As used in this part:

1. (1) "Executive director" means the executive director of the institute appointed under Section 53H-16-304.
2. (2) "Institute board" means the board of directors of the Nucleus Institute as described in Section 53H-16-302.
3. (3) "Investment committee" means the investment committee of the Nucleus Fund created in Section 53H-16-403.
4. (4) "Nucleus Fund" means a limited liability company organized under Section 53H-16-402.
5. (5) "Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202.

6. (6) "Qualified business" means a business entity that:

   1. (a) is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution or private postsecondary educational institution in the state; and
   2. (b) maintains the business's principal business operations in the state.

7. (7) "Qualified investment" means any distribution or payment of funds to a qualified business from the Nucleus Fund, including:

   1. (a) a direct investment of capital in a qualified business for the purchase of shares of stock;
   2. (b) a secured loan or revolving line of credit to a qualified business; or
   3. (c) a financial grant to a qualified business.

Amended by Chapter 138, 2026 General Session