Though Dave Brandon will no longer serve as the University’s Athletic Director starting Nov. 1, the money will keep rolling in.

Brandon’s settlement agreement, signed by him and University President Mark Schlissel on Oct. 30, includes a $3 million total compensation from the University through June 30, 2018, which will be granted to him in monthly installments. If Brandon is hired by another employer, the University has the power to reduce the remaining amount of compensation.

The Athletic Department currently funds Brandon’s base salary and will continue to pay for his future compensation.

Brandon will be paid $700,000 from Nov. 1, 2014 through June 30, 2015; $950,000 from July 1, 2015 through June 30, 2016; $750,000 from July 1, 2016 through June 30, 2017; and $600,000 from July 1, 2017 through June 30, 2018.

Before resigning, Brandon’s base salary was $900,000. According to his contract extension, that amount was scheduled to increase to $1.05 million in 2018, the final year of his contract.

Brandon’s contract stipulates that if the University terminates his contract or he resigns, he will receive the remainder of his base salary. University spokesman Rick Fitzgerald said Brandon’s settlement ended up being lower than the amount originally stated in the contract because it was renegotiated this week.

The contract agreement also states that Brandon will assist Schlissel and Interim Athletic Director Jim Hackett during the leadership transition.

Following the Consolidated Omnibus Budget Reconciliation Act, which requires “temporary continuation” of health coverage upon resignation or termination, the University will cover Brandon’s health care benefits until June 30, 2015. If Brandon begins work for another employer, the University will no longer be responsible for the coverage.

Since Brandon served as a University regent from 1999 to 2006, he will keep two seats at football, basketball and hockey games reserved for regents emeritus.

Additionally, under the settlement agreement, Brandon will not “issue any disparaging statements regarding the University, Athletic Department, the Board of Regents, and their employees, representatives, or agents.” Brandon has not released any formal statement since Schlissel’s announcement of his resignation and could not be reached for comment. Fitzgerald said Brandon currently does not have a scheduled statement.

Daily News Editor Will Greenberg contributed to this report.

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