Bill Neville's contract: Executive Employment Agreement plus two amendments
STRS 20210618
First Amendment to Executive Employment Agreement
between State Teachers Retirement System of Ohio
and William J. Neville
This First Amendment to the Executive Employment Agreement between the State Teachers Retirement System
of Ohio ("STRS Ohio") and William J. Neville ("Neville"), (the "First Amendment"), is entered into this 21st
day of June 2021. Capitalized terms used herein and not otherwise defined shall have the respective meanings
assigned to such terms in the Executive Employment Agreement.
WITNESSETH
WHEREAS, STRS Ohio and Neville are parties to a certain Executive Employment Agreement dated June 26,
2020;and
WHEREAS, the Agreement provides that Neville's term of employment with STRS Ohio shall be July 1, 2020
through June 30, 2025, which the Agreement defines as the Initial Term; and
WHEREAS, the Agreement further provides that Neville's employment may be extended as approved by the
Board; and
WHEREAS, the Board wishes to extend Neville's employment through June 30, 2026; and
WHEREAS, the Agreement further provides that the Board may increase Neville's base salary and other
benefits in such amounts and to such extent that the Board may determine in its sole discretion is desirable on
the basis of Neville's annual performance and salary review; and
WHEREAS, on or about June 17, 2021, the Board approved said extension and an increase in base salary, and
further authorized the Board Chair to execute this First Amendment to memorialize the amendments,
NOW THEREFORE, in consideration of the continued performance of the Agreement, and the consideration,
mutual promises and agreements set forth herein, STRS Ohio and Neville agree to hereby amend the Agreement
as follows:
1. Section 1 (Employment) of the Agreement shall be deleted in its entirety and replaced with the
following:
"STRS Ohio hereby employs Neville, and Neville hereby accepts employment as Executive
Director, upon all of the terms and conditions hereof. The term of employment shall be for a six
(6) year term commencing as of July 1, 2020 and terminating as of June 30, 2026 (the "Initial
Term"), unless extended as provided herein. This Agreement and the employment provided for
herein may be extended as approved by the Board and signed by both the Chair of the Board and
Neville (the "Renewal Term"). Either party may terminate this Agreement in accordance with
the provisions of Section 6 below.
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STRS 20210618
2. Section 3A (Compensation) of the Agreement shall be deleted and replaced with the following:
"As compensation for the services to be rendered by Neville, effective July 1, 2020, STRS Ohio
shall pay Neville an annual base salary of three hundred thousand dollars and no cents
($300,000.00). Effective June 21, 2021, as compensation for the services to be rendered by
Neville, STRS Ohio shall pay Neville an annual base salary of three hundred nine thousand
dollars and no cents ($309,000.00). Such base salary shall be earned and payable in accordance
with STRS Ohio's normal payroll practices for salaried associates. The Board may increase
Neville's base salary and other benefits in such amounts and to such extent that the Board may
determine in its sole discretion is desirable on the basis of Neville's annual performance and
salary review, as more fully described in Section 5 hereof, and on the basis of other factors
relevant to the operation, management, performance and stability of STRS Ohio."
This First Amendment shall amend and is incorporated into and made a part of the Agreement. To the extent
that any term ofthis First Amendment may be deemed expressly inconsistent with any term in the Agreement,
the terms of this First Amendment shall control. Except as expressly amended by this First Amendment, all of
the terms, conditions and provisions of the Agreement are hereby ratified and shall remain in full force and
effect.
IN WITNESS WHEREOF, both parties hereby execute this First Amendment effective as of the day and year
first set forth above.
State Teachers Retirement System of Ohio
Rita J. Walters, Board Chair
William J. Neville
:f/ta '-Z hJatten By: Rita J. Walters (Jun 22, 202115:07 EDT)
Date: Jun 22, 2021
By:W~fAI~
Date: Jun 22, 2021
Adobe Sign Transaction Number: CBJCHBCAABAAvZ69pj-PMmMjvlCEnTfKZ8erd95AtJtZ
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STRS 20220617
1
Second Amendment to Executive Employment Agreement
between State Teachers Retirement System of Ohio
and William J. Neville
This Second Amendment to the Executive Employment Agreement between the State Teachers Retirement System of Ohio (“STRS Ohio”) and William J. Neville (“Neville”), (the "Second Amendment"), is entered into this 20th day of June 2022. Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to such terms in the Executive Employment Agreement.
