OA + Overview: Kiowa feedback round 2 — agreed terms

- ROFR: buyer approval 'may not be unreasonably withheld'
- Investment window: 90 days from Opening Date (was 'at startup')
- Payment terms: objective tiers based on amount (not Holdings' discretion)
  Under 25k=lump, 25k-100k=Kiowa's choice, over 100k=12mo installments
- 7-year sunset: mandatory buyback expires at earlier of 10 trailers
  operational OR 7 years from formation date
- Overview updated to match all OA changes

businesses/sns-hospitality-group/docs/hospitality-group-overview.html

@@ -183,7 +183,7 @@
 
   <div class="callout callout-warn">
     <b>Kiowa's guaranteed path:</b> 15% through service equity (no capital required).<br>
-    <b>Her optional upside:</b> Up to 10% additional — earned proportionally by investing working capital at startup per venture. The more she puts in toward startup costs, the more she earns (capped at 10%). Must invest at or before the Opening Date — no retroactive buy-in.
+    <b>Her optional upside:</b> Up to 10% additional — earned proportionally by investing working capital per venture. The more she puts in toward startup costs, the more she earns (capped at 10%). Must invest within 90 days of the Opening Date — after that, the tranche opens to other investors.
   </div>
 
   <h3>Investment Equity Example (per venture)</h3>
@@ -214,39 +214,55 @@
   <h2>Mandatory Buyback — Departure Before Completion</h2>
 
   <div class="callout callout-warn">
-    <b>If Kiowa leaves, becomes inactive, or fails to add material value at any point before all 10 trailers are operational</b> — she is required to sell her vested interest back to Holdings.
+    <b>If Kiowa departs before all 10 Daily Pour trailers are operational</b> — she is
+    required to sell her vested interest back to Holdings. The buyback price depends on
+    how she leaves. <b>These provisions expire upon the earlier of: (a) all 10 Daily Pour
+    trailers achieving operational status, or (b) 7 years from the Formation Date of the
+    Company, whichever comes first.</b>
   </div>
 
   <table>
-    <tr><th>Term</th><th>Detail</th></tr>
+    <tr><th>Departure Type</th><th>Buyback Price</th></tr>
-    <tr><td>Buyback price</td><td><b>50% of current fair market value</b> of her interest</td></tr>
+    <tr><td><b>Good standing + 90-day transition</b></td><td><b>100% of FMV</b></td></tr>
-    <tr><td>FMV definition</td><td>Net asset value (assets − liabilities) × her ownership %. Per most recent quarterly books, or independent valuation if disputed.</td></tr>
+    <tr><td><b>Good standing, immediate departure</b></td><td><b>75% of FMV</b></td></tr>
-    <tr><td>Mandatory?</td><td>Yes — she cannot retain passive ownership before the 10-trailer milestone</td></tr>
+    <tr><td><b>Abandonment</b> (30+ days unresponsive)</td><td><b>50% of FMV</b></td></tr>
-    <tr><td>Payment terms</td><td>Lump sum within 90 days, or 12-month installment plan at Sam's election</td></tr>
+    <tr><td><b>For Cause</b> (fraud/theft/intentional misconduct)</td><td><b>$0 — full forfeiture</b></td></tr>
-    <tr><td>Unvested portion</td><td>Forfeited automatically — reverts to Holdings at no cost</td></tr>
   </table>
 
+  <p><b>FMV definition:</b> Net asset value (assets − liabilities) × Kiowa's vested ownership %. Per most recent quarterly books, or independent valuation if disputed.</p>
+
+  <p><b>Payment terms (objective, based on amount):</b></p>
+  <ul>
+    <li>Under $25,000 → lump sum within 90 days</li>
+    <li>$25,000–$100,000 → lump sum within 90 days OR 6-month installments, at Kiowa's election</li>
+    <li>Over $100,000 → 12-month installment plan (either party may request)</li>
+  </ul>
+
+  <p><b>Unvested portion:</b> Forfeited automatically — reverts to Holdings at no cost.</p>
+
   <h3>Trigger Events</h3>
   <ul>
     <li>Voluntary resignation from operational role</li>
-    <li>Failure to perform duties for 30+ consecutive days without approved leave</li>
+    <li>Failure to fulfill outcome-based responsibilities after written notice + 30-day cure period</li>
-    <li>Removal for cause (fraud, theft, gross negligence, breach of NDA)</li>
+    <li>Removal for cause (fraud, theft, intentional misconduct — see Forfeiture)</li>
     <li>Mutual written agreement to part ways</li>
   </ul>
 
-  <h3>What "Fails to Add Value" Means (Objective Triggers)</h3>
+  <h3>Performance Standards (Outcome-Based, No Hourly Tracking)</h3>
   <ul>
-    <li>Locations going unstaffed or closing due to Kiowa's inaction</li>
+    <li>All permits and licenses are current (no lapses)</li>
-    <li>Permits/licenses lapsing due to missed renewals she was responsible for</li>
+    <li>All operational locations are staffed and open per schedule</li>
-    <li>Failure to actively manage at least 3 days/week across operational locations</li>
+    <li>Quarterly financial reports delivered within 30 days of quarter-end</li>
-    <li>Consecutive quarterly revenue decline across her managed locations without a documented recovery plan</li>
+    <li>Expansion milestones progressing per the agreed growth plan</li>
+    <li>SOPs documented and maintained for each venture</li>
   </ul>
+  <p><b>Process if not meeting outcomes:</b> Written notice → 30-day cure → mediation → binding arbitration. No buyback without completing this process.</p>
 
