Tensing was charged with murder and has pleaded not guilty

They will be paid $4.85 million in damages, plus provide tuition for Dubose's 12 children, worth a combined $500,0000

University announced Monday it had reached a settlement with his family

Samuel DuBose, 43, an unarmed black man, was fatally shot by University of

The family of a man shot and killed by a University of Cincinnati police officer who pulled him over for not having a front license plate has reached a $5.3 million settlement with the school.

The deal announced Monday gives the family of Samuel DuBose $4.85 million and promises free undergraduate tuition for his 12 children.

The agreement also provides for a memorial commemorating DuBose and an apology from the university.

'I want to again express on behalf of the University of Cincinnati community our deepest sadness and regrets at the heartbreaking loss of the life of Samuel DuBose,' University of Cincinnati President Santa Ono said in a statement.

Reached a settlement: Terina Allen, sister of Samuel DuBose, sits with family members as she reacts in the courtroom following the arraignment of police officer Ray Tensing. On Monday the family reached a settlement with the University of Cincinnati for a total $5.3 million

A grand jury indicted Tensing (mugshot left) on a charge of murder and voluntary manslaughter in the shooting of Samuel DuBose, 43 (right), in Cincinnati, Ohio. He is still awaiting trial

'This agreement is also part of the healing process not only for the family but also for our university and Cincinnati communities.'

DuBose, 43, was shot and killed behind the wheel of his car on July 19 after Officer Ray Tensing stopped him near campus over the missing a license plate, which is required by Ohio law.

Tensing was charged with murder and has pleaded not guilty.

Tensing said that after he stopped the car, Dubose refused to provide a driver's license and get out of the car.

A struggle ensued as DuBose tried to drive away, and Tensing said he fired because he feared being dragged under the car, his attorney said.

Phillip Kidd and David Lindenschmidt (pictured approaching DuBose's car during the second body camera footage) testified in front of a Hamilton County grand jury, which decided not to press charges

The confrontation started when Tensing pulled DuBose over for not having a front licence plate. They are seen talking to each other through the driver's side window

It was announced Monday January 18, 2016, that the family of Samuel DuBose will receive $5.3 million under a settlement with the University of Cincinnati after the unarmed black man was shot by Ray Tensing (pictured)

As part of the settlement, the family will receive a payment of $4,850,000.

Additionally, the undergraduate education of the 12 children is valued at about $500,000.

However Mark O'Mara, the attorney representing the Dubose family, said the family is not happy with the settlement.

'It's difficult, so very personal to the families. Every one of these families that I've been involved with and, more importantly, every one that I've known about and talked to in other cases that I've been witness the past couple years – every one of them – it could be $50 million, they're not, nor should they be, happy with it,' O'Mara told Cincinnati.com.

'They've lost somebody through a tragedy that was completely avoidable. Now, they're part of this special group of people that have their black family members killed be cops.'

A trial date for Tensing not yet been scheduled.

The university settlement also provides for the DuBose family to participate in meetings with a Community Advisory Committee, which is soliciting community input on police reform and will review the results of an external audit of the university's police force.