Common use of Excluded Transaction Clause in Contracts

Excluded Transaction. The rights of first refusal established by this Section 4 shall have no application to Investors who do not qualify as "accredited investors" as such term is defined in Regulation D under the Securities Act if the Board of Directors has determined that the offering which would give rise to such right of first refusal shall be made only to accredited investors for purposes of meeting the requirement of an exemption to registration under the Securities Act.

Excluded Transaction. The rights of first refusal established by this Section 4 shall have no application to First Refusal Investors who do not qualify as "accredited investors" as such term is defined in Regulation D under the Securities Act if the Board of Directors has determined that the offering which would give rise to such right of first refusal shall be made only to accredited investors for purposes of meeting the requirement of an exemption to registration under the Securities Act.