   <!-- POST-COMPLETION -->
   <h2>After 10 Trailers Are Complete</h2>
 
   <div class="callout callout-success">
-    <b>The mandatory buyback expires.</b> The fleet is built. The deal is honored.
+    <b>The mandatory buyback expires</b> upon the earlier of: (a) all 10 trailers operational, or (b) 7 years from Formation Date. The fleet is built (or the time has passed). The deal is honored.
   </div>
 
   <h3>If She Keeps Working</h3>
@@ -281,8 +297,8 @@
     <tr><td><b>Forfeiture for Cause</b> (fraud/theft/intentional misconduct)</td><td>ALL equity forfeited. $0. Permanent removal.</td></tr>
     <tr><td>Stays through 10 trailers, <b>keeps working</b></td><td>Full equity, full distributions, full management authority.</td></tr>
     <tr><td>Stays through 10 trailers, <b>stops working</b></td><td>Keeps equity (passive), loses management authority, accepts dilution from replacement hire.</td></tr>
-    <tr><td>Stays through 10 trailers, <b>wants to sell (all ventures excelling)</b></td><td>Holdings buys at <b>100% FMV</b>. Must approve any third-party buyer.</td></tr>
+    <tr><td>Stays through 10 trailers, <b>wants to sell (all ventures excelling)</b></td><td>Holdings buys at <b>100% FMV</b>. Must approve any third-party buyer (may not be unreasonably withheld).</td></tr>
-    <tr><td>Stays through 10 trailers, <b>wants to sell (any venture declining)</b></td><td>Holdings buys at <b>85% FMV</b>. Must approve any third-party buyer.</td></tr>
+    <tr><td>Stays through 10 trailers, <b>wants to sell (any venture declining)</b></td><td>Holdings buys at <b>85% FMV</b>. Must approve any third-party buyer (may not be unreasonably withheld).</td></tr>
   </table>
 
   <!-- GROWTH PLAN -->

businesses/sns-hospitality-group/docs/kiowa-partnership-agreement.html

@@ -241,7 +241,8 @@
   </table>
 
   <ul>
-    <li><b>Timing:</b> Investment must be made <b>at startup</b> (before or at the Opening Date). No retroactive buy-in after operations begin.</li>
+    <li><b>Timing:</b> Investment must be made within <b>90 days of the Opening Date</b>. No retroactive buy-in after this window closes.</li>
+    <li><b>After 90 days:</b> If Kiowa has not invested (or has not filled the full 10%), the remaining tranche opens to third-party investors at Holdings' discretion.</li>
     <li><b>Per venture:</b> Each trailer/venture has its own startup cost and its own investment opportunity. Investing in T-00 does not carry over to T-01.</li>
     <li><b>Cap:</b> Investment equity is capped at 10% regardless of how much Kiowa contributes — she cannot buy more than 10% per venture.</li>
     <li><b>Vests immediately:</b> Investment equity vests on the date funds are received by the Company. No time-based vesting.</li>
@@ -267,7 +268,9 @@
   <div class="callout callout-warn">
     <b>If Kiowa departs before all 10 Daily Pour trailers are operational</b> — she is
     required to sell her vested interest back to Holdings. The buyback price depends on
-    how she leaves.
+    how she leaves. <b>These provisions expire upon the earlier of: (a) all 10 Daily Pour
+    trailers achieving operational status, or (b) 7 years from the Formation Date of the
+    Company, whichever comes first.</b>
   </div>
 
   <h3>7.1 Tiered Buyback Pricing</h3>
@@ -281,8 +284,12 @@
   <p><b>FMV definition:</b> Net asset value (total assets − total liabilities) × Kiowa's
   vested ownership percentage, as determined by the Company's most recent quarterly books.
   If disputed, an independent third-party valuation at shared cost.</p>
-  <p><b>Payment terms:</b> Lump sum within 90 days of the departure date, or a 12-month
+  <p><b>Payment terms:</b></p>
-  installment plan at Holdings' election.</p>
+  <ul>
+    <li>Buyback amount <b>under $25,000</b> → lump sum within 90 days</li>
+    <li>Buyback amount <b>$25,000–$100,000</b> → lump sum within 90 days OR 6-month installment plan, at <b>Kiowa's election</b></li>
+    <li>Buyback amount <b>over $100,000</b> → 12-month installment plan (either party may request)</li>
+  </ul>
   <p><b>Unvested portion:</b> Any unvested equity at the time of departure is forfeited
   automatically — reverts to Holdings at no cost, regardless of departure type.</p>
 
@@ -385,7 +392,7 @@
     <tr><td>Price (good standing, all ventures excelling)</td><td><b>100% of FMV</b> — Holdings matches fair market value when all businesses are performing and the departure is amicable</td></tr>
     <tr><td>Price (if any venture is declining)</td><td><b>85% of FMV</b> — reduced to reflect transition risk when performance is mixed</td></tr>
     <tr><td>Decision window</td><td>60 days from written notice</td></tr>
-    <tr><td>If Holdings passes</td><td>Kiowa may sell to a third party — but the buyer must be <b>approved by Holdings</b>. No sale to any party Holdings does not consent to.</td></tr>
+    <tr><td>If Holdings passes</td><td>Kiowa may sell to a third party — but the buyer must be <b>approved by Holdings</b>. Approval may not be unreasonably withheld. No sale to any party Holdings does not consent to.</td></tr>
     <tr><td>Third-party price floor</td><td>Kiowa cannot sell to a third party at a price lower than what Holdings was offered</td></tr>
     <tr><td>Partial sales</td><td>Same terms apply — Holdings' ROFR covers partial sales too</td></tr>
   </table>