How long after the Purchase Price has been determined does Hardees have to exercise its option to purchase the assets?

According to Hardees's 2025 Franchise Disclosure Document, Hardees has 10 days after the Purchase Price has been determined to exercise its option to purchase the assets of the franchise. Hardees must notify the franchisee in writing within this 10-day period to exercise this option. This notification is referred to as "HR's Purchase Notice."

Following HR's Purchase Notice, the closing of the purchase, where the Purchase Price is paid in cash or cash equivalents, must occur no later than 60 days after the date of HR's Purchase Notice. During the period between HR's Purchase Notice and the closing, the franchisee is obligated to continue operating the Hardees restaurant and maintain the assets in the usual and ordinary course of business, keeping all required insurance policies in full force.

Additionally, during this period, Hardees has the right to appoint a manager, at its own expense, to oversee the day-to-day operations of the restaurant. The franchisee is required to cooperate and instruct its employees to cooperate with the manager appointed by Hardees. Alternatively, Hardees may choose to have the franchisee close the restaurant during this period, without removing any assets. This entire process, from determining the purchase price to the final closing, has specific time constraints that both Hardees and the franchisee must adhere to, ensuring a structured and legally compliant transaction.