# EDGAR Filing Document

**Accession Number:** 0001195734
**File Stem:** 0001193125-25-201409
**Filing Date:** 2025-9
**Character Count:** 23706
**Document Hash:** b8ddcda91381f7f313bf8de9a5625139
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-201409.hdr.sgml**: 20250911

**ACCESSION NUMBER**: 0001193125-25-201409

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250911

**DATE AS OF CHANGE**: 20250911

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTBELLY CORP
- **CENTRAL INDEX KEY:** 0001195734
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364466837
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87909
- **FILM NUMBER:** 251309232

**BUSINESS ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3129510600

**MAIL ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POTBELLY CORP
- **CENTRAL INDEX KEY:** 0001195734
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 364466837
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3129510600

**MAIL ADDRESS:**
- **STREET 1:** 680 NORTH LAKE SHORE DR.
- **STREET 2:** SUITE 110 #100
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**Solicitation/Recommendation Statement** 

**Under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## Potbelly Corporation
**(Name of Subject Company)** 

**(Name of Person Filing Statement)** 

**Common Stock, $0.01 par value per share** 

**(Title of Class of Securities)** 

**73754Y100** 

**(CUSIP Number of Class of Securities)** 

**Adiya Dixon** 

**Senior Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary** 

**Potbelly Corporation** 

**500 W Madison St. Suite 1000** 

**Chicago, Illinois 60661** 

**(312) 951-0600** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications** 

**on Behalf of the Person Filing Statement)** 

***With copies to:***

**Robert M. Hayward, P.C.** 

**Ashley Sinclair** 

**Kirkland & Ellis LLP** 

**333 West Wolf Point Plaza** 

**Chicago, IL 60654** 

**(312) 862-2000** 

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer.

------

This Schedule 14D-9 filing consists of a communication relating to the proposed acquisition of Potbelly Corporation, a Delaware corporation (the "<u>Company</u>"), by RaceTrac, Inc., a Georgia corporation ("<u>RaceTrac</u>"), pursuant to the terms and subject to the conditions of an Agreement and Plan of Merger, dated as of September 9, 2025 (the "<u>Merger Agreement</u>"), by and among the Company, RaceTrac and Hero Sub Inc., a Delaware corporation and a wholly owned subsidiary of RaceTrac (the "<u>Merger Sub</u>"). Pursuant to the Merger Agreement, upon the terms and subject to the conditions thereof, Merger Sub will commence a tender offer (the "<u>Offer</u>") to purchase all of the shares of common stock of the Company, par value $0.01 per share, issued and outstanding (the "<u>Shares</u>"), at a price of $17.12 per Share in cash, without interest thereon (but subject to applicable withholding). If successful, the Offer will be followed by a merger of Merger Sub with and into the Company (the "<u>Merger</u>") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, with the Company continuing as the surviving corporation in the Merger.

This Schedule 14D-9 filing consists of the following document relating to the proposed Offer and the Merger:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employee communication posted to the Company's intranet on September 11, 2025.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The Offer described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac and Merger Sub will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of the Company common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

------

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>, and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u>.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by the Merger Agreement, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the Merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain

------

relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.

------

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | [Employee communication posted to the Company's intranet on September 11, 2025.](d80635dex991.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**![LOGO](g80635dsp06.jpg)

![LOGO](g80635g0911084317320.jpg)

![LOGO](g80635g0911084317545.jpg)

**We are excited to share that, as of September 10<sup>th</sup>, 2025, Potbelly has entered into an agreement to be acquired by RaceTrac, one of the largest private companies and convenience retailers in the United States.** 

This acquisition will not change who we are as a brand. Through this transaction, we believe we will have more opportunities to accelerate our growth plans while deepening our focus on delivering delicious food and great customer experiences in every shop.

------

For those unfamiliar with RaceTrac, it operates more than 800 convenience stores across 14 states under the RaceTrac and RaceWay brands. It also fuels consumers through approximately 1,200 Gulf locations across the US and Puerto Rico. As a family-owned business since 1934, we believe RaceTrac's vast resources and proven history of success will open the door to new opportunities for both our team members and franchise partners.

Over the last several years, we've built a strong foundation and generated tremendous momentum, positioning Potbelly for a moment like this. We've proven our ability to successfully grow into new neighborhoods, and today we are well on our way to achieving our long-term goal of reaching 2,000 shops. RaceTrac recognizes Potbelly's potential and believes in the opportunity to realize significant expansion through our strategic franchising model. Most importantly, they share our **commitment to quality and operational excellence** – and their vision to make people's lives simpler and more enjoyable aligns perfectly with our own **mission to delight customers with great food and good vibes**.

