University of the Virgin Islands board members met Monday to approve a new five-year contract with its current president, David Hall, who will receive an 11 percent pay increase – up to $350,000 a year.

Last year, in November and December, the board met to authorize its chairman, Alexander Moorhead, to negotiate a new contract with Hall, whose current agreement will expire on July 31. According to UVI, the new contract is similar to the old one, except for Hall’s salary increase and his commitment to raise not less than $22.5 million in donations by the time the new agreement expires in July of 2019.

"The amount must consist of gifts of $100,000 or more, solicited by Hall, or obtained through fundraising programs initiated or developed by Hall," according to UVI spokeswoman Nanyamka Farrelly.

Hall began his tenure with UVI in 2009 and, for two years during the term, voluntarily took the same 8 percent pay cut mandated for government employees – including those working for semi-autonomous agencies such as UVI.

Now that it has been approved by the board, the new agreement will be executed by Hall and Moorhead later this week.

In a release sent after the meeting, Moorhead said that he and the board were "happy" they were able to reach an agreement that keeps Hall at the helm of the university for five more years.

"President Hall’s job performance has been rated by the board as exceptional,” he said, adding that Hall set and achieved high goals while serving as an excellent ambassador for the university.

Voting in favor of the agreement were Board of Trustees members Joshua Edwards, Carol Fulp, Luz Highfield, Moorhead, Edward Thomas, Teresa Turner and Wesley Williams.

Members Oswin Sewer, Patricia Steele, Yvonne Thraen and Sinclair Wilkinson voted against the contract.

Board members Donna Frett-Gregory, Gwen Norton, Jennifer Nugent-Hill and Hall were absent.

Member Jacqueline Sprauve abstained.