MUTUAL SEPARATION AND THIRD AMENDMENT TO EMPLOYMENT AGREEMENT

THIS MUTUAL SEPARATION AND THIRD AMENDMENT TO EMPLOYMENT

AGREEMENT (“Third Amendment”) is made as of the 4th day of December, 2019 (the “Effective
Date”), by and between THE BOARD OF GOVERNORS OF THE COLORADO STATE
UNIVERSITY SYSTEM (the “Board”), acting by and through COLORADO STATE UNIVERSITY
(“University” or “CSU”) for the benefit of the DEPARTMENT OF INTERCOLLEGIATE
ATHLETICS (the “Department”) on one hand, and MIKE BOBO (“Bobo”) on the other hand
(collectively, the “Parties”).

WHEREAS, the Parties entered into that certain Employment Agreement effective December 23,
2014, as amended by that First Amendment to Employment Agreement dated January 1, 2018, and further
amended by the Second Amendment to Employment Agreement dated January 1, 2019 (collectively, the
“Employment Agreement”);

WHEREAS, the Parties desire to amend certain terms of the Employment Agreement in order to
amicably and mutually separate and end Bobo’s employment at the University; and

WHEREAS, the University expressly acknowledges the stalwart dedication and hard work by
Coach Bobo to develop, advance, and promote CSU and its football program, and his outstanding
commitment to student-athletes by supporting them as students, leaders, and scholars at the University;

NOW, THEREFORE, in consideration of the promises, mutual covenants, the above recitals,
and the agreements herein set forth, and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the Parties agree to the following amendments to the Employment
Agreement.

A. Employment; Term. Section 1 of the Employment Agreement is deleted and replaced with the
following:

1. EMPLOYMENT; TERM. Before the Effective Date, CSU employed Bobo as the
Head Coach of the CSU Football program (the “Program”), and commencing upon the
Effective Date, the Parties mutually agree to separate and Bobo’s employment with the
University will immediately end and this Employment Agreement shall terminate (the
“Contract Ending Date”). Upon execution of this Third Amendment, the Parties shall issue a
joint press release announcing this mutual separation.

B. Termination. Section 6 of the Employment Agreement, including all subsections therein, is

deleted and replaced with the following:

6. TERMINATION; SURVIVAL. This Employment Agreement shall expire on December

4, 2019. All provisions that impose obligations continuing in their nature and that must survive in
order to give effect to their meaning, including but not limited to the provisions of Section 7 and
its subsections, as deleted and replaced by this Amendment, shall survive the termination of this
Employment Agreement.

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C. Consideration for Mutual Separation and Amending the Employment Agreement.
Section 7 of the Employment Agreement, including all subsections therein, is deleted and
replaced with the following:

7. CONSIDERATION FOR MUTUAL SEPARATION AND AMENDING THE

EMPLOYMENT AGREEMENT.

a. Consideration for Mutual Separation and Contract Amendment

Payments. In consideration for reducing the term of the Employment Agreement to the
amended Contract Ending Date and for the mutual agreement by Bobo and the University to
release each other from any prior obligations related to an early termination of the
Employment Agreement, no later than December 31, 2019, the University agrees to pay Bobo
the prorated amount of his current base salary from the Effective Date through December 31,
2019, less applicable deductions, and to make the following payments to Bobo, subject to any
necessary witholdings: (1) $608,334 on June 30, 2020; (2) $608,333 on June 30, 2021; and
(3) $608,333 on June 30, 2022 (the “Contract Amendment Payments”). The University makes
no representation regarding possible personal income tax consequences related to these
payments, and Bobo shall be responsible for payment of any such tax related to these
payments.

