According to the Aira Fitness franchise agreement, what is the definition of an 'Owner'?

According to Aira Fitness's 2025 Franchise Disclosure Document, an "Owner" is defined within the context of the franchise agreement. Specifically, it refers to any individual or entity that directly or indirectly holds an ownership interest in the Aira Fitness franchisee. This definition is important because the franchise agreement places certain obligations and restrictions on owners, particularly regarding transfers of ownership and involvement in the business.

This definition has practical implications for prospective franchisees. If the franchisee is a corporation, partnership, or other legal entity, the individuals or entities that own shares or interests in that entity are considered "Owners" under the agreement. This means that any change in ownership, such as the addition or removal of a partner or shareholder, may be subject to the franchisor's approval and other transfer conditions outlined in the franchise agreement.

Furthermore, Aira Fitness retains specific rights related to the transfer of a franchise, including the right of first refusal. This means that if a franchisee or an owner of a franchisee wishes to sell their interest, they must first offer Aira Fitness the opportunity to purchase it. This provision allows Aira Fitness to maintain control over who becomes a franchisee and ensures that new owners meet their standards and qualifications. The definition of "Owner" is therefore crucial in determining who is subject to these transfer restrictions and obligations.

In summary, the definition of "Owner" in the Aira Fitness franchise agreement is broad, encompassing anyone with a direct or indirect ownership stake in the franchise. This definition is significant because it triggers various provisions within the agreement related to ownership transfers, ensuring that Aira Fitness maintains control over the franchise system and the qualifications of its franchisees.