Incoming U. Illinois president Michael Hogan has officially signed his contract for employment at UI, and his term begins Thursday. Most details of his contract have already been released.

The contract is valid through June 30, 2015, and will pay him a base salary of $620,000. Former president B. Joseph White was paid a base salary of $450,000. Hogan will also receive a $45,000 bonus to make up for incentives he would have received if he hadn’t left the University of Connecticut.

Hogan will rank approximately 77th in the country in terms of executive compensation, according to University spokesman Tom Hardy.

Among the Big Ten, Hogan’s total compensation ranks fourth behind Ohio State, Michigan and Penn State.

Other perks in the contract include a house in Urbana, a condo in Chicago and a University car and driver for all UI-related travel. He will also be reimbursed for all moving expenses and given memberships at country clubs in both Chicago and Champaign. Hogan will be provided with up to six tickets for artistic, cultural and athletic events at the University — for either business or personal use, according to this contract.

Hogan also will receive a faculty appointment as a professor of history on the Urbana campus, with tenure.

“If he leaves the presidency and returns to the faculty, his faculty salary will be equal to the average of the 10 highest salaries of the University faculty, excluding the colleges of medicine and dentistry,” according to the contract.

The contract also outlines several different ways Hogan’s position as UI president may be terminated. These include in the case of his resignation, the expiration of the contract without renewal, Hogan’s death or mental/physical inability to perform his job.

He may also be removed from his job “without cause,” yet he would need to be provided with 30 days notice and severance pay equal to one year base salary.

Hogan will be the 18th president of the University and will be replacing interim-president Stanley Ikenberry, who was filling in after White’s resignation in September.