An “Institutional Investor” means any:

bank, savings and loan association, insurance company or registered investment company;
investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission (or any agency or office performing like functions);
person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million;
governmental entity or subdivision thereof;
employee benefit plan, or multiple employee benefit plans offered to employees of the same employer, that meet the requirements of Section 403(b) or Section 457 of the Internal Revenue Code and in the aggregate have at least 100 participants, but does not include any participant of such plans;
qualified plan, as defined in Section 3(a)(12)(C) of the Exchange Act, or multiple qualified plans offered to employees of the same employer, that in the aggregate have at least 100 participants, but does not include any participant of such plans;
FINRA member or registered person of such a member; or
person acting solely on behalf of any such institutional investor.

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