Update: FAMU coach Alex Wood has contract approved by BoT

Update: 3 p.m. 8/11/2015

Alex Wood has signed an official contract with Florida A&M University, and the contract has been approved by the Board of Trustees.

The three-year deal is worth $200,000 annually, but is loaded with incentives. For example, if Wood achieves a winning season in his first year, he'll receive an extra $10,000 per year. If he achieves a nine-win season at any point during his deal, an extra year will be added on.

He'll also receive a $20,000 bonus to distribute among the coaching staff if FAMU reports a single-year APR above 950. He also has access to either a courtesy car or an extra $850 per month.

Wood will work with a recruiting budget of $75,000.

The contract also states Wood will be able to hire and fire assistant coaches with approval from both FAMU President Mangum and Athletic Director Milton Overton Jr.

Check back for more updates.

First story

Florida A&M head football coach Alex Wood is still not under contract, according to the university's Board of Trustees.

Vice Chairman Kelvin Lawson said during a Tuesday meeting Wood's contract has been reviewed -- again -- and presented to the coach, who was hired Dec. 23.

Wood originally signed a contract around the time of FAMU's annual Orange and Green Game, but the contract was not approved by the Board of Trustees. His revised contract is a three-year deal worth $200,000 annually and has incentives built in, Lawson said.

The trustees and FAMU President Elmira Mangum sparred over the language of the contract during a June meeting. Mangum said she saw no issues with the contract, while the board requested the revision of a provision that allows the university to fire a coach with 60 days of notice.

"We took a step to try and make the contract more favorable to (Wood)," Lawson said.

"It had to go through a couple of different legal reviews. It needed the president's re-agreement. We're in the process of re-presenting the contract to (Wood) and we anticipate a positive outcome.

"We're trying to make it clear that we appreciate him being here and we'd like him to be here for a while."

FAMU's entire football coaching staff was fired under the provision last season. Earl Holmes, who was head coach at the time, is suing the university, seeking the remaining money on his deal.

"I am not suggesting that the clause be removed," BoT Chairman Rufus Montgomery said during the meeting on June 9.

"There is a period of rebuilding that transpires. My concern is that at a whim you can let the coach go. There should be some controls for termination.

"We don't want another lawsuit."

Lawson said he doesn't expect issues in regards to Wood's contract.