The Collaborative International Dictionary of English v.0.48:

Stipendiate \Sti*pen"di*ate\, v. t. [L. stipendiatus, p. p. of
   stipendiari to receive pay.]
   To provide with a stipend, or salary; to support; to pay.
   --Evelyn.
   [1913 Webster]

         It is good to endow colleges, and to found chairs, and
         to stipendiate professors.               --I. Taylor.
   [1913 Webster]