A meeting of the Compensation Committee of the Board of Trustees convened at 8:32 a.m. on Friday, October 6, 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; Kevin Boes; JoAnn Brouillette; Theresa Carter; Vanessa Castagna 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, senior vice president and general counsel; Cindy Ream, corporate secretary and senior executive assistant to the Board; and Ron Elsenbaumer, chancellor, Purdue University Fort Wayne.

I. APPROVAL OF MINUTES

Upon proper motion made and duly seconded, the Compensation Committee voted unanimously to approve the minutes of an executive session convened on September 18, 2023.

II. DETERMINATION OF PRESIDENTIAL PERFORMANCE AT-RISK PAY FOR 2023-24

Trustee DeKryger stated the next order of business included the determination of President Chiang’s performance at-risk pay for 2023-24. He mentioned that President Chiang’s contract notes that two-thirds of his salary is fixed, and one-third is at risk and is payable based on performance in the metrics categories. He noted that the metrics had changed from the past president and had been tailored specifically for the new president. He commented that President Chiang has mentioned that he views the metrics as somewhat of a road map for his set of priorities for things that will make the university move forward well. Trustee DeKryger noted five categories that are involved, and they include: Financial (18%), Students (32%), Research (20%), Reputation (10%), and Successful Initiatives (20%).

Upon proper motion duly made and seconded, the Compensation Committee voted unanimously to request full Board approval of Presidential Performance At-Risk Pay for 2023-24 for President Chiang. Supporting materials were filed with the minutes.

III. APPROVAL OF CONTRACT EXTENSION FOR ATHLETIC DIRECTOR

Trustee DeKryger presented the contract extension for athletic director, Mike Bobinski for approval. He noted that Mr. Bobinski has been with Purdue since 2016 and this would be his third contract extension. He mentioned that the extension term began July 1, 2023, and ends on June 30, 2028, unless earlier terminated in accordance with existing termination provisions of the Original Agreement, as amended to date. Trustee DeKryger briefly described a few of the updated compensation components.

Trustee Klipsch commented that Mr. Bobinski is one of the best athletic directors in the country and his pay was almost at the bottom of the Big Ten and noted the updated contract will place him in the middle. Chairman Berghoff shared that he frequently receives messages from a variety of Purdue’s coaching staff stating their appreciation for Athletic Director Bobinski.

Upon proper motion duly made and seconded, the Compensation Committee voted unanimously to request full Board approval of contract extension for athletic director. Supporting materials were filed with the minutes.

IV. ADJOURNMENT

By consent, the meeting adjourned at 8:45 a.m.