Red River College says it cannot speak to the financial terms of the departure of its president, Stephanie Forsyth, but a copy of her contract clearly spells out those details.

Forsyth stepped down on Wednesday through a mutual agreement with the board of governors, according to the college, which cited "personal and family reasons" for her departure.

 A copy of Forsyth's contract, obtained by the Canadian Taxpayers Federation, states that the board is required to give the president four months' written notice of its intent to terminate her contract.

If the board fails to provide written notice, the college must pay a continuation of the president's salary for four months, as well as pay her salary in equal instalments for eight months after the notice period expires.

The document also states that the president is entitled to group benefits for 12 months.

Richard Lennon

Red River College board chair Richard Lennon says the board will try and and learn from the challenges of the past year. (CBC)

​If the president wants to terminate her contract, she must provide four months' written notice to the board, according to the contract.

Board of governors chairman Richard Lennon had told CBC News that Forsyth first approached them in mid-August about her desire not to continue as president.

It is not known if the latest agreement struck between Red River College and Forsyth adhered to any of the terms previously laid out in the contract.

Forsyth's contract was set to expire on Sept. 26, 2015.

College learning from challenges

Meanwhile, the college is trying to sort out its future in light of the departures of Forsyth and a number of its senior staff.

On Thursday morning, Lennon spoke with CBC Information Radio host Marcy Markusa about the situation facing the college, saying the board will try and and learn from the challenges of the past year. 

"Certainly there's been a lot of recent change and we're hoping, going forward, we have a stable team in place and that we can move forward with a stable team," he said.

Lennon said the college has managed to erase a $2-million deficit by finding savings in delaying hiring and putting off large purchases.

Click on the audio player to hear Markusa's full interview with Lennon.