What documents might a Fat Shack franchisee have with FSI?

Franchisee shall, at Franchisee's expense, provide to FSI financial and accounting reports in the manner and form FSI requires, including:

FSI shall have the right to enter the Restaurant Location at all times to inspect Franchisee's operations and to require any changes to the premises of the Restaurant Location that in FSI's sole discretion are necessary to protect the Licensed Methods and Marks, including the removal of signs or other items that are not in accordance with the Licensed Methods or System. FSI shall have the right to interview customers, examine the Restaurant Location and to examine and copy Franchisee's books, records, and documents, including without limitation, the inventory, products, equipment, materials and supplies, to ensure compliance with all standards and specifications set by FSI.

Contemporaneously with the business entity acquiring the franchise rights, thereafter upon the issuance or transfer of any ownership interests in the business entity or the appointment or election of any person as director, officer, member or manager of the business entity, and at any other time requested by FSI, the shareholders, members, partners, other owners, directors, officers, managers (as applicable), and any other individuals as designated by FSI will execute the Guaranty and Assumption of Franchisee's Obligations attached hereto as Exhibit V and incorporated herein by reference, personally guaranteeing full payment and performance of Franchisee's obligations to FSI and individually undertaking to be bound, jointly and severally, by all the terms of this Agreement.

Franchisee must sign all documents of transfer as are necessary for purchase of the FAT SHACK Restaurant by FSI, which documents shall include all customary representations and warranties from Franchisee as to ownership, condition of and title to, the assets of the FAT SHACK Restaurant being transferred.

Franchisee and its owners further agree to sign general releases, in a form satisfactory to FSI, of any and all claims against FSI and its shareholders, member, managers, officers, directors, employees, agents, successors, and assigns; and

All copyrightable works created by Franchisee or any of its owners, officers or employees in connection with the FAT SHACK Restaurant shall be the sole property of FSI. Franchisee assigns all proprietary rights, including copyrights, in these works to FSI without additional consideration. Franchisee hereby assigns and will execute such additional assignments or documentation to effectuate the assignment of all intellectual property, inventions, copyrights and trade secrets developed in part or in whole in relation to the FAT SHACK Restaurant, during the term of this Agreement, as FSI may deem necessary in order to enable it, at its expense, to apply for, prosecute and obtain copyrights, patents or other proprietary rights in the United States and in foreign countries or in order to transfer to FSI all right, title, and interest in said property. Franchisee shall promptly disclose to FSI all inventions, discoveries, improvements, creations, patents, copyrights, trademarks and confidential information relating to the FAT SHACK Restaurant which it or any of its owners, officers or employees has made or may make solely, jointly or commonly with others and shall promptly create a written record of the same.

I/we have had an opportunity to consult with an independent professional advisor, such as an attorney or accountant, prior to signing any binding documents or paying any sums, and FSI has strongly recommended that I/we obtain such independent professional advice.

Each Subsequent Franchise Agreement to be executed by Franchisee for each FAT SHACK Restaurant to be developed hereunder shall be in the form of Franchise Agreement then generally being offered to franchisees by FSI, which may contain terms subsequently different then the terms of the Initial Franchise Agreement. Notwithstanding the foregoing, FSI agrees that it will not charge an Initial Franchise Fee to Franchisee which is greater than the amounts set forth in Section 2.1. above. Franchisee acknowledges that FSI has the right, however, to charge then current published rates for the required products, royalty percentages, advertising contributions and other fees, products and services offered to Franchisee.

Source: Item 23 — Receipts (FDD pages 53–223)