What is a 'General Release' and when is it required in the context of the Bigfoot Forestry Area Development Agreement?

According to Bigfoot Forestry's 2025 Franchise Disclosure Document, a 'General Release' is defined as the franchisor's current form of Waiver and Release of Claims. This release is required from both the franchisee and their Owners in connection with a Transfer as specified in section 7.2 of the Area Development Agreement.

In the context of the Bigfoot Forestry Area Development Agreement, a 'Transfer' refers to any direct or indirect, voluntary or involuntary, assignment, sale, conveyance, subdivision, sublicense, or other transfer or disposition. However, a 'Permitted Transfer' is an exception, which includes transfers between existing Owners, transfers to a new Developer Entity wholly owned and controlled by the existing Owners, or transfers of less than 20% of the Equity Interests in the Development Business or Developer Entity, provided the Managing Owner retains at least 20% ownership.

Therefore, if a Bigfoot Forestry franchisee seeks to transfer their rights or ownership in a way that is not considered a 'Permitted Transfer', they and their Owners will be required to sign the 'General Release' to finalize the transfer, ensuring that Bigfoot Forestry is protected from potential future claims related to the transferred interests.