What is considered a 'Missed Deadline' under the Face Foundrie Area Developer Agreement?

According to the 2025 Face Foundrie Franchise Disclosure Document, a 'Missed Deadline' under the Area Developer Agreement occurs when the Area Developer fails to meet a deadline outlined in the Development Schedule. The Development Schedule, as specified in Paragraph 1 of Exhibit A of the Area Development Agreement, sets the timelines for executing Franchise Agreements for each Face Foundrie Facial Bar to be developed.

Missing a deadline constitutes a default under the Area Development Agreement, which can lead to significant repercussions. Face Foundrie has the discretion to either terminate the agreement and all associated rights or take alternative actions as described in Section 6.5 of the agreement. This could include imposing penalties or requiring the Area Developer to take specific corrective measures.

Prospective Area Developers should carefully review Exhibit A and understand the Development Schedule to ensure they can meet the specified deadlines. Failure to do so could result in the loss of development rights and any area development fees already paid to Face Foundrie. This highlights the importance of thorough planning and resource allocation to adhere to the agreed-upon development timelines.