Missouri will pay outgoing men’s basketball coach Kim Anderson $650,000, according to terms of a separation agreement released Thursday to The Star.
Anderson, who signed a five-year deal worth $1.1 million annually on April 30, 2014, will receive $450,000 for “liquidated damages in the negotiated lump sum” and $200,000 “for meeting or exceeding the academic accomplishment and social responsibilities” laid out by the Tigers’ athletic directors during the last two years.
In addition, Anderson is entitled to $300,000, which Mizzou has deposited into an annuity account for each year he coached the Tigers.
The agreement was signed March 6 by interim MU chancellor Hank Foley and Anderson after the parties agreed “their mutual best interest would be served by Anderson stepping down as Head Men’s Basketball Coach,” according to the separation agreement.
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Anderson will remain employed at his current salary until April 4, but it can be terminated earlier if he takes another job.