Who is considered an 'Owner' under the Itan area development agreement?

According to Itan's 2025 Franchise Disclosure Document, an 'Owner' is defined as someone meeting specific criteria related to the area development agreement and franchise agreements. This includes individuals who directly sign the area development agreement, either alone or with others. It also encompasses those who directly or indirectly own an equity interest in the Development Business or Developer Entity.

Furthermore, the definition extends to individuals who directly sign a Franchise Agreement as the franchisee, either individually or jointly with others. It also includes those who directly or indirectly own an equity interest in any affiliate that executes a Franchise Agreement, as authorized by a specific section (§7) of the agreement.

In practical terms, this definition is important because 'Owners' are subject to certain obligations and responsibilities under the area development agreement and related documents. For example, Owners may be required to sign a General Release in connection with a Transfer, and they make representations and warranties to Itan regarding the execution and performance of the agreement. Understanding who qualifies as an 'Owner' is crucial for anyone considering an Itan area development opportunity, as it clarifies who will be bound by the agreement's terms and conditions.