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Jul 30, 2013 10:05 AM EDT

Former Ohio State President to Receive $5.8M in Retirement Package Deal (UPDATE)

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E. Gordon Gee, the 69-year-old former Ohio State University president, who retired July 1, will receive about $5.8 million in retirement package over the next five years from the university. He will also get an office, a secretary and a premium parking pass.

The deal includes an annual salary of $410,000 as a tenured professor in the Moritz College of Law; an annual grant of $300,000 for research on 21st Century education policy; one-time payment of $1.5 million and $800,000 to his retirement plan.

The university will also be paying his health insurance and moving and storage expenses.

Gee signed the agreement on Monday. Earlier, the university said that an office suite is being built in its Page Hall for Gee. The construction cost of the office is estimated to be something around $190,000.

While the financial terms of the agreement are applicable for a period of five years, Gee can feel free to stay at the campus as long as he wants.

Gee retired July 1, after the Associated Press reported his inappropriate remarks in May he made to the university's Athletic Council in December. In audio taped remarks to the council, he criticized Roman Catholics ('those damn Catholics' can't be trusted) and the University of Notre Dame, saying that the university was never invited to join the Big Ten because the institution's religious leaders were not 'good partners.'

He also spoke rudely about the Big Ten, the University of Wisconsin athletic director, University of Arkansas football coach, University of Louisville and Southeastern Conference schools.

Later, Gee, a Mormon, apologized for the remarks.

"It was my great calling to have led Ohio State for fourteen years, and I am proud to be able to continue my work for Ohio and Ohio State," Gee said.

Gee, who was the university's president from 1990 to 1997 and from 2007 till his retirement was considered to be one of the country's highest-paid college presidents, with a total compensation of about $2 million a year. He was also credited to be a vigorous fundraiser, collecting more than $1.6 billion for Ohio State.

This was not the first time; Gee was criticized heavily for his remarks in December. In 2012, he compared many divisions of the university to the 'the Polish Army.'

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