b. Non-Disparagement; Non-Interference. Subject to Paragraph 7(e) of this

Amendment, the CSUS Releasees (as defined herein and while acting in their professional
capacities on behalf of the University) and Bobo agree not to make or disseminate any
statement that materially disparages the other, or which reflects negatively upon either Bobo
or the University, including its board members, officers, staff and employees, and which
disparagement or negative reflection results in tangible, demonstrable harm to the effected
party. Similarly, Bobo acknowledges that his continuing contact and communication about
University business with individuals, particularly University donors and supporters, with
whom Bobo interacted with during his employment with the University and as part of his
duties, may interfere with and harm the University’s interests, and Bobo agrees not to initiate
contact about University business or communicate about University business with any such
individuals as subsequently identified by the President in writing. The University and Bobo
agree that Bobo may contact and communicate with present and former student-athletes,
parents of student-athletes, coaching staff, as well as others identified herein, in a manner that
does not materially interfere with University’s interests and operations and that nothing in this
Employment Agreemeement will preclude Bobo from maintaining a personal relationship
with individuals identified herein. Likewise, the CSUS Releasees (as defined herein and
while acting in their professional capacities on behalf of the University) shall not interfere
with Bobo’s interests and business other than responding to typical inquiries from future
employers of Bobo. The Parties’ non-disparagement and non-interference obligations set
forth herein shall survive any termination of the Employment Agreement. CSU and Bobo
further agree that upon either party’s failure to comply with its non-disparagement and non-
interference obligations, following written notice and failure to cure or remedy any such
failure within ten (10) days from such notice, the aggrieved party may have a cause of
action(s) against the other party, provided that any such cause, damages or remedy shall be
limited to requiring the other party to specifically comply with its obligations herein. The
Parties agree that any determination of a violation of the obligations set forth herein must be

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reasonable and in good faith, and that any failure to comply may be remedied by discontinuing
the improper action or issuing a corrective statement.
c. Non-Disclosure of Confidential Information. At any time subsequent to the
Effective Date, Bobo shall not not use or disclose any confidential legal, proprietary,
personnel, business, donor, technical, or other information that Bobo prepared, caused to be
prepared, or received in connection with his employment with the University (“CSU
Information”). However, CSU Information does not include: (a) information or knowledge
that may subsequently come into the public domain after the Effective Date other than by way
of unauthorized disclosure by Bobo, or (b) information or knowledge that Bobo is required to
disclose by order of a governmental agency or court after timely notice has been provided to
CSU of such order, (c) information or knowledge that Bobo had before his employment with
CSU, or (d) information, knowledge or documents typically associated with running a
collegiate football program (i.e., game plans, recruiting plans, practice scripts, coaching
manuals, compliance materials, etc.). CSU and Bobo further agree that upon either party’s
failure to comply with its non-disclosure obligations, following written notice and failure to
cure or remedy any such failure within ten (10) days from such notice, the aggrieved party
may have a cause of action(s) against the other party, provided that any such cause, damages
or remedy shall be limited to requiring the other party to specifically comply with its
obligations herein. The Parties agree that any determination of a violation of the obligations
set forth herein must be reasonable and in good faith, and that any failure to comply may be
remedied by discontinuing the improper action or other appropriate corrective action. The
Parties acknowledge that the University is precluded from disclosing Bobo’s “personnel file”
information, as defined by and set forth in the Colorado Open Records Act, C.R.S. §
24-72-201, et seq.
d. Mutual Waiver and Release. Bobo, on behalf of himself, his heirs, personal
representatives, successors, and assigns (collectively, the “Bobo Releasors”) hereby jointly
and severally fully and forever release, acquit, and discharge the University and its successors,
assigns, employees, agents, attorneys, and related entities, the Board of Governors of the
Colorado State University System and the individual members of the Board of Governors and
their respective heirs, personal representatives, attorneys, employees, agents, successors and
assigns (each a “CSUS Releasee” and collectively “CSUS Releasees”), of and from any and
all claims, counterclaims, and causes of action waivable by law, regardless of the nature or
origin of the claim and whether such claims are known or unknown to the Parties as of the
Effective Date, that the Bobo Releasors, jointly and severally, ever had, now have, or hereafter
can, shall or may have against the CSUS Releasees, jointly and severally, arising out of or in
connection with Bobo’s employment with the University, including Bobo’s separation from
his employment with CSU up to the Effective Date. This release includes, but is not limited
to: all claims waivable by law based on Bobo’s employment by and separation from CSU,
including all waivable claims arising under or in connection with the Employment Agreement,
the Colorado Anti-Discrimination Act of 1957, as amended; the Age Discrimination in
Employment Act of 1967, as amended; the Americans with Disabilities Act of 1990, as
amended; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991,
as amended; the Civil Rights Act of 1866 and 1871, as amended; the Equal Pay Act; the
Family and Medical Leave Act; the National Labor Relations Act; the Occupational Safety
and Health Act, the Older Workers Benefit Protection Act of 1990; the Rehabilitation Act of
1973; Executive Order 11246; the Colorado Civil Rights Act; the Colorado Labor Peace Act;
the Employee Retirement Income Security Act of 1974, as amended; claims of retaliation,
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attorneys’ fees and costs; claims under 42 U.S.C. § 1981, § 1981a, § 1983, § 1985, or § 1988;
claims under the Worker Adjustment and Retraining Notification Act; or any other applicable
federal, state, or local statute or ordinance, for tort, breach of express or implied employment
contract, interference with contract, wrongful discharge, including claims founded on
violation of public policy, whistleblower claims, intentional infliction of emotional distress,
and defamation or injuries incurred as a result of loss of employment, or any other claim
relating to employment, excluding claims for workers’ compensation benefits and claims
under the Fair Labor Standards Act of 1938, as amended. Bobo understands with respect to
any rights or claims that he has or may have arising under the Age Discrimination in
Employment Act, 29 U.S.C. 621, et seq. (“Age Claim”), such a claim is released by this
Agreement. Bobo acknowledges that he has been informed that he should consult with an
attorney before signing this Agreement.
The CSUS Releasees, on behalf of their personal representatives, successors, and assigns
(collectively, the “CSUS Releasors”) hereby jointly and severally fully and forever release,
acquit, and discharge Bobo, his successors, assigns, employees, agents, and attorneys,
(collectively, the “Bobo Releasees”), of and from any and all claims, counterclaims, and
causes of action waivable by law, regardless of the nature or origin of the claim and whether
such claims are known or unknown to the Parties as of the Effective Date, that the CSUS
Releasors, jointly and severally, ever had, now have, or hereafter can, shall or may have
against the Bobo Releasees, jointly and severally, arising out of or in connection with Bobo’s
employment with the University, including Bobo’s separation from his employment with
CSU. This release includes, but is not limited to: all claims waivable by law based on Bobo’s
employment by and separation from CSU.
e. Open Records Act and Other Releases Provided by Law. Bobo
understands and agrees that, upon a valid request made pursuant to applicable public
disclosure laws, including without limitation, the provisions of C.R.S. § 24-19-101, et seq.
(post-employment co\mpensation), C.R.S. § 24-72-201, et seq. (Colorado Open Records Act),
CSU is obligated to provide requesting persons a copy of this Employment Agreement and
any amendments, or other information that may be related to Bobo so long as such other
information is properly subject to C.R.S. § 24-19-101, et seq. (post-employment
compensation) and C.R.S. § 24-72-201, et seq. (Colorado Open Records Act). Bobo agrees
that he will not hold the CSUS Releasees liable for any information released in compliance
with applicable law, including the Colorado Open Records Act, and the release of any such
information in accordance with applicable law shall not constitute a violation of the
University’s obligations, including Section 7.b. herein.

