How much of a pay freeze is Gordon Gee really taking?

2007 OSU Compensation
OSU Salary:  $775,000
OSU Bonuses:  $310,000
Deferred Compensation:  $225,000*
Total:  $1,310,000
*Deferred compensation received after 5th year of contract

2007 Board of Directors Compensation
Massey Energy Corporation:  $192,955
Hasbro, Inc.:  $158,746
Limited Brands:  $108,746
Gaylord Entertainment Company:  $105,038
Total:  $565,485

Total 2007 Compensation:  $1,875,485
OSU’s board of trustees approved a new pay package for Gee’s contract that went into effect October 1, 2008.

Oct. 1 2008
OSU Salary:  $802,125
OSU Bonuses:  $402,563 (maximum)
Deferred Compensation:  $225,000*
Increased Retirement Package:  $551,994†
Total:  $1,981,682
*Deferred compensation received after 5th year of contract
†Private endowment

Gee is also eligible for a one year paid sabbatical with this new package.  This may be taken at the end of his term in 2016-17.  This new package gave Gee a 3.5% raise on his base salary, 29.86% maximum raise in bonuses, and added an endowment funded through private donations to his retirement package.

In 2008, Gee served on the boards of Massey Energy Corporation, Hasbro, Inc., Gaylord Entertainment Company, and Dollar General.

Gee will still receive his base salary of $802,125, deferred compensation of $225,000, and the $551,994 boost in his retirement package.  He was not renominated for the board of directors for Gaylord Entertainment Company, but continues to serve Massey Energy, Hasbro, and Dollar General.  His 2009 compensation for these board seats has not yet been made public. Even if he is receiving no more from these companies than he did in 2007, they would be adding another $460,447 to his income, an amount greater than the foregone bonuses.