continue to be paid during te lave, otherwise coverage wil he cancelled tary DutyUniversity [Upon Employment [rrofessional JDevelopment irement ibility ipon Employment red pan [University [Enrolment must occur ir to te fst ofthe +http://www_br.msu.edu/hiring/facultyhi ployment. lnividua mont i necessary the application i Tniversty cooperates fully with individuals taking pat in ihe reserve program of rltary forces which calls for up wo 15 éays ative duty traning annually with the ‘ational Guard, Officers’ Reserve Comps, or similar US mnitary organizations. The nivesity will pay the individual he difference berween military pay and allowances normal take-home pay for up to 1 calender days when onder to active duty for ining, and for upto 10 additional calendar days pe fiscal yeer when ordered to ve ty for the purpose of handling civil disorders vered by the fuculty policy which is essibed inthe Faculty Handbook, The Poticy provides an average of four days per month with written approval a the Support for professional developmen is povided to individual scrving as Groove gers. The nate of such Supports varable but he level provides broly :quivalnt on a prorated bass to the sabbatical eave program for ful, i, stely $6,000 per you. Requires approval ofthe supervisor, (Degree elated ign support in excess of $5,250 is taxable income per TRC 127). Fo be considered a retiree from Michigan State Uriversity, an individual mut ave fined one ofthe following: 1) 15 yeus of service in an Fxecutive Management oaton; 2) at least age 62 with aminseum of 15 yeas of University servoe, 3) 25 as of service a any age Fhe condition of , above is me, the individ retains igiblity for Michigan Stete University rere status if essignd subsequently to = Executive Management postion. If 15 years of exocutve management service is 3 completed atthe point of transfer, tbe yeas served as an exeerive manage ws & nage ofthe 15 years for EM reticent eligibility willbe applied othe 25 year it toward the Fftcen year Executive Management retirement requirencat in roportion to the rato that such prior service bears to the 25 year vesting requirement | forall ober University employees, oanded up fo the next half ear. \coess to retires health coverage is based on employment date: «ecutive Managers hired prior to July 1, 2005 and meting the mininum University meat requirements will remain ligiblto maintain health and dental coverage 1 eccive & University contribution towardthe premiums based on the number of ble equivalent (FTE) service months atresrement. ‘or Executive Managers hired on or afer July 1, 2005 and before July 1, 2010, the iniversity will consribut to the lowest cost heath plan's single ate fr which the ployeetetireeis eligible, (The contbatio is based onthe full-time equivalent [PIE) service months at the time of rettemea). ecutive Managers appointed on or afer Sly 1, 2010 are not eligible for a Jniversity contrbution to healthcare benefis, Retiree health coverage is wailble to ‘through the University conebutory tax defered annuity progranis povided, Tho individu consibutes sand the University contbutes 16% of ts sama tae salary ae he 4036) ‘Tetiemcnt Program. The Universi co aes avourary 403). upplemcotl Reiemect Program anda 456) Defered Compensation Pan. The SU Ituman Resouoes Beefs Oise proves dtad infomation sat iring/ExecutiveManagement.himExecutive Management Benefits Summary Page 5 of 6 [special merit salary adjustments in recognition of superior performance or expanded poisibilities may be provided in addition to regular salary adjustments, three months transition py, pay of of unused vacation days a the time of frranstionat rmination, and continuation of university health, prescription, and denel benefits support ith the usual universiry contribution for upto three months flowing termination. ransiton support will not be provided if he executive manager's employment is inated for misconduct or unsatisfactory pertormanee. The President will consalt h ide fis. fe Waveling on University business or approved activity on o beyond campus Ivers [Upon employment imi, the University provides accidental death and cismemberment coverage an the principal amount of $50,000 gible for forty-eight (48) vacation Gage Getially on Heal your bans, Vaceton ays are available prospectively; they are non-accreale beyond the biennial fiscal Sau a period. (Vacation days do not include Saturdays and Sundays or officiel 17 [Upon Employment Fesvesity holidays.) Amamgoments to tke one's veconenement sould be made ior wo resignationtetirement; however ternal payotT can be made by agreement vith the supervisor. ‘currently covered by another health plan, anployees may waive MSU's coverage change fora cash payment ($600 maxim). Employees have 60 days o enzo or uring annual open enrollment. The waive i pot at optian when bath the employee Ms In additon, the following beneftsprivleges are provided: Social Seewity Workers’ Compensation ‘Unemployment Compensation ‘Access (o University athleti, recreation and cultural failities/events Athletic event tickets at staff rates Library privileges * Other Bsigible Individual (OF: ‘Under the Other Eligible Individual (COED progrum,a benefits eligible MSU employee or retiree who doesnot a have spouse eligible to enrol for health, dental, supplemental if insurance, and/or accidental death and dismembennent coverage may enroll one (1) Of, but ‘oly if ALL ofthe following eligibility erteria are met: ‘The OEI currently resides in the same residenoe asthe employee and has done so fo the last 18 continuous months, other tan a 3 tenant ‘The OBT is uot. a “dependent” ofthe employee as defined by the IRS; and ‘The OBI is not eligible to inberit rom the employeeunder the laws of intestate succession