mookie43
Helluva Engineer
- Joined
- Dec 6, 2006
- Messages
- 2,276
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I just posted that on another thread. UNC is really ööööed up to even consider the clown
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"Sources." Wouldn't surprise me if Pennywise himself was the source of this propaganda.
No. TStan was such a dipshit, that wasn't in the contract.Wouldn't this negate the buyout cost to the AA?
Cause if that's the case, öööö yes.
I am not a lawyer and this is some peak lawyer-ease, but I _think_ this means it's his salary minus whatever UNC wants to pay, which is still annoying, but whatever. Any relief is relief.No. TStan was such a dipshit, that wasn't in the contract.
Notwithstanding the foregoing language, with respect to any portion of the Buyout Obligation payable to Head Coach in a calendar year after the calendar year in which the effective date of a termination without cause occurs, a portion of the Buyout Obligation shall be accelerated in an amount equal to the federal and state income tax withholdings (as well as any other employment tax obligations) that would have to be remitted by Georgia Tech or the Association, if and only to the extent the Buyout Obligation is includible in Head Coach’s income as of the effective date of the termination pursuant to Internal Revenue Code Section 457(f). The total amount of the Buyout Obligation due to Head Coach will be offset by the amount of the Buyout Obligation subject to such acceleration, such portion to be paid by the end of the calendar year in which the effective date of termination occurs. The remaining Buyout Obligation payments shall be reduced by a prorata portion of the accelerated amount.
No that is not what that means. That paragraph basically states that if he is fired without cause, a portion of the buyout must be paid early (accelerated) to cover state and federal income taxes. The total buyout amount will be reduced by this early payment, and that payment must be made within the calendar year of his termination.I am not a lawyer and this is some peak lawyer-ease, but I _think_ this means it's his salary minus whatever UNC wants to pay, which is still annoying, but whatever. Any relief is relief.
247Sports reporting it's a done deal.