The term accredited investor as used in section 2(15)(ii) of the of 1933 ( 15 U.S.C. 77b(15)(ii)) shall include the following persons:
(a) Any savings and loan or other institution specified in section 3(a)(5)(A) of the whether in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities of 1934; any established and maintained by a , its political subdivisions, or any agency or instrumentality of a or its political subdivisions, for the benefit of its employees, if such has total assets in excess of $5,000,000; any within the meaning of Table I of the Retirement Income of 1974, if the investment decision is made by a fiduciary, as defined in section 3(21) of such , which is a savings and loan , or if the has total assets in excess of $5,000,000 or, if a self-directed , with investment decisions made solely by persons that are accredited investors;
(b) Any private as defined in section 202(a)(22) of the Investment Advisers of 1940;
(c) Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;
(d) Any , , or general partner of the of the securities being offered or sold, or any , , or general partner of a general partner of that ;
(e) Any natural person whose individual net worth, or joint net worth with that person's spouse, exceeds $1,000,000.
(1) Except as provided in paragraph (e)(2) of this section, for purposes of calculating net worth under this paragraph (e):
(i) The person's primary residence shall not be included as an asset;
(ii) Indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the of such indebtedness outstanding at the time of the sale of securities exceeds the outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the of such excess shall be included as a liability); and
(iii) Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability.
(2) Paragraph (e)(1) of this section will not apply to any calculation of a person's net worth made in connection with a purchase of securities in accordance with a right to purchase such securities, provided that:
(i) Such right was held by the person on July 20, 2010;
(ii) The person qualified as an on the basis of net worth at the time the person acquired such right; and
(iii) The person held securities of the same , other than such right, on July 20, 2010.
(f) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
(g) Any 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 § 230.506(b)(2)(ii); and
(h) Any entity in which all of the equity owners are accredited investors.