17 C.F.R. § 228.509 (Item 509) Interest of Named Experts and Counsel.
Title 17 - Commodity and Securities Exchanges
If an “expert” or “counsel” was hired on a contingent basis, will receive a direct or indirect interest in the small business issuer or was a promoter, underwriter, voting trustee, director, officer, or employee, of the small business issuer, describe the contingent basis, interest, or connection. (a) Expert—is a person who is named as preparing or certifying all or part of the small business issuer's registration statement or a report or valuation for use in connection with the registration statement. (b) Counsel—is counsel named in the prospectus as having given an opinion on the validity of the securities being registered or upon other legal matters concerning the registration or offering of the securities.
Instruction to Item 509: 1. The small business issuer does not need to disclose the interest of an expert (other than an accountant) or counsel if their interest (including the fair market value of all securities of the small business issuer received and to be received, or subject to options, warrants or rights received or to be received) does not exceed $50,000.
Title 17: Commodity and Securities Exchanges
PART 228—INTEGRATED DISCLOSURE SYSTEM FOR SMALL BUSINESS ISSUERS
Subpart A—Regulation S-B
§ 228.509 (Item 509) Interest of Named Experts and Counsel.
