Financials

Class of 1976 Endowment and Scholarship Fund

HAMPTON UNIVERSITY Giving Instructions
Hampton, Va 23668

MEMORANDUM OF AGREEMENT

This agreement is made as of this 13th day of May 2001 and between The Class of 1976 "Ogre Phi Ogre II" from now on referred to as the "Grantor." Hampton University, Hampton, Virginia, from now on referred to as the "Trustee."

WITNESSETH

Whereas, the Grantor desires to give the Trustee a sum of at least $10,000, to establish an endowed scholarship fund, for the purposes and upon the conditions set forth below; and,

Whereas, the Grantor has delivered or will cause to be delivered to the Trustee the property described in Schedule A, attached hereto and incorporated by reference; and

Whereas, the Trustee agrees to hold, administer and distribute all of the property described above, together with all additions to that and all reinvestments thereof, after this referred to as the "Trust Fund," following the terms and provisions from now on set forth.

NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND MUTUAL COVENANTS AND CONDITIONS IN THE FUTURE SET FORTH, THE PARTIES AGREE AS FOLLOWS:

1. Upon receipt of the Trust Fund, the Trustee shall designate said Trust Fund as the Class of 1976 - "Ogre Phi Ogre II" Endowed Scholarship and shall distribute so much of the current income. Still, none of the principal of the Trust Fund in such amounts and proportions as the Trustee, in its sole discretion, shall deem appropriate to well-deserving students with a financial need for their education.

A. Must be a rising junior or senior.
B. Must have a grade point average of 2.5 or higher.
C. Must donate at least 2 hours per month to the Office of Alumni Affairs.
D. No disbursements shall be made until at least Twenty Five Thousand Dollars $25,000
have been donated in the trust fund.

THE POLICY ON GIFTS FOR THE HAMPTON UNIVERSITY ENDOWMENT FUND SHALL PREVAIL REGARDING THE INITIAL GIFT AS OUTLINED IN SCHEDULE A AND SUBSEQUENT CONTRIBUTIONS TO THE FUND WITHIN FIVE YEARS. THE POLICY IS INCORPORATED HEREIN BY REFERENCE TO SCHEDULE B

Any current income not so used in a particular year by the Trustee shall be added to the Trust Fund's principal.
In managing and administering the Trust Fund, the Trustee shall be guided by the "prudent man" rule.
This Agreement and the Trust at this moment created shall be irrevocable, and this Agreement shall not be altered, revoked, or terminated, in whole or in part, by the Grantor. No part of the principal or income of the Trust hereunder shall ever revert or be used for the Grantor's benefit. The Grantor as a result of this renounces for himself/herself and his/her organization any interest, either vested or contingent, including any reversionary right or the possibility of reverter, in the principal and interest of the Trust, and any power to determine or control, by alteration, amendment revocation or termination or otherwise, the beneficial enjoyment of the principal or income of the Trust.
Suppose any term or provision, or any portion thereof of this Agreement shall to any extent be deemed invalid or unenforceable. In that case, the remainder of this Agreement shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforceable to the full extent permitted by the law.