Draupner Ring Foundation Inc

From form 1023, part ii: the foundation will endow an educational institution of its chooisng, (the "institution") awarding a ring to a faculty member agreed between the institution and the foundation, (the "primary ring holder"). The primary ring holder will receive 4% of net asset value until the asset value of the ring doubles. At that point, the primary ring holder's academic department (the "department") will decide whether to utilize one-half of the value of the primary ring to:1. Endow an economic chair;2. Allocate to physical plant; or3. Create a secondary ring. This progression will gradually continue in perpetuity for the benefit of the institution. The foundation pursuant to its endowment agreement with the institution will manage the endowment. In the event the institution chooses to endow an academic chair or allocate funds to physical plant, management of these funds will pass to the institution.