Texas Tech has agreed to pay former Red Raiders basketball coach Mark Adams $3.9 million, less taxes and withholdings, plus a $200,000 retention bonus in a legal settlement the two sides reached this week leading up to Adams’ resignation.
Tech agreed to pay the settlement within 30 days. It also stipulated that Adams will receive any bonuses he earned this year, which could include ones for the team’s academic performance.
Had Tech sought to fire Adams without cause, the buyout amount on his contract would have been about $7.5 million.
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