Section 6-60-114 - President and chancellor contracts - Definitions(a) As used in this section: (1) "Chancellor" means a chief executive officer of a state-supported institution of higher education; and(2) "President" means an individual who is appointed or elected as the president of a state-supported institution of higher education.(b) A contract for employment or an amendment to a contract for employment entered into on or after July 28, 2021, by a president or a chancellor of a state-supported institution of higher education shall: (1) Include without limitation standards for which a president or chancellor may be terminated for cause; and(2) Specify that a contract buyout agreement shall not use more than twelve (12) months' worth of state funds to compensate an outgoing president or chancellor of a state-supported institution of higher education.(c)(1) This section does not prohibit a state-supported institution of higher education from authorizing an outgoing president or chancellor to obtain employment as either a tenured faculty member or other agreed-upon employment position other than the position of president or chancellor within the state-supported institution of higher education.(2) A state-supported institution of higher education is not in violation of this section if it compensates an outgoing president or chancellor with state funds while the outgoing president or chancellor serves in either a tenured faculty position or other agreed-upon employment position within the state-supported institution of higher education.Added by Act 2021, No. 352,§ 1, eff. 7/28/2021.