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Definition of Accredited Investor

To be considered an accredited investor within the meaning of Rule 501 of Regulation D under the Securities Act, a potential Angel member must meet at least one of the criteria below.

A natural person whose net worth, either individually or jointly with such person’s spouse, at the time of his purchase, exceeds $1,000,000.
A natural person who had individual income in excess of $200,000, or joint income with that person’s spouse in excess of $300,000, in each of the two most recent years and reasonably expects to reach the same income level in the current year.
A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or a fiduciary capacity.
A broker dealer registered pursuant to Section 15 of the United States Securities Exchange Act of 1934.
An insurance company as defined in Section 2(13) of the Securities Act.
An investment company registered under the Investment Company Act or as a business development company as defined in Section 2(a)(48) of that Act.
A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958.
A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such a plan has total assets in excess of $5,000,000.
An organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 with total assets in excess of $5,000,000.
A corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.
A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.
An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 (“ERISA”), if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser.
An employee benefit plan within the meaning of ERISA having total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.
A trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D.
An entity in which all of the equity owners are accredited investors as described in one or more of the categories set forth above.

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