This EMPLOYMENT AGREEMENT (“Agreement”), by and between Koffi Akakpo, PhD (“Dr. Akakpo” or “President”), and Kentucky State University (“University”), in its corporate capacity and in its capacity as an agency and instrumentality of the Commonwealth of Kentucky, is to take effect on July 1, 2023.
WHEREAS, the University is a public university in the Commonwealth of Kentucky and as such, is an agency and instrumentality of the Commonwealth of Kentucky; and
WHEREAS, the University wishes to employ Dr. Akakpo as President of the University and Dr. Akakpo wishes to be employed by the University and serve as its employee, subject to the terms and conditions of this Agreement; and
WHEREAS, the University and Dr. Akakpo wish to set forth the terms and conditions of Dr. Akakpo's employment with the University in this Agreement;
NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions contained herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby contract and agree as follows:
Section 1.1: The parties agree to the employment of Dr. Akakpo as President of the University during the term of this Agreement, as defined in Article II of this Agreement, and upon the terms and conditions set forth in the Agreement, unless Dr. Akakpo is terminated pursuant to Article VIII of this Agreement.
Section 1.2: Dr. Akakpo acknowledges and agrees that his employment by the University is an administrative appointment. Dr. Akakpo further acknowledges and agrees that upon expiration of this Agreement pursuant to Article II of this Agreement, or upon termination of his employment as President of the University pursuant to the terms and conditions of Article VIII of this Agreement, his rights and remedies are specifically limited to those set forth in Article IX of this Agreement.
Section 2.1: The University agrees to employ Dr. Akakpo as President for a term of three (3) years beginning on July 1, 2023, and ending on June 30, 2026 (the “Term”). The Term shall also be subject to prior termination in accordance with the provision set forth in Article VIII of this Agreement.
Section 2.2: This Agreement shall expire at 11:59 p.m., Eastern Time, on June 30, 2026 (the “Expiration Date”), unless terminated earlier in accordance with the provision of Article VIII of this Agreement.