Under what condition might Checkers waive the requirement that each Owner be an individual acting in his individual capacity?

According to Checkers' 2025 Franchise Disclosure Document, in the context of transferring development rights, Checkers may approve a transfer to a transferee that is not an individual acting in their individual capacity if certain conditions are met. Specifically, Checkers will assess the proposed transferee and its owners (if the proposed transferee is a corporation, partnership, limited liability company or other legal entity).

To gain approval, the proposed transferee must provide Checkers with all requested information on a timely basis. The individuals involved must be of good character and reputation, possess sufficient business and development experience, aptitude, and financial resources to develop Checkers restaurants, and otherwise meet Checkers' approval.

However, Checkers will not approve a transfer to an entity, or an entity affiliated with one, that is required to comply with the reporting and information requirements of the Securities Exchange Act of 1934, as amended. This suggests that Checkers prefers to work with smaller, privately held entities or individuals rather than large, publicly traded corporations, likely due to the increased complexity and regulatory burden associated with the latter.