The Director of Technology Commercialization (or designate) at the time of the execution of a license agreement involving equity in a private enterprise that is licensing technology from the University, will call an ad hoc meeting of representatives from the Provost’s Office, Finance, and the University Attorney’s Office (“the Equity Committee”). The purpose of the meeting will be to:
- Determine if the proposed licensing terms for a specific license agreement are such that the proceeds received by the University from equity should be distributed using the same formula as non-equity income.
- To determine how to distribute the proceeds from equity in the event the committee determines the proceeds should be distributed according to another formula.
- The Director of Technology Commercialization (or designate) will record the findings of the Equity Committee in the form of an equity distribution memorandum, notify all parties concerned of such findings, and file a copy of the memorandum in the licensing file for future reference.