According to Benihana's 2024 Franchise Disclosure Document, a franchisee has the option to acquire a new franchise agreement, called a "Successor Franchise Agreement," to continue operating the restaurant at its location for a term length that is standard at the time of the franchise term's expiration.

To be eligible for a Successor Franchise Agreement, a Benihana franchisee must fulfill several requirements. First, the franchisee must not be in default, nor have been in default within the 24 months before the expiration of the current agreement, regarding any obligation under the existing Franchise Agreement. The franchisee must also have completed or contracted for any required remodeling of the restaurant.

Additionally, the franchisee must submit a written application for a Successor Franchise Agreement at least 365 days before the current Franchise Term expires. They must also sign and return the Successor Franchise Agreement for final approval and execution at least 30 days before the Franchise Term's expiration. The franchisee must meet all of Benihana's then-current legal, financial, and operational standards applicable to new franchisees, as well as the current operating standards for the Benihana system.

Finally, the franchisee needs to provide all other reasonably requested information and documentation, pay an administrative fee equal to 20% of the then-current Franchise Fee, and sign a general release of all existing claims against Benihana and its affiliates. These conditions ensure that franchisees seeking to renew their agreement are in good standing, meet current brand standards, and resolve any outstanding issues before entering into a new franchise term.