intho Stats of Michigan. Children ofan employee's OF! may be eligible for Keli, dental, supplemental life insurance, and/or acsidental death and dismemberment ‘coverane. Once the dependent tums age 19, detailed eligibility information is available on the HR wesite st www suc, hattp://ovww-hr.msu.edu/hiring/facultyhiring/ExecutiveManagement htmExecutive Management Benefits Summary Page 6 of 6 {0 conte coverage for an OE! ceass onthe date the above criteria ae not met. Employees and retirees must immediately notify MSU Human Resources Benefits of «change in eligibility status and complete an "ADSéavit of Termination of Other gible Individual Partership® form. ‘The following individuals do not fll within the eligibility exteria foe this program: ‘Spouse Children and thelr descendents (i, childen, grandchildren) Parents Parents descendents (ie, siblings, nieces, nephews) (Grandparents and thir descends (i.e, ani, uncles, cousin) Renters, boarders, tenants, ets, ‘sa tire, you may add your eligible OP! to you health/dental benefit plan and receive the University’s contribution, if your OEL was offcaliy registered on or before January 1, 2008, and you were retired or bad met the minimum retirement eligibitiyerteria on or before ‘ha date. Inthe event of your dest, your OFT may continue coverage with the MSU oaxtcbution; however, they may nt ade new partner to tho plan. If your OBI was not registered on or before January 1, 2009, or you were nt reiadeligitle to retire on that dee, your OFT iseligible to enroll and purchase a hoalt/deril plan consistent with the plan in which yan are enrolled Print MICHIGAN STATE UNTVERSITY : (© 2013 Michigan State Univesity Board of Trusts, Rast Lansing, Mi 48824 cist Last Update: amanry 11,2013 bhttp://www_hr-msu.edwhiring/facultyhiring/ExecutiveManagement.htmFIRST AMENDMENT TO EMPLOYMENT AGREEMENT PRESIDENT, MICHIGAN STATE UNIVERSITY This First Amendment to Employment Agreement (the “First Amendment”) is entered into effective December 13, 2013 by Michigan State University (“University”) and Lou Anna Kimsey Simon (the “President”), to modify and supplement the Employment Agreement between thom dated December 14, 2012 (the “Agreement”). All terms and conditions of the Agreement remain in full force and effect, except as modified and supplemented by this First ‘Amendment, which shall prevail inthe event of eny conflict. \ ‘The University and the President agree as follows: 1, Section 4.b of the Agreement is replaced in its entirety by the following: Annual Retention Bonus. The University shall pay to the President an annual retention bonus of One ‘Hundred Twenty Five Thousand Dollars (§125,000), provided that the President has served continuously as the President for the twelve consecutive months immediately preceding January 1" of the year in ‘which the bonus will be paid, Such bonus will vest on the first business day following the conclusion of the twelve month period and will be paid to the President on or before the end of the month in which the bonus vests. Starting January 1, 2014, the amount of this retention bomus will be increased annually by a percentage equal to the total percentage increase available for non-union faculty raises, including percentages for college and university-wide market pool adjustments, or equivalent amounts however defined. To evidence their agreement as set forth above, the President and the MSU Board of Trustees have executed this First Amendment to Employment Agreement belov. PRESIDENT: bake S— date: YI Lon Anna Kimsey St¥on BOARD OF TRUSTEES OF STATE UNIVERSITYSECOND AMENDMENT TO EMPLOYMENT AGREEMENT PRESIDENT, MICHIGAN STATE UNIVERSITY This Second Amendment to Employment Agreement (the “Second Amendment”) is entered into effective January 1, 2015 by Michigan State University (“University”) and Lou Anna Kimsey Simon (the “President”), to modify and supplement the Employment Agreement between ther dated December 14, 2012 and amended on December 13, 2013 (ihe “Agreement”). All terms and conditions of the Agreement remain in full force and effect, except es modified and supplemented by this Second Amendment, which shall prevail in the eveat of any conflict ‘The University and the President agree as follows: 1, Section 4.8 of the Agreement is replaced in its entirety by the following: Salary. For services rendered in the capacity of University president, the Board shall pay the President an anual salary of Seven Hundred Fifty Thousand Dollars ($750,000), payable in installments at such regular intervals as the University is then using for the payment of executive manager salaries, Such installment payments shal! be subjeot tothe customary withholding tex, social security tax, and other employment taxes that may be imposed by the State of Michigan or the United States of America. The annual selary will be reviowed each year by the Board and may be increased but not decreased atthe disoretion of the Board. 2, Seotion 4.b of the Agreement is replaced in its entirety by the following: Annual Retention Bonus. The University shall pay to the President an annual retention bonus of One Hundred Thousand Dollars ($100,000), provided that the President has served comtinuously as the President for the twelve consecutive months imunediately preceding January 1* of the yoar in which the bomus will be paid. Such bonus will vest on the first business day following the conclusion of the twelve month period and will be paid to the President on or before the end of the month in which the bonus vests. To evidence their agreement as set forth above, the President and the MSU Board of Trustees have executed this Second Amendmint to Employment Agreement below. PRESIDENT: Vent nbinn Pa Date_I2e fen tt Lou Anna Kimsey on BOARD OF TRUSTEES OF