For a Hardees Developer that is a business entity, what specific details about equity interest holders are required, according to the table?

According to Hardees' 2025 Franchise Disclosure Document, if the Developer is a business entity, they must provide Hardees with a list of all individuals or entities holding a direct or indirect equity interest in the Developer company, along with their respective percentage interests. This information is initially provided in Appendix C of the Development Agreement.

This requirement ensures that Hardees knows who owns and controls the Developer entity. Hardees needs to be aware of any changes in ownership and maintain an updated record of equity holders and their percentage interests. The Developer is obligated to update Appendix C as changes occur to ensure the information remains accurate and complete.

However, there is an exception to this rule for publicly-held entities. If the Developer was a publicly-held entity on the date of the first franchise-related agreement with Hardees, the requirement to update Appendix C applies only to changes in the ownership interests of members of the Continuity Group, as defined in the Development Agreement. If the Developer becomes a publicly-held entity after that date, it is only required to update Appendix C with respect to changes in ownership interests of members of the Continuity Group.