If a Chicken Guy Developer is a publicly-held entity as of the date of the first franchise-related agreement, to whom do the requirements of Section 8.C apply?

According to Chicken Guy's 2025 Franchise Disclosure Document, if the Developer was a publicly-held entity on the date of the first franchise-related agreement, the requirements of Section 8.C apply only to the Developer's Continuity Group. The FDD defines a publicly-held entity as one that has a class of securities traded on a recognized securities exchange or quoted on the inter-dealer quotation sheets known as the "pink sheets".

This means that for publicly-held Chicken Guy Developers, the obligations to maintain lists of owners and comply with Section 10 regarding changes in ownership interests are limited to the Continuity Group. The Continuity Group is defined in the attached Data Sheet and typically includes key individuals who Chicken Guy has designated as essential to the operation and management of the franchise.

If a Developer becomes a publicly-held entity after the date of the first franchise agreement, they are required to execute addenda to the attached Data Sheet only with respect to changes in ownership interests of members of the Continuity Group. This distinction is important because it provides some relief from administrative burdens for publicly-held entities, focusing compliance efforts on the key individuals within the Continuity Group rather than all shareholders.