The president of the University of Alaska has been offered a $320,000 bonus if he stays on the job until 2016.

The board of regents last month voted to offer a contract extension to Pat Gamble that included the bonus, which is equal to one year of his salary.

Some faculty members called the bonus inappropriate with budget cuts and layoffs planned. The University of Alaska Fairbanks plans to lay off about 40 people to close a $12 million budget shortfall. Other campuses plan to leave open positions unfilled.

University system spokeswoman Kate Ripley told the Alaska Dispatch News Gamble's pay package is modest compared to other university executives.

He also wouldn't be the first to get a bonus. Ripley said former president Mark Hamilton received a $210,000 bonus.