1. A natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase.
2. A natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.
3. A trust with assets in excess of $5 million, not formed to acquire the securities offered.