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CONFLICT OF INTEREST EXEMPTION (SETAGON, INC.)

WHEREAS, the School of Engineering and Applied Science wishes to enter into a sponsored research contract with Setagon, Inc., to pursue basic research in the area of microfabrication of medical devices; and

WHEREAS, Mr. Michael Reed and Mr. Whye-Kei Lye have equity interests in Setagon, Inc., which exceed 3 percent; and

WHEREAS, the School of Engineering and Applied Science's research agreement with Setagon, Inc., would thereby expose Mr. Reed and Mr. Lye to violation of the Virginia Conflict of Interests Act unless approved by the Board as permitted by §2.1-639.6(c) (7) of the Code of Virginia;

RESOLVED that the conflict of interests of Mr. Michael Reed and Mr. Whye-Kei Lei are approved by the Board of Visitors in order to permit the University to enter into a research agreement with Setagon, Inc., to conduct research on the microfabrication of medical devices to prevent restenosis in cardiac patients; provided, as required by the law, Mr. Reed and Mr. Lye each file the required annual disclosure statement of personal interests in Setagon, Inc., the University files the required annual report concerning the contracts with the Secretary of the Commonwealth, and the dean and department chair vigilantly oversee application of University resources in the best interests of the University and in accordance with policy.