Who is considered an 'Owner' under the Bigfoot Forestry area development agreement?

According to Bigfoot Forestry's 2025 Franchise Disclosure Document, an 'Owner' is defined within the context of the Area Development Agreement. This definition is important because the rights and duties under the agreement are personal to both the franchisee and their Owners, impacting transferability and compliance.

Specifically, the document states that an 'Owner' includes anyone who directly signs the Area Development Agreement as the area developer, either individually or with others. It also encompasses individuals or entities that directly or indirectly own an equity interest in the Development Business or Developer Entity. Furthermore, someone who directly signs a Franchise Agreement as the franchisee, alone or with others, is considered an 'Owner'. Finally, any person or entity that directly or indirectly owns an equity interest in any affiliate that executes a Franchise Agreement, as authorized by section 6 of the agreement, also falls under the definition of 'Owner'.

This broad definition ensures that all individuals with a significant stake or direct involvement in the Bigfoot Forestry franchise development are bound by the terms of the Area Development Agreement. This has implications for transfers, as any transfer of rights requires franchisor approval, which will not be unreasonably withheld if certain conditions are met, including the transferee meeting business experience and financial resource criteria. All Owners must also sign a General Release in connection with a Transfer.