ROANOKE, Va. (AP) -- The compensation package for Virginia Tech's new president includes a $500,000 base salary and $180,000 in deferred compensation annually.
Timothy Sands' contract also includes a $20,000 vehicle allowance and standard university benefits such as health coverage, leave and vacation. Sands also will be eligible for an annual bonus.
The Roanoke Times (http://bit.ly/19esThE ) reports that Virginia Tech spokesman Larry Hincker released the contract on Monday.
The 55-year-old Sands was named the university's 16th president last Friday. He takes over June 1, 2014, for Charles Steger, who is retiring.
Hincker tells the newspaper that Steger didn't have a written contract.
Information from: The Roanoke Times, http://www.roanoke.com
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