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1. Eligibility--
   
   1. Class members
   2. Spouses of class members (at time of application)
   3. Natural and adopted children of class members
   4. Class members shall have priority over spouses and children of class members, as described in Items 2 and 3 below.
2. If the number of class members submitting completed applications by the stated deadline exceeds the number of scholarships available in any given year, the scholarships will be awarded to such class members on the basis of a random drawing.
3. If the number of class members submitting completed applications by the stated deadline is less than the number of scholarships available in any given year, all such class members shall be awarded a scholarship and the remaining scholarships available in any given year will be awarded to eligible spouses and children of class members submitting completed applications by the stated deadline on the basis of a random drawing.
4. Eligible applicants may receive scholarships more than once, but scholarships are not automatically renewable from year to year.
5. To be eligible for one of the scholarships, the class member or the spouse and children of a class member must be enrolled on one of the campuses of the ¾ÅÉ«ÊÓƵ in a course or courses for which academic credit from said campus may be earned, with no limitation on whether it is an undergraduate, graduate or professional level course.
6. Each class member is equally eligible without regard to the number of semesters he or she attended within the applicable time period.
7. The University will develop scholarship application forms to be utilized by class members and/or eligible spouses and children of class members in applying for said scholarships. Applications from class members will require the applicant to submit written documentation from which the University can ascertain the applicant’s class membership (e.g. name, social security number, student number, time period attended to establish eligibility, etc.). In addition to the documentation described above for class members, applications from eligible spouses and children will require the applicant to submit written documentation from which the University can ascertain the requisite relationship to class member (e.g. the identity of the class member under whom eligibility is based, marriage certificate, birth certificate, adoption decree, affidavit, etc.).
8. Scholarships will be a minimum of $500.00, but in no event shall the amount of the scholarship exceed the amount of educational fees or tuition charged by the University to said scholarship recipient.
9. The first such scholarships shall be awarded for the 2006-2007 academic year.
10. During the 2006-2007 academic year, the amount of the annual scholarships will be $500.00 each and the total number of such scholarships available during the academic year will be 4,770. The University will have flexibility to adjust the amount and the number of scholarships available in subsequent years within the following principles:
    
    1. The scholarship fund is to remain in existence for twenty-five years (25), with the express understanding that the corpus of scholarship fund may be invaded for funding scholarships with the intention that the entire corpus and actual earnings thereon, or as much thereof as is reasonably possible given the demand by eligible applicants, would be utilized for the stated purposes prior to the 25th anniversary date of the establishment of such scholarship fund; provided, however, that in no event will the Defendant be obligated to contribute to such scholarship fund any amount in excess of the original amount of $10,000,000 plus the actual earnings thereon whatever such earnings may be.
    2. When the financial condition of such scholarship fund permits, the amount of each scholarship will increase by three percent (3%) over the amount of the scholarship from the preceding year; provided, however, that if the financial condition of the scholarship fund suggests the need to reduce the amount of the scholarships, they may be reduced, but in no event shall they be reduced below the amount of $500.00.
    3. Subject to the principles stated in the foregoing Scholarship Criteria, the University will endeavor to make available the greatest number of scholarships possible.

Reviewed July 25, 2005.