For Jersey Mikes, how is a 'Business Day' defined in the context of the franchise agreement?

According to Jersey Mike's 2025 Franchise Disclosure Document, a 'Business Day' is specifically defined within the franchise agreement. This definition is important because several clauses within the agreement may have deadlines or time-sensitive actions that are measured in 'Business Days,' impacting the franchisee's obligations and rights. Understanding this definition ensures that franchisees correctly calculate deadlines and comply with the agreement's terms.

For a Jersey Mike's franchisee, a 'Business Day' excludes Saturdays, Sundays, and any other day when commercial banks in Manasquan, New Jersey are closed by law. It also excludes days when Jersey Mike's principal office is closed for business. This means that if a franchisee has a task to complete within a certain number of business days, they need to account for these exclusions, potentially extending the actual time they have to meet the obligation.

For example, if a franchisee intends to transfer their ownership interest and must notify Jersey Mike's 90 days prior to the proposed transfer, as stated in Item 22, the 90 days are 'Business Days'. This could translate to more than 90 calendar days, depending on the number of weekend days and bank holidays that occur within that period. Franchisees should consult a calendar and be aware of bank holidays and any closures of Jersey Mike's principal office to accurately determine deadlines.