University of Virginia Library

APPROVAL OF THE ENTRY BY THE UNIVERSITY OF VIRGINIA PATENT FOUNDATION INTO A NEW BUSINESS VENTURE, THROUGH ITS OWNERSHIP OF A FOR-PROFIT CORPORATION, SPINNER TECHNOLOGIES, INC.

The following resolution was adopted:

WHEREAS, the University Policy on University-Related Foundations requires that University-Related Foundations submit for Board of Visitors' approval any new business venture; and

WHEREAS, the Vice President for Research and Public Service recommends that the Board of Visitors approve the entry by the University of Virginia Patent Foundation into a new business venture, by forming a for-profit corporation, Spinner Technologies, Inc., to invest in and further develop start-up companies and commercialize University inventions; and

WHEREAS, the University shall have no financial obligation to support Spinner Technologies, Inc.;

RESOLVED that the Board of Visitors approves the University of Virginia Patent Foundation undertaking Spinner Technologies, Inc.; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized, following consultation with the General Counsel, to execute such agreements as may be in the University's best interests, for provision of University facilities and services to Spinner Technologies, Inc., with appropriate compensation to the University.