Who are considered 'Franchisee Affiliates' in the Floyds 99 General Release?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT K (TO DISCLOSURE DOCUMENT)
GENERAL RELEASE
THIS GENERAL RELEASE ("Release") is made effective as of the day of, 20 by ("Franchisee") in favor of FLOYD'S 99 FRANCHISING, LLC, a Colorado limited liability company ("Franchisor") (collectively referred to as "Parties"). The Parties have entered into that certain Franchise Agreement dated ("Franchise Agreement") which governs the development and operation of a FLOYD'S 99 Barbershop ("FLOYD'S 99 Shop" or "Barbershop") (to the extent not otherwise defined herein, all initial-capitalized references shall have the same meaning as set forth in the Franchise Agreement). The Franchisee desires to transfer the Franchise Agreement, the ownership of the Franchisee, or the FLOYD'S 99 Shops or some or all of the assets of the Barbershop.
OR
The Franchisee desires to enter into a successor to the Franchise Agreement.
The Franchisor desires to consent to the Franchisee's request subject to the Franchisee's compliance with the terms and conditions set forth in the Franchise Agreement including, without limitation, the execution and delivery by the Franchisee to the Franchisor of this Release.
NOW, THEREFORE, in consideration of the foregoing, the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties hereby agree as follows:
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
Based on the 2025 Floyds 99 Franchise Disclosure Document, Exhibit K outlines the 'General Release' terms. This release is made effective as of a specific date in 20--, and involves both the 'Franchisee' and 'Floyd's 99 Franchising, LLC,' referred to as the 'Franchisor.' The document specifies that both parties are collectively referred to as 'Parties.'
The General Release is relevant when a franchisee seeks to transfer their Franchise Agreement, ownership of the franchisee entity, or the Floyds 99 Shops, or some or all of the assets of the Barbershop. It also applies when the franchisee wants to enter into a successor agreement to the existing Franchise Agreement.
In these scenarios, Floyds 99 requires the franchisee to execute and deliver the General Release as a condition of the franchisor's consent to the franchisee's request. The release is part of ensuring compliance with the terms and conditions set forth in the Franchise Agreement. The document does not define 'Franchisee Affiliates'.