The compensation package for Virginia Tech's new president was released on Monday December 9th.

It includes a $500,000 base salary and a $180,000 in deferred compensation annually. Timothy Sands' contract also includes a $20,000 vehicle allowance and standard university benefits such as health coverage, leave, and vacation. Sands also will be eligible for an annual bonus.

The 55-year-old was named the university's 16th president last Friday. He will take over June1, 2014, for Charles Steger, who is retiring.