He Will Serve as President Emeritus, Professor in Moritz College of Law

Ohio State University released a copy of E. Gordon Gee's new contract late Monday afternoon.

Gee, who retired as university president effective July 1, has been granted the title of president emeritus and will be a tenured faculty member in the Moritz College of Law until he decides to retire. The professorship will pay him $410,000 annually through June 2018. Through the same period, Ohio State also will provide him a $300,000 annual grant to research 21st century education policy.

OSU also agreed to make a one-time payment of $1.5 million that will release the university from obligations under Gee's previous contract, including deferred and supplemental retirement compensation. It also will make a one-time $800,000 payment to his retirement plan.

Other perks include a platinum parking space, office and secretary and moving expenses for leaving the president's residence, which he must do by Sept. 30. Gee agreed to fulfill his pledge of donating $1 million in scholarship funds, $286,000 of which has been paid to date.

"It was my great calling to have led Ohio State for fourteen years, and I am proud to be able to continue my work for Ohio and Ohio State," Gee said in the announcement. "I am also looking forward to deepening our understanding of the changing nature and role of higher education in the 21st century." Gee served as president from 1990 to 1997 and again from October 2007 to July 2013.

"This agreement recognizes Gordon Gee's distinguished service at Ohio State and underscores his stature as a national leader in higher education," said Robert H. Schottenstein, chair of the board of trustees, in the statement. "His tangible contributions to our university, and to the future direction of higher education, have been nothing short of remarkable. Gordon has had, and will continue to have, a positive impact on higher education in Ohio and the nation for decades to come."

Click here to view Gee's new contract.