(a) Progress reports shall include information on the progress of completed State-supported research in accomplishing the technical objectives stated in the firm's original State research award contract proposal.

(b) Financial reports shall be delivered in a form specified by the foundation, and include information on current period expenditures and cumulative expenditures, as compared to total anticipated expenditures stated in the firm's original State research award contract proposal.

(c) The foundation shall protect against the disclosure of proprietary information to the same extent provided for in a qualified firm's Federal Phase I agreement with a Federal agency.