The chancellor of the Texas A&M University System has agreed to a five-year contract extension increasing his annual base salary to $900,000.

System officials and John Sharp reached the agreement Saturday. The deal gives Sharp, who's been chancellor since 2011, a nearly $400,000 annual pay raise.

Regent Phil Adams says Sharp has done an outstanding job and the pay raise from the current $507,000 base was overdue.

Sharp is a 1972 Texas A&M graduate and a former state comptroller.