Is Ledgers subject to any order from a national securities association suspending membership?

According to Ledgers' 2025 Franchise Disclosure Document, neither the franchisor nor any person or franchise broker in Item 2 is subject to any currently effective order of any national securities association or national securities exchange, as defined in the Securities Exchange Act of 1934, suspending or expelling such persons from membership in such association or exchange. This indicates that Ledgers and its associated parties are in good standing with national securities associations and exchanges, meaning they have not been sanctioned or prohibited from membership.

For a prospective franchisee, this information is reassuring as it suggests that Ledgers has not faced disciplinary actions related to securities regulations. This can be seen as a positive indicator of the company's ethical and legal compliance. It is important for potential franchisees to review Item 2 of the FDD to understand who the associated persons and franchise brokers are, as this statement applies to them as well.

This clause provides a level of security for franchisees, confirming that Ledgers and its key personnel have not been barred from participating in securities-related activities. This can contribute to a franchisee's confidence in the stability and integrity of the franchise system. Franchisees should still conduct their own due diligence and consult with legal counsel to fully assess the risks and benefits of investing in a Ledgers franchise.