Under what conditions is ownership of securities NOT considered an 'Equity Interest' for a Bumper Man franchise?

Based on the 2025 Bumper Man Franchise Disclosure Document, the provided excerpts do not specify conditions under which ownership of securities would NOT be considered an 'Equity Interest.' The document does define 'Equity Interest' in the context of transferring ownership and control of the franchise. It states that any transfer of an Equity Interest in the Franchisee requires a transfer of the Franchise Agreement. The FDD also mentions that the Operating Principal must own at least 51% Equity Interest in the Franchisee. However, it does not provide explicit scenarios where securities ownership would be excluded from being considered an Equity Interest.

Given the lack of specific exclusions, a prospective Bumper Man franchisee should seek clarification from the franchisor regarding what specific types of securities ownership, if any, would not be classified as an Equity Interest. This is important for understanding the scope of restrictions on transferring ownership or control of the franchise.

Without further details, it is unclear if certain types of securities, such as non-voting shares or limited partnership interests, might be treated differently. Therefore, direct communication with Bumper Man is essential to fully understand the implications for ownership and potential transfer scenarios.