441-035-0010 Accredited Investor For purposes of ORS 59.035(5) accredited investor includes: (1) Any bank as defined in Section 3(a)(2) of the Securities Act of 1933 (the "Act"), or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934; any insurance company as defined in Section 2(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of the Investment Company Act of 1940; any 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; any 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 plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of Title 1 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 ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has 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. (2) Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. (3) 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. (4) Any director, executive officer, or general partner of the issuer of the securities being offered or sold or any director, executive officer, or general partner of a general partner of that issuer. (5) Any natural person whose individual net worth, or joint net worth with that person's spouse, at the time of the purchase exceeds $1,000,000, excluding the value of the natural investor’s primary residence. (6) 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. (7) 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 17 CFR 230.506(b)(2)(ii). (8) Any entity in which all of the equity owners are accredited investors. Statutory/Other Authority: ORS 59.285 Statutes/Other Implemented: ORS 59.035(5) History: FCS 2-2011, f. & cert. ef. 2-15-11 FCS 9-2010(Temp), f. 8-2-10, cert. ef. 8-3-10 thru 1-30-11 FCS 5-1990, f. & cert. ef. 8-21-90 FCS 14-1988, f. & cert. ef. 10-10-88 FCS 8-1988(Temp), f. & cert. ef. 4-11-88, Renumbered from 815-030-0042 CC 1-1987, f. & cert. ef. 2-4-87 CC 12-1985(Temp), f. & cert. ef. 11-25-85