What agreement are the capitalized terms defined in, within the Auntie Annes personal covenants?

According to Auntie Annes's 2024 Franchise Disclosure Document, the capitalized terms used but not defined in the Personal Covenants section are defined in the Franchise Agreement. Specifically, the Franchise Agreement is between Auntie Anne's Franchisor SPV LLC and the franchisee, identified by name, state of formation, and entity type.

This means that individuals signing the Personal Covenants, such as owners of an equity interest in the franchisee, must refer back to the Franchise Agreement for the precise meaning of any capitalized terms not explicitly defined within the Personal Covenants themselves. This ensures that all parties understand their obligations and rights under both the Personal Covenants and the broader Franchise Agreement.

For a prospective Auntie Annes franchisee, this highlights the importance of carefully reviewing and understanding the Franchise Agreement in its entirety. Since the Personal Covenants incorporate definitions from the Franchise Agreement, a thorough understanding of the latter is crucial for comprehending the former. Franchisees should pay close attention to the definitions of key terms in the Franchise Agreement to fully grasp their responsibilities and the implications of the Personal Covenants they are signing.