RESCISSION OF DISTRIBUTION OF NIKE CONTRACT REVENUE RESOLUTION

WHEREAS, in September 2006, the University entered into an agreement for its Athletic
Department with NIKE USA, Inc., which grants to NIKE the status as official supplier and
sponsor of athletic footwear, apparel and accessory products of Virginia Tech athletic
sports programs, and that agreement has been extended, most recently by agreement
signed in September 2014; and

WHEREAS, the Board of Visitors approved by resolution in August 2015, the revenue
distribution plan proposed by the Athletic Department for the fiscal year beginning July 1,
2007, and continuing through the fiscal year beginning July 1, 2022, and that these
payments will be made as one-time bonus payments to the head coaches and will be paid
through the University payroll system.

NOW, THEREFORE, BE IT RESOLVED, that based on Bylaw 11.3.2.2 of the National
Collegiate Athletic Association prohibiting an outside source from paying or
supplementing the salary of an athletics department staff member, the August 31, 2015,
Distribution of Nike Contract Revenue Resolution is now rendered moot.