For Itan, if a person signs the area development agreement, are they considered an 'Owner'?

According to Itan's 2025 Franchise Disclosure Document, a person who signs the Area Development Agreement can be considered an 'Owner.'

The FDD defines 'Owner' as a person who meets any of the following criteria: (a) the person directly signs the Area Development Agreement as the area developer, either alone or with others; (b) the person directly or indirectly owns an equity interest in the Development Business or Developer Entity; (c) the person directly signs a Franchise Agreement as the franchisee, either alone or with others; and/or (d) the person directly or indirectly owns an equity interest in any affiliate that executes a Franchise Agreement as authorized by §7.

This definition is important for prospective Itan area developers because it clarifies who is bound by the terms of the Area Development Agreement and related obligations. It extends beyond just the entity signing the agreement to include individuals with equity interests. This has implications for transfers, as the FDD states that the rights and duties are personal to the franchisee and the Owners. It also affects matters such as compliance with brand protection covenants and representations made to Itan.