Rutgers University agreed to pay former head basketball coach Mike Rice a $475,000 settlement, according to a separation agreement released by the university.
Under the contract, both parties agreed Rice would receive $375,000 for early termination of his contract and $100,000 in lieu of unpaid bonuses. Both parties also agreed to squash any claims against one another and Rice agreed he would not solicit any current or former Rutgers employees to leave their position for another job for up to two years.
The agreement comes after Rutgers terminated Rice following the release of videos that showed Rice physically and verbally abusing players. The video spurred the university to dismiss two other high-ranking employees.
“Tonight’s agreement is in the best interests of the university, and I am pleased this issue has been resolved,” Rutgers University President Robert Barchi said in a statement.
Earlier today, Barchi said he had not yet approved the more than $1 million severance package reportedly owed to Rice. Barchi told Assembly lawmakers Rice had “damaged” the university.
“My personal position is there was conduct there that was unethical, not acceptable,” he said during an Assembly Budget Committee hearing.
Rutgers’ attorneys have been in negations with Rice since April 5. The agreement was signed April 18.