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TO: |
Board of Trustees |
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FROM: |
Kim Shanklin, Chief People Officer |
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PRESENTER(S): |
Carlton Christensen, Chair of the Board |
TITLE:
title
R2023-05-01 - Resolution Approving Amendment Two to the Terms and Conditions of Employment for Executive Director Jay Fox
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt the Resolution R2023-05-01 to approve Amendment Two to Jay Fox’s Employment Agreement.
BACKGROUND:
In November 2021, the Board of Trustees authorized in Resolution R2021-11-03 the terms and conditions of employment for Jay Fox as UTA’s Executive Director (UTA Contract No. 21-P00127). A First Amendment was approved by the Board on February 23, 2022, and it is the desire of the Board to now consider a Second Amendment to the agreement based on Mr. Fox’s 2022 performance.
DISCUSSION:
A Second Amendment to Jay Fox’s employment agreement is being proposed for final approval by the Board of Trustees. The proposed amendment would:
• Accelerate the exercise date of specified option years and extend the term of employment to January 9, 2027.
• Adjust the effective date for potential compensation increases to be consistent with the date of pay raises for other UTA administrative employees.
• Authorize a 4% merit increase for the Employee’s 2022 performance year.
CONTRACT SUMMARY:
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Contract Number: |
No. 21-P00127 |
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Base Contract Effective Dates: |
January 10, 2022 |
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Extended Contract Dates: |
January 9, 2027 |
ALTERNATIVES:
The Board may choose to revise all or part of the proposed amendment.
FISCAL IMPACT:
Upon adoption of this amendment, Mr. Fox’s base salary will be $275,600. This salary increase is included in UTA’s 2023 operating budget.
ATTACHMENTS:
Resolution R2023-05-01
Contract Amendment #2 (as exhibit to resolution)