When does the Pearce Bespoke Development Agreement expire, assuming it is not terminated earlier?

According to Pearce Bespoke's 2025 Franchise Disclosure Document, the Development Agreement's term and expiration are determined by the Development Schedule. Specifically, the agreement expires at midnight on the last Opening Deadline date listed on the Development Schedule. However, the agreement can be terminated earlier as provided in other sections of the agreement.

For a prospective Pearce Bespoke franchisee, this means the length of the Development Agreement is directly tied to the schedule for opening new locations. The franchisee needs to carefully review the Development Schedule (Exhibit A) to understand the specific deadlines for opening each location within their Development Area. Failure to meet these deadlines, as stated in Section 6.1, can lead to an Event of Default and potential termination of the agreement by Pearce Bespoke.

It is important to note that the expiration date is not a fixed term (e.g., 10 years from signing), but rather dependent on adherence to the Development Schedule. This places a significant responsibility on the franchisee to manage their development timeline effectively. The franchisee should also be aware of the conditions under which Pearce Bespoke can terminate the agreement early, as outlined in Section 6, which include failing to meet opening deadlines or breaching any other provision of the agreement.