INVESTMENT LETTER
EXCELSIOR VENTURE INVESTORS III, LLC
Excelsior Venture Investors III, LLC (the "Fund"), a
closed-end, non-diversified management investment company, and Xxxxx X.
Xxxx, Xxxxxxx X. Xxxxxxxx and Xxxx X. Xxxxxxxxx (collectively, the
"Purchasers"), intending to be legally bound, hereby agree as follows:
1. In order to provide the Fund with its initial capital, the Fund hereby
sells to Xxxxx X. Xxxx and Xxxxx X. Xxxx purchases 74 units of membership
interest of the Fund at a price of $500 per unit ($37,000 total) on
October 6, 2000. The Fund hereby acknowledges receipt from Purchaser of
funds in the amount of $37,000 in full payment for the units.
2. In order to provide the Fund with its initial capital, the Fund hereby
sells to Xxxxxxx X. Xxxxxxxx and Xxxxxxx X. Xxxxxxxx purchases 73 units of
membership interest of the Fund at a price of $500 per unit ($36,500 total)
on October 6, 2000. The Fund hereby acknowledges receipt from Purchaser
of funds in the amount of $36,500 in full payment for the units.
3. In order to provide the Fund with its initial capital, the Fund hereby
sells to Xxxx X. Xxxxxxxxx and Xxxx X. Xxxxxxxxx purchases 73 units of
membership interest of the Fund at a price of $500 per unit ($36,500 total)
on October 6, 2000. The Fund hereby acknowledges receipt from Purchaser
of funds in the amount of $36,500 in full payment for the units.
4. Purchasers represent and warrant to the Fund that the units are being
acquired for investment and not with a view to distribution thereof, and
that Purchasers have no present intention to redeem or dispose of the
units.
5. Purchasers represent that they are accredited investors as that term is
defined under the Securities Act of 1933, as amended, and the Rules and
Regulations thereunder.
6. Purchasers represent that they understand the risks involved in an
investment in the Company's units, have evaluated the risk of investing in
the Company's units and have determined that the units are a suitable
investment for the Purchasers.
IN WITNESS WHEREOF, the parties have executed this agreement
as of the 6th day of October, 2000.
EXCELSIOR VENTURE INVESTORS III, LLC
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Secretary
XXXXX X. XXXX
/s/ Xxxxx X. Xxxx
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Name: Xxxxx X. Xxxx
XXXXXXX X. XXXXXXXX
/s/ Xxxxxxx X. Xxxxxxxx
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Name: Xxxxxxx X. Xxxxxxxx
XXXX X. XXXXXXXXX
/s/ Xxxx X. Xxxxxxxxx
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Name: Xxxx X. Xxxxxxxxx