WITNESSETH
WHEREAS, STRS Ohio and Neville are parties to a certain Executive Employment Agreement dated June 26, 2020 and a First Amendment dated June 21, 2022 (collectively, the “Agreement”); and
WHEREAS, the Agreement provides that Neville’s term of employment with STRS Ohio shall be July 1, 2020 through June 30, 2026, which the Agreement defines as the Initial Term; and
WHEREAS, the Agreement further provides that Neville’s employment may be extended as approved by the Board; and
WHEREAS, the Board wishes to extend Neville’s employment through June 30, 2027; and
WHEREAS, the Agreement further provides that the Board may increase Neville’s base salary and other benefits in such amounts and to such extent that the Board may determine in its sole discretion is desirable on the basis of Neville’s annual performance and salary review; and
WHEREAS, on or about June 16, 2022, the Board approved said extension and an increase in base salary, and further authorized the Board Chair to execute this Second Amendment to memorialize the amendments,
NOW THEREFORE, in consideration of the continued performance of the Agreement, and the consideration, mutual promises and agreements set forth herein, STRS Ohio and Neville agree to hereby amend the Agreement as follows:
1. Section 1 (Employment) of the Agreement shall be deleted in its entirety and replaced with the following:
“STRS Ohio hereby employs Neville, and Neville hereby accepts employment as Executive Director, upon all of the terms and conditions hereof. The term of employment shall be for a seven (7) year term commencing as of July 1, 2020 and terminating as of June 30, 2027 (the “Initial Term”), unless extended as provided herein. This Agreement and the employment provided for herein may be extended as approved by the Board and signed by both the Chair of the Board and Neville (the “Renewal Term”). Either party may terminate this Agreement in accordance with the provisions of Section 6 below.
STRS 20220617
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2. Section 3A (Compensation) of the Agreement shall be deleted and replaced with the following:
“As compensation for the services to be rendered by Neville, effective July 1, 2020, STRS Ohio shall pay Neville an annual base salary of three hundred thousand dollars and no cents ($300,000.00). Effective June 21, 2021, as compensation for the services to be rendered by Neville, STRS Ohio shall pay Neville an annual base salary of three hundred nine thousand dollars and no cents ($309,000.00). Effective June 20, 2022, as compensation for the services to be rendered by Neville, STRS Ohio shall pay Neville an annual base salary of three hundred eighteen thousand two hundred seventy dollars and no cents ($318,270.00). Such base salary shall be earned and payable in accordance with STRS Ohio’s normal payroll practices for salaried associates. The Board may increase Neville’s base salary and other benefits in such amounts and to such extent that the Board may determine in its sole discretion is desirable on the basis of Neville’s annual performance and salary review, as more fully described in Section 5 hereof, and on the basis of other factors relevant to the operation, management, performance and stability of STRS Ohio.”
This Second Amendment shall amend and is incorporated into and made a part of the Agreement. To the extent that any term of this Second Amendment may be deemed expressly inconsistent with any term in the Agreement, the terms of this Second Amendment shall control. Except as expressly amended by this Second Amendment, all of the terms, conditions and provisions of the Agreement are hereby ratified and shall remain in full force and effect.
IN WITNESS WHEREOF, both parties hereby execute this Second Amendment effective as of the day and year first set forth above.
State Teachers Retirement System of Ohio
Robert McFee, Board Chair
William J. Neville
By: ______________________________
By: ______________________________
Date: _____________________________
Date: _____________________________
Jun 23, 2022
Robert McFee (Jun 23, 2022 17:38 EDT) Robert McFee
Jun 23, 2022