USF President Rhea Law’s contract has been extended for “up to” one year or until the new president’s first day.

At a Board of Trustees meeting on Tuesday, Chair Will Weatherford introduced a proposal to extend Law’s contract, which was later approved.

Law announced her future resignation on Feb. 17, and her contract was set to end on March 31.

Related: USF President Rhea Law plans to step down

The presidential search committee’s first meeting is expected to take place at the end of March, Weatherford said. 

Weatherford said the BOT worked with the Board of Governors to draft Law’s amended contract. 

Under the amended contract, the university will continue to contribute $206,250 of Law’s base salary to her deferred compensation plan for her final year. 

Deferred compensation allows part of an employee’s pay to be set aside and paid out later, according to the Florida Statutes.

Senior Associate General Counsel Brittany Dix from the Office of the General Counsel said if Law stays for six months instead of a full year, the contribution rate would be adjusted to 12.5%.

Law’s base salary is $825,000 after receiving a 30% raise in fall 2024. 

She can also earn up to $412,500 in performance-based pay and will remain eligible for the bonus during her extended term.

Florida Board of Governors Regulation 1.001 says presidential contract renewals require approval from the Board of Governors and are “limited” to one-year terms.

Related: Inside Rhea Law’s contract with USF: Housing, travel, salary

Dix said the approved contract will be sent to the Board of Governors for confirmation at their March 25-26 meeting.

Trustee Charles Barakat, who was appointed to the board by Gov. Ron DeSantis and serves on the presidential search committee, said Law’s contract “was reflective” of a “private sector executive compensation agreement.”

“I found it to be very, I guess, progressive in that sense and not necessarily what I might have expected in a public institution,” Barakat said. “And so, I just, kudos to the legal team and obviously to this board for the work previously done.”

This was Barakat’s first BOT meeting as a trustee.

Trustee David Simmons, who is also the USF faculty senate president, thanked Law for agreeing to stay on as president during the search.

“President Law’s willingness to see us through this transition and help ensure that we have continuity of leadership is greatly appreciated,” Simmons said.