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In connection with the issuance of any security (the “Security”) by AFP Industries, LLC (the “Company”), the Company will require each investor to deliver an investor questionnaire (“Questionnaire”). The purpose of the Questionnaire is to assure the Company that each investor (“Investor”) meets applicable suitability requirements and to ensure that the proposed offer and sale of any Security is exempt from registration and will not result in a violation of the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state.
Although there are numerous types of accredited investors, two threshold criteria that will need to be satisfied by individual Investors or each individual owner of an entity Investor are as follows:
- the Investor is a natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his or her purchase exceeds $1,000,000, excluding the value of the primary residence of such natural person. The term “net worth” shall mean the excess of your total assets at fair market value excluding the value of your primary residence, over total liabilities. For purposes of calculating “net worth”, the amount of any mortgage or other indebtedness secured by your primary residence should not be included as a “liability”, except, to the extent that the current amount of any such mortgage or other indebtedness exceeds the value of your primary residence, then such excess should be considered a liability and be deducted from your net worth; or
- the Investor is a natural person who (a) had an adjusted gross individual income (not including his or her spouse’s income) for federal tax purposes in excess of $200,000 in each of the past two years and who reasonably expects an income in excess of $200,000 in the current year or (b) had an adjusted gross joint income for federal tax purposes with that person’s spouse in excess of $300,000 in each of the past two years and has a reasonable expectation of reaching the same income level in the current year.