Garmin Scholarship Fund

3. Donor intends to make an annual gift to the University Foundation in the amount of $50,400 to fund six (6) scholarships each in the amount of $8,000.00 and a five percent (5%) administrative fee. Gifts shall be made on or before February 1st of each year. At the Donor’s discretion, Donor may increase the amount of the gift, number of scholarships, and make any gift prior to the time such gift is due. Donor’s gifts may be comprised or originate from several financial sources, including but not limited to cash and gifts of publicly traded stock. If Donor’s gift is all or in part in the form of publicly traded stock, the value of the stock shall be calculated based upon the average of the high and low price of the stock on the date of transfer in accordance with IRS regulations.

4. The Foundation agrees to accept such annual gifts and to administer them in accordance with the following terms and conditions:

a) Each scholarship awarded under this MOU shall be awarded to the Garmin Scholar prior to the commencement of the academic year and in the amount per academic year as reflected in Paragraph 3 above unless the student is a “fifth-year” senior graduating in the middle of an academic year (See Paragraph 4(b) below).

b) All scholarship recipients must be enrolled as full-time students majoring in computer engineering, electrical engineering, software engineering or computer science who have completed at least two (2) semesters or four (4) quarters at the University as full-time students (12 credit hours or more), “fifth-year” seniors are not excluded but their scholarship award must be reduced by fifty percent (50%) if the student is set to graduate in the middle of an academic year.

c) The Foundation shall endeavor to evenly distribute scholarships, when possible, among sophomore, junior and senior students as well as electrical engineering, computer engineering, software engineering, and computer science majors.

d) The Garmin Scholarship Fund is not intended to replace institutional funding and may be additive to other scholarship awards. The Foundation will endeavor to assign scholarship awards from other scholarship funds available to be granted in order to provide full tuition costs for Garmin Scholars.

e) Scholarship awards for a scholarship recipient shall be suspended during any period in which such scholarship recipient takes part in a full-time cooperative education (“Co-op”) program. If a scholarship recipient takes part in a Co-op program for one or more academic semesters during an academic year, the Foundation will provide written notice to Donor and ensure that any unused funds are utilized for scholarship grants in the following academic year. The amount of Donor’s gift for such following academic year shall be reduced accordingly.

f) If there are an insufficient number of qualified students for all available scholarship funds to be distributed in any given year, the Foundation will provide written notice to Donor and ensure that any unused funds shall be utilized for scholarship grants in the following year and the amount of Donor’s gift for such following year shall be reduced accordingly.

g) All candidates for initial annual scholarship awards must have a cumulative Grade Point Average of 3.8 or above. To qualify for continuation of scholarship awards in subsequent years a student must maintain a cumulative Grade Point Average of 3.5 or above at the beginning of each academic year.

h) Preference shall be given to electrical engineering, computer engineering, or software engineering candidates who have education and experience in one or more of the following fields: analog circuit design, digital circuits/system design, microprocessor architecture, embedded software engineering, RF/microwave circuit design, digital signal processing, electronic devises and applications, embedded and real time computer systems, algorithm analysis, computer graphics, operating systems architecture, database architecture, and communication networks.

i) The Foundation shall promote or advertise the Garmin Scholarship Fund by name in a prominent location that has been designated by the university to advertise all other scholarships to ensure student awareness (i.e. University websites bulletin boards, newsletters, department email distribution lists, etc.).

j) Selection of scholarship recipients shall be made without regard for race, color, disability, religion, national origin, age, sex, sexual orientation, or any other class protected by federal, state, or local law.

k) A Garmin Scholar’s participation in an accredited study abroad program shall not impact or disqualify the student from the scholarship award.

l) The Foundation will provide prior notice and a detailed explanation to the Donor if they intend to withdraw or terminate the scholarship of any non-graduating Garmin Scholar who satisfies all of the requirements of this Paragraph.