What is the Crave 'Minimum Performance Schedule' defined as?

According to Crave's 2025 Franchise Disclosure Document, the Minimum Performance Schedule outlines the multi-unit developer's obligation to establish and operate Crave outlets, pursuant to a Franchise Agreement for each Franchised Business. The schedule includes the minimum cumulative number of Franchise Agreements for Franchised Businesses to be located and operating within the Development Area. The Minimum Performance Schedule is considered complete, and the Multi-Unit Development Agreement expires, upon the opening of the final Franchised Business to be developed under the agreement.

This schedule is detailed in Attachment 1 of the Multi-Unit Development Agreement and is a critical component of the agreement. The agreement grants the developer certain rights to establish and operate a specific number of Franchised Businesses within a defined Development Area, as described in Attachment 2. Crave will not establish or franchise anyone else to establish a dedicated Crave outlet in the Development Area during the agreement's term, provided the developer is not in default and complies with the Minimum Performance Schedule.

The timely development of Franchised Businesses according to the Minimum Performance Schedule is of material importance to both Crave and the developer. As a condition of maintaining the granted rights, the developer must develop and open Franchised Businesses within the Development Area according to the schedule, operate them under the terms of the Franchise Agreements, and maintain continuous operation. However, Crave's failure to act diligently on a request for approval that causes a material delay in meeting the Minimum Performance Schedule will not constitute a default by the developer. Additionally, a failure or delay due to a Force Majeure event, such as natural disasters or war, will not be considered a default, but this exception does not include a lack of financing.