Radford, Va. (AP) - Radford University President Penelope Kyle has received a new five year contract and a $1 million stay bonus.
A stay bonus is an incentive to retain an employee who might otherwise leave. Kyle qualified for the bonus when her previous contract ended June 30.
Radford spokesman Joe Carpenter says the bonus will be paid in $200,000 annual installments for five years. The bonus is now part of her overall deferred compensation account.
Kyle's new contract doesn't include a stay bonus, but it guarantees deferred compensation of no less than one third of her base salary, which currently is $304,814.
Radford Board of Visitors rector Linda Whitley-Taylor says Kyle has successfully led the school to achieve its goals.