For Hardees, what is the maximum vesting period for time vesting Class C Units from the date of grant?

According to Hardees's 2025 Franchise Disclosure Document, the maximum vesting period for time vesting Class C Units is five years from the date of grant. These Class C Units are profit-sharing interests in CKE Holdings LP, Hardees's sole stockholder. The units vest in various installments as specified in individual grant agreements.

These Class C Units are part of Hardees's share-based compensation arrangements. They provide holders with a profit-sharing interest in the Partnership, as defined in the partnership agreement and individual grant agreements. It's important to note that there are no income tax benefits associated with these Class B or Class C Units.

For a prospective Hardees franchisee, understanding the terms and conditions of these Class C Units is crucial if they are part of any compensation or incentive package. The vesting schedule, which can be up to five years, determines when the franchisee can fully realize the benefits of these units. Franchisees should review their individual grant agreements carefully to understand the specific vesting terms that apply to them.