MSU Board of Governors Formally Approves Lusk Contract
SPRINGFIELD - The Missouri State University Board of Governors formally approved today (May 12), the contract of men's basketball head coach Paul Lusk. The five-year agreement through March 31, 2016 includes a base salary of $241,380 with additional bonus and performance payments and other benefits.
Lusk was introduced at a news conference on April 2, a day after he was announced as the Bears' 17th head basketball coach. At that time, he agreed to the stipulations of a memorandum of understanding until the final contract terms could be drafted and approved. The formal agreement approved by the Board on Thursday did not deviate from the the memorandum of understanding.
"The first month-and-a-half has been very busy, but I am more excited than ever to be a part of Missouri State University and this great program," Lusk said. "I want to thank the Board of Governors, President Cofer and (director of athletics) Kyle Moats for this opportunity and for entrusting the future of Bears' basketball to me and my staff."
The contract includes achievement and bonus payments for team accomplishments and home attendance milestones in addition to guarantees for radio and television shows. Lusk will also have memberships at Highland Springs Country Club and the Tower Club and the use of an automobile.
The contract also includes a cancellation and buy-out schedule, based on the time remaining in the contract. The coach buy-out clause starts at $250,000 through the first year of the agreement and decreases by $50,000 each year thereafter. The University cancellation payment would be based on the number of months remaining in the contract times the monthly base pay.
Lusk inherits a Missouri State program that was 26-9 during the 2010-11 season and claimed the Missouri Valley Conference regular-season title for the first time in school history. The Bears will have eight lettermen back for next season, including MVC Player of the Year and Associated Press All-America selection Kyle Weems.
(A PDF version of the contract is attached to this press release and is also available at www.MissouriStateBears.com or by request through Missouri State Athletics Communications).