RESOLUTION OF THE BOARD OF TRUSTEES



WHEREAS, on February 21, 2002, U.S. Virgin Islands Governor Dr. Charles W.

Turnbull signed into law Act No. 6502, which established the University of the Virgin Islands

Research and Technology Park Corporation (hereinafter the “Park Corporation”); and



WHEREAS, the Act authorized the Governor on behalf of the Government of the Virgin

Islands to convey to the University of the Virgin Islands title to Parcel Nos. 1A and 12, East

Golden Grove, St. Croix, Virgin Islands, consisting of 205 acres, more or less, for exclusive use

by the University of the Virgin Islands to develop the University of the Virgin Islands Research

and Technology Park (hereinafter “Park”); and



WHEREAS, the University desires to commence the development of the Park as soon as

possible in order to broaden quickly the educational opportunities it can offer to the people of the

Virgin Islands;



NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:



RESOLVED, that the President of the University is hereby authorized to lease to

the Park Corporation, for a period of fifty (50) years, Parcel No. 12, VI Corp.

Lands, Kings Quarter, St. Croix, Virgin Islands consisting of 93.063 U.S. acres,

more or less, in consideration of rent to be paid by the UVI Research and

Technology Park to the University in accordance with the terms of the Guiding

Principles established by the Board of Trustees for the development and operation

of the Park, and upon such other terms and conditions as the President, in the

exercise of her discretion, deems appropriate.



And it is further



RESOLVED, that the President is hereby authorized to execute all such documents and

take all such lawful action as may be necessary to accomplish the foregoing.



CERTIFICATION



The undersigned does hereby certify that the foregoing is a true and exact copy of the

resolution of the Board of Trustees of the University of the Virgin Islands adopted at its meeting

on June 24, 2006, as recorded in the minutes of said meeting.



Secretary of the Béard- — © a

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Chairman of