A meeting of the Compensation Committee of the Board of Trustees convened at 9:19 a.m. on Friday, February 3, 2023, in Room 326 of Stewart Center on the campus of Purdue University in West Lafayette, Indiana.

All committee members were present: Malcolm DeKryger, chair; Michael Klipsch; and Gary Lehman. All other trustees were present: Sonny Beck; Michael Berghoff; JoAnn Brouillette; Theresa Carter; Vanessa Castagna; Mark Gee; and Shawn Taylor.

Officers and administrators in attendance were: Mung Chiang, president; Patrick Wolfe, provost and executive vice president for academic affairs and diversity; Chris Ruhl, chief financial officer and treasurer; Eva Nodine, senior vice president, assistant treasurer, and assistant secretary; Steve Schultz, general counsel; Cindy Ream, corporate secretary and senior executive assistant to the Board; and Ron Elsenbaumer, chancellor, Purdue University Fort Wayne.

I. APPROVAL OF CONTRACT TERMS FOR NEW FOOTBALL COACH

Trustee DeKryger noted a single order of business to approve contract terms for the new football coach. He shared that it was a 5 year contract with a base salary of $4 million per year with additional income of $50,000.00 per year for each of the five years. He noted an important part of the contract is a performance bonus with potential of $1.5 million in addition to his base salary. This comes with three key metrics, one being team academic performance, team performance within the Big Ten and post season, and finally personal performance of Coach Walters. Mike Bobinski, athletic director shared that the salary lines up with the standard for a first year head coach. Upon proper motion duly made and seconded, the Compensation Committee voted unanimously to request full Board approval of contract terms for new football coach. Supporting materials were filed with the minutes.

II. ADJOURNMENT

By consent, the meeting adjourned at 9:27 a.m.