Earlier this year, Michigan State’s Mark Hollis was named as the SportsBusiness Journal‘s Athletic Director of the Year.
Monday, his school honored him as well by announcing Hollis is on the receiving end of a revamped contract. According to the release, Hollis’ annual base compensation will be $600,000 effective Oct. 1, 2012, which is an increase from the $395,000 he was slated to make under his old deal.
Additionally, Hollis will be eligible to receive a longevity payment of $100,000 annually — payable in July — and is contingent on Hollis’ continuous service as AD for the previous 12 months.
“Our recent success reflects the fact that everyone has been working together with the same goals in mind,” Hollis said in a statement. “This mindset must continue to either sustain our championship success or to reach even loftier goals. I truly believe that we’re on the verge of accomplishing some special things here, but we can’t do it alone. We need a combined effort from all of our stakeholders – coaches, administrators, alumni, donors and fans – for our program to reach new heights. All of us must continue to support our student-athletes daily in their quest for championships.”
The release also states that term of the contract has been converted from a fixed term contract expiring Dec. 31, 2016, to a rolling five-year contract that will renew every July 1.
Hollis has been in his current position for the past four years.