How does Bigfoot Forestry define a 'Person' in the context of the franchise agreement?

According to Bigfoot Forestry's 2025 Franchise Disclosure Document, the term 'Person' is specifically defined in relation to who is considered an 'Owner' within the context of the Area Development Agreement and Franchise Agreement.

Bigfoot Forestry defines an 'Owner' as a 'Person' who meets any of the following criteria: directly signing the Area Development Agreement as the developer, either alone or with others; directly or indirectly owning an Equity Interest in the Development Business or Developer Entity; directly signing a Franchise Agreement as the franchisee, either alone or with others; and/or directly or indirectly owning an Equity Interest in any affiliate that executes a Franchise Agreement. This definition is important because the rights and duties within the Franchise Agreement are considered personal to both the franchisee and their Owners.

This means that Bigfoot Forestry considers anyone with a significant ownership stake or direct involvement in the franchise agreement as an 'Owner,' holding them accountable to the terms and conditions outlined in the agreement. This definition ensures that all individuals with a vested interest in the franchise are bound by the agreement's stipulations, particularly regarding transfers and compliance. For example, any transfer of ownership (besides a 'Permitted Transfer') requires Bigfoot Forestry's approval, emphasizing the importance of the character, skills, and financial resources of those involved in the franchise.

For a prospective franchisee, this definition highlights the importance of understanding who Bigfoot Forestry considers an 'Owner' and the implications of that designation. It is crucial to disclose all individuals who meet the criteria of an 'Owner' to ensure compliance with the franchise agreement and to avoid potential breaches related to unauthorized transfers or non-compliance with the agreement's terms.