For Face Foundrie, where can I find the list of principals for the Area Developer?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
If Area Developer is a corporation, limited liability company, or partnership, each owner of beneficial interest in Area Developer (each a "Principal"), and the interest of each Principal in Area Developer, shall be identified in Exhibit B to the Agreement. Area Developer shall maintain a list of all Principals and immediately furnish Franchisor with an update to the information contained in Exhibit B upon any change, which shall be made only in compliance with Section 7 above. As set forth in Section 5.2 above, the Operating Partner shall at all times have at least a twenty percent (20%) interest in Area Developer.
Source: Item 23 — RECEIPTS (FDD pages 74–257)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, the list of principals for the Area Developer can be found in Exhibit B to the Area Development Agreement. If the Area Developer is a corporation, limited liability company, or partnership, each owner of beneficial interest in the Area Developer, termed a "Principal", and their respective interest in the Area Developer, must be identified in this exhibit.
Face Foundrie requires the Area Developer to maintain an updated list of all Principals and promptly furnish the Franchisor with any changes to the information contained in Exhibit B. These changes must comply with Section 7 of the agreement. Additionally, the Operating Partner, who is responsible for the general oversight and management of the development of the franchised facial bars, must have at least a twenty percent (20%) interest in the Area Developer, as specified in Section 5.2.
Each Principal is also required to execute a guaranty, indemnification, and acknowledgment of the Area Developer's obligations under the Area Development Agreement, using the form attached as Exhibit C. This ensures that each Principal is individually bound by the obligations of the Area Developer. This requirement underscores the importance Face Foundrie places on ensuring that all individuals with a significant stake in the Area Developer are committed to fulfilling the agreement's terms.