What happens if the Managing Owner of a Bojangles franchise is unable or unwilling to continue their obligations?

• C. Franchisee shall designate an individual to serve as Franchisee's "Managing Owner", subject to the following conditions:
• (1) The Managing Owner shall own a majority equity interest in Franchisee during the entire period s/he serves as Managing Owner. If Franchisee does not have an owner with a majority equity interest, the Managing Owner shall own the next highest percentage equity interest in Franchisee during the entire period s/he serves as Managing Owner;
• (2) The Managing Owner will be the person with whom Franchisor will communicate and will have the authority to bind Franchisee with respect to all financial, operational and legal matters related to the Franchised Business and this Agreement. The Managing Owner may also serve as Franchisee's Designated Operator as defined below provided that the Managing Owner meets the criteria for both positions independently;
• (3) The Managing Owner must attend and successfully complete, to Franchisor's satisfaction, the initial training program offered by Franchisor;
• (4) The Managing Owner shall execute this Agreement, and shall be individually bound by all obligations of Franchisee hereunder;
• (5) No person shall become a Managing Owner unless approved by Franchisor; and
• (6) The Managing Owner as of the Effective Date is identified on Exhibit A. If the Managing Owner is unable, or elects not, to continue to meet his/her obligations hereunder, or if, in Franchisor's sole discretion, the Managing Owner no longer qualifies to act as such, Franchisee shall promptly designate another Managing Owner subject to the same conditions and qualifications listed above. Franchisee's replacement Managing Owner must successfully

complete Franchisor's initial training program within one hundred eighty (180) days after being appointed as Franchisee's Managing Owner.

Source: Item 23 — RECEIPTS (FDD pages 82–573)