FAYETTEVILLE (KFSM) -- The Razorback Foundation and former head football coach Bret Bielema have reached a payment agreement, according to the foundation.
Bielema is eligible to be paid up to a total of $11.935 million in monthly installments. He will be paid between Nov. 25, 2017 and Dec. 31, 2020.
Bielema will also release all potential claims against the foundation. He was terminated from the head coaching position in Nov. 2017. As part of his contract with the university, compensation related to his termination was guaranteed by the foundation.
At the request of the university, the foundation entered into an agreement that guaranteed the value of Bielema's compensation from the university. The compensation also includes speaking fees from the foundation over a maximum period of four years.
The total $11.935 million represents the combined value of what Bielema would have been paid by the university and the foundation. The maximum guarantee payment is subject to his obligation to find other employment and the foundation's right to reduce its monthly guaranty payments by those earnings.
"I want to thank the Razorback Foundation for working with NC Sports to complete this process," Bielema said. "I wish Razorback Athletics and the Razorback Foundation continued success in the years ahead. I also want to express my gratitude to all the passionate Razorback fans I had the pleasure to meet at Razorback Clubs in Arkansas, Texas and Oklahoma during my tenure as head football coach. Having completed this agreement, I am pleased to move forward in my career and excited about the future."
To read the full agreement, click here.