Ok, for discussion sake here's the remainder of the copyright. If anybody spots any red flags in there perhaps they could point it out.
(5) the University of Washington may make modifications to the Distribution that are substantially similar to modified versions of the Distribution, and may make, use, sell, copy, distribute, publicly display, and perform such modifications, including making such modifications available under this or other licenses, without obligation or restriction;
That's the red flag right there. This clause makes UW-IMAP's license incompatible with the GPL.
The University of Washington reserves the right to acquire any changes you've made to their software, and use it for their own purposes and release it under other licenses.
This has more in common with Microsoft's Shared Source license, rather than any OSI-approved license. The only substantive difference is that you do not have to pay $100,000 to the University of Washington in order to obtain the source code.
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