Incoming University of Michigan President Mark Schlissel will earn $750,000 a year under his contract with the school that was signed in January.

The "Ann Arbor News" reports today that the negotiated terms include $2 million in startup funding for Schlissel to create his own biological lab at U-of-M, after he retires the position.

He is also limited to work on no more than one corporate board of directors, with no restrictions on charitable or academic boards.  

Schlissel is the current provost at Brown University and will replace 70-year-old Mary Sue Coleman in Ann Arbor this July.