D. Additional Specific Provisions. Sections 2, 3, 4 and 5 of the Employment Agreement are

deleted in their entirety.

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IN WITNESS WHEREOF, THE PARTIES HAVE EXECUTED THIS MUTUAL SEPARATION AND
THIRD AMENDMENT TO THE EMPLOYMENT AGREEMENT AS OF THE DAY AND YEAR
SET FORTH FIRST ABOVE.

THE BOARD OF GOVERNORS OF THE

MIKE BOBO COLORADO STATE UNIVERSITY
SYSTEM, acting by and through Colorado State
University

Signed: Mike Bobo (Dec 4, 2019)

Mike Bobo Joyce McConnell
By: Joyce McConnell (Dec 4, 2019)

Joyce McConnell, President

Date: Dec 4, 2019 Colorado State University

Joe Parker
By: Joe Parker (Dec 4, 2019)

Joe Parker, Athletic Director

Colorado State University

LEGAL SUFFICIENCY:

Jason L. Johnson
By: Jason L. Johnson (Dec 4, 2019)
Jason L. Johnson
General Counsel
Colorado State University System

ALL CONTRACTS REQUIRE APPROVAL BY THE COLORADO STATE UNIVERSITY

CONTROLLER

C.R.S. § 24-30-202 and University policy require the Colorado State University Controller to approve all
Contracts. This Contract is not valid until signed and dated below by the University Controller or delegate.

COLORADO STATE UNIVERSITY CONTROLLER:

David Ryan
By: David Ryan (Dec 4, 2019)

Date: Dec 4, 2019