Penn State Gives $5.5 Million To Joe Paterno's Estate To Settle Employment Contract

Friday, April 20, 2012

Penn State says it provided Joe Paterno's estate with more than $5.5 million in payments and benefits Thursday to settle his employment contract.

School spokesman Bill Mahon said the university and Paterno's estate finalized the remaining payments that were due to the longtime coach, who was fired in November in the wake of former assistant Jerry Sandusky's arrest on child sexual abuse charges.

Paterno died of lung cancer in January at age 85.

A breakdown provided by the school included: a career bonus of $3 million; an annual bonus of $425,000; the use by Paterno's family of a Beaver Stadium suite for 25 years, valued at $1.5 million; and $900,000 from television and radio revenue from last season.

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