- 4 - The settlement agreement provides, in part: The Parties acknowledge and agree that the settlement of this matter and CWRU’s payment [of $350,000] pursuant to * * * this Agreement represents the compromise of disputed claims and compensation to Arnold Reisman for the resignation of his position and the relinquishment of his tenure rights * * * The settlement agreement also provides, in part: CWRU’s settlement and payment in no manner constitutes an admission of any liability to Reisman, it being expressly understood that CWRU vigorously disputes and denies each and every claim asserted against CWRU by Reisman. No allocation was made in the settlement agreement among the various claims settled, nor was a specific amount allocated for Mr. Reisman’s resignation and relinquishment of his tenure rights. CWRU viewed the settlement as a buyout of Mr. Reisman’s tenured contract. The university normally buys out a tenured position at approximately three times the individual’s annual salary. In accordance with the terms of the settlement agreement, CWRU paid petitioners $350,000 on or before December 22, 1994. Also in accordance with the terms of the settlement agreement, Mr. Reisman resigned his tenured faculty appointment from CWRU, effective December 22, 1994. At the time of his resignation, Mr. Reisman was earning between $92,000 and $100,000 per year exclusive of benefits.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011