What legend must each Security bear regarding Transfers for the Goldfish Swim School Developer?

According to the 2025 Goldfish Swim School Franchise Disclosure Document, each Security issued after the date of the agreement must comply with Section 7.A.(7). The Developer must not remove or allow removal from any Security or its partnership agreement, or issue any Security that does not have the legend described in Section 7.A.(7) endorsed upon it.

This requirement ensures that any transfer of ownership or equity in the Goldfish Swim School franchise adheres to the franchisor's stipulations. By mandating a specific legend on all securities, Goldfish Swim School maintains control over who becomes an owner or equity holder in the franchise, safeguarding their interests and brand standards.

Prospective franchisees should carefully review Section 7.A.(7) of the Franchise Agreement to fully understand the specific wording of the required legend and the implications for any future transfers of ownership or equity. This is a standard practice in franchising, allowing the franchisor to approve potential new owners and maintain consistency across the franchise system.