The contract, which goes into effect July 1, gives Egan a raise each of the next two years.
According to a copy of the contract, starting July 1, Egan will make a base salary of $213,285 — more than a $10,000 increase from his current salary of $203,166.
From July 2015 through June 2016, Egan will make $219,684.
According to a copy of the contract between the district and the teacher's union, raises of about 3 percent are standard.
Egan's pay will be boosted by about 5 percent starting in July, with a bump of 3 percent in 2015.
The new contract replaces the current contract, which was set to expire in about five months.
Board members unanimously approved the new contract at a meeting last month.
Board member Kathy Brown said Egan's loyalty to the district has been "unquestioned" since he came on board as dean of students for Lake Zurich High School in 1994.
"I want to thank Dr. Egan for his swan song with us," said Doug Goldberg, vice president of the board of education. "We certainly appreciate his continued employment with the district and all the things he's done for us."
Egan did not respond to requests for comment made through a district spokesperson.
According to the copy of the contract obtained by the Tribune, "benefits may include the board's payment of the superintendent's required contributions" to retirement and health insurance.
According to documents published in July on the district's website that project administrator compensation packages for 2013-2014, Egan's pension contributions were expected to be about $21,000, health and dental insurance payments were approximately $10,000, and life insurance and long-term disability contribution totaled about $600.
Egan's compensation includes a total of 30 paid vacation and sick days each fiscal year. He will be allowed to "sell back" up to five unused vacation days at the end of each year.
He will be given a monthly travel stipend of $510, and can be reimbursed for any board-approved travel, such as trips to educational conferences.
Each year, Egan's performance will be reviewed by board members. At that time, the option to extend the contract is available, according to the contract.
He will be judged based on student performance — including standardized tests such as the Prairie State Achievement Examination — as well as attendance and dropout rates and relationships with district staff and community members.
The board will also pay for Egan's membership fees to professional organizations, including the Illinois Association of School Administrators, the Illinois Principals Association and the Illinois Association for Supervision and Curriculum Development, among others.
In 1998, Egan was hired as assistant principal of the high school. He was appointed principal of the high school in 2004. In 2008, he was named assistant superintendent for teaching and learning before moving to his current position in 2009.
As superintendent, Egan is in charge of the district's administrative staff. He is also tasked with making recommendations to the board regarding things like the district's budget, building plans, selection of textbooks, and rules and regulations, among other duties.