As we enter this exciting next chapter, Potbelly has the potential to reach new heights. As a subsidiary of such a large and successful private company, we can focus on what we do best – innovating with intention, operating with purpose, and delivering the exceptional experience that defines Potbelly and keeps customers coming back. We anticipate the transaction to close in the fourth quarter of this year, at which point we will no longer be a publicly traded company.

For now, it's **very important to note** that we are still a public company while the potential transaction goes through a customary closing process, subject to the satisfaction of customary closing conditions. During this transition period, we ask that you refrain from commenting on this news externally, including to investors and members of the press. If you do receive any questions from external parties, we ask that you please direct them to **<u>PotbellyPR@icrinc.com</u>**.

As we move forward, we will keep you posted on next steps, but unless directly notified by your leader, there will be **no changes to your day-to-day work**. It's still business as usual at Potbelly, and we need to focus on serving our customers with passion and craveable food as we always do.

Thank you for the passion and dedication you all bring to work every day. This is truly an exciting opportunity for this incredible brand. The future is bright at Potbelly!

------

![LOGO](g80635dsp3.jpg)

**Do you have questions not answered above? Please reach out to us at <u>Potbelly.Communications@potbelly.com</u>**.

**<u>Additional Information about the Tender Offer and Where to Find It</u>**

The tender offer (the "<u>Offer</u>") described above has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the Offer materials that RaceTrac, Inc. ("<u>RaceTrac</u>") and Hero Sub Inc. ("<u>Merger Sub</u>") will file with the Securities and Exchange Commission (the "<u>SEC</u>") upon commencement of the Offer. A solicitation and offer to buy outstanding shares of Potbelly Corporation (the "<u>Company</u>") common stock will only be made pursuant to the Offer materials that RaceTrac and Merger Sub intend to file with the SEC. At the time the Offer is commenced, RaceTrac and Merger Sub will file a tender offer statement on Schedule TO, and the Company will file a solicitation/recommendation statement on Schedule 14D-9 (the "<u>Solicitation/Recommendation Statement</u>") with the SEC with respect to the Offer.

THE OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE PARTIES THERETO. INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS OF THE COMPANY SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES IN THE OFFER.

The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will be made available to all investors and stockholders of the Company at no expense to them under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u><u>,</u> and (once they become available) will be mailed to the stockholders of the Company free of charge. The information contained in, or that can be accessed through, the Company's website is not a part of, or incorporated by reference in, this communication. The Offer materials (including the Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement, will also be made available for free on the SEC's website at <u>www.sec.gov</u>. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other Offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by the Company with the SEC for free on the SEC's website at <u>www.sec.gov</u>, or under the "SEC Filings" section of the Company's website at <u>https://investors.potbelly.com</u><u>.</u>

------

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of the Company by RaceTrac and any statements relating to the Company's business and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements." These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Such forward-looking statements include those relating to the ability to complete, and the timing of completion of, the transactions contemplated by an Agreement and Plan of Merger, dated as of September 9, 2025, by and among the Company, RaceTrac and Merger Sub (the "<u>Merger Agreement")</u>, including the parties' ability to satisfy the conditions to the consummation of the Offer and the other conditions set forth in the Merger Agreement and the possibility of any termination of the Merger Agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of the Company's common stock that will be tendered in the Offer; (iii) the risk of legal proceedings that may be instituted related to the Merger Agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for the Company will be made; (v) the possibility that any or all of the various conditions to the consummation of the Offer or the merger of Merger Sub with and into the Company (the "<u>Merger</u>") may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Offer or the Merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vii) the effects of disruption from the transactions on the Company's business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners; (viii) RaceTrac's ability to realize the synergies contemplated by the proposed transaction and integrate the business of the Company; (ix) competition; (x) the effectiveness of the Company's marketing strategies; (xi) general economic conditions including any impact from inflation; (xii) the Company's ability to successfully implement its business strategy; (xiii) the success of the Company's franchisees; (xiv) the success of the Company's initiatives to increase sales and traffic, including the success of the Company's franchising initiatives; (xv) changes in commodity, energy, labor and other costs; (xvi) compliance with covenants in the Company's credit facility; (xvii) the Company's ability to attract and retain management and employees and adequately staff its restaurants; (xviii) consumer reaction to industry-related public health issues and perceptions of food safety; (xix) the Company's ability to manage its growth; (xx) reputational and

------

brand issues; (xxi) price and availability of commodities; (xxii) consumer confidence and spending patterns; and (xxiii) weather conditions. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the Company's public filings with the SEC from time to time, including the Company's most recent Annual Report on Form 10-K for the year ended December 29, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which are available on the investor relations page of the Company's website at <u>https://investors.potbelly.com</u>. The Company's stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, the Company expressly disclaims any intent or obligation to update or revise publicly any forward-looking information or statements.