KNOXVILLE, Tenn. (WATE) – Tennessee athletic director John Currie sent the following letter to Butch Jones following his termination.
Dear Coach Jones,
As we discussed this morning, the University of Tennessee is exercising its right to terminate your employment and your Employment Agreement, as amended by Amendment 1 fully executed on December 10, 2014 and Amendment 2 fully executed on December 15, 2015 (collectively the “Agreement”), without cause pursuant to Article III, Section 3.1 of the Agreement. The effective date of the termination of the Agreement and your employment is November 12, 2017 by the end of Friday, November 17, 2017, you must complete the University’s standard exit procedures, including return of all University property (keys, University IDs, computers, credit cards, calling cards, courtesy cars and any other university property in your possession).
In accordance with Section 3.1.1 of the Agreement, the University will pay you liquidated damages in the amount of Eight Million Two Hundred Fifty Seven Thousand Five Hundred Eighty Dollars and Zero Cents ($8,257,580.00), subject to all applicable state and federal tax and withholding requirements. The liquidated damages will be paid in monthly installments until February 28, 2021. The first payment will be paid on or before November 30, 2017.
Please note your obligations under Section 3.1.4 of the Agreement, including without limitation your obligation to use your reasonable best efforts to mitigate the University’s obligation to pay liquidated damages by making reasonable and diligent efforts as soon as practicable following termination to obtain another comparable employment or paid services position.
Nothing contained in this letter or omitted from this letter shall be construed as an admission or waiver of the University’s rights or remedies under the Agreement, all of which are expressly reserved.
Coach Jones, we wish you well in your future endeavors.