Pennsylvania State University's ousted president Graham B. Spanier received $3.25 million in taxable compensation for 2011 - including a $1.2 million severance payment given in the wake of his forced resignation that year, the university announced on Wednesday.
University officials said the severance payment and $1.24 million in deferred compensation earned over his 16 years as president were required under Spanier's 2010 employment agreement. The deferred compensation - actually $860,637 after tax withholdings - will be paid in June 2017, the university said.
However, the full $3.25 million will appear as Spanier's compensation for 2011 in public disclosure forms.
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