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MINUTES *****

The Committee’s Chair, Regent Tammi Dukes, called the meeting to order at 10:04 a.m.

The Board's Secretary, Zach Atwell, called the roll:

Regent Tammi Dukes, Chair Present

Regent Michael Adams, Jr., Co-Chair Present

Regent Edward Fields Present

Regent Edward Hatchett, Esq. Present

Regent Charles Moyer, PhD Present

Regent Herman Walston, EdD Present

Six (6) members were present, so a quorum was established.

MOTION by Regent Adams:

Move the Committee to approve the agenda of the September 30, 2024, meeting of the Executive Committee.

Seconded by Regent Fields and passed without dissent.

Chair Dukes stated that during the August 9, 2024, meeting, the topic of President Akakpo's compensation had been deferred. She then led a discussion regarding his compensation options. The Committee noted that it would not be able to award an annual merit increase due to the terms of the President's contract, prompting discussions on alternative compensation structures.

Regent Moyer sought clarification as to the Committee’s current position regarding the President’s compensation.

Regent Hatchett queried whether the President was aware that he was not currently eligible for a salary increase under the terms of his contract.

Chair Dukes suggested a $20,000 one-time payment and requested feedback from Committee members.

Regent Adams inquired into the percentage of the President's salary that $20,000 would equate to.

Regent Hatchett asked whether the Board could potentially make a $20,000 contribution in the President's name to the Endowment Fund.

Chair Dukes asked Regent Hatchett whether he was proposing that a contribution to the Endowment Fund would be in lieu of a payment made directly to the President.

Regent Moyer queried how a payment to the Endowment would work relative to taxes and the budget.

Attorney Atwell clarified permissible sources of funding for a potential payment to the Endowment, then recapped the terms of the President’s contract.

Regent Hatchett sought clarification as to the language that would authorize the Board to approve a one-time payment to the President.

Chair Dukes requested all Committee members to share their thoughts on giving the President a one-time payment.

Regents Fields, Walston, Moyer, and Adams expressed support for awarding the President a $20,000 one-time payment.

Regent Hatchett queried whether the amount should be $15,000 or $20,000, questioning the optics of authorizing the lesser amount.

Regent Moyer inquired into the amount of the President's base salary.

Regent Walston queried into the status of Hillcrest House renovations.

Move the Committee to recommend that the Board provide President Akakpo with a $20,000 one-time payment in lieu of a merit incentive payment. Second by Regent Walston and passed without dissent.

MOTION by Regent Moyer:

Move the Board to adjourn.

Seconded by Regent Fields and passed without dissent.

The meeting was adjourned at 10:27 a.m.