What is the role of the 'Owners' in the Asset Purchase Agreement related to a Beverly Anns Cookie franchise?

According to the 2025 Beverly Anns Cookie Franchise Disclosure Document, the role of 'Owners' is defined within the context of a sample Waiver and Release of Claims, not an Asset Purchase Agreement. The document includes a "SAMPLE ASSET PURCHASE AGREEMENT" as Exhibit H-10, but does not detail the role of the 'Owners' in that agreement. Instead, Exhibit H-1 provides a "SAMPLE WAIVER AND RELEASE OF CLAIMS" which includes "each of the undersigned individuals holding an ownership interest in Franchisee ('Owner(s),') and (collectively with Franchisee, 'Releasors')."

In this context, the 'Owners' are individuals who hold an ownership interest in the franchisee entity. They are collectively referred to as "Releasors" along with the franchisee itself. This indicates that, along with the franchisee, the owners are releasing claims against Beverly Anns Cookie under certain conditions. These conditions arise when the franchisee seeks to transfer the Franchise Agreement, enter into a successor agreement, amend the existing agreement, or terminate the agreement.

This inclusion of owners in the release suggests that Beverly Anns Cookie seeks to ensure that not only the franchisee entity but also the individuals with a stake in the franchise waive any potential claims they might have. This is a common practice in franchise systems to prevent future legal disputes arising from past franchise operations or the transfer/termination of the franchise agreement. A prospective franchisee should seek legal counsel to fully understand the implications of signing such a waiver and release, particularly concerning their rights and obligations as owners.