Auburn University will pay Steven Leath a separation payment of $4.5 million dollars in three equal installments of $1.5 million annually through 2021.
Before his departure, Leath's five-year contract showed his annual salary was set at a base of $625,000 per year. He only served two years of his initial five-year contract, which was to end on July 15, 2022.
A separation agreement was finalized this week by the university and obtained by The Villager through an open records request.
The first $1.5 million installment will be made within three business days of full execution of the separation agreement, according to the agreement, and the second and third installments are to be made July 1, 2020 and July 1, 2021, respectively.
The 10-page agreement also states Leath is to move out of the President's Home by July 31. The agreement is signed by the Board of Trustees President Pro Tempore Wayne Smith and can be found attached to this article.
Leath’s departure from the university was announced on June 21 and was a mutual decision between him and the Board of Trustees’ presidential assessment working group following lengthy discussions about the university's leadership, according to the release announcing Leath's departure in June.