For a Beehive Homes franchise, what is the definition of 'Equity Owner' in the context of transfer provisions?

According to Beehive Homes' 2025 Franchise Disclosure Document, an "Equity Owner" is defined as the direct or indirect owner of any Equity Interest in the context of transfer provisions. An "Equity Interest" is further defined as any direct or indirect legal or beneficial interest in the Franchise, the Home, or the Franchise Agreement itself.

This definition is important because the FDD outlines specific conditions and restrictions on transferring equity interests. For instance, Beehive Homes' consent is required for certain transfers, and the franchisor also outlines permitted transfers, such as those to immediate family members, provided they don't result in a change of control and that the transferring equity owner is not relieved of their obligations.

Furthermore, the FDD specifies that if the franchisee is a corporation or other legal entity, its Equity Owners are subject to certain transfer provisions. For example, Equity Owners may transfer an Equity Interest to an Immediate Family Member, another Equity Owner, or an Immediate Family Member of another Equity Owner, provided that such transfer does not relieve the transferring Equity Owner of any obligations under the Franchise Agreement or Equity Owner's Guarantee and Assumption of Obligations of this Agreement. Understanding who qualifies as an Equity Owner is therefore crucial for compliance with Beehive Homes' transfer policies.