The provisions of Billy Walker’s contract as chief executive officer with Memorial Hospital and Manor have just been made available to The Post Searchlight.

The contract, signed March 31, 2011, is for a period of one year from the effective date and sets the salary at $135,000 annually, with annual performance reviews to be conducted.

Walker will receive paid annual leave and extended illness benefits according to the same policy enjoyed by other hospital employees.

In addition to usual fringe benefits, such as association/club dues and expenses, Walker is awarded a car allowance in the amount of $540 per month.

The board may terminate the CEO’s employment without cause at any time, and should that occur, the hospital is bound to pay the CEO an amount computed at six months’ pay, plus one month pay for each full year of service rendered as CEO, and not counting hospital employment prior to his becoming CEO; up to a maximum of 12 months. He would also receive annual leave and extended illness benefits according to the policy in effect for hospital employees at the time of termination.

A replacement for the chief financial officer position, which was vacated by Walker, has been filled by controller Karen Faircloth, an employee at Memorial Hospital and Manor for more than 30 years. She was appointed by Walker to fill the position.