Former Pan Am Games CEO Ian Troop, who was fired last month, will receive $534,800 in severance.

The package was agreed upon Friday by the TO2015 board of directors and Troop.

Troop, who was paid $390,000 a year to helm the 2015 sports extravaganza, was unexpectedly sacked Dec. 13 over what sources told the Star were “leadership issues.”

His severance package is a far cry from some estimates of up to $1 million.

Troop’s replacement as of Jan. 6 is former deputy health minister Saad Rafi, who earned $428,000 last year for running the largest provincial department with a $49-billion budget.

Troop’s settlement totalling $534,800 includes $478,200 in cash, $3,500 for legal fees, $10,000 for relocation counselling, deferred retirement benefits of $27,300, and medical and health benefits of $15,800.

“It is not out of line at all . . . these provisions you see here are very standard in this kind of contract,” Courtney Pratt, chair of TO2015’s human resources committee, said.

David Peterson, chair of the board of TO2015, said the cost of the severance package will be absorbed into the Games’ overall budget.

“These things are never pleasant but at the end of the day you resolve them,” Peterson told the Star.

Troop served as CEO for the Organizing Committee from 2010 to 2013.

It will cost taxpayers at least $2.5 billion — including the cost of an athletes’ village — to host the Games, which will host 7,666 athletes competing in 51 sports at venues in 14 municipalities, including Toronto, Hamilton, Milton, Ajax, Whitby, Oshawa, Caledon, St. Catharines, and Welland.

“I am confident that Games planning is in good shape and look forward to the opportunities the 2015 Pan and Parapan American Games present to showcase the best Ontario has to offer to the world, attracting tourists, jobs, and new business investments,” Tourism, Culture and Sport Michael Chan stated Friday.

Had Troop remained in the job, he stood to receive a 200 per cent bonus if the games came in under budget.

Before he lost his job, Troop had been under fire over his expenses, which caused a political headache for Premier Kathleen Wynne’s minority Liberal government.

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Tory critic MPP Rod Jackson said while he expected the severance figure to be higher, “I still think it is a lot of money for someone to get for losing their job.

“Really, he was only in the job for a few years so that is a significant amount to give to someone who wasn’t the right choice by their (TO2015) admission. When you make that sort of error you pay the piper and this government seems to be really good for paying for its mistakes,” he said.